Regulating Bitcoin

[bitllionaire]

Goverments can only regulate bitcoin to fiat exchange. Cause they can control fiat flow through banks.
But they cannot regulate bitcoin or any other blockchain based coins. Specially they will never regulate TOR based or Privacy based currencies.
This is just a dream of dictators.

It will always remain a dream of all of them who want crypto to be regulated. Everyone knows that Bitcoin and the rest of the altcoins are used on a large scale for money laundering; government will never support any such activity which creates opportunities for the criminals. Governments are always seeking ways to take grip on the criminal minds and control them. Japan is the only country that took the risk of regulating bitcoin. This step of Japan was not actually in favor of bitcoin only but they want another currency that could stand in front to the US dollar. This is all the stinking international politics. For them there is no day no night, no right no wrong but just a task to accomplish and they are trying to get their goals through the help of bitcoin. 

[1713965485]

1713965485

[1713965485]

1713965485

[Razick]

Bitcoin is not something you can regulate because it is a computer network with computers all over the globe. People in different countries agree on consensus rules on the Bitcoin network and this happens every 10 minutes and this is what makes the blockchain so desirable because people can put any kind of value on it and store it for the long term.

[alisafidel58]

If governments has power to control whole blockchain system i am sure they will wanna to own it Maybe this is the reason they are so angry against this transparent system and looking for ways to track transaction on blockchain.

Bitcoin was built so that no person,company or government can control it, controlling something that whole world is the server will be impossible to do.
The government just want to tax the people who have billions of dollars hiding their money in bitcoin.

[Wildwest]

I think it needs to be done to regulate Bitcoin because this currency is very freely used by many people for crime. But just for the use, but if regulating the Bitcoin price I refuse.

[Casabrandy]

I think it needs to be done to regulate Bitcoin because this currency is very freely used by many people for crime. But just for the use, but if regulating the Bitcoin price I refuse.

well regulations were needed just to filtered the launches of ico for it became too in demand that sone are launched just to scam people, regulation to minimize fees , but it might result also for additional taxes or worse banning when government didn't finds a way to benefit on it.

[serjent05]

If governments has power to control whole blockchain system i am sure they will wanna to own it Maybe this is the reason they are so angry against this transparent system and looking for ways to track transaction on blockchain.

I believe government are not angry over the transparent system, what the government worries about is the rampant scamming of this fraudulent company that take advantage of the ignorance of people towards cryptocurrency.  They can see how people losts a lot of money on investing to this scam company that make use of Bitcoin and other cryptocurrency as their front.  I believe government are amazed on how bitcoin had grow but they do not want to risk their citizen being exploited by these scam company so they need to regulate it and set rules that will identify scam companies.

[0t3p0t]

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 so because Bitcoin itself cannot be regulated. Only exchanges can be regulated not Bitcoin. Bitcoin cannot be stopped by a government nor powerful entities because as what Bill Gates said, Bitcoin is unstoppable. Regulation of exchanges by government institution like central bank has positive advantages for us because our funds are safe and if ever something would happen to a specific exchange where we have coins then we can avail refund or file legal complaints against it. I hope that not only exchanges will also be regulated soon but also ICO's so that we are not going to risk our time and money for nothing and at the same time to prevent fraudsters and scammers from creating nonsense projects. But to be fair with Bitcoin critics, time and technology can tell maybe in the future upgrades or hard forks and maybe the essence of being a decentralized will be vanished. If only if they can.

[perfect999]

Well imho it is possible to make people registrate their BTC adresses (or create a national wallet that will send all data to the governmental database) so the government could have controll over the user's spendings. But this case is even worse than using bank cards because everyone will be able to see every single spending of a current person. Seems like a small part of the totalletaristic dream.

For the best of the crypto it is very important and the value of the bitcoin is now increasing and I hope this is the best time how fast the bitcoin price and the value increasing I hope it is the time to hoped the bitcoin and to increase the value and the price of the bitcoin to the high interest and this will be the best for the people who are afraid of the lose and they are not ready to take the risk.

[n0ne]

I think it needs to be done to regulate Bitcoin because this currency is very freely used by many people for crime. But just for the use, but if regulating the Bitcoin price I refuse.

well regulations were needed just to filtered the launches of ico for it became too in demand that sone are launched just to scam people, regulation to minimize fees , but it might result also for additional taxes or worse banning when government didn't finds a way to benefit on it.

In terms of taxation the regulations might affect the cryptocurrency user community. But in terms of usage accessibility, the regulations will give users the freedom to use bitcoin and avoid the fear of governments interruptions. Another major flaw that happens is the control, somehow an central power tries to keep track of the user which is not good for the functioning of a decentralized asset.

[ivanst776]

Bitcoin has a lot of users who had been benefitted thru the years of its existence. I am sure that just like me, all of us aims to have bitcoin become better and become official and one thing to make it is to have a regulating body for it. They will be the one to make official general terms and conditions on bitcoin aside from the rules given campaign managers. These regulators may possibly come from us who have concern towards this community.

Regulation of bitcoin amongst different members of society is really a great idea. This is the only way of making people more aware about this concept of crypto currency. In addition to this, regulating bitcoin will also help number of people to get a healthy amount of earning and that too in short interval of time. You only need to believe in this thing that bitcoin is the best thing to use and invest your money.

[raven7886]

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

Regulating will give more strength and power to bitcoin that’s what I believe because the users will be increase in a short time and same investors and daily traders will also increase and the good thing will be bitcoin will start to use anywhere with fast transitions and I think that will be good if countries make bitcoin regulate in their countries.

For some reasons it can give a good impact to the bitcoin just like the more unfamiliar person will try to trust the crypto caused by the regulating in the crypto will give the more guarantee to invest or use the crypto as a payment method by in another way the crypto will be risky to be controlled by the regulators just like what alreayd happened with the exchange site.

It really would have a positive impact and even create more awareness for bitcoin. Many people who have been skeptical a little about it in the past will then see a much more reason to believe in the fact that it has come to stay and even let the real life usage to become much more common as development keeps going on.

The exchanges would start becoming just like another bank, but that does not mean that direct P2P transactions would be controlled.

[yohan09]

The existence of bitcoins brings everybody in confusions because lack of regulations, Even though there are lot of critics who' were executing pro's and con's in the field of cryptocurrency. Did they stop the development of virtual currency? Hahahaha. I think they won't. Because everybody are benefited, What it's for? People see value for money, free from government control and the fee's bank charge. Its time to get free.  This is the essence of freedom:)

[BartS]

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

They can try but at the end it is not going to be possible since they cannot enforce their rules they will need the cooperation from the users of bitcoin and that means that governments lose one of the greatest powers they have the power of coercion the power to make you do something you do not want, and if people decide to keep their bitcoin and not tell anyone there is nothing they can do against that person.

Such people don't exist. Each user periodically faced with the exchangers. As soon as you make a deal, you become visible to the government. All your future actions will be to monitor the government. Now they do not have the necessary legislation, but that could change at any time.

You are no thinking long term, what it is going to happen when you can live out of your bitcoin, when you do not need to exchange it to fiat, a government is not going to know that you have huge amounts of bitcoin or anything, you will be able to declare that you have any mount of bitcoin and they are only going to know about that bitcoin you declare to them, it will take a long time to get there but I’m sure it is going to happen.

[aardvark15]

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

Regulation is possible but the more regulations there are, the less decentralized Bitcoin becomes. One of the fundamental benefits of Bitcoin is that it is independent of banks and government control.

I understand that governments want to be able to collect taxes on profits, but if regulations go further than that, it will weaken Bitcoin. The same is true for all cryptocurrencies that are decentralized.

[BCEmporium]

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

Regulation is possible but the more regulations there are, the less decentralized Bitcoin becomes. One of the fundamental benefits of Bitcoin is that it is independent of banks and government control.

I understand that governments want to be able to collect taxes on profits, but if regulations go further than that, it will weaken Bitcoin. The same is true for all cryptocurrencies that are decentralized.

Regulation isn't really possible without players like Bitmain trying to gain control over the actual Bitcoin network and blockchain. If that happens people will hopefully be smart enough to not support those moves (like Bitcoin Cash) and to stay decentralized.

[bitctrimor1]

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.

I think many countries, right now, are trying to put their own regulations on the use of bitcoin. Others are even planning on putting taxes on them because they appraised that bitcoin would be a big hit in the market in the coming years, therefore, it can add a big revenue to the country through taxes. However, nowadays, since its recognition is only on the rise, many countries are not totally aggressive on making laws to regulate it.

[MiningBattalion]

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.

I think many countries, right now, are trying to put their own regulations on the use of bitcoin. Others are even planning on putting taxes on them because they appraised that bitcoin would be a big hit in the market in the coming years, therefore, it can add a big revenue to the country through taxes. However, nowadays, since its recognition is only on the rise, many countries are not totally aggressive on making laws to regulate it.

Regulating Bitcoin are the all are using own regulations only in the bitcoin because type of currency people like to invest daily manner and people also all invest in the bitcoin only so this are the regulation.

[ldah94]

I think many countries, right now, are trying to put their own regulations on the use of bitcoin. Others are even planning on putting taxes on them because they appraised that bitcoin would be a big hit in the market in the coming years, therefore, it can add a big revenue to the country through taxes. However, nowadays, since its recognition is only on the rise, many countries are not totally aggressive on making laws to regulate it.

Of course, it depends on each country and how they will take advantage of bitcoin, taking into account that those countries, where their leaders are corrupt, will take much more advantage and establish more unfair regulations for the citizen who uses bitcoin. for the moment what remains is to wait for the reactions of the countries

[tee-rex]

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

In my view, direct regulation of Bitcoin and other virtual currencies is next to impossible simply because such regulation would most likely lead to a destruction of the regulated currency. Nevertheless, this doesn't mean that they can't be regulated via other nondirect, circumferential ways. For example, controlling fiat gateways is one such way because most people would want to cash out at least some part of their Bitcoin holdings at the end of the day. And this is where the government could and would interfere.

[herecomesjohnny]

Bitcoin is decentralized and as such, it is hard to regulate. All government in this world want ultimate control over everything that is in their power of dominance and BTC is that only thing that cant be controlled. It can bypass taxes and its unpredictability is government nightmare. Maybe someday it will be implemented in regular standards of specific states but for now, we must enjoy the way it is - decentralized currency providing solutions to our problems.