Law To Declare Bitcoin Ownership

[supandi wiharja]

The bitcoin ownership law in my country is still in gray legality.
Although the government has made laws stating that bitcoin and other virtual currencies are not legitimate currency or payment instruments in Indonesia.
But the government does not enact rules that specifically prohibit the use of bitcoin, which means bitcoin users can still transact freely with virtual currency, it's just that there is no legal protection when there is theft or cheating involving virtual currency.

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[Lieldoryn]

I think that it is unfair to demand protection from the state of their accounts with bitcoin. Bitcoin was conceived as independent of the state currency. Independent!!! You made the decision that do not pay taxes and the state you are not interested. Why then the state should do to help you? Protect your coins by yourself. I think it is quite logical.

[btc78]

I dont think its possible,coz your talking only about bitcoin,what about those ither coins?and as far as i know thats why the wallet in which the coins were sending is has a policy i which the privacy will remain private for sake of both parties,even if government interfere in the wallet,yet they cant just seek it without proper forum.

[darkangel11]

Well this is quite alarming given that Bitcoin has been made or invented in order to have free transactions. And by free transactions I mean transactions that are not traceable and not attached to any personal information. If Bitcoin ownership will exist and no longer through addresses, than the whole Bitcoin idea in the first place was already gone. Next thing we know it may be regulated by a government too.

Bitcoin was never intended to be untraceable. This is one of the reasons blockchain transactions are accessible by everyone. As for the personal information, you are buying your coins from someone, right? To get them you have to pay with fiat, either for the coin or for the hardware to mine, or for a mining contract if someone mines it for you. Bottom line if you're buying it with fiat you're leaving a trace.

[ralf2018]

In my opinion ,trading isn't about predicting what happens next.It's about having a system with an edge.

[Hamphser]

I think that it is unfair to demand protection from the state of their accounts with bitcoin. Bitcoin was conceived as independent of the state currency. Independent!!! You made the decision that do not pay taxes and the state you are not interested. Why then the state should do to help you? Protect your coins by yourself. I think it is quite logical.

Protection isnt really needed since you can able to protect your own coin by just storing up with you own wallet with secured private keys.They do only like to make money on that case and this is why bitcoin is really good when it comes into hiding your assets or funds because no one would really know that you are holding it up and declaring your holding would really be just like for them to force you to declare but they cant really do nothing if you wont disclose your holdings and decide to shut up your mouth. They wont really know and thats how good it is on bitcoin.

[Habakkuk77]

We can consider bitcoin as our own possession or assets. But the government in our country has no ordinance to prove or to give title that you really own that bitcoin because they have no control on it. They could only trace but they could not govern it.
You are responsible of protecting you own bitcoin and if someone steal your bitcoin you cannot impose a law to accuse him.

[jungwong]

In order to stabilize the value of bitcoins, transaction movements will have to be massive compared to total value of the bitcoins, and the top bitcoin owners will need to slowly sell off some of their bitcoins so the distribution is less skewed.