Is it even possible to regulate bitcoins?

[Maheshkumar_Hrangkhawl]

It depends on the user. For the government authorities, it will be extremely difficult to trace the Bitcoin transactions back to a particular individual. Unless he converts it to fiat and deposits it in his bank account or PayPal account, the anonymity will remain. So unless the user comes forward and reveals the details of his bitcoin holdings (who will be stupid enough to do that?), I don't believe that BTC can be regulated.

[SvenBomvolen]

No, it's impossible, just like it's impossible to regulate the Internet. Decentralized things cannot be controlled by a central unit.

BUT... there's another thing governments can do. Make these decentralized stuff not so harmful for them, devoiding them of all their rebellious message. If Bitcoin is considered just an investment tool, they have no need to regulate it. Why? because people just exchange their Bitcoins to USD and then withdraw to their bank accounts. So, banks and governments still make money from it and have no reason to ban or be against Bitcoin.

It's clear that banks and governments want to be involved in bitcoin's circulation, cause of it brings a lot of money. Today we cash out our bitcoins and pay some % to a bank, but later when bitcoin will be acceptable in the most places and banks will not be needed as mediator, they will create something new to not loos such source of income.

[krishnapramod]

I mean how? Given it is completely decentralised.

Japan regulated/legalized bitcoin and India is going to. I am not able to comprehend how the current situation would be anymore different than regulated because right now I am using bitcoin in India like it is regulated, taxable, strict KYC/AML and even after regulation it would be the same. Almost all major exchanges follow this same procedure. Regulation means the banking system of a country enforces some strict guildelines on bitcoin related websites, mostly exchanges and officially accepts bitcoin as legal. Even without regulation almost all governments are still unofficially imposing currency/asset related regulations on bitcoin.

As far as decentralization is concerned, I do not think regulation would have any serious impact on it. In fact, I do believe it is necessary if bitcoin needs to be recognized globally. Even after regulation, it is not like any government gets control over bitcoin. Bitcoin would still be independent as a currency in the sense that it is not issued by the banking system.

[mrayazgul]

It depends on the user. For the government authorities, it will be extremely difficult to trace the Bitcoin transactions back to a particular individual. Unless he converts it to fiat and deposits it in his bank account or PayPal account, the anonymity will remain. So unless the user comes forward and reveals the details of his bitcoin holdings (who will be stupid enough to do that?), I don't believe that BTC can be regulated.

Yes, in a technical sense it is possible.  This is not an aspect of the coding or the coin, it is the medium of networking and the internet.  A government could, by the use of ridiculous amounts of resources, scan for and find common elements of Bitcoin wallets.

[Remainder]

Bitcoin here in my country is already regulated with our government and central bank but they not adopting bitcoin they just regulated some rules in trading and marketing of bitcoin.

[BitcoinGirl.Club]

Bitcoin here in my country is already regulated with our government and central bank but they not adopting bitcoin they just regulated some rules in trading and marketing of bitcoin.

At least the do recognize that Bitcoin does have an active community in your country and it is the only way the government  authorities can try to regulate bitcoins by falsing some companies that are directly involved with bitcoin in complying with anti-money laundering rules by giving companies the responsibility of collecting data on their users through KYC

[Gaff]

Bitcoin here in my country is already regulated with our government and central bank but they not adopting bitcoin they just regulated some rules in trading and marketing of bitcoin.

At least the do recognize that Bitcoin does have an active community in your country and it is the only way the government  authorities can try to regulate bitcoins by falsing some companies that are directly involved with bitcoin in complying with anti-money laundering rules by giving companies the responsibility of collecting data on their users through KYC

Definitely, it does. Though bitcoin hasn't approved yet by the government but through trading in the market makes it regulate. On the other hand, bitcoin has played a better role in the society discretely. Thus, it might be fairly existing and registered sooner. In order for the people to be more secured for their money.

[AjithBtc]

Bitcoin here in my country is already regulated with our government and central bank but they not adopting bitcoin they just regulated some rules in trading and marketing of bitcoin.

That's good in your country. In my country till now government haven't made any regulations as well haven't shown any opposition towards the bitcoin usage. So this has been a freedom for all of us who are using bitcoin in our country. We might get into regulated use when the usage goes beyond certain limit.

[timerland]

I mean how? Given it is completely decentralised.

The government obviously cannot be able to control bitcoin itself, but they're going to control the bitcoin exchanges.

Seeing that bitcoin is still in its early stages and there are a lot of centralized exchanges around generating massive volume on a daily basis, to control the regulations surrounding bitcoin exchanges is basically controlling half of what bitcoin is.

However, it is impossible to ban bitcoin altogether, if governments are looknig to do that because the system is decentralized, and they can't just shut down one single server to get rid of bitcoin. Even if they shut down all the exchanges, the trading will just go p2p instead of on centralized platforms.

[EthBooks]

In the U.S., there has been a lot of regulatory discussion about virtual currencies. A handful of states have created their own way to create policy surrounding bitcoin, but each state has a different way of handling regulation.

In Europe, the central bank has proposed virtual currency legislation to the European Council and Parliament. Authorities detail the main focus is to curb funding terrorism and tax evasion within the region. The European Central Bank (ECB) also is having a hard time figuring out regulation and the classification of bitcoin.

The ECB and other regional banks were told by the European Banking Authority in 2014 not to get involved with virtual currencies until authorities figured out regulatory standards.

[warrior333]

Perhaps MEPs do not understand the mechanism crypto currency. They will fail to regulate these currencies and they have only two options. Or they recognize crypto currency and take from their turnover tax, or they continue to continue to pretend they don't exist and just lose money from taxes.

[Fermin]

here no way to possibility  of regulate the bitcoins,why because is now a days many peoples using this bitcoins and doing business with bitcoins.it is very popular and very exciting to the users,and this is safe and secure also. 

[Kprawn]

In the U.S., there has been a lot of regulatory discussion about virtual currencies. A handful of states have created their own way to create policy surrounding bitcoin, but each state has a different way of handling regulation.

In Europe, the central bank has proposed virtual currency legislation to the European Council and Parliament. Authorities detail the main focus is to curb funding terrorism and tax evasion within the region. The European Central Bank (ECB) also is having a hard time figuring out regulation and the classification of bitcoin.

The ECB and other regional banks were told by the European Banking Authority in 2014 not to get involved with virtual currencies until authorities figured out regulatory standards.

They want to figure out how they are going to regulate it in such a way that their own coins will have a future and all other Crypto currencies

will have no scope. If they act too early, they might lose the opportunity to use Blockchain technology to replace cash. Most of these governments

wants to get rid of cash and Blockchain technology gives them that opportunity, but with their own coins. 

[doomloop]

Bitcoin here in my country is already regulated with our government and central bank but they not adopting bitcoin they just regulated some rules in trading and marketing of bitcoin.

That's good in your country. In my country till now government haven't made any regulations as well haven't shown any opposition towards the bitcoin usage. So this has been a freedom for all of us who are using bitcoin in our country. We might get into regulated use when the usage goes beyond certain limit.

  umm , may be in your country government does not pay much  attention toward bitcoin  but here in my country and in many more large countries bitcoin is being high and high for its prices and must have some proper setup and accounts for its security there are many bitcoin wallets, are there still needs to work on bitcoin .

[joebrook]

I mean how? Given it is completely decentralised.

The government's can't really interfere with the bitcoins systems, what they can do is to make merchant's that's those accepting bitcoins as a method of payment follow rules so that they can better monitor how it goes and of that's all they can do then it will be good for all parties involved.

[snowcrashed]

I mean how? Given it is completely decentralised.

In my opinion, it's possible to regulate Bitcoin but its chance is low because it's hard for all the governments to accept Bitcoin in their countries but it's still a lot of countries that accept Bitcoin all over the world.

[daffaco]

Because bitcoin is still not well known, ignore other garbage posts, the main reason is here

[kpcian]

I don't know why it should be regulated? Is it necessary to regulate Bitcoin? I don't think that, people of bitcoin have to be safe and secured that's why they are using Bitcoin, that reason is one of the difference between Bitcoin and conventional money, so from my point of view, it is not mandatory to regulate Bitcoin...

[linkme]

I mean how? Given it is completely decentralised.

So Bitcoin's being decentralised will not make too much affects to Bitcoin users but it will enable us to use Bitcoin safely and not scaring about being arested or something like that B-)

[virasog]

bitcoin can not be regulated

That's what you think!  Any government can regulate bitcoin AND bitcoin users.  They just haven't done it yet.  You just wait until the IRS fully realizes what crypto is all about.  Just wait until the banks discover it, then you'll see what they can regulate.  Don't think it can't happen, because it can...and I'm actually quite surprised that at least the United States hasn't written in more regulations regarding crypto.  But then again, I suspect the government had a hand in bitcoin's creation.  Don't have specifics, just suspicion.

To think it is decentralized you cannot actually regulate it by your own in terms of bitcoin alone but if you use as merchant then you can manage or regulate it by your own to the sender of the coin..  It is made in a design to be a decentralize and you need to change the fundamentals of the algo to make it centralize.  I think we are already fed up with centralize banking system and now is the time to enjoy freedom and decentralization through Bitcoins.