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Author Topic: Is it possible to somehow regulate Bitcoin?  (Read 1626 times)
zidanw
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June 15, 2017, 05:54:17 AM
 #41

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 form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.
Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).

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June 15, 2017, 06:25:53 AM
 #42

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 form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.
Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).
As long as they are in control of the exchange sites it is possible, bitcoin may not be regulated since it is just a simple coding or a system
but it would not work without fiat to bitcoin conversion and vice versa.



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June 16, 2017, 07:28:44 AM
 #43

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.
Yes it can be regulated by the government but we have to keep in mind that every government has its own scope of regulating things and every country has its own interests. I think currently the bitcoin is not a big challenge for many of the countries so they have set it aside and are not dealing it on a serious not but with the increase in the users inside the country will must pressurize the government to regulate it.



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June 17, 2017, 06:41:45 AM
 #44

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.
Yes, it can only be legalized when the government can get control of it otherwise the Bitcoin feature are a threat for the governments and specially the anonymity is the main factor due to which the government hesitate to legalize it also it is a challenge to the existing financial system and it will take time for the government to manage this new system beside the existing one.

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June 17, 2017, 06:47:29 AM
 #45

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 legalization of bitcoin is simply a government acknowledging that bitcoin is a legal currency, nothing else. But bitcoin itself can't just be approved or deny either way. Bitcoin cannot be banned per se but bitcoin exchanges can as they deal with fiat currencies, and if bitcoin exchanges are banned then it would be extremely hard for bitcoin users to liquidate their savings.

But bitcoin itself can't be regulated. The regulatory framework only stretches as far as fiat currencies goes. Unless the government somehow shut down all the bitcoin nodes(impossible), then bitcoin network is still alive.



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June 17, 2017, 08:56:22 AM
 #46

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

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June 17, 2017, 09:18:07 AM
 #47

absolutely and as i've stated for the most part more regular (especially that of protective nature favoring consumers and prosecuting fraud in companies) is going to make the price shoot up. The more public exposure the better and the more universal the law (local, state, federal, international banking and financial bodies) is going to do make it skyrocket.

Check out this last piece of litigation and it's correlation (i'm seeing strong correlation almost inferring causation here) with the exchange rate.

https://bitcointalk.org/index.php?topic=96118.120

In regards to how... since all transactions are public there is no way for a company to "cook their books" or "do a massive purging of evidence". So that old adage "time tells all" definitely rings true here.Over time if you are a big enough company, broker, trader, llc, whatever you want to call yourself. If you are moving massive amounts of bitcoin around it will always show the amount and address on the blockchain.

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June 17, 2017, 10:24:40 AM
 #48

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.
You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.

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June 17, 2017, 11:11:42 AM
 #49

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.
You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.
I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

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June 17, 2017, 11:48:46 AM
 #50

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.
You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.
I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

Perhaps but if a certain government could develop their own blockchain but it would take years to complete and a lot of trial and errors. Maybe it is there reason that they said 2018. Because come to think of it, vitalyk is russian therefor he maybe creating his own ethereum blockchain with the aid of its government. It would be a lot of profit for them since ethereum is a fast growing project. It even surpassed eth in volume so i wont be even surprised of eth has its own blockchain.


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June 17, 2017, 02:12:58 PM
 #51

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.
You are right of course, but the government may, if desired, to forbid banks to make transfers to exchanges that use the exchange transactions of bitcoins. It can perform the role of the regulator and create serious problems for bitcoin users.
I don't think they'll do that since bitcoin's foundation is quite strong thus it's unreasonable for them to do that. Besides, government don't have an access in blockchain. For this reason, government can't regulate bitcoin wether they want it or not.

I think they still can if they do some law to have some access in the blockchain and have them regulate the bitcoin.  Government can do it because they have the power to do it.  Bitcoin may be strong but of course if the government sees it something could benefit most people or could do harm to the people, maybe they would require them to regulate it.

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June 17, 2017, 03:13:15 PM
 #52

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.
Yes it can be and the day has already come when governments are trying to figure out a way in its regulation.
Perhaps one day every person will have a unique bio metric identity and all crypto transactions can easily be linked with it.

Honestly I am into the side of refulation-free bitcoins as basic motto of having bitcoin must be basic freedom against meaningless government/central bank's regulations. So, going back to be regulated might kill the true purposes of adopting bitcoins. I wish bitcoin to stay as it is now.
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June 19, 2017, 10:16:01 AM
 #53

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.

OP, your thread topic is totally different from the question you ask in your comment as quoted here. Banning isn't the same thing as Regulating. Both mean different things. You may want to consult a dictionary for that.


On regulation: Yes, the government of a country can regulate the use of Bitcoin if it were to be adopted into that country's financial system. The government can earn taxes from it just the same way Miners' fees are paid before transactions are processed.
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June 19, 2017, 12:24:19 PM
 #54

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.

OP, your thread topic is totally different from the question you ask in your comment as quoted here. Banning isn't the same thing as Regulating. Both mean different things. You may want to consult a dictionary for that.


On regulation: Yes, the government of a country can regulate the use of Bitcoin if it were to be adopted into that country's financial system. The government can earn taxes from it just the same way Miners' fees are paid before transactions are processed.
i think the trad has already started, Japan accepted bitcoin and now Australia is expected to announce bitcoin as legal currency, and so the other states will follow. i think we can expect that very soon bitcoin will be accepted as regular currency.



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June 19, 2017, 02:54:15 PM
 #55

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.
For know I agree that it may be impossible for bitcoin to totally regulate. Because it is a more developing crypto-currency which means is much focus on development and changes on its transaction, security and price. So it is a good thing also for users and investor because its price have a future and increasing drastically. For me development and changes of bitcoin is one of its asset to its success so it may somehow regulate but it may not totally regulate for the sake of development.

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June 19, 2017, 03:02:22 PM
 #56

it's more than possible, bitcoin is already regulated in some country like japan for example and because of this they now accept it as a currency, regulation mean adoption

it's a must for bitcoin to become world wide accepted

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.

but disabling exanche may hinder very well the adoption, it would be very hard to sell your coin without any exchange, especially to foreign people
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June 19, 2017, 03:55:48 PM
 #57

Bitcoin exchanger can be banned but bitcoin users can't be banned. Their wallet are store privately no institution can disable the wallet or suspend it like a bank account. If you have a bank account the bank can suspend or limit your account. A government can also suspend a bank or close the bank due to some reasons. BUt Bitcoin wallet , Who will close it? In case your forget your pv key you may be suspended by yourself.
The exchange has a role to be the critical point in the crypto world. we all know that the exchange site is only the place for all of the crypto holder are trying to sell and buy the coin. Some exchange site already applied KYC and AML that really restricted his members.

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June 19, 2017, 03:58:03 PM
 #58

If that is possible then most of the country will accept Btc . As they will have a grip on it.

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June 19, 2017, 06:21:02 PM
 #59

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?

You understood it mate on the opposite way, when it comes to legality the government has always the approval of it and they are supporting it. And with that news, Russia is going to support bitcoin but the word regulation will be coming from them. Transactions will be monitored.

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.

They can't stop bitcoin or other crypto's but they can ban it.



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June 24, 2017, 10:25:09 PM
 #60

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 form there if they want, so as you can see banning bitcoin isn’t as easy as they may think.
Yes, The government is difficult to know who the users bitcoin are from their country because bitcoin is also anonym so to ban the use of bitcoin it just wasted their time, perhaps apart from the op say that breaking the internet network, maybe the government can spread the issues that cause the decline of bitcoin users (destroying from the inside).
As long as they are in control of the exchange sites it is possible, bitcoin may not be regulated since it is just a simple coding or a system
but it would not work without fiat to bitcoin conversion and vice versa.
Which is why decentralized exchanges have been developed, that way it is impossible to seize a few servers and get the coins of thousands of users, since in decentralized exchanges you are the one that is in control of your coins the whole time and not the exchange, when people finally move away from centralized exchanges the chances of the government of trying to control us will go down even further.

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