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Author Topic: Government regulation of bitcoin  (Read 2440 times)
R.Hasan
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November 10, 2017, 11:53:00 AM
 #201

Bitcoin was designed to be impossible to regulate, Bitcoin knows no borders!

If they try to persecute every single person who trades Fiat money for bitcoin like they're going after drugs, not only will they fail in the same way, but they will raise awareness of bitcoin and expose the government's use of fiat as a control mechanism. I don't think government knows how competition works. They just know how force works. And if you don't use there special little inflated currency you will be thrown to a cage. Government doesn't like competitors of course they are putting red tape everywhere.
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cryptojac17
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November 10, 2017, 12:29:54 PM
 #202

Decentralised, peer to peer, autonomous nature, low transaction time & charges are the basic features of bitcoin.
Bitcoins become more popular due to these features.
If governments starts putting its own regulations they bitcoin may lose it autonomous nature.
Governments always try to alter and control currencies for their personal benefits.
Putting regulation on bitcoin transaction these governments may earn good revenue.
They may put taxes on every transaction.
Many countries have legalised bitcoins on some conditions, tax structure is being framed.
Bitcoins are world wide acceptance, government tax structure will differ from country to country, this may affect its acceptance in countries where taxes are heavy.
If governments are accepting bitcoin as it is then and then only they will keep its popularity, value and progress intact.
Regulation of Bitcoin in the government is involved a rigorous study because the nature Bitcoin or some currency is different from traditional fiat money
Bitcoin is decentralized, anonymous, peer to peer transaction method, which is different in Traditional banking system were controlled by the government central bank. the only action of the government is to recognize Bitcoin or not . if they will recognized they will give policy which can protect the crypto currency operator of the country, but if not then they will considered it illegal.

restuibu
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November 15, 2017, 06:47:54 AM
 #203

I think the government will give every effort to get the bitcoin to be controlled but in fact they can not do anything because bitcoin itself is better than the conventional currency and the government will still assume the bitcoin is illegal in transacting

KingOfWinterfell01
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November 15, 2017, 06:50:00 AM
 #204

whether government regulation is crucial to bitcoin survival, will it have a positive or even negative impact. What do you think ?

I think it'll choke out people with bitcoins and will try not to transact as much as possible. This will prevent bitcoin movement and that will be an unhealthy circulation. If the government's regulation will be to tax bitcoins, then nobody will ever bring bitcoins to their country. They will most likely revert to eth or alts

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DaftAjax
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November 16, 2017, 05:40:47 PM
 #205

whether government regulation is crucial to bitcoin survival, will it have a positive or even negative impact. What do you think ?

Apart from Japan none of the government takes any serious steps on the bitcoin and its growth. If anyone regulate the bitcoin under their financial system then bitcoin has to face many issues like taxation, banking usages and etc..
However, regulation is not good for any bitcoin users. They have to support or else they should close their mouth from criticizing bitcoins in a wrong way.

I agree with you on tax issues. if the regulation is applied, I think bitcoin users will be even more miserable for paying huge taxes. where the government keeps an eye on every transaction activity we make.
So after all, it is not as 'decentralized' as we think it is huh. But despite the issues in taxing Japan did have a very good job in developing more and more potential of Bitcoin. Although taxing really is not a dodge-able issue, it may have benefits in the later times. I mean, we are talking about Japan here, one of the most developed countries when it comes to technology and other countries that have already accepted Bitcoin should make Japan a good example, not just focusing on taxing the 'former decentralized' currency so to speak.

achsan fauzy
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November 16, 2017, 07:05:30 PM
 #206

I think government policy is very important for the development of bitcoin in a country. because if the government does not make good policy about bitcoin, bitcoin will not be well developed in the country.

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