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Author Topic: Is it possible to somehow regulate Bitcoin?  (Read 1688 times)
chain_chain
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May 17, 2017, 06:23:04 PM
 #1

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
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May 17, 2017, 07:16:37 PM
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Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

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May 17, 2017, 07:31:35 PM
 #3

if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

You actually either misunderstood or just done a typo in your post . From what you have said according to news "it will be legalized" then why they are going to ban it if it is going to be legal .

Hopefully it would not be possible to take bitcoin under centralized control. If they regulate bitcoin, I quit instantly. Because this means bitcoins loses its meaning.

Well I am not sure but I think bitcoin will never be regulated or totally under control by some groups or organizations because it is designed to be on that way and bitcoin is doesn't have central repository so meaning none of them could never have the full control of the bitcoin's system .

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May 18, 2017, 04:53:47 AM
 #4

if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

You actually either misunderstood or just done a typo in your post . From what you have said according to news "it will be legalized" then why they are going to ban it if it is going to be legal .


There are not going to ban Bitcoin, I'm just asking - theoretically, is it possible?
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May 18, 2017, 05:48:59 AM
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Well, in my viewpoint, it's impossible to regulate or totally under control by some other groups or organization because bitcoin is designed on that way and if it's under control by others the meaning of bitcoin will be meaningless. None of them can't control the cryptocurrency system.

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May 18, 2017, 06:00:31 AM
 #6

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.

No, bitcoin cannot be banned completely.

There is simply no way as bitcoin is a decentralised network. If bitcoin existed as a central entity then it would have been shut down by the government a long time ago, along with Liberty Reserve, probably.

Countries legalise bitcoin as a form of payment - doesn't mean they can control it in any shape or form - simply they are acknowledging bitcoin as a legal currency, that is all. A legal currency capable of creating transactions safely.

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May 18, 2017, 06:22:00 AM
 #7

they can ban it but they can't prevent it.
when something is decentralized and completely p2p there is no way of preventing people from using it, there is no kill switch there is always be peers who are trasferring value through bitcoin with each other.

so they choose the other way, to accept this fact that there is no stopping bitcoin and the fact that people want it. so they choose to accept it and try to regulate bitcoin and businesses using it so that they can try and prevent as much illegal activity such as money laundering through these businesses.

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May 18, 2017, 07:30:05 AM
 #8

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
qused before ) was traceable but what about Bitcoins ? What can be done ?
[/quote]Governments, groups' and individual cannot banned bitcoin! Not even satoshi himself can banned bitcoin were it is now. Governments legalized the use of bitcoin is not similar to banned it and bitcoin and other crypto currencies are decentralized. Though governments can make laws to criminalized it but cannot banned it and if government criminalized it black market will fully embrace it.

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May 18, 2017, 08:05:42 AM
 #9

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
Banning bitcoin means they will not permit any bitcoin related exchanges/ bitcoin accepting merchants so they cannot advertise publicly they are registered in the same country so that they can link bank accounts to their business directly. In simple words : banning bitcoin for government will not be possible until bitcoin related activities are within bitcoins not not needing any fiat conversion.

Regulating bitcoin is possible by regulating bitcoin related start ups. Bitcoin users need to submit KYC while availing those regulated service providers. This way total bitcoin community might comes under regulations.

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May 18, 2017, 08:15:47 AM
 #10

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
e

If bitcoin will be legalized in Russia by 2018, that would be a great news to all bitcoin community.
that could could be a reason to make bitcoin increase again, hoping if that happen it will not become a centralized where bitcoin designed as decentralized.


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May 18, 2017, 09:27:43 AM
 #11

For me bitcoin cant regulate because if their are some groups to regulate the bitcoin maybe they cannot do bitcoin is a big organization all over the country. And im sure the president cannot banned the bitcoin.

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May 18, 2017, 09:42:15 AM
 #12

From the quote what I understood is that bitcoin usage won't be restricted in those countries. In the past too Russia had a ban on bitcoin which doesn't mean that entire network will be restricted. Punishments were regulated, if caught using digital currency. Later on understanding the true potential accepted it.

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May 18, 2017, 10:24:24 AM
 #13

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
The bitcoin can't be banned. Russia has tried to ban bitcoin many time but they are all gone wrong. The Russia just try to take an advantage from the bitcoin right now. But there is no possibility to ban bitcoin if the internet still exist.  It's impossible in my mind.

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May 18, 2017, 10:30:25 AM
 #14

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
The bitcoin can't be banned. Russia has tried to ban bitcoin many time but they are all gone wrong. The Russia just try to take an advantage from the bitcoin right now. But there is no possibility to ban bitcoin if the internet still exist.  It's impossible in my mind.

Bitcoin can't be banned completely but they can make we bitcoin holders' lives pretty miserable if they want to.

All they have to do is close exchanges, ban bitcoin related bank accounts and it is done. If no banks do business with bitcoin, bitcoin will go back to its free pizza ticket days. Without exchanges and banks, how are we going to name bitcoin's price? Impossible.

If btc's connection with FIAT gets cut somehow, it is over.
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May 18, 2017, 10:31:34 AM
 #15

Bitcoin can't be banned completely unless they cut off the whole internet in the country. They can only give money punishment if you get caught or something, but they can not stop anyone from using it and can not catch everyone who is using it.

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May 18, 2017, 10:40:31 AM
 #16

Not Bitcoin but tokens like ETH can be whatever a government wants, or developers want for that matter.
They can buy off Bitcoins from idiots like me to accumulate and then start a monopoly with it.

They can regulate and freeze exchanges bank accounts. before I forget it, what the hell are you doing here then? if not for Bitcoin being immutable and decentralized.

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May 18, 2017, 11:34:30 AM
 #17

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction

iluvpie60
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May 18, 2017, 04:01:23 PM
 #18

It is possible to regulate that noone can use usd to btc for example
 They could make laws that do wtuff like that. Or make it illegal to use the software. But it would be hard to enforce or impossible.



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rickadone
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May 18, 2017, 05:31:53 PM
 #19

Bitcoin cant be banned or regulate because it is hard to track bitcoin but the government can regulate or banned exchanger and business that accept bitcoin and if the government legalize bitcoin then there will be more regulation about using bitcoin as transaction
Yes, banning bitcoin would be possible only upto the level of making law but I don't think it would be possible to practically implement them. Because it is not at all possible to track who are bitcoin users and where they are using bitcoins.

Banning bitcoin will find no effect when everything will be available for bitcoin payments. I mean to say when bitcoin hits mainstream of adoptions, I believe there will be no use of banning bitcoins. But regulating bitcoin must be an effective way for governments to get tax benefits.

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ladydark
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June 13, 2017, 11:06:53 AM
 #20

Few days ago there was a news, that Bitcoin will be legalized in Russia in 2018. So, I can't understand - if it can be legalized, does it mean that Bitcoin can be banned? If it's true - how does it possible?

Maybe there were some precedents, when government can block Bitcoin (any other cryptocurrencie) ? Cause if my understanding is correct, they need to disable all the Internet to stop Bitcoin.
Bitcoin could not be completely controlled or banned by any governments.Unless,internet is banned,bitcoin could not be banned.Regulating bitcoin means that they legalize bitcoin as payment option and hence every thing which is paid in bitcoins will be monitored by governments and taxed.

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