Regulating Bitcoin

[batang_bitcoin]

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.

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.

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[Clavulanic]

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.

I guess that regulation is not the way of people to be aware about crypto currency. There can be more ways to do it mate like spreading and sharing it through social medias and providing programs such bitcoin related training. Imposing any regulations for bitcoin might lessens our freedom to this currency and might caused bitcoin to be taxed by the government which I think not appropriate because this is a decentralized currency. If people wanted to invest their money to bitcoin, then its their passion and no one forces them.

[richardsNY]

If bitcoin will be regulated, it's no longer decentralized

Regulations affect businesses and to a certain indirectly people as well, but that doesn't mean Bitcoin loses its decentralization aspect. If we look at what an important effect of these regulations is, then it's obviously the exchanges that are forcing people to verify themselves with personal information and a scan of their ID, utility bills, etc. It's not for nothing that exchanges like Poloniex and recently Bittrex are going through a massive load of complaints about frozen accounts and such. Essentially, nothing really changes since every service you use makes you dependent on a central authority anyway. If you want to remain operating fully in a decentralized manner, then don't make use of any third party service.

[uray]

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.

[Osarman]

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

Criticized mean nothing, action is something.
No matter who criticized cryptocurrency, government should regulate cryptocurrency, or at least regulate exchange and crypto-based business.
After Japan legalized bitcoin as legal payment, and its price continue to rise, more countries planned to regulate cryptocurrency.
They can't avoid this market, which has been growing and reach over $198 Billions dollars, it's too big to not notice it. Soon or later, every country will issue new regulations regarding cryptocurrency.

Obviously it has been made possible already that is known as virtual currency regulation. The best and most powerful states of the world have a complete set of policies regarding the use of cryptocurrency and thus providing a higher level of security to the users.

United states of America have a separate setup for the sake of regulatory authority  known as WASHINGTON STATES DFI that considers the use of virtual assets as money transmission under the set of the own policies.

[Shendy23]

Most people like bitcoin because it is not regulated. I think if its gonna be regulated some people will luck interest and the price will surely going down. Government will then add taxes.... and so on. If this is gonna be regulated people/government  can track transaction from each bitcoin owner and its gonna be safer but it lesser price conversation in fiat.

[Stavrido]

The law can be made to work with bitcoin. Most likely there will be problems with its free regulation, but it will be possible after 5-10 years.

[tee-rex]

Most people like bitcoin because it is not regulated. I think if its gonna be regulated some people will luck interest and the price will surely going down. Government will then add taxes.... and so on. If this is gonna be regulated people/government  can track transaction from each bitcoin owner and its gonna be safer but it lesser price conversation in fiat.

Honestly, I don't think there are many such people. The majority of people like profits much more than they don't like regulations. So, unless there are regulations in place which are actually to prohibit bitcoin use, people will continue using it. Even so, many would still choose to ignore such regulations completely, no matter how hard or punitive they might be.

[budz0425]

Most people like bitcoin because it is not regulated. I think if its gonna be regulated some people will luck interest and the price will surely going down. Government will then add taxes.... and so on. If this is gonna be regulated people/government  can track transaction from each bitcoin owner and its gonna be safer but it lesser price conversation in fiat.

I don't think so that they won't like bitcoin at all if it is regulated, in fact in our country many people would like to join trading or any investments as long as it is law regulated, as of the moment it is not yet endorsed by the government so the people thinks bitcoin is a scam but still a lot is taking risk for it because they have seen the potential in bitcoin.

[Flomo]

I do not think bitcoins need to issue specific rules in their use, but regulations need to be used on Ico projects that will form new coins, to reduce fake Ico projects.

[Finestream]

I do not think bitcoins need to issue specific rules in their use, but regulations need to be used on Ico projects that will form new coins, to reduce fake Ico projects.

That's one of the main concern of the government why they are regulating bitcoin and the entire cryptocurrency, this is to avoid scam because investors might think they can make money easily investing in ICO but they do not have security on the developers when they are not registered to the government. In addition, the growing problem of money laundering now  will not be solve if they will use cryptocurrency because the agency might be having a hard time to trace all suspicious transactions.

[Hamstead]

I do not think bitcoins need to issue specific rules in their use, but regulations need to be used on Ico projects that will form new coins, to reduce fake Ico projects.

Even though we are implementing rules regarding ICO project but I don't if it will be effective. Because it is really hard to find out which one is legit and fake. And mostly all ICO project have their own platform and very attractive reward for investors that can make their head turn back. I think it is better not to regulate bitcoin anymore as it gives nothing in the community.

[sumangs]

They have no right to regulate bitcoin since they do not own it. They should regulate it once it is converted to fiat money not the bitcoin itself. It is not the fault of the user if he uses the bitcoin for online transaction but if it means to be offline then the user needs to convert it and that is the only time it will be regulated by putting some tax on it.

[windsee]

I think Bitcoin just can't be regulated by design. The only way that can be regulated is the exchange between Bitcoin and fiat currency / physical products.

[Blue Bell]

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 think it’s a very good idea and I’m sure that it will help to bitcoin and it will also help to the users so I think bitcoin must be regulate as soon as possible and I think once if bitcoin become regulate so more countries will accept bitcoin and investors and daily trader will be increased so when demand of bitcoin high for sure its price will be also high.

[Tantlizbat]

I think especially bitcoin users, I think not too long to see the rules and each government, and we still do not know what kind of government regulations that apply to bitcoin, we  live it so that everyone bitcoin users now more trusting because it has rules as previously.

As bitcoin system will be implement governments will also apply some rules and regulation to it otherwise mafia will use this coin for its sake and as I am thinking that government will ask to reduce its anonymity and that’s the major thing and then taxation will be applied on this coin and that will bring a lot development in the accepting regions bitcoin is the true beneficial thing that can totally change regions,

[waynechong1995]

It's possible to still regulate their people getting involved in bitcoins through standard KYC(know your customer) procedures among public services in cryptocurrency, it seems to pretty common among buying and selling platforms like LUNO or Localbitcoins are implemented them strictly when exchange volume exceed a certain range, while the local government could obtain these documents for other purpose such as taxing of any monetary frauds. Still it's still not good enough, or i would say unable to regulate bitcoin except putting a hard ban on penalty from using it, otherwise there is no way to trace small transaction when an address is not exposed to anyone, not mentioned that coin which further encourages anonymity.

[Allan Ramanda]

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.

[CuriousGeorge]

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.

[henmark]

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.