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Author Topic: Why Cryptocurrency is not Legalized Despite the Many Benefits  (Read 1081 times)
cabron
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August 21, 2021, 06:18:05 AM
 #21

Most countries have legalized bitcoin itself as a legal tender, but there are also a small number of countries that have not legalized it because they are afraid that bitcoin will be used as a terrorist financing tool or other negative things.
want to legalize bitcoin itself.
It's more or less like that so that everyone can conclude that the country that legalized Bitcoin itself is a very safe country and has been very advanced in any field of technology so that the country dares to make decisions regarding cryptocurrency.

Although there are some countries that cryptocurrencies are not legal, most countries have already regulations for Bitcoin. The officials are smart enough to figure Bitcoin is not going away. Not all presidents of countries are daring enough like Bukele of El Salvador but some countries are also looking into making BTC legal tender too.

Muslim countries I think did not legalize because of their religious laws. Some of the countries are just holding on to their government control but did not also illegalize.

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August 21, 2021, 06:33:15 AM
 #22

Bitcoin created the ideal of equality for all with a decentralized and anonymous solution it immutable and in that sense and ideal it is somewhat contradictory conflict with the government in building centralization.  That is the barrier that prevents bitcoin from getting the result as legal, currently most are friendly at neutral depending on the situation of each country.
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August 21, 2021, 07:45:03 AM
 #23

Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Your explanation was correct and why did you feel bad about it? The only problem is your explanation didn't match with the title of your thread coz your explanation didn't relate to the legalization of bitcoin nor cryptocurrencies. What's your point?
I would like to ask every member who is active in this forum an explanation why cryptocurrencies are not legalized. Because I want to follow so that I understand about cryptocurrencies that are still not legalized even though there have been many benefits received by people during their activities in the crypto space.
If this is your suggestion, then I will edit my topic title.
thank you...
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August 21, 2021, 07:50:33 AM
 #24

Due to the characteristics of virtual money that only exist in the digital environment, with very high anonymity, transactions about virtual money are done on a new technology platform Smiley There are so many shitty reasons to stop Bitcoin's popularity, but we find it unstoppable.

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August 21, 2021, 09:22:52 AM
 #25

Because governments are against decentralization and they do not want to lose control of their people's spending and they don't anonymity because they cannot impose on people's income if ever they are going to accept Cryptocurrency they need to be the one to create it and control it, by losing their hold on people financial assets they cannot sustain their operation.

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August 21, 2021, 09:27:56 AM
 #26

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being

Blockchain technology created by sataoshi Nakamoto is true. and for the coin to be named bitcoin it is also correct. maybe we as a community of crypto users feel that the existence of blockchain and bitcoin provides many benefits and conveniences in many ways. but so far the government of a some country also has a different view of bitcoin which is a barrier to the legality of using bitcoin.
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August 21, 2021, 12:55:42 PM
 #27

1. Decentralization
2. Government and Banks

These 2 are kinda connected with each other because Government and Banks don't like the Decentralization feature of cryptocurrency.
If they will try to legalize any crypto in their country, there is a high chance that it will be a centralized project and not a decentralized one like Bitcoin. There are some governments too that are very close to banks and maybe their connection is also one reason why they aren't legalizing it. We don't know but the decentralization feature is the answer why they aren't legalizing it.

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August 21, 2021, 02:41:24 PM
 #28

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Yes of course you are right, that bitcoin was the first cryptocurrency ever. This is also the reason why a lot of people think automatically about bitcoin when they hear someone talk about cryptocurrencies, even though there are thousands of crypto projects out there already that offer a lot more functionality than bitcoin. Just look at ethereum for example with its smart contracts, which are the reason why stuff like Defi is even possible. The reason why a lot of countries are not supporting or even banning cryptos is also pretty simple. They can not control them.
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August 21, 2021, 03:35:26 PM
 #29

Because governments are against decentralization and they do not want to lose control of their people's spending and they don't anonymity because they cannot impose on people's income if ever they are going to accept Cryptocurrency they need to be the one to create it and control it, by losing their hold on people financial assets they cannot sustain their operation.

The government somehow see cryptocurrency as the threat to their authority among their citizens. True enough, there are countries that have banned crypto and are imposing sanctions to those who will get caught using crypto. In decentralization, the government’s role and control over people’s activities are weaken, and so their gains, so despite it many benefits to the people, institutions do not see it in the same way.

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August 21, 2021, 03:40:27 PM
 #30

Countries will never allow money that they cant control. And gov dont see any profits in crypto
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August 21, 2021, 04:06:30 PM
 #31

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.
actually mate using simple research in Google you can obtain specific information immediately when it comes what are the difference, advantages and disadvantages between altcoin and bitcoin and lastly when these assets born and etc,
indeed it's very simple if you will use those keywords that you've mentioned above, wherein all the related content will be displayed in front of your screen without further do. So just do it if you want to know something about crypto currency,, it's a big help to be honest..
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August 21, 2021, 04:23:18 PM
 #32

I think with bitcoins and cryptos for sure the government can't deny their effectiveness compared to fiat, but they never understood how bitcoin and crypto work it's uncontrollable.  Second, negative effects from evils such as Mt gox, Silk road, etc. Third, crypto is the strength of decentralization.  However, Bitcoin legalization is just a war of time, El Salvado has done it and I think a lot of countries will follow this idea and importantly where you live, how you use it,  it will determine the integrity of the matter.
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August 21, 2021, 04:40:22 PM
 #33

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

The first question is very true, it is impossible for us to give advice that is contrary to what actually happened to bitcoin, it is feared that the information will mislead people who see it, if we argue that the first cryptocurrency is not bitcoin.

While the price of bitcoin that we want to associate with the number of bitcoins, in my opinion this is still half true, although if we use the economic formula both are very precise in your analysis, but in this case a lot of analysis appears on the price and number of bitcoins, for example market conditions, influence greedy big investors or conditions that are deliberately created to weaken and increase the price of bitcoin.
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August 21, 2021, 05:01:51 PM
 #34

The reason I often hear why Bitcoin is difficult to accept and legalize by the government is because the decentralized system and Bitcoin cannot be controlled, but seeing the development of Bitcoin and Cryptocurrency that continues to increase makes us optimistic that one day Bitcoin will be legalized by many countries.

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August 21, 2021, 06:35:22 PM
 #35

~
Just to correct the OP, Bitcoin is not literally the first cryptocurrency.
eCash was the first so-called "cryptocurrency" back in 1983, it was like still called "cryptographic system" back in those years but not cryptocurrency. It was then followed by DigiCash. The term "cryptocurrency" was just later used in 1998.

My source: https://daviescoin.io/blog/a-short-history-of-cryptocurrencies
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August 21, 2021, 06:49:56 PM
 #36

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.

Cryptocurrencies operate in a decentralized way so it's hard to regulate it. Also, all the coins don't have similar characteristics so it's very complicated to implements tax into them. People are getting benefits but evil people still do the fraudulent activity. So govt needs some regulation to implements law and order in this sector too. I think these are the main reason behind many countries don't want to legalize crypto.

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August 21, 2021, 06:58:20 PM
 #37

To my knowledge the first cryptocurrency was Bitcoin. Do you agree?
Since 2009 Bitcoin was launched by a person on behalf of Satoshi Nakamoto (aka) there have been very many positive things that have been obtained by people in the cryptocurrency space. Because Bitcoin has a limited stock, thus making the price of BTC expensive and then in anticipation of people being able to invest in crypto, Altcoins were born as an alternative.
Please give suggestions if my post is not correct.

Actually Bitcoin can be called the first cryptocurrency, even though there have been many trials by other developers, but it seems none was successful because if they were, then they would have been popular, so therefore in this crypto space, Bitcoin is the first cryptocurrency we know and has grown over the years to be outstanding, highly valuable and reliable.
Secondly, you are also right about altcoins, after Bitcoin, any other coins or tokens are all classified or called altcoins that is alternative coins. Therefore yes, your post is correct to the best of my knowledge.
However, talking about the legalization of Bitcoin and other cryptocurrencies, this particular case will be a tough one because this is about the government and the people; in the crypto space so far we can see the level of freedom people have been able to enjoy, as well as the benefits which includes transparency in transactions etc, that is to say, you can't manipulate or alter a transaction and so on. Thus with all these benefits it can be seen that it might be hard for a country to legalize it, that will mean they can't control it, and since they can't, they will hardly legalize it.
Although some countries are taking steps but we are still waiting and watching to see how far it will go.

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Luffygroove
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August 22, 2021, 03:57:04 AM
 #38

Based on the articles I've read before, actually, there is a cryptocurrency built before bitcoin called Hashcash. For further information, probably you can do your own research.

I would love to focus more on your question. So, why the cryptocurrency is not legalized?. I think some of the countries already legalize it. They embrace it with some rules. Meanwhile, some other countries ban it because according to their government, cryptocurrency is damaging, threatening their fiat, threatening the environment, against their countries' laws, and other negativities. Besides, it's decentralized. Probably those countries' thoughts cryptocurrency will be wild cause there's no institution's supervision behind it, such as money laundry, crimes payment, etc.

For me, it's best even some countries can't legalize it, at least they don't ban it and live along with it. Make some rules about it if needed.

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darahjuang (OP)
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August 22, 2021, 06:00:11 AM
 #39

Due to the characteristics of virtual money that only exist in the digital environment, with very high anonymity, transactions about virtual money are done on a new technology platform Smiley There are so many shitty reasons to stop Bitcoin's popularity, but we find it unstoppable.
If many have bad reasons against cryptocurrencies, it means that cryptocurrency activities will be banned at some point. But so far the growing reason why cryptocurrencies are not legalized is because they are afraid of being misused and crypto activities cannot be controlled so that it can hamper the economy of a country. Does that make sense?
efxtrader
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August 22, 2021, 09:45:30 AM
 #40

As a decentralized currency, Bitcoin's development is not subject to excessive government restrictions or influences, while the cryptocurrency economy is subject to peer-to-peer Internet protocol monitoring.
Cryptocurrencies have not been widely accepted by businesses and consumers, and their prices now fluctuate so much that they are not suitable as payment methods.

It's hard to say Bitcoin is an illegal asset because Bitcoin was never sold through an ICO or any form when it was first launched. What the government can do is to tax every profit people make transactions with Bitcoin because it is considered a commodity.

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