Does regulating bitcoins is necessary for global adoption?

[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.