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Author Topic: Regulating Bitcoin  (Read 2332 times)
CuriousGeorge
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November 13, 2017, 01:51:33 PM
 #141

If bitcoin will be regulated, it's no longer decentralized since this coin has been as a decentralized cryptocurrency but if the government starts to step in.  It will remain decentralized but as a currency, it will no longer portray what it used to be. And it's hard to determine if transactions on bitcoin are being used to commit such crimes, they are really hard of doing it so. Others like to see this happening but it will be unlikely before on where we are now.
Bringing in regulation from a government does not mean that it will be centralized,the network will always be decentralized and the only thing a government can do is to regulate the flow of money to and from bitcoin and this is a free world and there are many options to over come these hurdles,so it is not an issue.
Just curious which part of the regulation could magically change bitcoin from decentralized to centralized, even with p2p system which bitcoin carry.
there's no way for it, the regulation exist just to regulate and keep this thing not out of control atleast in the government coverage. the point is that, regulation sometimes can be good for the health of bitcoin ecosystem.

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November 14, 2017, 07:04:49 AM
 #142

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.
Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.        
It seems to me that it is the duty of law enforcement. Let them show the effectiveness of their work. To accuse bitcoin of illegal business is not true. I see this as an attempt to shift the blame to bitcoin. Everybody talks about it but nobody provides any evidence. This is another argument against having to agree to the legalization of bitcoin.
The law of the country in some areas of the world is not accepting the bitcoin and they are not ready to make the bitcoin as the legal money and they are not making the bitcoin as the regular currency but in some of the areas the bitcoin is increasing in the value and the price so I hope the bitcoin price and the value will increase with time we should wait till the bitcoin is making the space and the income so it will happen soon.

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November 14, 2017, 07:35:16 AM
 #143

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
that's why bitcoin is still illegal today. because no bitcoin can manage. bitcoin has been growing because everyone is very supportive of bitcoin, because it can benefit all people. such as investing and trading. and if the government has already begun to act, then bitcoin should start making new rules, or something like that.
Bitcoin will never be illegal when it will not be regulated, there might be some country who consider bitcoin as illegal but I did not mind it anymore as I can see that bigger countries are supporting bitcoin. Despite the fact that it can also be use for illegal activities, that is the not reason why it should be considered as an illegal currency, the government has to face this challenge and they must ensure they can still apply the law to prevent using bitcoin into illegal activities.

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November 14, 2017, 10:16:39 AM
 #144

I think the governments of different countries have already tried to do a research for making a law about Bitcoin. What government is controlling and it is hoped that the government will not disappoint Bitcoin users and allow Bitcoin to use it for their citizens.
I also think the same thing like you and i believe that the government are now getting into bitcoin research because they want to clear things up if accepting bitcoin will give them benefits for accepting it and letting their citizen to use it or not. Bitcoin regulation will help also to make sure that the things will not go really bad.
I think if bitcoin become regulate in countries so it will be more popular and its users will be start to invest more and other people will also start to join bitcoin which will make bitcoin more powerful and stable in market so regulating bitcoin is a very good idea and I think bitcoin is also want for this moment because bitcoin know how to achieve goal.

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November 14, 2017, 10:42:02 AM
 #145

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
yes i know that currency has been widely criticized because of lack id regulation but we know that bitcoin is that type of currency which people like and invest daily and if we see people all over the world invest in bitcoin only because bitcoin is full of benefits.
It has no id regulation because it is an anonymous currency with ni tracking code or any strings attached to that. Regulating bitcoin on some countries cant be helped because they only controls people in their states and not bitcoin itself though it may have some consequences that it may be possible to move downward of the bubble like value of bitcoin.

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November 14, 2017, 11:05:04 AM
 #146

We believe bitcoin's credibility since from the start and we dont encountered any trouble from it.
Planning for regulating bitcoin is just a way of changing its system, and I believe it would not be necessary to have it.

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November 14, 2017, 11:07:59 AM
 #147

I think that is the point of crypto - to not regulate it!
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November 14, 2017, 11:09:36 AM
 #148

I think regulation BTC is very difficult thing to make.
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November 14, 2017, 12:03:39 PM
 #149

Bitcoin is a decentralised system, so regulations can only be implemented on government levels and at local exchange level. Further across the globe no rules can be imposed between 2 users as peer to peer transactions take place. Government is worried because of the misuse and money laundering happening due to Bitcoin, so they may try to impose regulations when people are trying to convert Bitcoin in local currency. But all over regulations in Bitcoin are hard to happen.
Right. Peer to Peer transactions cannot even be monitored. I can still decide to directly make payment to someone in bitcoin based on the value at that time directly to his wallet. People do not understand that regulating bitcoin is not the same as controlling bitcoin or centralizing it.

It will only ball down to the activities that surround the exchanges and those who may want to convert to fiats, would be the one to stick with the regulations if they like since they need the service at that moment.














 

 

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November 14, 2017, 12:30:27 PM
 #150

Many traders choose bitcoin because of them being anonymous. If the time will happen that there would be a regulation on bitcoin, i think there would become charges because there would be a company that manages the system of bitcoin traders and their accounts. But i think this does not happen because of the consequences.

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November 14, 2017, 04:10:11 PM
 #151

That would be the last thing that I would want to happen with Bitcoin. Many countries have already given it a shot, the latest of which to join the list is Australia and this only imposes restrictions on the common Bitcoin users in a particular country. If all these nations rally up and determine to regulate cryptocurrency, its going to be a hard road ahead.
Central bank of Philippine has started to fave the away of regulating Bitcoin they are making polices that is accommodating in nature for BTC operators
in the country not to preempt the operation but for security reasons to prevent it to be used for terrorism financing and money laundering activities. I think this is a welcome development for a country like Philippines because this country is exporting workers around the globe and BTC is a big help for their remittances because its economical and fast.        
Stuffs like this is really a welcome development and will usher in new era for the cryptocurrency. The governments have so much to benefit from it than fighting it and without being tough on the users; those benefits would create much more development for the economy of the country than worsen it.

As long as the regulatory policies are accommodating like you said, we will keep seeing much more adoption and then it becomes a win-win for everyone.


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November 15, 2017, 05:43:19 AM
 #152

I think those who criticize only some people who do not know crypto. they are jealous of the development of bitcoin but they are afraid to take part in it because of the high risk. I think this part of the virtual world even we gamble has a very high risk of failure. and I think bitcoin will not get regulation.

bitcoin does have a high enough risk as well. because in achieving a success in bitcoin it is very risky. so any risk we still have to face.

Every business thing have risk. If you are just wanting something that give you profit but that must be attached with any risk then so sadly, you have to move for something else. When you intent to trade in bitcoin then finally you must digest the fact that there would be profit and loss and the most important risk coming along the way. So be wise and careful while deciding.

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November 15, 2017, 06:01:17 AM
 #153

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
that's why bitcoin is still illegal today. because no bitcoin can manage. bitcoin has been growing because everyone is very supportive of bitcoin, because it can benefit all people. such as investing and trading. and if the government has already begun to act, then bitcoin should start making new rules, or something like that.

bitcoin is now legal on most countries even if its not regulated or have been manage by someone (i.e governments and banks ) and legality is not been measured or based on the one who manage it rather it depends on how bad or good can it affect the person or the economy. overall bitcoin does not need to regulate anymore because it was invented and intended to be decentralized.

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November 15, 2017, 11:14:28 AM
 #154

In fact, most governments are lagging behind regarding "web" regulations, because the technology is evolving at a much faster pace than what is allowed by the process of law votng.

So, on the one side, we have bitcoin users, who do not necessarily wish to get regulation, and on the other side, traditional institutions that tend to be late on such matters.

Conclusion: general legislations and some basic regulations may happen soon. Yet, nothing truly about the core of bitcoin activities!

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November 15, 2017, 01:57:51 PM
 #155

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
It is true that all the critics are criticizing all crypto currencies for the regularization. As being a decentralized digital and virtual crypto currencies to get control of illegal acts is looking very hard although I am very hopeful that if a government show its intention to get control of these activities then it is looking a very easy job.

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November 15, 2017, 02:28:54 PM
 #156

Of course it's possible. But to be able to set up a regulatory framework for Bitcoin is not easy cause the security of Bitcoin is very high, the only way to find out the owner of any transaction is detecting the IP address but it'll not work if the user has a good VPN software. Because of the security of Bicoin there are few countries banned Bitcoin but people live in these countries still have some ways to use Bitcoin and all other cryptocurrency withough being caught. For these reasons there are only few countries all over the world legalize Bitcoin as a local currency.

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November 15, 2017, 03:31:53 PM
 #157

I think regulating Bitcoin is very important. I guess it is really possible because the government  allways want to have control almost certain things I and Bitcoin can include as well.that is why  news  about Bitcoin in our country ended up in beginning exchange and etc.but they still can't control Bitcoin,I think the are only solution for Bitcoin. So it's is very important
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November 15, 2017, 04:45:43 PM
 #158

Regulate, yes but control, no. Don't belittle the government's power. Stricter KYCs and right set of laws will be the key to achieve an effective regulation.

Yes, it maybe regulate but bitcoin can never be regulated because it is unregulated that's why government don't have a capacity to manipulate of bitcoin, and that's the good about it.

Feuerbach
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November 15, 2017, 06:50:29 PM
 #159

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
One of the key features of bitcoin is decentralization. Why are critics at all climbing into it, if they do not like it?

China8888
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November 15, 2017, 07:06:59 PM
 #160

not sure how it can be regulated... id rather not have any regulation of things like this. its my investment, my future

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