Does regulating bitcoins is necessary for global adoption?

[krishnapramod]

Now, there are two scenarios:

1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.

2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.

First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.

But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.

So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.

So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.

PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.

[Jherek]

I think that most users here would prefer option 1.

Whilst many are celebrating Australia and Japan legalizing bitcoin i think that people are forgetting legalizing something will inevitably lead to regulation of one form or another. Russia is threatening to monitor all blockchain activity in their country on the bitcoin blockchain, and wants to create their own copycat version of bitcoin. How exactly is this good for bitcoin?

Maybe legalizing bitcoin will bring more people to using bitcoin but it's unproven. Has any of the existing countries that have legalized in the past see a noticeable surge in bitcoin users? I don't think so. I mean legalization is good, but it's not necessary. Plus, there are downsides to having legalized bitcoin as i mentioned above.

[romero121]

Yeah, regulating bitcoin only help with the usage of bitcoin  from all levels of people. Global adoption is far beyond what's happening with the ongoing adoption. Only a bigger and better global adoption could lead us towards a mainstream usage which is the long expectation of people who have been using digital currency.

[Sithara007]

Although I would have gone with #1, after much thinking I voted for option #2. If the bitcoins are regulated by the government authorities, then life will get easier for many of us. There will be little harassment, and the tax implications will get a bit more clearer. Bitcoin may gain a large number of new users as well.

[krishnapramod]

I think that most users here would prefer option 1.

Whilst many are celebrating Australia and Japan legalizing bitcoin i think that people are forgetting legalizing something will inevitably lead to regulation of one form or another. Russia is threatening to monitor all blockchain activity in their country on the bitcoin blockchain, and wants to create their own copycat version of bitcoin. How exactly is this good for bitcoin?

Maybe legalizing bitcoin will bring more people to using bitcoin but it's unproven. Has any of the existing countries that have legalized in the past see a noticeable surge in bitcoin users? I don't think so. I mean legalization is good, but it's not necessary. Plus, there are downsides to having legalized bitcoin as i mentioned above.

Here you go, https://news.bitcoin.com/the-japanese-using-bitcoin-expected/

Many merchants and retail stores have started accepting BTC and it is expected that some giant Japanese e-commerce stores would integrate bitcoins by the end of this year. Bitflyer has seen a rapid growth in it's user base since April 1.

[mindrust]

If they legalize/regulate bitcoin, how are they going to collect taxes from the sellers? As bitcoins? Sounds dumb and sensible at the same time. As FIAT? Then how? Bitcoins price is volatile as hell. One day the seller might be looking at profits and the other day it may disappear.

[Nagadota]

If they legalize/regulate bitcoin, how are they going to collect taxes from the sellers? As bitcoins? Sounds dumb and sensible at the same time. As FIAT? Then how? Bitcoins price is volatile as hell. One day the seller might be looking at profits and the other day it may disappear.

Regulating Bitcoin would require global cooperation.  This means regulation of mixing services, extreme regulation of exchanges with KYC laws, and lots of other work from governments to trace the blockchain.

If there's just one place offshore where people can base these businesses and there's still accessible on the Internet, regulation has failed.

Global adoption can happen without it but the reality is that it'll coincide with that adoption.  It'll happen at the same time because adoption = regulation.  Governments can make it appear like support while still monitoring most things closely.

If people want to do illegal things with Bitcoin, they'll probably be able to regardless of regulation, so it's just to do with how governments can handle this situation.

[Prodigan786]

Yes regulating bitcoin is important for global adoption after Japan,s regulation lots of change happened in crypto world. The country where I live even it's under discussion panel hope it will be regulated

[PrinceCaspian]

There are alot of things you need to consider before regulating bitcoins when global adoption is on.Regulating bitcoins will not be in favor of big stake holders so they will definetely not agree into this.But if regulating bitcoins will help the price to be stable then im good to it

[Digitalbitcoin]

Bitcoin is the biggest invention of this century, and this invention have certain characteristics as Anonymous, Decentralized, Instant, And Open Source.

Now if we consider global adoption of bitcoins then it needs to regulate by someone(Organization/Group). So if anyone controlling bitcoins then it loose it one of characteristic of decentralization. If once bitcoin regulated then every address used to receive payments can be identified this means it lose second characteristic of anonymous.

Now still question is if consider to regulate bitcoin who will regulate it?

[xuan87]

I don't think we need to regulate bitcoin, the bitcoin user keep on growing and we can reach 50% of world population to used bitcoin without need to regulate bitcoin but it will take a long time and we need to eliminate the negative news about bitcoin,  regulating bitcoin would increase the speed for global adoption but it will be violated the purpose of bitcoin which is decentralised

[JimmieA]

There are alot of things you need to consider before regulating bitcoins when global adoption is on.Regulating bitcoins will not be in favor of big stake holders so they will definetely not agree into this.But if regulating bitcoins will help the price to be stable then im good to it

Yes, actually there are many things to consider before adjusting btc. If btc is adjusted for sure it will be managed by an organization and when dealing with all addresses will be managed by this organization, user info will no longer be hidden  , the feature that most people like the btc . In short, there are still a lot of things that we have to wonder about.

[franky1]

regulation is not the problem

here are the real problems
1. bitcoin is not ready to jump to 3.5bilion users over night.
2. thinking anything should jump to 3.5billion users over night is a stupid mindset to have anyway(even facebook didnt predict that)
3. current 10mill people only caring about 3.49billion new purely for a price spike so the 10mill can exit back to fiat
4. thinking reducing functionality and halting growth is good
5. devs removing code of fee control and replacing it with wallstreet economics of 'just pay more'
6. devs think bitcoins solution is to divert people away from bitcoin and to use alternative networks instead
7. availability of access(buying in local currency via bank notes in a town people live in)
8. understandability for common man

alot of people will argue "we just need to advertise it more"
to which i will refer them to points 1,2,3,8

alot of people will argue bitcoin cant cope
to which i will refer them to points 1,4,6,7


but here is the thing. blaming regulation is foolish.
many things that are not regulated can get success, as long as they do something, each person that gets it can continue using it HAPPILY even after the first try/use

take fidget spinners. simple, does not need a manual. does exactly what people expect.

alot of people talk to newb's by talking about bitcoins old ethos or the utopian revolution.. which bitcoin has lost
alot of people talk to newb's by talking about bitcoins get rich quick.. which is the 'too good to be true' red flag style of advertising
alot of people talk to newb's by talking about bitcoins bnfits for the unbanked.. but bitcoin has lost that (remember its the POOR who are most unbanked)

until people admit that bitcoins functionality has DROPPED. and stop just thinking just about price..
until people stop only caring about how soon they can run back to fiat with their pockets full as the only reason to advertise
...
then bitcoin should not yet spread to mainstream.

[BitcoinHodler]

being regulated doesn't change much about bitcoin still being decentralized and pseydo-anonymous. what you should keep in mind is that they can never "regulate bitcoin" they regulate services using bitcoin and that is actually a good thing in my opinion. because it simply helps the growth.

and as far as taxes go if you have a problem with paying taxes then it is a different story and it has nothing to do with bitcoin. you are paying it daily one every single breath you take
what makes bitcoin different?
if it is not regulated then you won't be able to find as many places to spend it so it won't matter because you still have to pay taxes for your investment in bitcoin.

[Kprawn]

Where Fiat is involved, you will not be able to bypass local financial regulations and laws. The KYC/AML regulations will always be your first hurdle,

then you will have to deal with local tax laws. Anonymous transactions does not go down well with tax authorities. I am not saying all regulations

is good, but Fiat linked transactions should be regulated to stop things like terrorism funding and other financial crimes. 

[BitcoinzB]

I believe that - for now - it's better for bitcoin to remain unregulated and let it grow on its own. It's just not the right moment.
Regulation will be possible one day, but I'm sure most of us here would prefer it to keep its current status of decentralized and anonymous currency.

[Daniel91]

I believe that - for now - it's better for bitcoin to remain unregulated and let it grow on its own. It's just not the right moment.
Regulation will be possible one day, but I'm sure most of us here would prefer it to keep its current status of decentralized and anonymous currency.

If bitcoin will ever become regulated, I'm sure that many people will leave bitcoin and find something else, still out of reach from government control.
Bitcoin is very popular now simple because it's not regulated and because of anonymity.
If we change it, bitcoin will not be the same any more.
In my opinion, we don't need to regulate bitcoin but fight for global acceptance as alternative way of payments and alternative currency.

[Red-Apple]

regulations are not bad on their own, it is how the regulation is and how it is enforced. it can be simple rules as what we have when using fiat or it can be extremely restrictive with high taxes.

look at what Japan did. their regulation is a good example and it helped the adoption a lot. now there are a lot more businesses in Japan accepting bitcoin and this will only grow over time.

it is a new age with cryptocurrencies and it is happening. better adapt fast. and in a regulated world, we should expect some level of regulation for bitcoin too.

[krishnapramod]

regulation is not the problem

here are the real problems
1. bitcoin is not ready to jump to 3.5bilion users over night.
2. thinking anything should jump to 3.5billion users over night is a stupid mindset to have anyway(even facebook didnt predict that)
3. current 10mill people only caring about 3.49billion new purely for a price spike so the 10mill can exit back to fiat
4. thinking reducing functionality and halting growth is good
5. devs removing code of fee control and replacing it with wallstreet economics of 'just pay more'
6. devs think bitcoins solution is to divert people away from bitcoin and to use alternative networks instead
7. availability of access(buying in local currency via bank notes in a town people live in)
8. understandability for common man

alot of people will argue "we just need to advertise it more"
to which i will refer them to points 1,2,3,8

alot of people will argue bitcoin cant cope
to which i will refer them to points 1,4,6,7


but here is the thing. blaming regulation is foolish.
many things that are not regulated can get success, as long as they do something, each person that gets it can continue using it HAPPILY even after the first try/use

take fidget spinners. simple, does not need a manual. does exactly what people expect.

alot of people talk to newb's by talking about bitcoins old ethos or the utopian revolution.. which bitcoin has lost
alot of people talk to newb's by talking about bitcoins get rich quick.. which is the 'too good to be true' red flag style of advertising
alot of people talk to newb's by talking about bitcoins bnfits for the unbanked.. but bitcoin has lost that (remember its the POOR who are most unbanked)

until people admit that bitcoins functionality has DROPPED. and stop just thinking just about price..
until people stop only caring about how soon they can run back to fiat with their pockets full as the only reason to advertise
...
then bitcoin should not yet spread to mainstream.

A few worthy points indeed.

1. Yeah, bitcoin is not ready right now, but regulation is also a slow process. I honestly believe without getting a legal status from most of the developed and developing countries, bitcoin would not have global influence. It would simply remain as a pump and dump currency.

2. Yeah, most of the people who are into bitcoins are just for the sake of speculation. They do not give a damn about scaling issues, for most of them bitcoin is like a short-term investment, a get rich quick scheme. This is where regulation is important, not to interfere with trading or similar activities, but to steer bitcoin to it's main zone, P2P payment system, installing bitcoin ATMs, making bitcoin avaible for purchasing day-to-day stuff and the outcome of this would be price stability. Just random pumping and dumping would not be able to influence the price.

3. Everyone has a perspective on looking at the scaling debate, but from whatever angle you look, it is evident that two sides are not able  to make a compromise which eventually would stagnate the growth of bitcoins. The diversion is happening, from the past couple of years many alts have shown a considerable growth and if the scaling issue goes on users would readily choose some alternatives.

4. Regulation would make bitcoins more accessible. Tie-up with banks and enabling local currency deposit or withdrawal for BTC is a possibility. But something like this would take the whole decentralization away.

5. IMO common man is the average guy, neither highly educated nor illiterate, family man, follows government rules and regulations, is not glued to latest technological updates and here is also why regulation is important. Government pushing bitcoin forward as a legal currency is somewhat like comparing BTC to a family member of their local currency and that gets attention. Common man gets to know about it, government rolls out a simple how to use bitcoin ad, and since it's not a complicated process, the common man would grasp it.

I believe almost all exchanges do follow KYC and AML regulations. The moment you convert BTC to your local currency anonymity is gone. Buying directly with cash might be an exception. On rest of all BTC conversions tax is imposed so basically in countries where bitcoin is not banned, still using bitcoins cannot be considered completely anonymous. Government cannot centralize bitcoins, it would be impossible, levying taxes is another thing.

Is regulation necessary? Nope if it wants to stay as a pump and dump currency, a bubble. Yes, if it wants stability and be defined as a proper currency.

[oktana]

regulations are not bad on their own, it is how the regulation is and how it is enforced. it can be simple rules as what we have when using fiat or it can be extremely restrictive with high taxes.

look at what Japan did. their regulation is a good example and it helped the adoption a lot. now there are a lot more businesses in Japan accepting bitcoin and this will only grow over time.

it is a new age with cryptocurrencies and it is happening. better adapt fast. and in a regulated world, we should expect some level of regulation for bitcoin too.

Bitcoin regulation must be gradual, if done simultaneously will disrupt the balance of fiat currency, this is a serious problem where bitcoin will become viral instantly to the smallest economic joints in a country. For a developing and corrupt country, this is not an easy task, a long review and debate about national budgets and regulations is required.

[pinkflower]

Im beginning to think that Bitcoin will never reach global adoption, with or without regulations. Proof of work itself is not sustainable. We cant continue wasting electricity just to maintain a ledger. There must to be another way to do the same work but using less resources. If you care about the environment the POW at its current form has to go.

[MingLee]

Now, there are two scenarios:

1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.

2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.

First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.

But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.

So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.

So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.

PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.

I personally think that Bitcoin would succeed in global growth if it was given an environment where people were willing to learn beyond that of what we see right now; meaning they were less preoccupied with hedonistic activities and more interested in other information, along with an environment free of regulation from authoritative bodies.
Realistically, we need to have regulations so people and businesses are more willing to use Bitcoin, Japan being one notable example.

[franky1]

if people actually ready the details of AML/KYC requirements. they would see many ways to implement it without causing all the headaches

EG not even have a deposit fiat/withdraw fiat facility for the customer until ID is given. that way there wont be any hold ups of 'freezing' funds

"regulations" are too hyped up for what they actually offer.. id prefer "consumer protections" where the business has to identify itself and can be prosecuted if they do naughty things.. that is what would help bitcoin alot.

[haroldtee]

regulation is not the problem

here are the real problems
1. bitcoin is not ready to jump to 3.5bilion users over night.
2. thinking anything should jump to 3.5billion users over night is a stupid mindset to have anyway(even facebook didnt predict that)
3. current 10mill people only caring about 3.49billion new purely for a price spike so the 10mill can exit back to fiat
4. thinking reducing functionality and halting growth is good
5. devs removing code of fee control and replacing it with wallstreet economics of 'just pay more'
6. devs think bitcoins solution is to divert people away from bitcoin and to use alternative networks instead
7. availability of access(buying in local currency via bank notes in a town people live in)
8. understandability for common man

alot of people will argue "we just need to advertise it more"
to which i will refer them to points 1,2,3,8

alot of people will argue bitcoin cant cope
to which i will refer them to points 1,4,6,7


but here is the thing. blaming regulation is foolish.
many things that are not regulated can get success, as long as they do something, each person that gets it can continue using it HAPPILY even after the first try/use

take fidget spinners. simple, does not need a manual. does exactly what people expect.

alot of people talk to newb's by talking about bitcoins old ethos or the utopian revolution.. which bitcoin has lost
alot of people talk to newb's by talking about bitcoins get rich quick.. which is the 'too good to be true' red flag style of advertising
alot of people talk to newb's by talking about bitcoins bnfits for the unbanked.. but bitcoin has lost that (remember its the POOR who are most unbanked)

until people admit that bitcoins functionality has DROPPED. and stop just thinking just about price..
until people stop only caring about how soon they can run back to fiat with their pockets full as the only reason to advertise
...
then bitcoin should not yet spread to mainstream.

Thanks Frank. You've really said it all. I for one started using bitcoin as a means of transaction but the decision to transact with bitcoin is gradually diminishing daily as my judgement is being clouded now by its price stepping up every single day. I spoke with some few customer rep of company I usually purchase raw materials from and we got talking about bitcoin. Their ideology about bitcoin was disheartening as they just wanna get in for the money. These were their words
"Bros! So you are INTO bitcoin, we heard it has made a lot of people very rich. Please how do WE REGISTER AND GET IN?" . These are common guys who live on little change and wanna get rich, thereby seeing bitcoin as an avenue like it is a get rich quick ponzi scheme. Like you said, this is getting serious as even newbies now see it as a means to get rich quick and forgetting the functions and the idea behind it in the first place. If most of these things and present notions are not fixed once and for all, going mainstream ain't the best route now.

[Clement Kaliyar]

First and foremost you do not need any regulation for bitcoin to be adopted globally but the only advantage it has when a government legalises bitcoin is that you could see more business investments in bitcoin and that in turn will increase the demand and in turn increases the price.

[Happydd]

I think bitcoin needs the right adjustments to change the present difficulties, and those changes must be beneficial to everyone.

[dmamigo]

Many countries might not accept Bitcoin, they will legalize with various regulations and rules. And if they accept there are various benefits. More people will have courage to use it, the acceptance at shops will increase. Though regulating is not at all necessary, but many governments will do so when they legalize it.

[Pab]

From my own experience i know that EU regulation are able to kill any real innovation,USA is very much the same.Look ICO market,there are talks to regulate token markets

[avikz]

Regulating bitcoin is not at all a good idea for its popularity and adoption. First of all, we don't have any such authority which can regulate a decentralized currency like bitcoin. If it happens, then half the fun is gone. People will not be adopting on a larger scale like now.

However, if an anonymous regulatory body can regulate bitcoin's technical problem then it would do good to the bitcoin's mass adoption. If the current problem can be solved by that body, that would help millions of bitcoin users and also increase the investment flowing in to bitcoin. 

[Shenzou]

i don't think its about regulation so that bitcoin gets adapt, it is rather about being avialable and accessable for all people around the worl, the probbelm with bitcoin is it needs internet to operate if there is no internet the whole sysytem will fail, and up until now some people still don't have internet access.

[Pettuh4]

I think bitcoin needs the right adjustments to change the present difficulties, and those changes must be beneficial to everyone.

That's why a well thoughtful and open regulation I think will help make Bitcoin better. I wish we shun all the politics and negative media propaganda so that we can forge forward and address the present difficulties in a unified manner.

[Flodemaga]

The regulamentacion of bitcoin would mean that the countries had fail with their currencies, atleast one point of view about those. The other one is they are open mind to inovation, and for those people wich are at bitcoin already would be good, since we could go to banks and ask a loan or trade with others without any risk to have our money frozen.

[CryptoBry]

We must not forget that regulating here means that there would policies in placed but it is not really implemented on Bitcoin but on exchanges and transactions involving Bitcoin. And I think it is fine as we are now seeing in Japan right now. Somehow we have to compromise but it should not be touching Bitcoin itself but on how we use Bitcoin most especially, of course, on matters of taxation.

[ladydark]

Bitcoin is a decentralized currency uncontrolled by any one.Hence it has gained attention all over the world.But still its investors always have a doubt that what would happen if their governments ban bitcoin suddenly.We saw similar condition in china when people got scarred that PBOC could ban bitcoin.It created a great price fall in bitcoin.But for mass adoption of bitcoin,regulation is necessary.We could see after Japan has legalized and regulated bitcoin,its demand has increased considerably and its price too.But bitcoin investors could no more enjoy tax free earnings if it occurs.But only after regulation,bitcoin would gain full recognition globally.

[Scorpion]

Regulating Bitcoin will only deter people from adopting it. People like the idea of Bitcoin being decentralized and free from an entity controlling it. People want freedom and want their store of value and wealth secured and in their own control.

[KnightElite]

Now, there are two scenarios:

1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.

2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.

First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.

But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.

So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.

So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.

PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.

The no.1 scenario that you said is the most happened in this world. Because like me I don't want that the bitcoin will regulated by the government. I don't want also to pay taxes and I don't want to centralized the bitcoin.

[Amph]

if you want average joe to join us yes it's necessary, if we are ok with only tech savy people that eventually will increase the value anyway because some of them maybe are rich, then we don't need regulation

but i think regulation will only do good to bitcoin, i can't see anything bad in that because if you are afraid that the echnage will be controlled more, just do private trading, with bitcoin you can actually choose if you want to be regulated or not not the government

[Happydd]

From my own experience i know that EU regulation are able to kill any real innovation,USA is very much the same.Look ICO market,there are talks to regulate token markets

I do not think so, governments have no right to interfere too much with it, because it does not break the law, their work is just legal, not prevent any legal work.

[Happydd]

Im beginning to think that Bitcoin will never reach global adoption, with or without regulations. Proof of work itself is not sustainable. We cant continue wasting electricity just to maintain a ledger. There must to be another way to do the same work but using less resources. If you care about the environment the POW at its current form has to go.

It is the present difficulty of bitcoin, the heads of which are raising objections to decentralized bitcoin, although the hierarchical bitcoin may give advantage to bitcoin, but it also brings about other troubles. Is the reason that the head refuses it.

[jorneyflair]

I voted for i don't care.

Regulation is completely unnecesary for bitcoin. Bitcoin can survive without any sort of intervention from any world governments and will function as intended to be. Nobody can shut it down because as long as people are running bitcoin code and using the bitcoin blockchain to conduct transactions, this ledger will still be here and isn't going anywhere.

Regulation and legalization can bring positive things to bitcoin i guess. People might hear about bitcoin being legalized in the news and decide to try it out themselves, but really i don't think the impact is going to be that great.

[deisik]

First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion

This is flat-out wrong

In some jurisdictions you don't have to pay capital gains tax on earnings obtained via currency exchange operations. Further, if Bitcoin is not legalized and still more so if it is outright banned or prohibited, you can't pay taxes associated with it since you can't tax something illegal in principle (that would effectively mean legalizing it). Apart from that, the recent rally was most likely caused by hype, not by Japan legalizing bitcoins per se. In other words, legalizing Bitcoin doesn't necessarily mean huge boost in adoption rates in the country where Bitcoin has been made legal. That remains to be seen, and the effect may take many months (if not years) to reveal itself

[itsallpc]

Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.

[raven7886]

Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.

In several countries Bitcoin is adopted by the citizens and they are using it as legally by the citizens. It is hope that soon Bitcoin will be started using on international level as a currency for Global Business. Already Japan adopted Bitcoin in their country. Australia is also thinking about it. But some countries are waiting for it to be legalized by their states but legalisation of Bitcoin is not the actual point. the actual point Is to making it look Global adopted currency and soon it will happen.

[Yakamoto]

Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.

In several countries Bitcoin is adopted by the citizens and they are using it as legally by the citizens. It is hope that soon Bitcoin will be started using on international level as a currency for Global Business. Already Japan adopted Bitcoin in their country. Australia is also thinking about it. But some countries are waiting for it to be legalized by their states but legalisation of Bitcoin is not the actual point. the actual point Is to making it look Global adopted currency and soon it will happen.

Bitcoin is far from a good medium for countries to perform international business with though. You can't go down to the miner and give him Bitcoin in exchange for his ore, because he can't go to the grocery store and buy food with his Bitcoin, because the farmer can't buy a tractor with Bitcoin, etc. and it just goes down the line. Bitcoin is simply not liquid enough for it to matter on the world stage and it is easier for countries to use fiat instead of a crypto they would have to purchase. At the current market valuation, they would be buying nearly half the market cap to perform a $20B trade deal. Not a viable option.

[eaLiTy]

PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.

We are not able to get a smooth transactions when we have three hundred thousand transactions and how on earth that we are able to attract more people into bitcoin,it is not meant for mass adaptation and so we really do not need major adaptation to take the price for another rally or a crazy valuation,lets see what scaling does to bitcoin and i am eagerly waiting to see the changes which will make bitcoin better.

[mk4]

Now, there are two scenarios:

1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.

2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.

First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.

But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.

So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.

So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.

PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.

legalization of bitcoin is very good. Gives good publicity, better trust, etc. But regulation is something else. One of the main pros of bitcoin is its decentralization; this almost defeats the purpose.

In my opinion bitcoin in the future will be good on its own even without legalization/regulation.

But yes, your point is true. more legalization, more growth, more users.

[Ucy]

You can't regulate Bitcoin because it's not meant to be regulated.  No one can regular the air we breathe likewise the Blockchain. Another name for Blockchain in my opinion is Self-regulation...it sophisticated and self-regulating. It does make sense to talk about regulating Bitcoin by Central Authority. This's what pioneer are trying to avoid.

[Ucy]

OP and other pro-regulations need to sit down and think this through. Why do we have Bitcoin in the first place?
Citizens worried about politicians dissappearing with their collective wealth should probably use technology to secure their public funds. Bitcoin is far more Transparent than normal banks. Security agency can monitor the Blockchain without even touching or altering it. It cannot be regulated.