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Author Topic: Why haven't governments illegalized bitcoin transactions?  (Read 779 times)
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September 16, 2019, 07:07:39 AM
 #101

I don’t think the government has reasons to tag bitcoin transactions as illegal and since it‘s discreet and can’t track down from whomever the transaction came from and it is decentralised; it still has no valid reason on to why it is illegal.
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September 16, 2019, 08:19:35 AM
 #102

So far government has no power over bitcoins yet as it is on a decentralized platform and i feel it will gain more market power globally even though few countries banned them.. just like in the past when share market was introduced in the past it took lot of time for it be accepted by the public like wise its normal in the case of bitcoins aswell hence i don't think that the government has to make it illegal but it illegal in some countries to buy or trade on bitcoins as it is banned

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September 16, 2019, 08:25:26 AM
Last edit: September 16, 2019, 08:43:33 AM by STT
 #103

Why havent governments removed capitalism, democracy, freedom of speech and rights to free association, all could be factors that oppose their particular politics but in most countries we respect the individual as equally capable and of worth to share these rights as any established elite.   The banning of Libra in France and Germany seems worrying to me not because I respected that likely standard for being actual crypto but if the public want to use something of no threat they should be able to, its another sign we do not have capitalism in many countries.
   It also highlights why centralized standards are not likely to be any different to the current status quo, we already have digital currency so whats labelled as new is not.    We could take an ironic positive for BTC that it underlines that not relying on any singular point of contact is not an optional feature but essential to its continued existence as many countries drift into strange territory of negative rates, absolute control of interest rates for the reason of perpetual debt funding fiscal budgets.

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Unfortunate, because it would be a perfect opportunity for Venezuela to make crypto a reality and show what it is capable of. Giving it value since it has actual use and being the first country to use it.

I thought that, they might even accidentally implement something of worth to the public but they had a firm reign on Petro from the start and there was never a chance for free enterprise to be aided by that blockchain.    It wasnt decentralised in any way, I wish crypto was of more use in Venezuela but I dont hear enough positive stories to think that so far.

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September 16, 2019, 09:36:27 AM
 #104

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They  prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?

Some countries have recognized Bitcoin and can be used as a means of payment at merchants. It is difficult for the government to ban the use of Bitcoin because Bitcoin is a tool for peer to peer transactions. The government should regulate Bitcoin or other cryptocurrency and take advantage of cryptocurrency transactions, for example by taking taxes

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September 16, 2019, 06:33:03 PM
 #105

Thats true no govt has made Bitcoin transactions illegal. Even China where BTC mining has been banned I believe people are doing BTC transactions. This may be a big manipulation. BTC value is stable for last many days after touching year's low, there is no new money flowing into BTC, any statement in favor of BTC can increase its value drastically and there may be situation which may get out of control. Bitcoin will not be declared an illegal asset I believe.Lets see what is written there for its future.
China only did that just to play politics like the way Facebook played politics with most of us as regards their own Libra coin, and they were all against every advert on cryptocurrency in their page while they were actually planning on their, when china came up with that idea of banning miners, I knew they were really up to something and I guess they are doing that to limit the strength of mining other coins since majority of the mining was from their country, while they give chances to their own coin.

If they ban mining, how do they intend to mine their own cryptocurrency that they are working on, because they cannot show that sign of being biased to ban other mining while there is going on within the same country.



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September 16, 2019, 08:33:52 PM
 #106

The banks like JP Morgan are getting in on their version of crypto, and so are companies like Facebook, Telegram, and alike. They will secure faster transactions, although they will remain centralized. It could be that the governments are simply hoping that new users will just go for those centralized versions of crypto, and that Bitcoin and real cryptocurrencies will just end up forgotten.

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September 16, 2019, 11:42:40 PM
 #107

The banks like JP Morgan are getting in on their version of crypto, and so are companies like Facebook, Telegram, and alike. They will secure faster transactions, although they will remain centralized. It could be that the governments are simply hoping that new users will just go for those centralized versions of crypto, and that Bitcoin and real cryptocurrencies will just end up forgotten.
Government could want that but they cannot force the people, some believe that the centralized format is corrupt, and bitcoin being decentralized offers transparency to people and that is why we are investing and holding on it.

Bitcoin could not be fast now, but the growing number of users of LN is a good sign that sooner people will eventually adopt.
There are a lot of things we can improve with bitcoin, and not only bitcoin because we also have great altcoins in the market, and therefore we should protect this decentralization against centralization.

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September 16, 2019, 11:57:18 PM
 #108

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They  prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?

Some countries have recognized Bitcoin and can be used as a means of payment at merchants. It is difficult for the government to ban the use of Bitcoin because Bitcoin is a tool for peer to peer transactions. The government should regulate Bitcoin or other cryptocurrency and take advantage of cryptocurrency transactions, for example by taking taxes
In my country, bitcoin is not yet legalized not treated as an illegal one. The government is just fair enough seeing that there are more potentials that bitcoin will be adopted soon because of the growth of users every year. This is the reason why some few banks in my country have been starting to advertise bitcoin because of its unstoppable positive patronage from the people. With this, banks will come to integrate bitcoin as part of their transactions so that they can still serve those future bitcoin users even if the government itself has not yet finally legalized and adopted bitcoin.

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September 17, 2019, 02:40:16 AM
 #109

The government realizes the economic effects that cryptocurrencies brought about. What they can only do is to implement rules and regulations to control transactions since its anonymity has serious legal implications.

I doubt that the government would ban bitcoin even in the long run as they also recognize the technology behind it- the blockchain. This type of innovation can be the future of currency and I also think that they are studying and carefully analyzing on how they can apply it to modern transactions.

The banks like JP Morgan are getting in on their version of crypto, and so are companies like Facebook, Telegram, and alike. They will secure faster transactions, although they will remain centralized. It could be that the governments are simply hoping that new users will just go for those centralized versions of crypto, and that Bitcoin and real cryptocurrencies will just end up forgotten.

Even if big companies (such as the ones you mentioned) create their respective coins, I doubt that bitcoin would be eliminated in the face of the earth anytime soon. A centralized coin will defeat the very purpose on why bitcoin was sought for- the anonymity and elimination of p2p transactions.

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September 17, 2019, 03:41:37 AM
 #110

So far government has no power over bitcoins yet as it is on a decentralized platform and i feel it will gain more market power globally even though few countries banned them.. just like in the past when share market was introduced in the past it took lot of time for it be accepted by the public like wise its normal in the case of bitcoins aswell hence i don't think that the government has to make it illegal but it illegal in some countries to buy or trade on bitcoins as it is banned

As said, the governments have no solid reasons to make Bitcoin illegal. Bitcoin transactions cannot be banned as well because it is decentralized which makes it under no control of any centralized or single authoritative body. Bitcoin will be rather legalized with time as its adoption grows gradually. The people will tend to understand and appreciate the principles and benefits of Bitcoin and this is where the governments will stand with no choice than to legalize it.

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September 17, 2019, 03:54:11 AM
 #111

Simply because they have no resources and technology to track every of bitcoin transactions and link it to the people. Unlike traditional payment system, everything in bitcoin transaction happens between P2P and without any intermediaries. Though it may be possible to track ones while buying bitcoin with fiat or selling with fiat, it's hard to track what happens in between.



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September 22, 2019, 06:14:50 AM
 #112

Simply because they have no resources and technology to track every of bitcoin transactions and link it to the people.
That would make the system pretty much regulated and people would not like government snooping on their money. Its the reason why bitcoin was created. The bad effect is the attempted tax evasion and monitoring by officials on big whales. Linking it to people again means decreased safety of those people and attempted extortion.

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Unlike traditional payment system, everything in bitcoin transaction happens between P2P and without any intermediaries. Though it may be possible to track ones while buying bitcoin with fiat or selling with fiat, it's hard to track what happens in between.
But legalizing bitcoin trading and transacting is not related to this. The effect would be good since people are accepting and using it as an alternative to traditional fiat currency. We might see economic stability compared to the national debt that keeps on increasing.

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October 02, 2019, 03:52:03 AM
 #113

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They  prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?

I think the reason why the government still did not want the cryptocurrency to be legalized because of many issues that it sometimes using in gambling, sometimes buying of illegal drugs, or anything that against the law. This reason can affect the decision of the government whether they will legalized the crypto or not.



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October 02, 2019, 04:54:05 AM
 #114

I don't understand the topic. How is it possible for the government to ban bitcoin transactions? At the most, they can ban the conversion of cryptocurrency to fiat cash, or the use of bank accounts for cryptocurrency trading. But how are they going to refrain someone from doing a digital transaction using cryptocurrency? It is like banning the use of emails and social media.

And even if they come up with some sort of stupid ban, how they are going to implement it? The Bitcoin Blockchain is 100% decentralized and it can't be destroyed. The government can't shut down the Blockchain by seizing the servers or arresting the users. Because it is not a physical asset and is independent of users and machines.

 
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October 02, 2019, 05:35:08 AM
 #115

I don't understand the topic. How is it possible for the government to ban bitcoin transactions? At the most, they can ban the conversion of cryptocurrency to fiat cash, or the use of bank accounts for cryptocurrency trading. But how are they going to refrain someone from doing a digital transaction using cryptocurrency? It is like banning the use of emails and social media.

And even if they come up with some sort of stupid ban, how they are going to implement it? The Bitcoin Blockchain is 100% decentralized and it can't be destroyed. The government can't shut down the Blockchain by seizing the servers or arresting the users. Because it is not a physical asset and is independent of users and machines.
Nice point. Government can only interfere after end-users convert crypto into their local currency. The jurisdiction is vindicated within the government laws. But in terms of actual bitcoin where decentralized system is being implemented, there's no chance for the government to stop the transactions since it's between machines. The only way to prevent the citizen of that country is if the government will stop the use of internet access. From that point, everything around crypto chain will not be able to facilitate.
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October 02, 2019, 06:39:49 AM
 #116

There are many factors why government wasn't able to consider bitcoin transaction as illegal. One of the factor is that they are earning from it, most of the governments that legalize or accepts crypto currencies especially the bitcoin is that they are benefiting from it.

Though it can be use in shady transactions as what you have said like alcohol and drugs but not all the governmets are thinking like this one. They are also considering the benefits that they will get upon accepting it like taxes that they get from big exchanges that were launch in their country and etc.

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October 02, 2019, 08:25:23 AM
 #117

I don't know what reason is on your country is, but on my country, I think the reason is that our government here doesn't fully acknowledged bitcoin yet. Yes obviously they know about it, but I think for them it isn't really affecting the country that much. They are doing those things when they acknowledge it and if they think that these kinds of transactions are illegal, but even though it can be one because of its decentralization, they don't still yet recognized bitcoin as a major factor in the, commerce or in the country.

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October 02, 2019, 08:34:03 AM
 #118

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Well I know a few countries banned the usage of bitcoins entirely. Not even on people in the country is eligible to make use of bitcoin and even buying it is illegal. There are few countries where bitcoin is banned and not available to the public like Saudi Arabia and a few more countries. Then the rest of the countries in the world are free and legal to use bitcoin in any way they want too.



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October 03, 2019, 04:42:56 PM
 #119

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Well I know a few countries banned the usage of bitcoins entirely. Not even on people in the country is eligible to make use of bitcoin and even buying it is illegal. There are few countries where bitcoin is banned and not available to the public like Saudi Arabia and a few more countries. Then the rest of the countries in the world are free and legal to use bitcoin in any way they want too.
They can use bitcoin on the internet and bypass the law that they had. Using a VPN to change IP addresses is a very easy thing to do.
But here is the fact why most governments banning cryptocurrency and once you abide, you were put in jail. Well, most of the reason why governments illegalized bitcoin transactions because of the drug lords, criminals and terrorist that are transacting through bitcoin and the government has no access on it the reason why they don't get caught.

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October 03, 2019, 05:24:15 PM
 #120

I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They  prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?
The reason why haven't governments legalized bitcoin transactions because of illegal activities that are happening such as scams and frauds, that is why there are a lot countries who banned bitcoin like china and etc to avoid this kind of illegal acts. I think it will be better if we can remove every illegal activities in crypto, so that the governments in every country will start to legalized every bitcoin transactions.

 
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