Why did the government want to kill Bitcoin?

[MbakNarti]

Because the government is afraid of bitcoin they may think bitcoin will destroy their country but instead bitcoin really helps their country by opening vacancy for unemployed unemployed so they can work with bitcoin and bitcoin will also sting to help the nations in their country so I think why they hate bitcoin and want to kill bitcoin maybe that's a very stupid thing for me

[Rosa Paula]

The legislatures boycott bitcoin in light of the fact that they can't control it as it is unknown. What's more, bitcoin is a most loved cash of programmers and wrongdoings.
Bitcoin and cryptographic money influence the economy since it can supplant genuine cash.

[1van__]

because it is not taxed and the government is unprofitable for bitcoin to be in circulation

[coinnumber]

I don't think government have the intentions of killing Bitcoin rather they are just trying to secure their economy and citizens because bitcoin and cryptocurrency is decentralized it has no tracing when used for crime. Most of the government officials are into cryptocurrency hopefully crypto will keep progressing though it might not be accepted generally by the whole world.

[Fettersmile]

I think the bitcoin ban is a form of government fear because bitcoin can not be governed by state regulations, the government should not only look at the negative side of bitcoin, many positive things in bitcoin, for example, can reduce poverty and unemployment. I hope the government that forbids bitcoin can think wisely to legalize bitcoin

[sr32703]

personally, the government want to kill Bitcoin because they want to control Bitcoin like other currency  but Bitcoin is called digital currency, so they can not control it

Actually, I agree with you. It's true government try to control it but their are don't do that.

[Milletsky]

Since the Government has no control then obviously that the Government has no income in any bitcoin  transaction and this crypto will also kill the bank industry thats why the Government is trying to demolished by banning crypto.

[meaamir86]

Bitcoin users don’t need the existing banking system. The currency is created in cyberspace, when so called "miners" use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. Their reward is payment with cyber currency, which is  stored digitally and passed between buyers and sellers without the need for an intermediary. On a smaller scale, airlines reward miles function in a similar way, enabling travelers to purchase plane tickets, hotel rooms, and other items using airline miles as virtual currency.

If bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant. While this may sound like a wonderful concept in light of the recent behavior of the banking industry, there are two sides to every story. Without banks, who will you call when your mortgage payment gets hacked? How will you earn interest on your savings? Who will provide assistance when a transfer of assets fails or a technical glitch occurs? While the financial crisis gave bankers an even worse reputation than they already had, there is something to be said for institutions that oversee timely, effective, and trustworthy asset transfers and their associated recordkeeping. There’s also the issue of the fees banks earn for the services they provide. Those fees generate a lot of revenue and a lot of jobs across the global banking industry. Without banks, those jobs disappear, as does the tax revenue those banks and their employees’ paychecks generate. Money transfer business would also disappear in a virtual world. Nobody needs Western Union or its competitors if everybody is using bitcoin.

[telenordevice]

for me not all governments might kill bitcoin in their country. Because of this, our country loves our bitcoin because it helps poor people. Maybe other governments in the world want to kill bitcoin because they do not know about this

[Giftedcrypt]

Certain Government's are just trying to regulate bitcoin,make it taxable,but its not possible,while other governments are just embracing it..

[Huntler1993]

Governments always want to show their supremacy over everything that is found within their nation and here is the case bitcoin is giving the chance . So out of this then lets kill it from the system in order not for it to take over the country one day, but i no for sure that they will live to regret it and join later since if you cant beat them 'bitcoin', then you just join them 'bitcoin'

[brainape]

Governments always want to show their supremacy over everything that is found within their nation and here is the case bitcoin is giving the chance . So out of this then lets kill it from the system in order not for it to take over the country one day, but i no for sure that they will live to regret it and join later since if you cant beat them 'bitcoin', then you just join them 'bitcoin'

Yes that is right, governments have some  worries about it. I think that they want to have control over bitcoin, but they also realized that it is not so easy even impossible therefore they are against bitcoin, but i think that very soon they will realize the bitcoin importance and will therefore they will accept bitcoin as legal currency and will allow bitcoin in their country to trade legally.

[SnowAugustine]

Bitcoin users don’t need the existing banking system. The currency is created in cyberspace, when so called "miners" use the power of their computers to solve complex algorithms that serve as verification for Bitcoin transactions. Their reward is payment with cyber currency, which is  stored digitally and passed between buyers and sellers without the need for an intermediary. On a smaller scale, airlines reward miles function in a similar way, enabling travelers to purchase plane tickets, hotel rooms, and other items using airline miles as virtual currency.

If bitcoin or another cryptocurrency become widely adopted, the entire banking system could become irrelevant. While this may sound like a wonderful concept in light of the recent behavior of the banking industry, there are two sides to every story. Without banks, who will you call when your mortgage payment gets hacked? How will you earn interest on your savings? Who will provide assistance when a transfer of assets fails or a technical glitch occurs? While the financial crisis gave bankers an even worse reputation than they already had, there is something to be said for institutions that oversee timely, effective, and trustworthy asset transfers and their associated recordkeeping. There’s also the issue of the fees banks earn for the services they provide. Those fees generate a lot of revenue and a lot of jobs across the global banking industry. Without banks, those jobs disappear, as does the tax revenue those banks and their employees’ paychecks generate. Money transfer business would also disappear in a virtual world. Nobody needs Western Union or its competitors if everybody is using bitcoin.

True, the banks provide a valuable service in overseeing our safe usage of a currency for things on a micro level. When we use the money for our day-to-day needs, the bank should be there to provide us support in case something goes wrong, and they do it quite efficiently.

The thing that is erupting with globalization is the demand for affordable international transfers, and bitcoin is becoming a vehicle in that service. Western Union used to have a monopoly in that but now it can get as low as 1% from mid market rate depending on what service you use. Bitcoin can't quite beat that, but many people are willing to pay more for the features that bitcoin offers, such as anonymity (and therefore tax evasion). This is seen as a threat because not only the governments are losing out but the money lending institutions as well.

[crypto002]

I think its because of the banks the goverment wants to do these type of stuff. banks are worried about crypto. if government regalize it people will not use banks and remove the money from banks and deposit in crypto .

[vvaswert]

Because they have not managed to match Bitcoin due to anonymity and some risk of digital money! Need more time!

[jak3]

Government is always scared of new things. It's true that currently Bitcoin transactions are much harder to catch and this gives criminals a very good chance to hide their money. But Bitcoin was not designed to help criminals it was helped to social common people needs but just like everything else, it is also being used on the negative sides. But once Bitcoin becomes very popular big companies will grab the transactions to find who made the transactions and they will be able to track down everyone because they will have everyone's information in the future just like Facebook.

[conceivedspoon2]

Simple. The government knows that they do not have control over bitcoin and altcoins since its decentralised currencies. And moreso, they know that they cannot tax users of bitcoin locally or globally.

[dablatair]

Because, as always, what they can't control, what they don't understand, what is new or seems dangerous, tick one or all, they want to kill it or at the maximum limit it. Power, control and money are always the top priorities and as soon as they could not control it they prefer to try to kill it.
the most chance for Bitcoin and crypto is that more and more people take part of crypto wolrd that will push the government/institutions to accept it evan with adaptation.

[amber deposit]

There are too many reasons for them to do this. Bitcoin helps users to be anonymous, so they do not need to pay taxes. In addition, it facilitates illegal activities such as bribery, corruption, money laundering and many other behaviors. Besides, it threatens the development of cash, where the bank and the government are profitable.

[Dangdingdongbray]

One reason is that bitcoin is a decentralized cryptocurrency that runs on blockchain technology,so I think the government wants to kill it because they can not control it and see bitcoin as a threat to their financial system.Besides that bitcoin is widely used as payment for illegal transactions,purchases and sales on the black market,and bitcoin is very difficult to detect because that's why the government wants to kill bitcoin.