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Author Topic: Is it possible to somehow regulate Bitcoin?  (Read 1629 times)
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June 13, 2017, 12:03:04 PM
 #21

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
I am pretty sure that Bitcoin could get regulated by the Government if there were people in the Government that are interested in Bitcoin. Mining Bitcoins are usually where Bitcoin has a very high chance of Bitcoin getting regulated because if the Government decided to mine Bitcoins with a very fast computer then they will be able to regulate it easier.

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June 14, 2017, 06:46:34 AM
 #22

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?


It can't be happen.
As we all know, bitcoin is built to be decentralized, public and open source. If this will happen many bitcoiners will quit.
Satoshi Nakamoto decentralized bitcoin for the government will be hands off to this. Many will protest to this if its true.
Bitcoin will be meaningless if this will happen. Or even the other crypto currency.

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June 14, 2017, 06:55:10 AM
 #23

How can it be possible for Russia to regulate the bitcoin if it is aboriginal of China? The founder is different, he made it with something great vision and not just anyone to grab the toy from him and play with it as they would like to do. Regards can regulate it withing its borders but what about internet which is devoid of its borders it is same everywhere you go. Thats just ridiculous idea. All the best to Russia doing that.


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June 14, 2017, 07:02:42 AM
 #24

Regulate bitcoin is good but I think is impossible to regulate it based on the way it work. For me legalize bitcoin and other crytocurrency don't have much effect because bitcoin cannot be stop. No country can band it and stop it adoption by the society.
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June 14, 2017, 08:52:48 AM
 #25

It is impossible to regulate bitcoin fully because it is designed to function this way, where no one can really regulate bitcoin unless they would force their citizens to use their local web wallet controlled by them but bitcoin will still not be fully regulated using this method. Bitcoin can also be banned, but they could not totally stop all users in their country to use bitcoin if they were to ban it.

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June 14, 2017, 12:47:56 PM
 #26

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 issue of legalization will happen if they can establish control aside that the legalization will be worthless which I think is the case at hand. The legalization I think Russia is referring to according to the reports I have read is trying to legalize the cryto currency of their own that is their own version of bitcoin that they will create for the use of their citizenry which they can control and thereby makes regulation a reality.
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June 14, 2017, 01:22:50 PM
 #27

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.
Yes maybe only that way they can ban it but can not prevent it because the use of bitcoin other than used for criminal purposes they think as well as to do money laundering but bitcoin role is also very useful for the needs of positive transactions so that with bitcoin many of the banks Can work with bitcoin.
The most important thing to prevent it they should try to prevent for crime is not to prevent people using bitcoin.
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June 14, 2017, 04:56:35 PM
 #28

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.
Bitcoin is decentralized currency. No institution can control bitcoin. Developers only control the rate of fee and some other technical problem. Bitcoin can be sent without internet. By connecting two computer you can send bitcoin. ( offline). So who will control bitcoin. The wallet can't be suspended like bank account. it is your own wallet, whenever you want to shop you just drag your wallet and pay. That's why many bankers are affraid of bitcoin.

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June 14, 2017, 05:04:41 PM
 #29

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.
Bitcoin is decentralized currency. No institution can control bitcoin. Developers only control the rate of fee and some other technical problem. Bitcoin can be sent without internet. By connecting two computer you can send bitcoin. ( offline). So who will control bitcoin. The wallet can't be suspended like bank account. it is your own wallet, whenever you want to shop you just drag your wallet and pay. That's why many bankers are affraid of bitcoin.
And as I drag your bitcoin wallet on the computer? In order to have access to my coins I made a XAPO wallet. If I can't go to the site how do I get access to my bitcoin? Maybe I don't understand something, then please explain.

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June 14, 2017, 05:35:17 PM
 #30

Directly it is not possible to control or regulate bitcoin at all. Bitcoin can't be caged within geographical boundaries of any nation. But with time being we have mixed the human nature essance to bitcoin. Now bitcoin is not what it used to be. What I am saying is existence of exchanges and not only existence but heavy reliance on them. Now if someone using exchanges to buy/sell/hold/send/receive bitcoin then it is pretty obvious exchange has all your transactions and it is pretty obvious for government to do surveillance on your transactions by regulating exchange on whole.
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June 14, 2017, 05:37:46 PM
 #31

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
I am pretty sure that Bitcoin could get regulated by the Government if there were people in the Government that are interested in Bitcoin. Mining Bitcoins are usually where Bitcoin has a very high chance of Bitcoin getting regulated because if the Government decided to mine Bitcoins with a very fast computer then they will be able to regulate it easier.

I agree, if the government decided to, they can, actually users that are participating in Bitcoin trades are already regulated through exchanges.  We need to submit our identities in order to convert BTC to fiat money or vice versa.  We had been regulated but we seem to overlooked this stuff.

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June 14, 2017, 05:48:59 PM
 #32

I've just heard the latest news from Russia. As I understood Sberbank is working on their own crypto currency which is basic name "Russian Bitcoin". To me it looks like one more option to make people pay taxes from crypto earnings as well.
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June 14, 2017, 05:53:33 PM
 #33

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.

it's entirely plausible.. maybe have regulators over the blockchain or implement new tech. To automate/check for shady buyers/sellers

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June 14, 2017, 06:07:52 PM
 #34

Of course it's possible, some countries have already done that, at least partialy. And that doesn't necessary have to be the bad thing but also to protect Bitcoin and the users from abuse and the feeling that they are performing something illegal. But of course this could go in totaly opposite way when governments are trying to control or supress Bitcoin.

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cellard
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June 14, 2017, 06:28:01 PM
 #35

The gateways of bitcoin (exchanges etc) can be regulated, not bitcoin itself. We could argue about how ISPs could be banned from the bitcoin protocol but there are ways around that I guess.

I have no problems with taxes, but I have problems with exchanges, I don't trust the exchanges, they are run by people that I just can't trust, I don't want to get scammed so I take big precautions with exchanges and try to not give them any data.

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Kronos21
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June 14, 2017, 06:45:41 PM
 #36

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.
All countries in the world don't do it at the same time. So a ban makes no sense. People will change on exchanges in the Internet the currency that they need, and exchanges were located in another jurisdiction. In the Internet age, such prohibitions do not work.

Sundark
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June 14, 2017, 07:47:53 PM
 #37

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?
It is more of a rumor that real news, Russia is totally unpredictable country, they changed their stance towards bitcoin and cryptocurrencies many times.
Bitcoin can't be banned per se, but bitcoin usage can be seriously hindered, there won't be any official business/services accepting bitcoin payments and it will be really hard to exchange bitcoin to rubles.

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.
Official bitcoin ban will discourage general population. Bitcoin adoption will be halted and bitcoin's name slandered.
It will be still be possible to use bitcoin but you won't be able to do it openly.
HaXX0R1337
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June 14, 2017, 09:41:47 PM
 #38

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.
That is almost true,you really cannot stop people from using it,yes they could ban bitcoin or alt coins by banning all the exchanges functioning in that country and restrict people from moving their fiat outside of the country and that is how they could do to restrict users into it,legalizing means they will allow people using it with proper documentation and source of your income and so is the reason every exchanges are asking to verify your documents.
Babyrica0226
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June 14, 2017, 10:56:36 PM
 #39

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.

It is true, and once its being legalize the government of Russia are free to do anything they want into bitcoin or altcoins, and as I can see with it they want to remove the decentralization of bitcoin. And that is not good for us bitcoin believer actually. ANd lastly they want bitcoin to become centralized so they can control it 100%. Undecided

Silberman
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June 15, 2017, 04:58:37 AM
 #40

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 governments can change their laws to say whatever they want but they cannot directly ban bitcoin, they don't have a way to block people from accessing bitcoin, someone could as easily transfer his bitcoin in a paper wallet to another country and then deal with bitcoin from there if they want, so as you can see banning bitcoin isn’t as easy as they may think.

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