Rich people causes cryptocurrency ban

[serjent05]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

One reason, they can't control Bitcoin thus, the ruling class fears that Bitcoin may affect their authority in a negative way.

* What is the negative effects using crypto as currency?

Possible a single group or identity will control the economy of a nation that will use crypto as currency.  (Assuming it is not created by the government)

* what harm does bitcoin contributes a country that can lead to ban?

Authority believes that Bitcoin is used for fraud so to avoid that, they regulate Bitcoin and if they fail in regulating BTC, they will ban Bitcoin. 

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[GeorgeJohn]

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

One reason, they can't control Bitcoin thus, the ruling class fears that Bitcoin may affect their authority in a negative way.

* What is the negative effects using crypto as currency?

Possible a single group or identity will control the economy of a nation that will use crypto as currency.  (Assuming it is not created by the government)

* what harm does bitcoin contributes a country that can lead to ban?

Authority believes that Bitcoin is used for fraud so to avoid that, they regulate Bitcoin and if they fail in regulating BTC, they will ban Bitcoin. 

Old adults really believe that cryptocurrency is a scam but with the level of advert of crypto I think some of the young adults is compromising to cryptocurrency, the only challenges now that will likely make them to dislike crypto or believe that cryptocurrency is a scam is the rate government is handling any issues concerning bitcoin especially in African continent and other countries in some continent, obviously bitcoin has gone far to the extent people in rural area started developing interest.

[DJANAS]

Yes sure, because they are losing the control

[MCobian]

I don't agree that the reason the government has banned cryptocurrency is because many rich people are investing in Bitcoin. The government
banned crypto for fear of not being able to control the finances of its population, because as we all know the government wants to control everything.
While crypto cannot be controlled, so if many people start using cryptocurrency a lot then the government has difficulty controlling it, crypto could be
used for illegal activities. And also other things that make the government not support crypto are considered to threaten the existence of fiat.

[bryant.coleman]

I would like to disagree with the OP. The vast majority of the Bitcoin investors (at least until 2020) were from the middle class. And Bitcoin made many of the investors "rich". And this has caused a lot of aversion among those who are already rich. Some of the billionaires have spoken against Bitcoin, because of pure jealousy. Take the case of Warren Buffet for example. It took many decades for him to become a billionaire. And now before his eyes, individuals in their 20s and 30s are becoming millionaires and billionaires in just 2-3 years after investing in Bitcoin. He just can't fathom this and on a regular basis he derides cryptocurrency in his statements.

Another example is that of investor Rakesh Jhunjhunwala in India. Recently he realized that he has missed the boat. A couple of days back, he asked the Indian government to ban cryptocurrency. The reason is very simple - he said that he doesn't like cryptocurrency and therefore the government should ban it. Obviously you can't expect people like Jhunjhunwala (who has a shady past) to be as modest or humble as people like Warren Buffet. But these are just some examples of billionaires, who have recently lost their sleep due to the rise of Bitcoin.

The logic is very simple. Vast majority of the uber-rich not just want to increase their wealth, but also want the others to remain poor. Now Bitcoin is upsetting this equilibrium and it is creating a new group of rich people. 

[Matimtim]

It is possible that rich people can cause of bitcoin ban, just like what the author said if the rich people invest big amount of money in the crypto then, the government will feel bewilder because they cant collect taxes if millionaire people will invest only online so the government has no incime that situation will happen, in that way the government will make a plan on how to intercept crypto transaction or will leads that situation to ban crypto currency.

[Ozero]

I think the opposite is actually true - the more institutional investors come to Bitcoin, the less likely it will get banned. We are witnessing not only the growth of the number of investors, but also potential lobbyists who would protect Bitcoin in parliaments around the world. It's easy to ban something that very few people care about, it's hard to do so with something popular.

It's right. The more influencers and business structures invest in bitcoin and other cryptocurrencies, the more support it will have in the face of possible government attacks. Therefore, we need to attract more institutional investors to this market and we need more companies like Tesla to invest in cryptocurrency. Bitcoins and other will  be enough for everyone.

[adzino]

No it's not them. They are not causing the "ban" of crypto currencies. By the way, how can we "ban" something that is decentralized? You just can't. Look at p2p torrenting. Was the government able to "stop" it. Nope. It's still going on despite various attempts to stop piracy.

* 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?

1. I have seen only few countries "imposing" those bans. What I have seen in common is that most of those country are somewhat "corrupted" and have no "major" reason to put a ban.

2. Negative effects? It would be ignorant of me if I say there are no "downsides". Google it and you will get to know. But remember, the advantages outweigh the downsides.

3. Same as every fiat currency.

[KryptoKings]

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?

It is not appropriate to blame all rich people and stereotype them.
Some of them don't even interested in btc like Bill Gates.
I firmly believe big crypto whales and exchanges do this price manipulation and make billions of dollars out of it.

[chippy.hogan]

It isnt like that.. SEC are just focusing on what people are into

[ChiBitCTy]

I disagree with your assessment here. Yes sure there are plenty of very wealthy people whom have and are investing in bitcoin, but that same goes for any type of investment out there.  Rich people may be able to manipulate the market to some extent, but they are not to blame for government regulation.  It doesn't matter how we go to the current bitcoin market cap, it's simply that we go there..whether that was from "rich" people or from every day folks with small buys here and there.  So it's not rich people, it's the simple fact that bitcoin has grown in such popularity overall that made/makes governments take a second look, so to speak.

[amishmanish]

The Rich's are causing eradication of cryptocurrency

The Traditional Rich don't give a damn about cryptocurrency. Except those that have become rich DUE to bitcoin. For the first group, Bitcoin is just an investment giving great returns and they are being enables by companies like MSTR or Square. Tesla is the only exception to this trend and that is what we should want more of.

* If I many ask what is the major reason while some countries ruling class ban bitcoin transaction?

Control over the flow of value is their biggest asset. They decide who gets the cheap loans and huge funds in the name of public investments. If people around the world start paying for an earning services using crypto while bypassing all their walls, they will find that normal people can do just fine when left alone. Nobody wants that.

* What is the negative effects using crypto as currency?

Nothing really. The only negative effect is that the government will have to actually do their jobs than engaging in demagoguery and politics to control people's sentiments.

* what harm does bitcoin contributes a country that can lead to ban?

It makes it easier for real and purported threats to actually come to the negotiating table because the financial knobs like "sanctions" won't work anymore. This will force the West to be fair and stop opting for the war-machine to solve the slightest of problems.

[Asusnumbaone]

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?

I think no because many investors of the bitcoin are rich people because if them bitcoin price are high many of them acknowledge bitcoin as potential high income compare to other bitcoin.

[Maslate]

Rich people always want to make more money to stay edge above the ordinary middle class and they have the necessary finance to dump in an investment that will yield significant profits, and most corrupted rich one have found crypto as a means to launder money without trace.

They are opportunist people and they use their money power in order to take advantage of others but this is not the reason why some rich countries will ban crypto. Will, I agree that most of these rich people have illegalities, they might use crypto as well to evade taxes but the government not so mean with them coz for somehow they still pay taxes base on their local assets but these middle and low-class family, they are mostly in the blame.
I really don't know why but this is how money works. There is corruption and bribery happens.

[ice098]

Nobody knows that you are investing. Rich people are always looking to increase their wealth and are looking for convincing reasons for that.
They will use Bitcoin when they feel they are making enough money. They may not announce their investment because many governments may ask them for more fees or some technical complications.
rich people will sell them coins when country ban bitcoin

We really can't blame people even they are rich or not they can accumalate more as long as they wanted, they can post or retweet it whenever they wanted it is up to them , the reason why crypto is being banned because of the government itself, they are too afraid of innovations they think that technology is a threat to the states even though it can help in the economy, rich people help us to reach more people in the other part of the country by using their tweets if they want to announce that they bought tons of bitcoin, we don't need to blame others.

[pankowri]

We all know that cryptocurrency is the online globe and Bitcoin is the virtual currency. It is completely distinct from the common currency of different countries. Heretofore the identities are kept secret here, it is impossible to say who is committing what and when. In my viewpoint, cryptocurrency is being banned because of the rich people. Because rich people and people of all levels exchange more or less in the bank. But while not everyone can afford crypto, rich people do. They are reducing the transactions in the bank day by day to get more benefits here. On the other hand, if the transaction in the bank decreases, then the government is being destructive. This is what is working in my cranium because rich people are being banned. This time whether willingly or unwillingly.

[GeorgeJohn]

We all know that cryptocurrency is the online globe and Bitcoin is the virtual currency. It is completely distinct from the common currency of different countries. Heretofore the identities are kept secret here, it is impossible to say who is committing what and when. In my viewpoint, cryptocurrency is being banned because of the rich people. Because rich people and people of all levels exchange more or less in the bank. But while not everyone can afford crypto, rich people do. They are reducing the transactions in the bank day by day to get more benefits here. On the other hand, if the transaction in the bank decreases, then the government is being destructive. This is what is working in my cranium because rich people are being banned. This time whether willingly or unwillingly.

No body can ban rich people not to participate or partake in cryptocurrency network, because no body knows who is rich when buying cryptocurrency,the only place I'm having double minded towards rich people is because of government officials who are into cryptocurrency, because looking in other way round is the same rich people that boost the increments of crypto by investment, I'm pointing fingers at them because their colleagues who are into government is seeing them using Bitcoin as a method of money laundering, which some countries today is been affected by restricting crypto transaction because may majorities of people representing upper and lower house, are investing in crypto today.

[khaled0111]

I am not aware of any instance where a country or a government banned the use of bitcoin because rich people started investing in it (at least none of the developed countries did that).
However, imposing stricter regulations is a must to prevent any kind of fraudulant activities such as money laundering and tax evasion.

[ecnalubma]

* 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?

One possible reason why some countries ban Bitcoin is that they think that its a threat to the central bank and its a medium to elicit activities. People should stop using it as currency intead they should treat it like a metal asset like gold purely for investment and store of value. Bitcoin can’t harm anyone, it depends on how someone will utilise this kind of technology.

[Rengga Jati]

* 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 relates to the rules and regulation (also about laws regarding "money/a currency).
Adding a new currency as a currency is not as easy as we can do, it is not only about using that "thing" as a means of transaction, for payment.
But, it relates also to regulation, because government or country is responsible for any kind of "currency" in the country.

As what happens in my country, it is legal cryptocurrency as a commodity, but it is not legal as "currency" that is used for any payment method.
It will be difficult to control, manage, and also report, moreover because of the volatility and fluctuation.