Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Presh0351 on June 17, 2018, 02:41:58 PM
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Do you think is because of the risk involved or bitcoin increases corruption..
What else
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It depends to the people in the government and not the system. System is good but the people behind the system sometimes counterfeit whatsoever they think they can. Banning bitcoin have some valid instances to prevent whatever unnecessary.
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In some cases... If the conditions you listed are met
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I think that the government forbids bitcoins because they are afraid that it will undermine the built economy based on fiat money. The more people will use crypto, the less will be used by fiat.
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Do you think is because of the risk involved or bitcoin increases corruption..
What else
The most likely reason is the risk that involved in which these countries that against Bitcoin existence are afraid that Bitcoin might ruin their economy and the country. That it might use in illegal activities in which most common are money laundering, funding terrorism and scam investments. The good thing there are now only few that still against Bitcoin in which majority of these countries are now supporting Bitcoin due to regulation.
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That lack of central authority is the primary reason governments are afraid of the cryptocurrency. To understand this fear, It is important to know a little bit about governments and conventional currencies.
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Most government reason to ban cryptocurrency to their nation is that they are afraid of their people to loss and be a victim of so many scam. Because crypto is decentralized they don't have control over it.
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It could happen if crypto does not control such as audit and rules about circulation and crypto transactions.
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I think the only to limit the circulation of crypto in the world. I know investment crypto is at risk if not smart manage assets. but if the user crypto understand and can manage their assets, they will get a profit than crypto.
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Because the government doesn't like the financial structure and the cash flow that they can't control.
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The main reason is bitcoin is decentralized so governments can't take the control of bitcoins and some other say because due to volatile of bitcoin market.
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Because they see bitcoin as having no value due to to its volatile nature. There might be other factors but this is what I know so far.
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The normal citizens fear about bitcoin because it pump high and dump very low. There is possibility that the profit will gone. The government have their own perspectives toward bitcoin. Of course they know what is best for their own view. So there are chance the government will allow or prohibit bitcoin for valid reasons.
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Recently, the US government announced that anonymous cryptocurrencies threaten national security. Now the US Secret Service has recently requested Congress to tackle anonymous cryptocurrencies.
https://www.livebitcoinnews.com/us-secret-service-wants-anonymous-cryptocurrencies-tackled-by-congress/
In addition, Mastercard has won a number of patents related to the use of blockchain technology and I believe that all this is done in order to withdraw the cryptocurrency beyond the legal field and declare them illegal and begin to fight them.
https://www.ccn.com/mastercard-wins-patent-for-anonymous-blockchain-transactions/
Let's see what steps government regulators will take, but it is understandable that they do not like the decentralization of cryptocurrencies and the lack of levers of influence on them and their management.
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You did not specify which countries are being discussed. In no civilized country bitcoin is not prohibited. Perhaps this phenomenon occurs in countries where the dictatorial regime rules, but it prohibits not only bitcoin, but elementary human rights.
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Government bans bitcoin because of the volatility of the Cryptocurrency. Government will always accept something if they know a lot of people will benefit from it. Bug with crypto, there is a risk of losing one's money after investing.
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Do you think is because of the risk involved or bitcoin increases corruption..
What else
I think some governments banned bitcoin because they don't wanted any changes with their current system. Adopting Bitcoin means there are a lot of changes in the current system and also with the community. Also, bitcoin is a decentralized technology. Thus, the government does want to lose its control with the nation.
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some countries banned bitcoin maybe they are afraid because governments are not able to tract payments in bitcoins as anybody with out a proper identification can open up an account and make the transaction
systems for anonymous payments and cyber currencies that have gained considerable circulation
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Government bans bitcoin because of the volatility of the Cryptocurrency. Government will always accept something if they know a lot of people will benefit from it. The main reason is bitcoin is decentralized so governments can't take the control of bitcoins.
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Assuming that a lot of works are reason of government why they banned bitcoin. They can't take the responsibilities to let bitcoin circulates inside their system.
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Do you think is because of the risk involved or bitcoin increases corruption..
What else
Your post tittle look like bitcoin has been banned, and please try to make your "post tittled" straight. However, bitcoin and altcoins are new technology that has come to revolutionized the ways things are done, eg transactions between mr.A and mr. B.
Now, that lack of central authority is the primary reason governments are afraid of the cryptocurrency.
Governments control fiat currencies. They use central banks to issue or destroy money out of thin air, using what is known as monetary policy to exert economic influence. They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity. All of this control is lost when non-government bodies create their own currencies.
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Base on my understanding it can be economic situation or for citizens good.
Government will considered something important before deciding any major decision that can be implemented. The advantages much higher than disadvantages. Opportunities must be above than problems.
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The main reason is bitcoin is decentralized so governments can't take the control of bitcoins and some other say because due to volatile of bitcoin market.
I think your opinion has great contribution why government ban bitcoin. Because for nothing control of such thing they cannot force people to pay any tax when investing bitcoin. They really want to ban bitcoin because they want to regulate it in a first place, inorder to become a taxable transaction investment.
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The Chinese government, setting out in September last year certain restrictions and prohibitions on circulation of the crypto currency in their country, explicitly indicated that it considers the crypto currency as a security threat to its economy because the crypto currency allows uncontrolled withdrawal of funds outside the country. The US government, in turn, warned its citizens against investing in bitcoin due to the increased risk of such investment. It also considered a risky investment in ICO projects and therefore banned its citizens from participating in ICO campaigns as investors. Many states after the December rise in the price of bitcoin to almost 20,000 dollars saw in its behavior as signs of a financial bubble and therefore its high volatility is the reason for the slow legalization of the crypto currency by different states.
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Because the government is worried about bitcoin being misused. Bitcoin is often associated with corrupt money laundering. Someone also mentions the relationship of bitcoin isis. That's why the government prohibits bitcoin.
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maybe the government still hasn't received cryiptocurrency.
the reason
1. there are still many people who have not invested in the crypto world
2. the price is not stable
3. it is very difficult to catch thieves who like to take the assets of the bitcoiners
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The main fear of the government is a lack of control crypto.
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They ban bitcoin because it does not allow taxes to go through in a business. So if it was it, then the government would not have any profit from it and it could be that most users are scammed and they were complaining at the government even if they cannot do anything about it and the best solution in fact is to ban it.
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I think, the government bans bitcoin because bitcoin has a volatile price and the government can't control the use of bitcoin so the government worries when it's used for crime
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because it does not have a central server and is not regulated by any regulation, bitcoin transactions can be done at will
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Most governments do not receive taxes from transactions. The state's largest source of income is taxes. That's why they may be forbidden. However, there has not been a state that has banned bitcoin until now. They forbid ICOs.