Rich people causes cryptocurrency ban

[Cling18]

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

We can't blame rich people for buying and purchasing more Bitcoin because they aim to gain a bigger profit out of their huge capital and that's how work investment work for them. I think it is the government who has a problem. They are targeting cryptocurrency because they see it as a treat and they only want to benefit from it. If they only know how it would be beneficial for the economy and the users, they will surely regret banning it.

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[Reosta_]

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

It is true that these people make things easier for Bitcoin adoption. But I also agree that governments which aim to ban BTC are doing a big mistake. They will have no benefit from this situation. And I don't also think that they will be able to prevent people from using BTC anyway. Because it is a decentralized crypto in the end. How would they detect Bitcoin users and prevent them?

[Sanugarid]

Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

It could become a threat to a country since BTC could be used illegally due to its nature of the transaction which is unknown for the government and they cannot track all the transactions done using the blockchain technology. From what I know, that's one of the reasons why other countries banned BTC. Also, it uses peer-to-peer technology so the government won't be able to control and regulate due to independent transactions.

[worldofcoins]

The first thing I want to say is that I’m tying from phone otherwise I would have quoted properly 😅
The ruling class wants to ban bitcoin because it doesn’t like the idea of their power being changed or challenged.
I don’t think there are any negative effects of using crypto but there are regulation issues if you want it as a world currency.
The harm bitcoin does is to classic banking systems and taxes of the government.

[EewardDean]

More and more wealthy people holding cryptocurrencies are not good for the government. These rich people have made money in their own country to buy overseas cryptocurrencies. This will allow the funds to flow overseas, which is not for the country. It is beneficial, and the purchase of cryptocurrency by the rich will make ordinary people think that it is a very reliable investment and exacerbate the outflow of funds, so the government and the country do not want to see such a situation!

[Turbolinea]

I don't think that the rich can hijack cryptocurrencies now or in the future. Cryptocurrencies will never be special for a certain group of people. There is no way that only the rich will own all of the Bitcoins in the circulation. Every kind of people will always be able to buy whatever amount of Bitcoin they would like. Therefore, I don't think that 21 million is a small amount.

[cheezcarls]

In my own opinion, I don't think the rich people are likely to be the reason behind these cryptocurrency bans in some countries. It's just that the government can't control cryptocurrency transactions (with the exception of government regulated exchanges and wallets) as there is no third party involved no matter how much money we send.

Most banks are anti-crypto, because they can't control the funds of their customers. However, some banks are embracing crypto in open arms like Unionbank of the Philippines, coz' they know how to join the ride rather than being against it.

As if the government really wants control, sadly it's impossible for them to do that. Even if they have banned crypto, they can't stop us from doing transactions in non-custodial wallets, P2P, etc. But they can regulate of course. Just my opinion.

[jossiel]

I don't think that the rich can hijack cryptocurrencies now or in the future. Cryptocurrencies will never be special for a certain group of people. There is no way that only the rich will own all of the Bitcoins in the circulation. Every kind of people will always be able to buy whatever amount of Bitcoin they would like. Therefore, I don't think that 21 million is a small amount.

They may or may not but the fact is that they can influence pretty well.

It's not all about that they can own all the bitcoins or other cryptocurrencies but they can manipulate each market at their own will. And for them to do that plays a big amount out of their pockets or corporate budgets.

[iTradeChips]

Well they call it the Big Finance. Bankers and Financial experts who are still tied to the old school way and see Bitcoin as a threat to their power. I don't know their real motives though. We all saw that non-bankers somehow made news that made Bitcoin price so low, they bought lots of it, then made some hype to increase the price, and possibly sold their assets at a profit. Big profit that is. So if you think of it there might be attempts to make the price lower so that they can also enter the market.

[AicecreaME]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

To answer your questions,

First, the reason behind banning cryptocurrency in one's country is mostly because the government does not want its citizens to achieve financial freedom. They want their people to rely on them and to the opportunities, they are giving them. They don't want their constituents to patronize a digital currency more compared to their local currency. The government is threatened in every way crypto can take their people's trust and funds. Most of the politicians are greedy. They want the good all for themselves.

Second, using crypto as a currency will be quite challenging because right now, there are very limited establishments that are accepting payments through cryptocurrency. The legality of crypto and the taxation plays a great role in why it is disadvantaged. If you will use crypto as a currency most especially to those countries that are not open about it, you can experience some trouble. In addition, most transactions made with crypto are time-consuming and require a little more transaction fee than usual. You'll have to bear in mind the processing time it will reflect and the fee depending on the network and exchanger used. The convenience isn't much really felt, although they are looking into improving it for sure.

Lastly, some people use bitcoin and crypto, in general, to make their way out to money laundering. This is one of the things the authorities are avoiding to happen as much as possible that is why most centralized exchanges require KYC to verify their clients' profiles and to secure that they are not doing some illegal activities. It's easy to money launder when your transactions aren't really monitored because it is decentralized. Hence, some countries decided to ban bitcoin to avoid such conflicts.

[Assface16678]

Most of them of who are against are those who don't even know what crypto is and labeling it as a scam. Another thing is that they are afraid if most of its citizen is a crypto holder/trader because they cant control them. So that is why they are encouraging others too who are not knowledgeable but rich/ influential to criticize it too. But some of them are making crypto as a way to hold their assets.

[cotton ball]

greedy rich people, of course want to adopt bitcoin for their personal interests, they want to hoard all bitcoins, so those of us who are in the lower class are very difficult to invest in bitcoin, sometimes every post from millionaires, greatly affects the price of bitcoin, if they post negative things by itself the price of bitcoin falls, and vice versa,

[noormcs5]

A lot of rich people especially those who have big names or popular persons are now being involved with cryptocurrency and they are started buying it which triggers more the government to ban cryptocurrency because they know how influential those people that may give a mass adoption on it but those rich people are not the problem and it is the government who keeps on making a wrong decision by banning cryptocurrency.

I don't think that rich people want the crypto currencies t be banned because they are the ones holding them. Basically the people in the government don't want crypto to grow as they do not want to lose the power of money. If they don't have control over money, they won't be able to rule the people.

[mr500]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Firstly I argue the line rich people highjacked cryptocurrency . You will definitely appreciate that rich people's investment grow cryptocurrency and they are the reason of green market cap because when they invest in new coin in the market the price grow and when they avoid any coin to invest that coin price don't grow up .this is the truth I give an example for better understanding . When Tesla car company agree to transection their money by BTC that time the price suddenly pump and then when the monster deny the BTC price gradually low so we can say rich people movement effect in cryptocurrency but not highjacked or ban

[worldofcoins]

Well they call it the Big Finance. Bankers and Financial experts who are still tied to the old school way and see Bitcoin as a threat to their power. I don't know their real motives though. We all saw that non-bankers somehow made news that made Bitcoin price so low, they bought lots of it, then made some hype to increase the price, and possibly sold their assets at a profit. Big profit that is. So if you think of it there might be attempts to make the price lower so that they can also enter the market.

I have said this previously, Those people in power right now don't want their traditional ways to be changed so they will do everything in their power not to change their present methods even if that means banning bitcoin or any other cryptocurrencies.

Mostly because they're comfortable in old ways.

[Emitdama]

greedy rich people, of course want to adopt bitcoin for their personal interests, they want to hoard all bitcoins, so those of us who are in the lower class are very difficult to invest in bitcoin, sometimes every post from millionaires, greatly affects the price of bitcoin, if they post negative things by itself the price of bitcoin falls, and vice versa,

They have the influence, we always it's just their online presence but remember that they also have connections in real world too like the market manipulators, the ad agency and other social engineering platform out there that's doing about 70% of the work for the market to move.

Your point is valid right now they are completely controlling everything, and they don't want to lose their supremacy because they feel fear with this crypto and bitcoin if this is going to be adopted in high levels surely they are going to be in trouble with their lifestyles and their luxuries which are available just because of their own system which is controlling by them for many centuries.

Blockchain and Cryptocurrency is bringing few many good things for better and transparent life for common peoples and these rich never allow this, so just because of this they are using every shit way to stop this and having their strong hold on this hypocrite system.

[haasanjui]

I can't think that rich people causes cryptocurrency ban because it is modern and digital currency. Rich people can buy and trade Bitcoin which make them richer and it is big benifit.

[Magicalking]

The rich are bitcoin whales, since they own greater percentage of bitcoin I don't see a reason why they will want to lose their investments by banning Bitcoin

[isaac_clarke22]

~

I have said this previously, Those people in power right now don't want their traditional ways to be changed so they will do everything in their power not to change their present methods even if that means banning bitcoin or any other cryptocurrencies.

Mostly because they're comfortable in old ways.

Not only that.  They don't want richer ones to hide their own money without them being involved nor have knowledge what's going on behind every traces of transaction.
Government has a lot of alternatives to make cashless transaction and crypto won't be able to just change the minds of the government to make them adopt crypto nor make crypto the "traditional" medium of transactions. They know that they don't have the control and that's why they're against it.

[chichigirl]

I seen that cryptocurrency want to be highjacked by rich people, looking around  countries currently, its noticeable that bitcoin increase everyday, every week and every months, the more rich people are investing with cryptocurrency the more government attacks cryptocurrency, most countries that values crypto today is having challenges with government, since bitcoin is important to the extent that top people invest on bitcoin why can't government alone adoption of bitcoin.The Rich's are causing eradication of cryptocurrency
Across the world.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?
* What is the negative effects using crypto as currency?
* what harm does bitcoin contributes a country that can lead to ban?

Bitcoin is crypto currency the government cannot hold it unlike with the usual currency. I think that is one of the reason why a lot of country doesnt like bitcoin.