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Author Topic: Regulating Bitcoin  (Read 3823 times)
Menawi12
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April 10, 2018, 01:13:21 AM
 #341

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

I think its hard to regulate bitcoin, what government can do is regulate bitcoin trade. Only bitcoin trade can be regulate because bitcoin it self using decentralized system and its hard to regulate bitcoin

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April 10, 2018, 03:46:56 PM
 #342

Regulating bitcoin can not be over emphasize, because regulate bitcoin will bring confident to public or investor, regulate bitcoin will also reduce crime  that associate with bitcoin as a whole, which would prevent frauds star from penetrate to the system.


I am not sure, maybe regulating something but not regulating the whole bitcoin processes as it really defeats the purpose of being revolutionary that take away third-party banks and government from interferring on your finances. This is one of the reasons why people invests to bitcoin.
I myself still confused with the regulation that may be applied to bitcoin? of course the government wants control of bitcoin so it can monitor their community activities in bitcoin transactions. while they have not found the way? yeah of course it will help bitcoin certainly, there will be many parties who then believe more towards bitcoin. but of course there is a negative effect, from some users who want decentralization on bitcoin?

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April 15, 2018, 08:35:12 PM
 #343

In addition to the general rules in using Bitcoin, I think other rules are not necessary. Because Bitcoin needs freedom and decentralization, it makes people love Bitcoin more than any other currency. If more regulations are in place, the rules will make Bitcoin bound and pragmatic as well as controlled by the government. I really do not like this

The freedom is already there mate and no one or government will ever take that away. However, you cannot expect converting to fiats or using fiats to buy all the time, and then government would not have any say about that. It is not possible.

Except you want to be dealing with bitcoins without using fiats, no problem, but as long as you are going to be converting your fiats to bitcoin or the other way round, policies will be involved and that is where regulation kicks in which can only be through the exchanges.


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April 16, 2018, 06:35:38 PM
 #344

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

I think its hard to regulate bitcoin, what government can do is regulate bitcoin trade. Only bitcoin trade can be regulate because bitcoin it self using decentralized system and its hard to regulate bitcoin
Even regulating the trading of bitcoin is going to be very difficult, right now governments think they can do it because they can regulate exchanges, but right now there are many decentralized exchanges being produced and if one of them or a few of them are able to become successful then that body of regulation is going to become completely useless.
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April 16, 2018, 06:36:37 PM
 #345

They can not. Russia banned it at one time, Bitcoin went to an all-time high. China banned it also for a little while, and it went to an all-time high. I cannot wait for America to ban Bitcoin....if it goes to an all-time high after that, it will mean that no one cares what America says....ever. It would spell the death of any respect for the White House, or the federal reserve. Suicide really.
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April 16, 2018, 06:44:18 PM
 #346

Regulating bitcoin can not be over emphasize, because regulate bitcoin will bring confident to public or investor, regulate bitcoin will also reduce crime  that associate with bitcoin as a whole, which would prevent frauds star from penetrate to the system.


I am not sure, maybe regulating something but not regulating the whole bitcoin processes as it really defeats the purpose of being revolutionary that take away third-party banks and government from interferring on your finances. This is one of the reasons why people invests to bitcoin.
I myself still confused with the regulation that may be applied to bitcoin? of course the government wants control of bitcoin so it can monitor their community activities in bitcoin transactions. while they have not found the way? yeah of course it will help bitcoin certainly, there will be many parties who then believe more towards bitcoin. but of course there is a negative effect, from some users who want decentralization on bitcoin?

For me, regulating the whole of bitcoin is just really not a good idea, period. However, there will still be a number of people, especially the new would be investors who would love the idea of regulation to at least lessen their risks by knowing that the government have it controlled and therefore government recognizes the investment.

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April 16, 2018, 07:09:16 PM
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 #347

Well for me, if we really want Bitcoin to be leagalized to a lot of countries, then yes we have to agree that there should be should be some regulations inplace for it. I understand that Bitcoin is decentralized financial innovation but for it to be legalized we have to take the regulations as compromise, again regulations not control over Bitcoin.


I think there is a need for Bitcoin's system. Currently Bitcoin's price is low. Many people are spreading false information without knowing about Bitcoin. People will have to refrain from these. We have to protect our resources by taking care of these aspects of Bitcoin users. Believing in Bitcoin, positive thinking should be done. We have to be careful about Bitcoin.

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April 16, 2018, 07:25:43 PM
 #348

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?


Actually those governments just like to place a tax on cryptocurrency because there are a lot of people today who are earning a huge amount of profit and governments cannot take any taxes from them so they want to add more regulations.

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April 16, 2018, 07:31:19 PM
 #349

In one hand bitcoin is decentralized so it is not much expected for more regulations but risks and fear in investors part are also there, on the other hand regulations will mean more security for investors and more trust for incoming investors which is also good for the community.

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April 17, 2018, 03:34:40 AM
 #350

Yes, it is possible. They can make a law that gives investors some security. For example, if the price of bitcoin goes down, the person or institution that sold bitcoins would be required to return the money invested. I think this is the best regulation they could do.
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April 17, 2018, 04:51:13 AM
 #351

I think that regulating crypto currencies is almost impossible for governments around the world. They can only "adapt" to all the mechanisms of the crypto. Where we are now ......... it is impossible to go back or cancel ...... only adaptation

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April 17, 2018, 05:52:44 AM
 #352

It is hard for the government to regulate bitcoin though I think this is for the protection of the investors and to attract more investors. Another purpose of the government is to collect taxes from bitcoiners because government is aware that there is a big earning in here and they can collect higher percentage of revenue. Government maybe in the future can regulate bitcoin but can't control over it because there are big investors don't allow and want that the government will take control over bitcoin.

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April 17, 2018, 06:32:45 AM
 #353

The opportunity is now there mate and nobody or government will ever take that away. Nonetheless, you can't anticipate that changing over will fiats or utilizing fiats to purchase constantly, and afterward government would not have any say in regards to that. It isn't conceivable.

But you need to manage bitcoins without utilizing fiats, no issue, however as long as you will be changing over your fiats to bitcoin or the other path round, approaches will be included and that is the place control kicks in which must be through the trades.
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April 17, 2018, 07:14:31 AM
 #354

The European Union is calling on allies to accept trade in bitcoins and countries that have adopted bitcoin are having policies to manage bitcoins as well as control it and collect taxes on its citizens. owns much bitcoin.
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April 17, 2018, 08:11:56 AM
 #355

Yes, I think it is possible, because  Bitcoin has been surging and falling in recent weeks. And it seems mostly to come down to one thing: regulation. Many governments have suggested they could introduce such rules. But it’s still not clear what they’d look like, or how they’d arrive.
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April 17, 2018, 09:13:39 AM
 #356

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?

Definitely Yes! I think it is possible to come up with a regulatory framework around bitcoin.  In that case bitcoin can be used at the same rules and it can be easy to introduce to other people. If bitcoin itself was regulated against, users could simply trade it for another cryptocurrency, and then cash that one out instead. With hundreds of cryptocurrencies now in existence and more emerging all the time, it would be nigh on impossible to stop unless all currencies were barred.

As regulation in other industries has shown, sweeping legislation is incredibly complicated to implement and even more difficult to enforce.The effectiveness of any such regulation also assumes the need to cash out. Many people see cryptocurrencies like bitcoin as an evolution of existing currency.
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April 17, 2018, 10:12:09 AM
 #357

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
There is no way to adjust the price of Bitcoin in the market if it comes to adjustment take advantage of the time you have to focus on market research, I think that Bitcoin is the most abundant currency in the market. But it still lags behind many other currencies in the world.
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April 17, 2018, 10:51:27 AM
 #358

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
actually bitcoin rules already exist, but not on the currency but in the wallet, where some wallets to store bitcoin already using KYC, I think that is enough to set bitcoin, where KYC serves as security guard our money on the internet, as long as we do not forget the account and password then our money will remain safe in it.
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April 17, 2018, 11:00:04 AM
 #359

Cryptocurrency has been widely criticised for lack of regulation. Do you think it is possible to come up with a regulatory framework around Bitcoin?
Honestly to regulate bitcoin is to regulate our self on how we should follow the rules and especially to be positive always of what we are going to do to help bitcoin.

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April 17, 2018, 11:18:07 AM
 #360

well, regulating bitcoin means government, that's what come to my mind when word regulation come up, of course it is not generally correct but it is not wrong either, because when we say regulation, it will be followed by institution and sanctions, so probably the only adequate institution is the state, so how far and how willing are the government around the globe to finally acknowledge and accept bitcoin as a digital currency and as a technology and taking a real action to let bitcoin become integral in daily basis and keep stand aside as a "guardian" angel, that would be perfect. 
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