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Author Topic: Regulating Bitcoin  (Read 3815 times)
Sitipxz
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April 17, 2018, 12:22:06 PM
 #361

The lack of regulation of government with bitcoin is making its security easy to breach. Well although a lot of senior users here are very much knowledgeable in securing their bitcoins, a majority of new users - like me doesn't have an assurance that my bitcoin is safe. I'm just storing it on an online wallet because my bitcoin savings is not that big. However, I'm not sure that if ever my account got hacked, I can still process to make a run for it or like file a complaint. If the government is controlling/regulating bitcoin, there will be protocols that will be followed in every transaction, and they can trace any illegal doings. However, they can get a significant amount of money from bitcoin, well I just hope that if that time will happen, they will use the money for the people of the government.
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Seeker#9
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April 17, 2018, 12:47:04 PM
 #362

Regulating bitcoin is possible and many governments around the world have been plannng jmpose regulations to prevent the cryptocurrency from falling into the hands of elements that deals with the money laundering, drug trafficking and other illegal activities. This regulation might include cryptocurrency exchanges and they all subject to monitoring by the appropriate government agencies.

Jazvebtc18
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April 17, 2018, 01:24:43 PM
 #363

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

Absolutely I agree with you! Bitcoin should have a regulation in order to have a good system. Cryptocurrencies and blockchains are here to stay, so now more than ever it’s important governments get ahead and regulate it correctly.

From the banks point of view, this is understandable. Without tight regulation, they fear the funds could be used by criminals on the dark web or for money laundering. If they are part of that process, they could get fined or shut down. It simply isn’t worth it.That’s why the solution is to regulate the exchanges. If that happens, then the big banks will open their doors, making life easier for exchanges and investors alike. The banks will win from this too, because they can stop customers drifting away to more daring competitors.
Ngewex Yuk
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April 18, 2018, 03:44:09 AM
 #364

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
nothing is impossible, if bitcoin users continue to increase then there is no reason for the government not to make regulations, let alone other countries have made regulation and legalize cryptocurrency then this will give a domino affect.

fluctuations
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April 18, 2018, 05:30:02 AM
 #365

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
nothing is impossible, if bitcoin users continue to increase then there is no reason for the government not to make regulations, let alone other countries have made regulation and legalize cryptocurrency then this will give a domino affect.
it's correct . Nothing is uncontrollable. If there is a poison, there must be an antidote. In this world there is always balance of yin and yang to survive. Actually, this market I see is not big enough to be able to control and set the rules with it.
Activitycoin
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April 18, 2018, 08:54:42 AM
 #366

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.
Yes we cannot make it regular but at least we can play our role for the regulation of bitcoin.  if we will use bitcoin as much as we can use then I think bitcoin will get more famous and as we know that bitcoin is helping our community to get jobs and bitcoin is allowing us to pay our bills and our renting for house so we should encourage our government to make this unique profit worthy and beneficial currency as legal currency, bitcoin is very strong and people are feeling free to use bitcoin so I think bitcoin will be legal currency very soon.

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Lexurdania
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April 18, 2018, 09:33:58 AM
 #367

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

Its hard to regulate bitcoin because bitcoin data not in certain country. Regulation maybe on exchanger because government want collecting taxes from crypto trade, but to regulate something like bitcoin is almost impossible because bitcoin doesn't have management and transaction data spread around the world

Zenixin
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April 18, 2018, 11:49:57 AM
 #368

I think it will not happen, may some government will ban the bitcoin in their country but they can't regulate it because there's no operator controlled the running of bitcoin.
it is just due to being decentralized od bitcoin that no one can manipulate it, regulation will be based to a government if they will allow it to be used in the different establishment.

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April 23, 2018, 10:26:49 AM
 #369

Yes indeed with this bitcoin certainly requires a very important regulation for a country so one does not become hesitant when going to invest in bitcoin and able to generate profit in the future.

government regulations mean control over bitcoin - I may be ok with some parts of the trading and investing but not full control like deciding some caps as to daily cashout of bitcoins, putting taxes in all of bitcoin transactions, asking for full identity disclosures to the governing regulative body, and the like - because all of these defeats the real purpose of bitcoin being independent, bold, and revolutionary way of handling our own money.

winterland
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April 25, 2018, 03:38:14 AM
 #370

Yes indeed with this bitcoin certainly requires a very important regulation for a country so one does not become hesitant when going to invest in bitcoin and able to generate profit in the future.

government regulations mean control over bitcoin - I may be ok with some parts of the trading and investing but not full control like deciding some caps as to daily cashout of bitcoins, putting taxes in all of bitcoin transactions, asking for full identity disclosures to the governing regulative body, and the like - because all of these defeats the real purpose of bitcoin being independent, bold, and revolutionary way of handling our own money.
As you say it depends on the regulation, it's obvious that some regulation is needed for example to avoid that people are able to create fake exchanges that eventually scam people, so we need some oversight over the market but at the same time we do not want every single thing to be regulated or that has the potential to kill the market of cryptocurrencies
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April 25, 2018, 03:42:56 AM
 #371

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 agree with you, bitcoin really very lack of regulation. Hackers and fraudsters can take advantage of this lack of bitcoin to cheat people.
The law does not have a responsibility in the Crypto market, so this is a very bad omen of Crypto. I hope in the future the government will impose taxes on Crypto and protect the traders like us.

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themughni
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April 25, 2018, 04:04:06 AM
 #372

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 agree to regulate bitcoin but if all control I am not agree. the government only can take taxes with their regulations, especially the transaction in their country.
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April 25, 2018, 04:18:38 AM
 #373

I think there is still a need for regulation of it not just in bitcoin but in cryptocurrency as a whole because there are too many people who are taking advantage of the situation being unregulated so they can scam other people. In dealing with fiat when it comes to businesses, we are looking for licenses first before we give our money to others to grow and it shouldn't be different with crypto. The more that we should look out for our money because most of the time we don't know who we are dealing with so it is just right that we know we are dealing with a legit company by seeing their license through blockchain as well. I don't know how the other government will do it but Japan did it already.

omar bakrie
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April 25, 2018, 04:53:53 AM
 #374

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's true that you say and there should have been a set of Bitcoin to make Bitcoin better and countries around the World can legalize Bitcoin. But this is very difficult because there are so many countries that prohibit Bitcoin in his country. So the good name Bitcoin becomes more tarnished.
Ridwan Fauzi
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April 25, 2018, 05:12:24 AM
 #375

I think there is still a need for regulation of it not just in bitcoin but in cryptocurrency as a whole because there are too many people who are taking advantage of the situation being unregulated so they can scam other people. In dealing with fiat when it comes to businesses, we are looking for licenses first before we give our money to others to grow and it shouldn't be different with crypto. The more that we should look out for our money because most of the time we don't know who we are dealing with so it is just right that we know we are dealing with a legit company by seeing their license through blockchain as well. I don't know how the other government will do it but Japan did it already.
I think japan really doesn't did what you mean. The nature of cryptocurrency is not centralized, but cryptocurrency is decentralization of all rights set by the user. If this is really happened or there are regulatory arrangements, cryptocurrency is not decentralized anymore but centralized because there is a regulatory party. We are comfortable with this condition, there is no intermediary that regulates all our investment. But if the government only announces some recognized and registered site exchange or trading place from the government system I strongly agree, because this can reduce fraud against people who want to invest in the world of crypto.

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April 25, 2018, 05:16:29 AM
 #376

Yes, I realize that Bitcoin has a lot of criticism, of course, criticism is not good about the regulation.
Regulations on Bitcoin may be made in every country and become the rule on which Bitcoin is used in every country.
Meanwhile, the more stringent KYC and appropriate legal tools will be the reason for achieving effective regulation of Bitcoin.

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maydna
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April 25, 2018, 06:49:27 AM
 #377

I think soon, many countries want to make a regulation to control bitcoin but I don't think that they can control bitcoin as we know, bitcoin is far from their regulation. maybe they can control the bank account which has a big withdrawal amount and they can investigate if that income is from bitcoin or not and if it's from bitcoin, then maybe they can apply the tax for bitcoin user and I think it's part from their regulations too. if they apply the tax, then the amount of the tax will be different in the country.

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April 25, 2018, 06:51:09 AM
 #378

It is necessary to regulate bitcoin transactions, improve transparency, strengthen investor education and risk alerts. It is necessary for regulators to take this as a hand to build a complete regulatory mechanism for various digital currencies and promote the healthy development of bitcoin.
Sakash
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April 25, 2018, 07:43:23 AM
 #379

Yes, it is necessary to form a control structure for bitcoin. Nothing can be achieved successfully without control. If bitcoin control is positive then it will be good for everyone. Bitcoin will also bring success to individuals, society, country and the world.
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April 25, 2018, 07:47:16 AM
 #380

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 don`t think it should be regulated very strictly because blockchain has so many advantages to give to existing businesses, new and more regulations will delay or even stop the evolution of cryptocurrency and blockchain adaption.
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