Bitcoin Forum

PayPal is required to hold funds for 48 hours before auto-withdrawing it to receiver's account as per Central Bank's guidlines in my country.
If government regulates bitcoin,will it also become slower for government may ask online wallet and exchanges to hold bitcoin for some stipulated time?

You can't regulate Bitcoin.









It's free.








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I disagree, bitcoin can certainly be regulated.  You just watch.

As far as OP goes, when I sell something on Ebay I have immediate access to my money.  So that must vary among countries, and I'm sure if a bank or whatever decided to start using bitcoin as a currency, its use could be regulated just like this.  At least that's how I imagine it--and I'm not an economist or politician, so take my opinion for exactly how much you paid for it.

bitcoin can stand alone. bitcoin system has a feature that allows each transaction is not affected by other things. with the system, the government can not control the movement of bitcoin. the task of supervising the government only.

But fast or not it's relied on with the government guidelines, I don't think so because basically bitcoin is having a different system with PayPal maybe they will making different guidelines for bitcoin, and adjust to bitcoin.

Of course government cannot contol bitcoin but they can contol wallet and exchanges that operates in their country and force them to do many things like deferring bitcoin transaction by holding them at their end

Regulations will not make bitcoin slower unless the community vote to change some of the current rules via hark fork. Even the blocksize increase is still under discussion and no planned hard fork in the foreseeable future, I doubt we can change the bitcoin system so easily.

Regulations won't make bitcoin slow, because its decentralized nature won't allow it. Also by situation if it gets regulated, based upon the strict regulations developers create alternate solutions to overcome the issues and continue bitcoin to be faster.

The government sure can "regulate" it. But regulation and control are two different animals. They can say "you cannot do this or that" but all they are doing is pushing it to the underground. The more they push it there the more will it be harder to regulate. The black market would welcome this with open arms. So the government better study it thoroughly before those clueless politicians make laws to "regulate" bitcoin.

I believe bitcoin will not be affected by the system of government of a country. bitcoin will have their own strengths. because bitcoin digital currency is anonymous.

as far as i know this rule was set because of the reversible transactions in paypal and banks so they hold the money for a period of time to prevent fraud,... and since bitcoin does not have reversibility i don't see why they should do this.

besides they are already having some sort of time when they waste like this when you deposit fiat in exchanges for example. but again it is fiat and they want to also check your identity.

We are hoping for that but if our government in each country will impose any regulation it has a big effect on bitcoin i think not in the speed of transaction it will effect on the price and tax will be included in that i think.

Bitcoin can't be regulated and also if government try to regulate bitcoin exchanges/withdraw service than they can only have daily limit for both exchange/withdraw they can't fully track bitcoin source and have legal action.

I think that thing is possible but government cannot regulate bitcoin maybe they will try to arrange exchange you so all transactions for withdrawal of funds to the account will be on hold for 48 hours.

since government can't regulate bitcoin but instead they can only regulate the businesses using bitcoin then if the slow you say happens (which i don't think is the case because of how bitcoin works) only those services will be slowed not bitcoin. so stop using those services.

Bitcoin is very different than PayPal and could never be regulated in a similar way.
As history has shown exchanges and online wallets can not be trusted to keep your coins safe.

It will become slower if the regulation is being hold by the government as they are always finding way to reveal your identity,at some point they are just about your security. But if its some private/public community handling the regulation I think it will not slow down as the progress of evolving/enhancing the speed of transactions are limitless and cannot be mandated by the government.

Any direct transfer between Bitcoin addresses not going through centralized services will not be influenced at all. If these services make use of off-chain solutions, then they could most probably implement something like this. Any on-chain solution will make no difference at all at the speed at which these tx's could be done. ^smile^

I think holding of funds might be country specific but there is no doubt that plenty of things that we currently take for granted are going to change if Bitcoin gets regulated. There is nothing to be done about this, if we want to go mainstream, we'll need to make concessions.

I believe  regulations will not make bitcoin slower because bitcoin works in different way and not like paypal. bitcoin works on number of confirmations. only thing government can control is wallet ,already some countries regulated like need to follow tax rules on the holding bitcoin wallet.

Loophole is that not all exchange platforms and wallets are not operated in only one country.  We can just always avoid those wallets that are operating under that certain government. And besides, even in every single country decided to regulate the wallets and exchange platforms, we're only going to be doing everything in our power to go around it.

You hit the jackpot my friend. The government can regulate all sites that host wallet. They will give terms and conditions that must be followed by users. Also if you dont follow the guidelines your wallet may be blocked. Lastly if government will regulate bitcoin, some wallets that are not aligned with a certain countries condition will not be allowed to render their services in that country.

There is already have rules and regulation here in my country of bitcoin wallet i used but they can not control the transaction to be made by its users and also the speed of the transaction its because bitcoin it self have securities for every transaction made by all users.

But if we dont store or tranfer our bitcoin with government regulated licenced exchanges,our bitcoin earnings will be declared illegal.To avoid any legal problems,one would have to choose government licensed wallets

Yes it will make bitcoin transaction slower, without the interfere from government the bitcoin transaction is already slow, if add another regulation then the transaction will  become slower and if it pending until days then the bitcoin user will find another coin to invest and to do transaction, this is not a great news for bitcoin future

this doesn't even make any sense!!!
you are saying if we don't want the government to call our earning illegal we have to put them on an exchange site :O
storing or even transferring your bitcoin to an exchange site is the riskiest thing you can ever do, and being regulated or not will not prevent them from scamming you and running away and government will not do anything for you then.

i don't agree.. there is a difference in being traceable and being regulable. Government can and will try to trace you bitcoins but they definitely can't force/prohibit withdrawals and deposits, specially in offline wallets.

first thing i will say is bitcoin can never be regulated by anyone if it did then yes it willl slow down the network and on the second thoughts if government regulates it then they are probably will take care about our coins like help us if   we got robbed or something like that

It does not matter if they regulate it, people will find other services taht don't have annoying regulations and will use those. Government regulation attempts against Bitcoin are futile.

We should consider few things before discussing about this issue. Does bitcoin needs regulation? If yes then on what terms bitcoin regulation will be based on? If no then how it’s going to affect the traditional economic contribution (taxes).

I personally don’t think that this currency needs a regulator but we as a community should solve few major problems like misuse of the anonymity and we can’t really afford to have the investors from criminal side (because governments will have the official reason to kill bitcoin). Bitcoin is evolving and this is the best period to shape its future, we must act in short term to solve long term problems if we really care about it.

It's true, most people would bail from those services and opt to go and use other businesses that simply ignore the regulations one way or another, and then if the government was to try and stop that, people would go to another site. It's like what happened with the Silk road; it was shut down, another started up, then that one was shut down and another started. You can't win a fight like that.

And that is a big impact from the regulate of government, but the government will trying to curb the latitude of bitcoin users in their region.

No one can regulate bitcoin even one days government will adopt bitcoin, they can't track all transaction are made by bitcoin.

They already did this successfully with the BitLicense regulations in New York. They implemented these completely absurd regulations that was so complex that people had to use external advisors to

help them to adhere to it. They also put a barrier to entry for this privilege, by combining this with a high fee structure. Just to make it more intriguing ... the very person who implemented these

complex regulations, then created his own consultancy firm, to charge people to help them to adhere to it... how convenient.  ::)  

Yes, goverment can't control bitcoin but thay can make regulations on it, but regulations won't make bitcoin slow and there is always a way to solve problem. Also I think that goverment don't want to control transactions, even they need such a similar sing to blanch money.

It would be like USA Alcohol Prohibition, Bitcoin would be larger underground and more of a problem than if it were to be left alone. :D

The Government can't directly regulate Bitcoins or how we spend it or where we can use it and how much of it can we take with us if we're crossing international borders, but indirectly, they can regulate exchanges that trade in Bitcoins. They could impose KYC/KML and they already have, and also probably limit how much a user can withdraw or bring into the country as fiat. It'd be tough unless there's a decentralized exchange.

there will be regulations for sure. how effective they will be remains to be seen. still i dont think that regulations will make btc slower.

I think if governmant start to regulate it - trasactions with bitcoin will be slower as in PayPal. All this made to find transactions with a big money, cause for them it may look very suspicious, that is gonna help to find criminals.

It will not make it slower it will just inhibit it from being as free to use as it is now.
Congress always seems to make things more complicated then what they should be.  ::)

No, regulation will not make Bitcoin slower but it will boost its adoption plus acceptance more fast. It will secure consumers from further frauds by providing them some strength of regulations. I see this thing which Bitcoin really is needed to have some legal status and to become more trustworthy in eyes of people which still watch it with doubts.

regulating will not gonna slow bitcoin and more people will adopt this fastly but can government can really solve any problem by this? i think this will just bring any more problems and even can bring extra tax system

Well, they have to justify having their job somehow. As long as they can make things slow and drawn out and make it so they at least appear busy during most of the year, they're happy with it. It's a large paycheck for doing relatively little work.

The blockchain doesn't just become slower because someone regulates it; the blocks will keep on flowing, filled or not.

I think bitcoin can be regulated by anyone who has the rights over the transaction.  No matter how decentralise bitcoin is, if it goes to a third party, that third party processor can willingly regulate your transaction. Just what happen to some site.  We all know bitcoin cannot give your name or address but with the regulation of this sites where transaction pass thru, they can easily identify their users.  And no it will not make bitcoin slower if this party decided to.

I don't think regulation will make bitcoin slower. The regulation of bitcoins will not affect the fastness of transacting with bitcoins. What I am sure of is that registering a bitcoin wallet is the one that will get slow and not the transactions with bitcoin. It might get even faster since there will be lesser people who can use the bitcoin.

Regulation may or may not make bitcoin slower. Maybe if regulations are to be implemented in bitcoin, many bitcoiners will not use it and many people who don't use it now will trust it because it have some regulations that needs to be followed, and some people feel safer with it. If the users increase I think it will make bitcoin slower so the devs need to think of a new way to fasten it up again. If it will lessen because of the regulation bitcoin will be faster since the users will be lessened.

Any regulation made by the government will affect any currency. Since the aim of those regulation is to control the flow of a particular currency. But I don't think that such regulation will make the bitcoin slower. Rather it would make the transaction faster since there will be only few people who will be allowed to transact using bitcoins.

yes it is a fact that bitcoin is anonymous no doubt about this, and decentralize, not in control of any one, the wallet the exchanges are under the influence of the government and government can influence the the wallet and the exchanges too. so i think the government want to regulate the bitcoin they want to have some control on it, therefore i think there must be some effect  of the government on bitcoin.

No. I guess no. This regulations dont affect bitcoin in terms of the speed of the transaction. But the popularity do, If they can. But this will also affect if this popularity will be multiplied into 2-4 times. So this will make the transaction slower because of the people who are using bitcoin. Hence, this will be the cause if this regulation will make the population multiplied two or four times bigger.

Based on the strict rules of developers creating alternative solutions to resolve the problem and continue bitcoin becomes faster . for now
This regulation will not make bitcoin slowed . because nature desentralusasu that will not allow it,

Wow,i can withdraw my Paypal funds to my bank account for 5-7 business days.What is auto-withdrawing?

If the future maybe we will have to verify the sourse of our bitcoins.You will have to proove that the bitcoins

you are holding are earned in a  legal way.No money laundry and no scams...