Bitcoin and rejected

[Magd solieman]

Greetings to all respected members
We all know that since the launch of the Bitcoin currency, governments began to issue decisions regarding this currency, which caused a great revolution in the world of economics. The new currency.
In this topic, we will talk about the three previous types, but we will devote the long talk about governments that reject Bitcoin, how they view this currency and why they reject it, through my economic view of the matter and benefiting from some information about countries

First: Governments that have agreed to allow citizens to use Bitcoin:
Economically strong countries were the largest percentage agreeing to use this currency, but under their supervision so that no economic deterioration occurs, as they saw that Bitcoin may be a major economic supporter of their local currency by increasing the injection of strong foreign currencies such as the dollar, the euro and others, but they monitored the buying and selling movements of this currency so as not Lose the strength of its local currency.

Second: Countries that have remained in the waiting state:
They are the countries that did not prohibit the use of Bitcoin, but did not allow it completely, but rather left it to some local financial intermediaries who buy and sell the currency in small quantities without causing a negative impact on the local economy of the country, as the governments of these countries tried all the pros and cons of Bitcoin from these intermediaries
Third: Governments that completely reject Bitcoin: ((which is the most important part))
Most of the governments that refused to allow their citizens to buy and sell bitcoin were from poor countries that have a weak economy, as these governments see that the process of buying bitcoin will lead to the emptying of bank accounts in the country of the local currency that will go to an unknown destination. When citizens buy bitcoin, their money will come out from the country's banks. The mother is to an external party and citizens will own the bitcoin, but what is the problem with this?
The problem here is that with the passage of time, Bitcoin will depreciate the local currency, and thus it is liable to disappear at any moment, and thus there will be great monetary inflation and the disappearance of the local currency almost completely.

A graphic showing how governments rejecting Bitcoin view it


for example:
Syria: This country did not completely reject Bitcoin, but it did not allow its use in shops and in the buying and selling process, but rather considered it a way to improve the local economy

Zimbabwe: In one of the videos shown by the young Youtuber (Nas Dilly), he took to the streets of Zimbabwe and explained how all citizens' transactions have turned to cryptocurrencies after a huge monetary inflation, where he bought vegetables, rode a taxi and paid the price in Bitcoin via mobile phone.

video link:

https://www.youtube.com/watch?v=_E4V2RBrxeQ

What might happen in Zimbabwe:
1- The internet may be cut off at some point, which will stop the buying and selling process throughout the country
2 - The party responsible for Bitcoin may withdraw all its currencies from Zimbabwe and thus become a country without a currency that can neither import nor export

My personal opinion on this matter:
If many countries convert to cryptocurrencies completely, the world will be divided into two parts, rich countries that have all the resources and money, and poor countries suffering from famine, and I hope this does not happen, but rather Bitcoin will be a source of help for people in wars, famines and diseases and transforming the world into a stable place with equal rights.

Note:
1- I hope all the members excuse me because I had to ask for a little help from the translator, and I hope to put your personal opinions on this and your economic outlook to benefit from it
2- This topic is a personal judgment and a special analysis of what is happening around the world
3- I hope everyone will watch the video to clarify the idea for you

[btc_angela]

Are you talking about wealth inequality, and that bitcoin are going to tip the scale on the side of the poor? The answer is no? bitcoin is not like a magic bean that can simply solve world problem. It is not design to be like that. Bitcoin can create "opportunity", there's only 21 million bitcoin and not all of us can get at least 1 BTC in our lifetime. I may sound harsh here, but wealth equality is like dream only and bitcoin can't change that.

[X7]

"The internet may be cut off at some point, which will stop the buying and selling process throughout the country"

We are still able to function using mobile data should the internet stop working, there are a few days to circumnavigate that

[Gozie51]

I won't about countries that have allowed their citizen to buy, trade and have bitcoin but those countries who have banned or limited their citizens from bitcoin. I will say those countries practicing ban on bitcoin are depriving their citizens of their right of association and some other fundamental human rights. They are not democratic and or growing with modern reality of the world.

[GeorgeJohn]

Are you talking about wealth inequality, and that bitcoin are going to tip the scale on the side of the poor? The answer is no? bitcoin is not like a magic bean that can simply solve world problem. It is not design to be like that. Bitcoin can create "opportunity", there's only 21 million bitcoin and not all of us can get at least 1 BTC in our lifetime. I may sound harsh here, but wealth equality is like dream only and bitcoin can't change that.

Base on op I said know,the funny thing is that tried to read the text over and over before I could understand the concept.
It's good to state words of sentence categorically.

[roadrunnerjaiv2025]

The differing responses of governments toward bitcoin are quite understandable. They are only trying to protect their economies from possible collapse if bitcoin introduction suddenly dismantles their country's current financial system. That's a good thing I suppose because it goes to show that governments already recognize the difference bitcoin, or cryptocurrency as a whole, can make. As to what kind of difference that is, well, it depends on a plethora of factors from a country's economic stability to the degree of its reliance on intermediaries. These governments are surely taking all critical factors into account to determine if bitcoin is good or bad for them.

We can't blame them for being hesitant. Instead, we should help them strike a balance between allowing the use of bitcoin and keeping their economies from falling apart. I don't know how we can do that but if we really want to decentralize the global financial system through bitcoin, we'll have to figure out how to lessen if not completely eliminate the stress bitcoin could place in the economies of resisting countries.      

[GreatArkansas]

(....)
What might happen in Zimbabwe:
1- The internet may be cut off at some point, which will stop the buying and selling process throughout the country
2 - The party responsible for Bitcoin may withdraw all its currencies from Zimbabwe and thus become a country without a currency that can neither import nor export
(....)

I already watched the video and really amazed before, especially it is made by Nas Daily.
By the way on these kind of situation for Zimbabwe, as you saw on the video, government screw the economy of the country. Well the people found a solution, so here comes the e-cash that they are using.
So, if internet will be cut off at some point, for sure people there will really disappointed, so what's next? For sure they will not let it happen.
Zimbabwe is really great example for using cryptocurrency or Bitcoin.

[NavI_027]

Good thing I belong on the second category (based on OP) . Here in our country, our government not yet passed a law regarding crypto regulations so we are free to make the most of it TAX FREE. But if you think that everything is doing well here, no it's not. Due to freedom of using crypto, it seems that scammers are more encouraged to do their dirty jobs. Many of my fellow countrymen, especially those who are not well educated with it, got deceived even by a simple ponzi scheme until now.

Though SEC warns the public against fraudulent acts, I think it is not enough action. Yeah! Experienced investors like us enjoy the benefits of crypto but the sad fact is that uneducated ones are suffering in return. There is no balance thus I am willing to have a regulation if ever someone passed it. I know that it will be for the greater good.

[Darker45]

If this topic implies that Bitcoin has a very vital role to play in any country's economic well-being, then it is most likely wrong.

So these are actually huge conclusions:

First: Governments that have agreed to allow citizens to use Bitcoin:
...as they saw that Bitcoin may be a major economic supporter of their local currency by increasing the injection of strong foreign currencies such as the dollar, the euro and others...

Third: Governments that completely reject Bitcoin: ((which is the most important part))
...these governments see that the process of buying bitcoin will lead to the emptying of bank accounts in the country of the local currency...

I don't even think that Syria is indeed looking at Bitcoin as "a way to improve the local economy." And if they do, I guess there is no figure that would support any official finding that economic progress has been made after adopting such a view.

As for Zimbabwe, at least 70% of the population is poor. This fact alone is more than enough to argue that Bitcoin may not be for them yet.

[pooya87]

Governments that completely reject Bitcoin: ((which is the most important part))[/b]
Most of the governments that refused to allow their citizens to buy and sell bitcoin were from poor countries that have a weak economy, as these governments see that the process of buying bitcoin will lead to the emptying of bank accounts in the country of the local currency that will go to an unknown destination.

well there are only a handful of countries out of nearly 200 that have actually banned or rejected bitcoin but when you look at the bigger picture many of the countries with very poor economy have not done that, some of them even accepted bitcoin like Venezuela for instance.
what you explained also may make sense in theory but in reality the volume is too low that it won't matter at all. for example in many of these poor-economy countries the total bitcoin trading volume (not just buying but both sell and buy) doesn't even reach $10k.

[davis196]

That's a great picture.Did you draw it yourself?
There are lots of free online platforms which you can use to create such "infographic".
I myself am dividing the countries in 3 groups like you:
1.Liberal(Bitcoin/crypto friendly)South Korea,Japan,Australia,some EU countries
2.Neutral(where Bitcoin/crypto isn't illegal,but there are no laws and regulations in regards to crypto).
3.Conservative(Bitcoin/crypto is banned).Those are usually countries with authoritarian regimes.
I don't know what will happen in Zimbabwe,maybe someday the people will fight against the president of Zimbabwe and try to create a democracy.

[verita1]

On the second point that deals with the countries that have not prohibited the use of Bitcoin.
I can tell you about my country Venezuela that would fit into that category. The government has not banned the use of Bitcoin but has not publicly supported it either. Mention has been made of a tax framework that has not yet been implemented.

As some know, Venezuela is going through a hyperinflation that the government has not been able to control. Although the government created a cryptocurrency called the Petro that has not been able to fulfill the desired objective, it is being commercialized by Venezuelans with little demand.

For bitcoin to be a cryptocurrency that is highly commercialized in Venezuela. Venezuelans need it to be regulated because we are used to everything working with the law.

In addition to regulation, the state must guarantee its execution, improve the telecommunications and internet system that today is precarious. If it is possible for Venezuelans to enjoy free Wi-fi service.
For all this to happen, big changes will have to be made.

[hatshepsut93]

What might happen in Zimbabwe:
1- The internet may be cut off at some point, which will stop the buying and selling process throughout the country
2 - The party responsible for Bitcoin may withdraw all its currencies from Zimbabwe and thus become a country without a currency that can neither import nor export

Cutting off the Internet is like commiting economic suicide, you can't have a developed economy without the Internet. This can only happen in the most shithole of dictatorships, like North Korea.

What do you mean "the party responsible for Bitcoin"? Bitcoin is decentralized, each hodler is responsible for their own coins. I can't imagine a scenario where 100% of the people decide to move from the country and take their coins with them. This doesn't happen with fiat, so why should this happen with Bitcoin?

[Nhor1011]

Good thing I belong on the second category (based on OP) . Here in our country, our government not yet passed a law regarding crypto regulations so we are free to make the most of it TAX FREE. But if you think that everything is doing well here, no it's not. Due to freedom of using crypto, it seems that scammers are more encouraged to do their dirty jobs. Many of my fellow countrymen, especially those who are not well educated with it, got deceived even by a simple ponzi scheme until now.

Though SEC warns the public against fraudulent acts, I think it is not enough action. Yeah! Experienced investors like us enjoy the benefits of crypto but the sad fact is that uneducated ones are suffering in return. There is no balance thus I am willing to have a regulation if ever someone passed it. I know that it will be for the greater good.

Just the same in our country. You are free to use bitcoin and cryptocurrency and can cash out in local money tax free but i don't know if how long it will last that the government will not regulate it or ban it because of scammers around that using crypto to scam people like ponzi scheme. Many people not afraid of the government even if they are punished by doing such evil things to their fellow country men.

[mardaed]

Just the same in our country. You are free to use bitcoin and cryptocurrency and can cash out in local money tax free but i don't know if how long it will last that the government will not regulate it or ban it because of scammers around that using crypto to scam people like ponzi scheme. Many people not afraid of the government even if they are punished by doing such evil things to their fellow country men.

I also have the same situation here in my country. Now that cryptocurrency is getting more known, many took this advantage to deceive others and I am afraid because they are giving the crypto a bad image to the eyes of the authority.

[zasad@]

If the statistics do not lie, then the average salary in Zimbabwe is $ 240-340. Commissions on the Bitcoin network cost $ 3-6, commissions decrease on weekends.

Station in Zimbabwe will not change anything on a global scale, if several countries with high inflation switch to the use of cryptocurrencies, this will not affect the economies of the leading countries of the world.

In Venezuela, the situation is even worse, people live on $ 30-100 a month. But Bitcoin didn't solve their problems.

[Finestream]

Maybe in the early stage there are a lot of rejections, but despite of that, bitcoin survive and it has become more popular now.
It simply says that the world can't stop bitcoin from being useful in different part of the world, there are some countries who have already legalized bitcoin, it will only take time for majority of the countries to follow such action.

It's unstoppable because even in some countries where bitcoin is illegal or not regulated, people still find a way to use bitcoin in any purpose online.

Bitcoin has been a good payment system, not good for micro amounts but it's very useful to send money from different part of the world easily. Why we are fighting for bitcoin to get adopted is because this is our money, our right, and it cannot be manipulated by our corrupt government as it's more transparent that the fiat system we are using now. 

[minairia3]

"The internet may be cut off at some point, which will stop the buying and selling process throughout the country"

We are still able to function using mobile data should the internet stop working, there are a few days to circumnavigate that

Im not sure if thats possible. Buying and selling of crypto requires internet, and even data is called the same. As you needed network.

Has anybody here think that crypto can work without using internet and only relies on phone data? I think I never heard such function or feature from any kind.

I like how the judgement of OP and where his coming from. But life is unfair and we must accept that. Government hoarding us to play it due to the risk it could put us but the truth is, they are hiding us from the real innovation where they can used force which I mean is tax.

[witcher_sense]

Has anybody here think that crypto can work without using internet and only relies on phone data? I think I never heard such function or feature from any kind.

Transaction is just a message that can be transfered to someone with access to Internet. I guess you can broadcast signed transaction via mobile mesh networks. For example, you can use radio waves, satellite or anything else that doesn't rely on your ISP. Basically, you can send your messages offline in a truly decentralized manner. That is a real beauty of bitcoin network, it cannot be completely banned in specific country even if they cut off your cable. Found an article explaining how it works https://bitcoinwords.github.io/cy19m5#decentralizing-bitcoins-last-mile-with-mobile-mesh-networks

[Rengga Jati]

It will be difficult if facing with government regulation in a certain countries. Moreover, if they have completely rejected and also banned Bitcoin from any usage, both for the only digital assets or even as a transaction payment.
Howver soemtimes, a country may also changes their regulation about Bitcoin and crypto. Alongside with the development of technology,the codnition of the economic of the cuntry and also the readiness, they may change the regulation to make it legal.