ADVERTISEMENT
  • About
  • Contact
  • Testimonials
  • Demographics & Advertising Rates
Tuesday, January 19, 2021
Search
    Generic filters
    California Business Journal
    54 °f
    Los Angeles
    66 ° Wed
    62 ° Thu
    58 ° Fri
    52 ° Sat
    52 ° Sun
    51 ° Mon
    • Front Page
    • Business
      • Insurance
      • Real Estate
    • Finance
      claiming gambling losses on your taxes

      Can you claim gambling losses on your taxes?

      Nicholas Yrizarry

      In Perfect Alignment

      Invest-in-Your-Childs-Future

      Start Investing Now For Your Child’s Future

      IMG 8554 - From a “Wish List” to a “Reality List”

      From a “Wish List” to a “Reality List”

    • People
    • Featured
      Silicon V Real Instituto

      The Entrepreneurs ‘Angell’

      West Gary, MinTech’s Chief Technical Officer2

      Dust Buster

      Flags-of-the-world

      The Impact of Covid: Racing to Buy Second Citizenships

      Photonic Chip

      The First Photonic Chip Has Arrived. What Does That Mean For Augmented Reality?

      Supreme Court Sports Betting

      California’s Bid for 2022 Sports Betting Legislation

    • Technology
      West Gary, MinTech’s Chief Technical Officer2

      Dust Buster

      Plaxonic Technologies Innovate

      Plaxonic Technologies: Leading Innovation

      tech devises of the future - Latest Devices to Make Our Lives Easier

      Latest Devices to Make Our Lives Easier

      hands of business people typing on a keyboard - Should You Start An Online Business: 4 Things To Consider First

      Should You Start An Online Business: 4 Things To Consider First

    • Law
      law books

      Career paths available with a law degree

      background-check

      How Do Background Check Sites Find Your Information?

      hurricane

      Weathering the Storm

      tower-bridge-london-england

      How to apply from the USA to one of the most famous law universities in the UK

    • News
      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      AB3088

      California COVID-19 Rent Relief Policies Economically Unsustainable

      american-flag

      Dreamers Won Full Restoration of DACA…What Now?

      Airplane Landing

      London Heathrow one step closer to controversial third runway

    • Human Interest
      • Food
      • Art & Culture
    • Education
      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      Casino winnings

      What to Do When an Online Casino Refuses to Pay Out Your Winnings

      sports stadium

      With SoFi Stadium and Golden 1 Center, California Has Emerged as The Industry-Leader In Sports Facilities

      claiming gambling losses on your taxes

      Can you claim gambling losses on your taxes?

    • Health & Fitness
      The Surprising Link Between Gut Health and Mental Health - The Surprising Link between Gut Health and Mental Health

      The Surprising Link between Gut Health and Mental Health

      Eesha Patel feature

      Multi-Dimensional Reality

      166521182

      One Hour Each Morning for the Remaining 23

      87 CBN vs CBD How Are the Benefits Different - Commonly Asked Questions About CBD Oil in the USA

      Commonly Asked Questions About CBD Oil in the USA

    California Business Journal
    • Front Page
    • Business
      • Insurance
      • Real Estate
    • Finance
      claiming gambling losses on your taxes

      Can you claim gambling losses on your taxes?

      Nicholas Yrizarry

      In Perfect Alignment

      Invest-in-Your-Childs-Future

      Start Investing Now For Your Child’s Future

      IMG 8554 - From a “Wish List” to a “Reality List”

      From a “Wish List” to a “Reality List”

    • People
    • Featured
      Silicon V Real Instituto

      The Entrepreneurs ‘Angell’

      West Gary, MinTech’s Chief Technical Officer2

      Dust Buster

      Flags-of-the-world

      The Impact of Covid: Racing to Buy Second Citizenships

      Photonic Chip

      The First Photonic Chip Has Arrived. What Does That Mean For Augmented Reality?

      Supreme Court Sports Betting

      California’s Bid for 2022 Sports Betting Legislation

    • Technology
      West Gary, MinTech’s Chief Technical Officer2

      Dust Buster

      Plaxonic Technologies Innovate

      Plaxonic Technologies: Leading Innovation

      tech devises of the future - Latest Devices to Make Our Lives Easier

      Latest Devices to Make Our Lives Easier

      hands of business people typing on a keyboard - Should You Start An Online Business: 4 Things To Consider First

      Should You Start An Online Business: 4 Things To Consider First

    • Law
      law books

      Career paths available with a law degree

      background-check

      How Do Background Check Sites Find Your Information?

      hurricane

      Weathering the Storm

      tower-bridge-london-england

      How to apply from the USA to one of the most famous law universities in the UK

    • News
      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      AB3088

      California COVID-19 Rent Relief Policies Economically Unsustainable

      american-flag

      Dreamers Won Full Restoration of DACA…What Now?

      Airplane Landing

      London Heathrow one step closer to controversial third runway

    • Human Interest
      • Food
      • Art & Culture
    • Education
      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      Casino winnings

      What to Do When an Online Casino Refuses to Pay Out Your Winnings

      sports stadium

      With SoFi Stadium and Golden 1 Center, California Has Emerged as The Industry-Leader In Sports Facilities

      claiming gambling losses on your taxes

      Can you claim gambling losses on your taxes?

    • Health & Fitness
      The Surprising Link Between Gut Health and Mental Health - The Surprising Link between Gut Health and Mental Health

      The Surprising Link between Gut Health and Mental Health

      Eesha Patel feature

      Multi-Dimensional Reality

      166521182

      One Hour Each Morning for the Remaining 23

      87 CBN vs CBD How Are the Benefits Different - Commonly Asked Questions About CBD Oil in the USA

      Commonly Asked Questions About CBD Oil in the USA

    Search
      Generic filters
      California Business Journal

      Five Reasons Why The Government Does Not Like Bitcoin

      Some countries ban bitcoin with the fear that it can be used for criminal purposes and some fraudulent activities.

      by Debra Amato, Staff Writer, California Business Journal
      A A
      bitcoin - Five Reasons Why The Government Does Not Like Bitcoin
      Share on FacebookShare on Twitter

      Bitcoin is a digital currency that can be transferred from one account to another without a middleman’s need. That means a user can send bitcoins without the help of any central bank, financial institution, or government body. As a result, many people have accepted it as a viable financial system.

      Some emerging economies with most developed countries declared bitcoin is legal. However, there are still many countries like Bolivia, Alegria, and Vietnam that have banned the usage of bitcoin.

      Surprisingly, China, one of the fastest-growing economies, has also banned bitcoin and cryptocurrencies. In this article, we will look into these matters that why the government does not like bitcoin.

      Why the Government Does Not Like Bitcoin

      Some countries ban bitcoin with the fear that it can be used for criminal purposes and some fraudulent activities. At the same time, some economies fear that it can be a threat to their control. Now let’s explore the five major reasons why some governments do not like bitcoin.

      –Loss of Control Due to Decentralization

      –Crime Concerns

      –Fiscal Treatment is Complex

      ADVERTISEMENT

      –A Threat to the Business of Central Banks

      –The Concept of Bitcoin is Still Young

      However, if you want to know about bitcoin trading and investing strategies, bitcoinprofit registration. Now, we will understand every factor in detail.

      Related

      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      January 19, 2021
      sports stadium

      With SoFi Stadium and Golden 1 Center, California Has Emerged as The Industry-Leader In Sports Facilities

      January 19, 2021
      Load More

      Loss of Control Due to Decentralization

      Governments have the power to control traditional currencies such as Dollars, Euros, Yuan, etc. They can change the monetary policy to run the economy. They can track the movement of money in the economy, which earns profits and collects tax accordingly.

      They can also track criminal or fraudulent activities performed with the fiat currencies easily. Control over the currency gives the government power to influence the economy, create a monetary policy, foster financial transactions, etc.

      With the inception of bitcoin, the government loses control over the currency system due to decentralization. As bitcoin’s underlying technology does not allow any central authority for any transaction, the government cannot regulate the monetary policy and loses its power. Thus, some economies do not like bitcoin.

      Crime Concerns

      Due to decentralization and anonymity, more and more criminals are using bitcoin as a viable method for illegal activities. Cybercriminals are using this bitcoin platform to steal money from the users. Many drug mafias are using the bitcoin network to trade drugs and harmful chemicals. More seriously, terrorist organizations are also involved in bitcoin transactions for trading weapons.

      These are one of the biggest crime concerns for which many governments fear legalizing bitcoin and other cryptocurrencies.

      Fiscal Treatment is Complex

      While crime concerns are one of the most potential reasons for which governments do not legalize bitcoin. Another major reason is the fiscal treatment is quite complicated.

      As bitcoin operates through blockchain technology, a decentralized network, the government finds it hard to plan the monetary policy and tax regulations. Tax treatment is one of the major concerns in monetary policy.

      A Threat to the Business of Central Banks

      The government controls the country’s finance and economy with the help of central banks and financial institutions. After Bitcoin has become the mainstream, many central banks have lost their business, which is eventually a loss to the government. Thus, the government, as well as central banks, do not like bitcoin.

      The Concept of Bitcoin is Still Young

      Last but not least, the concept of bitcoin is still young. The value of bitcoin is not also stable, and it is hard to use a currency that has not a stable value. That’s why some countries are also waiting for a few more years to accept bitcoin as a viable financial system. Many people still do not trust the concept of bitcoin. Time can only say whether bitcoin will be used as a global currency or not.

      Final Thoughts

      Nobody knows whether the world will completely accept bitcoin. But the growing number of people in the bitcoin space shows that it can disrupt the present financial system in the future. Anyway, if you have never used bitcoin, consider using it for buying goods or services; you can also trade bitcoin to earn profits. Finally, please leave your comments below and ask your queries.

      This article was edited and published by Rick Weinberg, California Business Journal’s Founder and Editor-in-Chief. Click here for Rick Weinberg’s biography.

       

      Tags: banksBitcoinBlockchain TechnologyCaliforniachinacryptocurrenciesdrugseconomyexplorefinanceFive Reasons Why the Government Does not Like BitcoininvestingpowerregulationstaxtechnologytradetreatmenttrustVietnam

      Get real time update about this post categories directly on your device, subscribe now.

      Unsubscribe
      ADVERTISEMENT
      Previous Post

      What Is The Difference Between Civil And Class Action Lawsuit

      Next Post

      Commentary: Visa Bulletin Trends

      Debra Amato, Staff Writer, California Business Journal

      Debra Amato, Staff Writer, California Business Journal

      WHAT TO READ NEXT

      Reborn Cabinets, Anaheim, Calif.
      Education

      BBB Torch Awards Recognize Orange County Businesses

      January 19, 2021
      Casino winnings
      Education

      What to Do When an Online Casino Refuses to Pay Out Your Winnings

      January 19, 2021
      sports stadium
      Education

      With SoFi Stadium and Golden 1 Center, California Has Emerged as The Industry-Leader In Sports Facilities

      January 19, 2021
      claiming gambling losses on your taxes
      Finance

      Can you claim gambling losses on your taxes?

      January 18, 2021
      MacBook
      Education

      Enhance Your Tech Needs With Quick Decluttering Maxims

      January 18, 2021
      Monetize student blog
      Education

      When to Monetize Your Student Blog & How to Do It?

      January 16, 2021
      Next Post
      444 - Commentary: Visa Bulletin Trends

      Commentary: Visa Bulletin Trends

      Follow Us

      ADVERTISEMENT

      Categories

      • Art & Culture
      • Business
      • Editor's Choice
      • Education
      • Featured
      • Finance
      • Food & Dining
      • Health & Fitness
      • Human Interest
      • Insurance
      • Law
      • Marketing
      • Medical
      • News
      • People
      • Popular
      • Real Estate
      • Social Media
      • Technology
      • Uncategorized

      CBJ Partner Firebrand Media

      Laguna Beach Independent Newspaper

      Laguna Beach Magazine

      Laguna Beach City Guide

      On The Menu Laguna Beach

      Newport Beach Independent Newspaper

      Newport Beach Magazine

      Newport Beach Country Club Magazine

      Coastal Real Estate Guide (NB,LB, CDM)

      Montage Magazine

      Monarch Beach Resort Magazine

      Pacific Coast Magazine (SoCal)

      Omni Escapes Hotel Magazine

      Sea Island Life Magazine

      Salamander Hotel & Resorts Magazine

      Bespoke Concierge New York

      Evans Hotels

      View our entire portfolio here

      ADVERTISEMENT
      ADVERTISEMENT
      Facebook Twitter LinkedIn LinkedIn Instagram
      C B J   LOGO  SVG-01
      • About
      • Contact
      • Testimonials
      • Demographics & Advertising Rates

      Newsletter

      Top Stories

      • Judge gavel, scales of justice and law books in court

        Lawsuit Basics: How Much Does It Cost to Sue Someone?

        0 shares
        Share 0 Tweet 0
      • REPORT: TECH GIANT CISCO ABOUT TO LAY OFF 14,000

        0 shares
        Share 0 Tweet 0
      • The DealMaker

        0 shares
        Share 0 Tweet 0

      Latest Articles

      Reborn Cabinets, Anaheim, Calif.

      BBB Torch Awards Recognize Orange County Businesses

      January 19, 2021
      Casino winnings

      What to Do When an Online Casino Refuses to Pay Out Your Winnings

      January 19, 2021
      sports stadium

      With SoFi Stadium and Golden 1 Center, California Has Emerged as The Industry-Leader In Sports Facilities

      January 19, 2021

      California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
      ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
      Site Design by 1REALTOUR

      Search
        Generic filters
        • Front Page
        • Business
          • Insurance
          • Real Estate
        • Finance
        • People
        • Featured
        • Technology
        • Law
        • News
        • Human Interest
          • Food
          • Art & Culture
        • Education
        • Health & Fitness

        California Business Journal | California Business News, California News Media, California business articles | Orange County, Los Angeles, San Diego, Inland Empire, Northern California, San Francisco | Huntington Beach CA 92649 | (949) 648-3815
        ALL RIGHTS RESERVED BY CALIFORNIA BUSINESS JOURNAL.
        Site Design by 1REALTOUR

        Do NOT follow this link or you will be banned from the site!