Regulating Bitcoin

[player12]

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

Yeah you are correct that bitcoin is criticized widely because of lack of regulation. Bitcoin is lack or regulation because bitcoin is uncontrolled of anyone. Maybe the only can do of regulatory framework is a government once they adopt bitcoin and legalized it as they crypto currency. I read in one article that one country create a regulatory board for money laundering in bitcoin to avoid criminality incident through using bitcoin in currency exchange. I think this is a form of regulation when it come to bitcoin once government adopt it and legalized it..

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[BingoDog]

Some governements and central banks have already regulated or tried to regulate the bitcoin and I think this is something that can't be avoided in the future. With mass adoption and efforts for bitcoion to be adopted also by businesses this is necessary. But to my opinion regulation will not influnece on bitcoin decentralized system so we don't to have fear that. Regulation executed in proper maner actually can help bitcoin and give to it certain legal basis and security.

[mOgliE]

Hi,

I think it would be really hard to regulate bitcoin through the traditional system (laws, acts, and so on), just because the process is way to long compared with this fast§changing environment (bitcoin).
However, it may be a good occasion for governments to try to come up with a faster system, more flexible.

[orka39]

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 possible for regulation. But regulation of bitcoin can control itself then i will not agree at all.
If the regulation only mean bitcoin is legal using for payment or every activity in bitcoin then its good and many people will support.

[justdimin]

There would be a trade-off between regulation and anonymity. We will probably lose the latter (which is the selling point of cryptocurrencies) since the very notion of regulation is tightening the freedom bitcoin offers. I personally can think of a way of regulating it without jeopardizing anonymity but would I would probably support it if they can come up with a good approach.

Can we even really say bitcoin is not anonymous when I can easily trace any transaction in a wallet except if a mixing service is used ?

Except for those who may want to do some evil act, anonymity should not really be a thing of issue. Moreover, before you make use of most exchanges these days without being limited to the amount you can withdraw at once, you will have to get verified.

So, these are some of the things we will keep seeing in most countries as times go on, most especially those who may like to convert to fiat. I can still stay anonymous if I decide to do a direct P2P transaction to whomever I am purchasing something from.

[Kiweikoo]

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.

It is the key responsibility of the government to keep its vigilant eye on all activities in their concern country so it is very much important to regulate bitcoin business in the best interest of public service thus the people will become more confident to start their business like investment and trading in bitcoin without any fear of illegal and criminal acts.

[karnwillbit]

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.

To become a common digital and virtual crypto currency of the whole world it is very much important that no one question may be raised against bitcoin so regulating bitcoin will be the need of the day, further more I am very positive about the regulation of bitcoin because it will help to control all the illegal ways of the hackers in the best interest of the property of the investors of a country.

[shoreno]

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.

no it cant. even if bitcoin is regulated, it wont still reduced the crime and it wont still bring confidence to the public because as you see fiats are regulated and controlled by governments yet there were still crime and other illegal that are being reported.though it will be a good help if bitcoin and other crypto coins can be regulated because police and nbi's can easily track down those criminals.

[RavRider]

Bitcoin is open source, so its impossible to regulate. And even if somebody try it, where he want to starts? It has a market cap of billions of dollar. And i thing when it will be regulated, it will lose the biggest part of his value.

[BCEmporium]

Bitcoin is open source, so its impossible to regulate. And even if somebody try it, where he want to starts? It has a market cap of billions of dollar. And i thing when it will be regulated, it will lose the biggest part of his value.

You can regulate open source projects to some extent. The reason Bitcoin can't be controlled is because of the decentralized ledger.

[vidprab5]

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.

This is why bitcoin do really have a bad image on most governments because its a decentralized stuff which cant really be controlled or manipulate by them and they cant impose taxes directly thats why they decide to tax on the service which do involve on bitcoin and other cryptocurrencies.

Well I think to regulate bitcoin its very good it can help to bitcoin and as well as its good for countries as well because I believe that once if bitcoin become regulate in countries so tax will be started and those people who don’t trust on bitcoin they will also join bitcoin and bitcoin can become more popular in market so I think it must be regulate.

[higherhat]

When it comes  to cryptocurrency and regulating it would almost be an impossible task, because the industry and market is really big. How will you be able to successfully regularize a currency that's flexible?

[Dudeperfect]

Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.

[lepricoin]

Regulation bitcoin is likely to lead to its decline, because due to its properties, it became popular and demanded. Many countries do not understand this and frighten people involved in bitcoin.

[oyinkansolaberry]

coming up with a regulatory frame work will make it not different from fiat money. it also means defeating the original purpose/intention of the originators of the coin. Bitcoin and the other Altcoin were built and designed to be decentralised, free of government intervention & regulation. I don't see any reason why they should deviate from the original plan.

[Umar001]

Yes, it's very necessary to regulates bitcoin, to bring public public confident, living it open, without regulations may give scammer opportunity to penetrate the system. So idea of regulates bitcoin is welcome development.

[Vaskiy]

Regulation, control and access are the most favoured concepts by the governments so I won't be surprised if I see any guidelines or mandatory instructions to collect and share the KYC details of the users by the government to the domestic exchanges. Governments will try to gain maximum data of the transactions in order to determine the tax liability of the users so regulation will be there in the coming years.

As in the statement, governments will try to gain more access to the each and every user who has been using bitcoin through the data gathered with the KYC norms. Taxation will come into effect, but the same will not let the regulations successful, because the anonymity will not make it go completely under the control of governments.

[Edraket31]

coming up with a regulatory frame work will make it not different from fiat money. it also means defeating the original purpose/intention of the originators of the coin. Bitcoin and the other Altcoin were built and designed to be decentralised, free of government intervention & regulation. I don't see any reason why they should deviate from the original plan.

You are right that is why bitcoin has invented as decentralized so we can freely enjoy our investments as well as having our own money without knowing by any person or a bank or government itself, the mission of bitcoin is to expand the earnings of people and also to have an innovation since we don't want hassle in life and we are valuing our time well.

[konco_kenthel]

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

indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future.

[TTITA]

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

indeed bitcoin still need to be in the evaluation of the drawback so that the government should immediately to Act as soon as possible in anticipation of appear various forms loss the Hunter and the main purpose is the benefit of the community with the government of the future.

Still need more evaluation and research.
Regulation bitcoins not need about accepting and adopting it in systems. But how this Bitcoins can give good impact to population in countries. Teaching skeptic people about new technology same as difficult about how to teaching people to using first computer.