Altcoins Talks - Cryptocurrency Forum

Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Domithra on July 04, 2018, 06:43:43 AM

Title: Why the governments do not want to legalize Bitcoin?
Post by: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: sugarchrisp on July 04, 2018, 06:49:08 AM
A lot of people refer to the crypto world as the wild wild west, because there's no regulation in the markets like there is with trading stocks.  This gives people with lots of money the ability to manipulate the price and pump & dump coins very easily to make money.  I think it might be for the best if the crypto world had some regulations imposed on it, but I don't see how they could achieve that.  Governments also fear bitcoin for other reasons, as it removes a large facet of their power.  Governments have the ability to create currency, and a lot of them don't believe anyone should just be able to create a currency except for them.  The banking industry also has a lot to fear with cryptocurrency, and most of the banking industry already has a lot of money invested in corrupting the government.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Cangkirkopi on July 04, 2018, 06:56:26 AM
Why the government does not want to legalize because later if elegant then people who invest in bitcoin there is no security
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Contagem on July 04, 2018, 06:25:48 PM
Now, indeed, many countries are not ready to accept Bitcoin, but gradually the countries with developed economies are making changes to their legislation in order to tax profits from income from crypto currencies. Thus, introducing them into the legal field and legalizing crypto currencies within a particular state. I believe that gradually other countries will follow their example and crypto currencies will have a wider field of application. Here are some articles on this topic:
https://www.cryptoglobe.com/latest/2018/07/how-the-worlds-five-largest-public-companies-are-using-blockchain-technology/
http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&oid=023&aid=0003382087&sid1=001&lfrom=kakao
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: btyco on July 04, 2018, 11:20:37 PM
They are all scared of what bitcoin can do. It will replace their currency and no-one will bother to pay taxes any more. However, soon they will have no choice but to accept or legalise it as it becomes mainstream
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Stormyblue on July 05, 2018, 01:54:01 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.
The Blockchain can't function in a centralised system.
The price of Bitcoin will affect the economy as its fluctuations will cause inflations.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: eldial on July 05, 2018, 05:06:50 AM
Government do not want to legalized bitcoin because mostly of the countries are not supported to there cabinets members that the bitcoin will be launching into legal and besides that the people are not knowing on how it is working with proper system.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: therozaq on July 05, 2018, 07:32:42 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

Yes, Bitcoin is decentralized  technology, The reason why government do not want to legalize bitcoin because The government cannot controll bitcoin over.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: trofim21 on July 07, 2018, 10:25:24 PM
Potemuchto many banks this is not profitable and the state receives a share from banks, respectively, they are also not profitable
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: dekafee79 on July 08, 2018, 02:42:14 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

The government cannot control bitcoin over. It is the reason why the government donot want to legalize bitcoin.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: altcoingamer on July 08, 2018, 03:43:19 AM
Quote from: Contagem on July 04, 2018, 06:25:48 PM
Now, indeed, many countries are not ready to accept Bitcoin, but gradually the countries with developed economies are making changes to their legislation in order to tax profits from income from crypto currencies. Thus, introducing them into the legal field and legalizing crypto currencies within a particular state. I believe that gradually other countries will follow their example and crypto currencies will have a wider field of application. Here are some articles on this topic:
https://www.cryptoglobe.com/latest/2018/07/how-the-worlds-five-largest-public-companies-are-using-blockchain-technology/
http://news.naver.com/main/read.nhn?mode=LSD&mid=sec&oid=023&aid=0003382087&sid1=001&lfrom=kakao

I think you're right that this is the year for more heightened legislation and deicisons around bitcoin.  We are well on our way to starting a bull run soon. and all the positive news around legislation (not a security, possible etf) are really gonna push us out of this bear market and and attach us to a rocket ship.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Doctor on July 08, 2018, 04:51:42 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

I thinknThere is several reason. Government keep their fiat money, It is the main reason. Another reason they afraid bitcoin will be used illegal activities
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: chipr on July 08, 2018, 05:06:13 AM
Quote from: Contagem on July 04, 2018, 06:25:48 PM
Now, indeed, many countries are not ready to accept Bitcoin, but gradually the countries with developed economies are making changes to their legislation in order to tax profits from income from crypto currencies...


Bingo!
You've hit it right on as far as I see it as well.

However, there is a dichotomy to this as first it may have seemed simpler for govt's to outlaw and declare illegal the use of Bitcoin rather than having to regulate it. Now they have people learning as much about the technology as possible (the deep web was a US govt project to begin with) to attempt any future regulations and still be able to track money laundering and the like.

But they really want us to pay taxes on the gains... that's pretty simple, and if there is no way for them to go after someone for large amounts of tax evasion that would be difficult. There are regulations newly in place that put the responsibility of tracking who is putting how much fiat into, and taking out of, the market onto the exchanges themselves. Whether or not the exchanges will be automatically required to do reporting to some governmental agencies remains to be seen.

I believe there will be continued attempts in regulation of one kind or another, for consumer protectionism if nothing else, continued crack downs on fraudulently illegal money scams concealed as ICOs or other airdrop mechanisms where one is asked to send 1 BTC and receive 5 BTC in return (those are all scams and sometimes the cybercriminals are caught).
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Fighter01 on July 08, 2018, 09:57:12 AM
There's a circumstances happen if the bitcoin legalize, first the changes of the government way how to manage ,secondly what people reacting the changing of government ways lastly mostly of the people there's no knowledge about the bitcoin.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: chipr on July 16, 2018, 01:26:50 AM
Quote from: Fighter01 on July 08, 2018, 09:57:12 AM
There's a circumstances happen if the bitcoin legalize, first the changes of the government way how to manage ,secondly what people reacting the changing of government ways lastly mostly of the people there's no knowledge about the bitcoin.

There will be a lot of discussion going on about such issues in the coming years, including this one.

Are you trying to express how will economies handle the Bitcoin? I'm not sure I understand, although this is all fairly new to all of us. I will try and address your points and we can keep the topic moving since I certainly don't know it all.

This applies to all cryptocurrency not just Bitcoin (this is an altcoin forum).


1 & 2. Governments have already reacted and the threat is various types of imposed regulations that are currently not in place, including the possibility of declaring it illegal.

 - Reactions are mainly by people already involved as investors, exchanges, early adopters who own a lot (whales) and don't want to see their investments devalued to due illegality alone. There is less money coming into the market due to fear of pending regulations. Some exchanges are physically moving to neutral countries to lessen any chances that they will encounter problems.

3. A large sector of the population does not know how cryptocurrency, or Bitcoin, works; or have any knowledge about them.

- People will learn and by the time there is widespread adoption of using cryptocurrency to purchase everyday goods and services it will be as simple as using a debit card. This is independent of any imposed government regulation
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Judybrown on July 16, 2018, 11:10:39 PM
Bitcoin is a Cryptocurrency that allows transparency and prevents corruption. The government is afraid to legalize it because it will disclose all those who are corrupt and cheaters.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Neechan on July 17, 2018, 07:28:21 AM
Beyond the difficulties presented by the decentralization of bitcoin itself, governments and regulatory bodies have shown they lack understanding of technological topics, and bitcoin is one of the most complex.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: victorianomojica on July 17, 2018, 11:56:14 AM
There are regulations newly in place that put the responsibility of tracking who is putting how much fiat into, and taking out of, the market onto the exchanges themselves. Whether or not the exchanges will be automatically required to do reporting to some governmental agencies remains to be seen.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: satpol_PP on July 17, 2018, 03:16:03 PM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

I think every country has fiat money, the goverment dont want their currency down, because crypto currency is more potential.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: trofim21 on July 25, 2018, 12:54:53 AM
it is not profitable for any country, because many people do not pay any taxes for what they earn on the crypto currency
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Mbah Jenggot on July 25, 2018, 08:55:07 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

The reason why the  government dont want to legalize bitcoin because the government cannot control over the bitcoin.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: Ryanpogz on July 25, 2018, 09:36:45 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.
It does not make sense that foreign countries are not allowed because bitcoin value is not stable. Other countries want to control the bitcoin. But as I think it's time well come  a whole nation to be able to bitcoin.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: trackermoney on September 18, 2018, 08:57:43 AM
The government in my country prohibits the use of bitcoin because bitcoin has no formal basis. Other than that bitcoin is not regulated by the authorities. And finally, bitcoin is very vulnerable to money laundering, illegal transactions and terrorist financing.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: marshmellow on September 21, 2018, 04:28:51 AM
There are many reasons they (the government) forbid and fight bitcoin. I think one strong reason is that bitcoin cannot be controlled by the government. In my country, clearly using bitcoin for transactions is prohibited.
Title: Re: Why the governments do not want to legalize Bitcoin?
Post by: densuj on September 21, 2018, 09:09:59 AM
Quote from: Mbah Jenggot on July 25, 2018, 08:55:07 AM
Quote from: Domithra on July 04, 2018, 06:43:43 AM
The governments seek nothing of Bitcoin but to gain full control over its transactions in order to manipulate the market to suit their own gains. The decentralized nature of Bitcoin does not allow this to take place hence most of the governments do not want to accept Bitcoin but rather impose regulations on Bitcoin.

The reason why the  government dont want to legalize bitcoin because the government cannot control over the bitcoin.
Soon the bitcoin will be regulated by all of the government one of good information is British lawmakers mentioned on September 19, 2018, that the cryptocurrency market needs urgent regulations. The Government should take action to protect retail investors from volatile prices, technical vulnerabilities, and position U.K. to become a global leader in the cryptocurrency industry, given its position as a financial hub.
CryptoUK, the self-regulatory trade association for U.K.’s cryptocurrency industry also welcomed the idea of regulations. Ideally, the U.K. Government would introduce laws that is a right balance between, allowing the country to thrive as an international leader in the cryptocurrency sector whilst safeguarding consumers from potential scams and Ponzi Schemes.