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Why is Bitcoin Illegal in some countries?

2 min read
This also means that they decided on the limits and minimum as well as charge you ridiculous fees to keep your money.There are banks which actually charge customers if their accounts go down to zero.

Why is Bitcoin Illegal?

It’s not because of the Bitcoin scams…It’s definitely not because of its volatility

Bitcoin has gotten a bad reputation since Silk road and has become a popular choice for money laundering as well as drug dealing. Yet, the most conservatives countries appear to banning Bitcoin BUT embracing blockchain.

However, if Bitcoin is a blockchain, then why IS Bitcoin illegal? What gives?

 

Why is Bitcoin Illegal in some countries?

The banking system is set up in way that allows them to easily track your spending.

This also means that they decided on the limits and minimum as well as charge you ridiculous fees to keep your money.

There are banks which actually charge customers if their accounts go down to zero.

But it is your money!

 

Central Bank Digital Currencies

They would rather you use their own blockchain or cryptocurrency instead.

Some governments have realized that using blockchain technology actually allows them to better track transactions.

Which is why several several countries are launching there own cryptocurrencies:

List Of Countries That Have Plans To Roll Out Their Own Cryptocurrencies

It’s only temporary

In 2021, we saw Russia banning cryptocurrency, only to make it legal again a few months later.

 

You are your own bank

Bitcoin is its own banking system.

Meaning you can store any amount of Bitcoin, send Bitcoin to anyone around the world and receive Bitcoin from anyone around the world within minutes at ridiculously low transaction fees.

You will have full control of your funds without having to explain yourself.

By using Bitcoin or any other other cryptocurrency, you are leaving the traditional banking system.

That’s the reason it’s illegal.

Governments do not want you to be your own bank.

 

Caging you in

You Are Part Of The Banking EcoSystem That Your Government Doesn’t Want You To Leave it

Investopedia defines a bank as: A bank is a financial institution licensed to receive deposits and make loans. Banks may also provide financial services such as wealth management, currency exchange, and safe deposit boxes.

Study.com defines a banking system as : banking system is a group or network of institutions that provide financial services for us. These institutions are responsible for operating a payment system, providing loans, taking deposits, and helping with investments.

In other words, your government and banks want you to save and spend your money in their banking system.

 

 Bitcoin scams

Another pretext we hear a lot is that there are a lot of scams.

The internet has been the host to the most horrendous crimes humans can ever make and yet no one ever once considered banning it.

And don’t let me get started on the dating scams on dating apps…

 

Volatility

I have heard many regulators advise again Bitcoin because it’s prices are too volatile.

Yet, even Bitcoin’s harshest critics are investing heavily:

In October, 2020 Stone Ridge Revealed $115 Million Bitcoin Investment.

JPMorgan—Bitcoin’s ‘Biggest Enemy’—Suddenly Appears To Be Going All In On Crypto

After Bitcoin ‘Betrayal,’ Goldman Sachs Is Suddenly Betting Big On Crypto And Blockchain

Why is Bitcoin legal in some countries?

In simplified terms, the governments simply found a sustainable way to implement taxes.

When user adoption is high and the local authorities have no choice but to create a famework and attempt to mitigate further loss.

 

Conclusion

Let’s bear in mind that Bitcoin is a blockchain ledger.

A special decentralized public ledger that prevents anyone from modifying or deleting transactions once they have been added.

It is a currency as well as a payment gateway (blockchain).

Once a transaction is registered on Bitcoin’s very public blockchain, it can not be removed and will be therefore the sender as well as recipient can be traced.

If drug dealers and criminals did there homework properly‍♀️‍♀️ , they would know that Bitcoin is the worst currency to commit crimes.

 

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