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Author Topic: Can bitcoin be regulated!  (Read 898 times)
iram1011
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October 08, 2017, 12:51:44 PM
 #21

Regulating cryptocurrencies is an extremely difficult task. Governments can regulate exchanges but not Bitcoin. But they can issue some laws for cryptocurrencies and can manipulate the existing financial system’s rules. But a complete regulation isn't that simpler. Even taxing Bitcoin isn't really viable. I believe regulations over exchanges are indeed required for safeguarding citizens from possible scam, but regulating Bitcoin which is a global currency is neither required nor is possible.

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October 08, 2017, 02:16:40 PM
 #22

I believe there are no as such disadvantage of bitcoin being unregulated one. There could be one thing only that, being unregulated means you are the boss of your transaction and if you make any mistake while doing that then you can not recover the loss because you are responsible for it solely. In case of regulated fiat the currency can be tracked down to the finest path and we can know who's carrying our cash if it's stolen. There is no mark up for bitcoin currency and that's why it has that disadvantage of loosing easily kind of thing. So too many scams can really happen.


Well, apart from that I believe the crypto unregulated gives us more advantages like any amount of transaction, no questioning and no answering from where the money came and where is it going as long it stays in the crypto form.

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October 08, 2017, 02:33:43 PM
 #23

If bitcoin does not get regulated,the only benefit we could get is that we could still enjoy tax free earnings from bitcoins as bitcoin transactions are pseudo anonymous.In india,since bitcoin has not been regulated yet,i'm enjoying tax free earnings from bitcoin.But very soon,the scenario would change as india is getting ready to legalize bitcoin quickly.

If bitcoin gets regulated,people would get more confidence in investing in bitcoins.Retailers would start accepting bitcoin as we saw in japan after legalization,thousands of retailers started accepting bitcoin payment.It would definitely increase the demand for more bitcoins which would in turn increase the price of bitcoin.It would definitely help for the progress of bitcoin.

       


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October 08, 2017, 04:00:42 PM
 #24

Yes, I think time will come that bitcoin will be regulated in a way but not fully.  Government will do it's best to regulate all kind of system in the society to insure that think will work as per the standard of the government.  The question is, is it going to help the bitcoin community or not?

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October 08, 2017, 04:09:08 PM
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Yes, I think that soon the government will regulate bitcoin since the authorities are not profitable when people can freely manage their funds and not pay taxes.

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October 08, 2017, 04:21:42 PM
 #26

to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.

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October 08, 2017, 04:25:32 PM
 #27

to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.

At some point, there will have to be some sort of compromise. Otherwise they will try their best to stop fiat being invested into the ecosystem. And frankly that would set us back years, if not decades.
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October 08, 2017, 04:30:44 PM
 #28

I will like to have your view on this?  Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

I think it can be regulated, and I really hope that happens in a near future, because that is crucial for bitcoin expansion. Right now bitcoin is still very volatile, and although I understand that this volatility is a consequence of bitcoin being in it's early days, and as adoption happens it's volatility will decrease, the truth is that without good regulation, mass adoption will not happen, because investing in BTC will continue to be seen as a risk.
When we get out of the grey area, and the use of BTC will look more secure, then everyone will get in to it. That sense of security will only happen when regulation gets done.



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October 08, 2017, 04:33:37 PM
 #29

to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.
These features of bitcoin would really be the reason why bitcoin cant really be regulated by the government since they can able to control it and they cant impose taxes on it directly which they would normally react into such thing.Some countries are already accepting or adopting bitcoin but not on the sense that they are making it as a main currency because its an impossible thing to happen.They are just adding up on bitcoin as an alternative on their ne way payment system.For now its not possible for bitcoin to be considered and can be regulated.

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October 08, 2017, 04:36:53 PM
 #30

I will like to have your view on this?  Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Why not. If government forces you to use only those wallets which require KYC before buying/selling, all your movements will be recorded. Regulation can easily be imposed on your deposits, withdrawals, etc and you need to pay taxes if amount exceeds the limit set by government.
There may be few advantages like you will have safeguards against ICOs or HYIPs.
But on whole your freedom to hold, send and receive whatever amount will be curb.


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October 08, 2017, 04:43:09 PM
 #31

It may not be now but time is coming when bitcoin and others crypto coins will be regulated especially it circulation in individual countries. The state will also try to create it own coins and token in future. Regulations of bitcoin will create confident in it.
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October 08, 2017, 10:56:24 PM
 #32

I think not so far, because you know what, I think there were some countries that try to ask to buy the whole system of btc but I think the dev and the team of btc does not agree with it. And if there will be someone that will.hold the btc, like one country that will regulate btc then our life will.be suck, the feature of btc wil come to an end because government will.surely change its all system, will surely revise it because that government will.gonna make more profit with it, also taxes will surely come too, which is so bad.

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October 08, 2017, 11:08:16 PM
 #33

I will like to have your view on this?  Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.
Considering the amount and value of the crypto market, there will be regulation, but they wont be able to tell what to do with your altcoin. They can only watch the financial behavior of each user so the money wont be used in antisocial events.

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October 08, 2017, 11:17:32 PM
 #34

Regulating cryptocurrencies is an extremely difficult task. Governments can regulate exchanges but not Bitcoin. But they can issue some laws for cryptocurrencies and can manipulate the existing financial system’s rules. But a complete regulation isn't that simpler. Even taxing Bitcoin isn't really viable. I believe regulations over exchanges are indeed required for safeguarding citizens from possible scam, but regulating Bitcoin which is a global currency is neither required nor is possible.
Regulation is bit difficult and some of the governments are taking actions to do this the major concern of government is tax and tax collection system is not taking bitcoin and as the system will switched to the digital currencies all the things will be sorted out and a lot of money laundering issues are highlighted and governments are looking forward to keep check on transactions.

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October 09, 2017, 01:43:39 AM
 #35

You think Bitcoin is not regulated and governments are not monitoring our transactions, coins like Monero and Zcash are making their attempts of recording transactions extremely difficult, if you see them with small market caps and low trading volume is because they are trying to stay low for a while, the final and maybe the ultimate answer to regulation is no, it's not possible for %100 control.

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October 09, 2017, 01:52:46 AM
 #36

Yes, I think that soon the government will regulate bitcoin since the authorities are not profitable when people can freely manage their funds and not pay taxes.

This is a major concern which government thinks regarding cypto currencies as it is not easy to control and regulate it so many government are yet to legalise the Bitcoin in thier country . Hope so countries follow as Japan as done it so that people can buy and sell Bitcoin in their country easily and also pay their taxes .

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October 09, 2017, 09:02:20 PM
 #37

If bitcoin is regulated, it will be taxed. The end result of taxed crypto are higher transfer fees as the cost of taxation trickles down to end users. Regulation would mean slower transactions due to state monitoring/surveillance being stacked on top of existing node protocols. Regulation would mean more difficult and longer withdrawals as the state investigates for "anti terrorism" and "anti money laundering". Sometimes funds are held in paypal for months with no withdrawal while "investigations" are being conducted. Regulation would also mean more theft in the way regulated paypal makes any excuse they can come up with to seize funds for no legitimate reason.

There may be few benefits to bitcoin being regulated. With many significant drawbacks.

But can bitcoin be regulated? Certainly.

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October 09, 2017, 09:14:01 PM
 #38

Bitcoin can't be regulated.
However, bitcoin exchanges and mining pools can by the government.
I personally think that such regulation is probably unnecessary since it usually restricts the free flow of bitcoins instead of actually help anything at all. It's really up to the government to decide, though. And we don't have much of a say in this.
Bitcoin network cannot be regulated and no government can target and shut down a particular pool and think that it is over,they could regulate the usage of bitcoin within the country by banning exchanges and punish people who deal with bitcoin with harsh punishments ,the world really needs a decentralized digital currency .

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October 09, 2017, 10:22:02 PM
 #39

Usage of Bitcoins can be regulated. I mean governments can start imposing sanctions on exchangers demanding from them revealing private information about people. That is how Bitcoin and other cryptocurrencies can be regulated I think.
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October 09, 2017, 10:26:59 PM
 #40

China is regulating bitcoins by controlling exchanges and prohibiting banks from having any transactions with bitcoin exchanges. So it will no doubt restrict people from normally obtaining or disposing of btc. This kind of regulation kills the facet of btc being used as an investment or asset, which is I believe, the majority is using it for now.

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