Regulating Bitcoin

[djgtr]

I think the government will benefit a lot if the regulation on bitcoin transactions is enforced, but for now I think the government has not been able to create it even in some bitcoin countries began to be blocked as it threatens the country's economic stability.

No, it's not like that. It's going to be a hell to us bitcoin users if the government is going to regulate bitcoin. they could tax this as much as they want or they could force people to pay in every transaction they made or probably doubling their tax paying your capital gains in bitcoin and at the same time you are paying your regular tax.

I think it has no big effect in the economy, unless we are going to use all those bitcoin and pour it to the economy.

Yes that was really so true i believe  that if government will regulate bitcoin all of us will really required to give tax to the profit that we get on it this is really hell and this is really not in favored to us users or maybe investors and it really inconvenience maybe eveyone of us here is began to dissapoint if this regulating bitcoin should happen on next year.

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[mifanmuzny]

I don't think its a possibility. Bitcoin is famous coz it doesnt have any regualtion.

[iqlimasyadiqa]

based on their research, regulators realize that what is needed is not the strict regulation that governs Bitcoin, but rather the dissemination of Bitcoin-related education in a larger degree.

Bitcoin cannot be regulated as a whole as it is not in anybody control. What a government and other financial institutions can control is the things like they can put tax on cashing out bitcoins in local exchanges. Regulate the exchanges who want to deal with bitcoin to Fiat conversions etc.
Other than this it is not possible to control the existence and transactions of bitcoins.

Bitcoin can be said to be a free-of-charge currency, although someday there is a rule limiting the use of Bitcoin, I think that is not significant because Bitcoin can be used as long as we have internet access. This is what makes one of Bitcoin's advantages over other financial media. But there is a negative side that can actually be abused, now started a lot of illegal acts committed by irresponsible people. They usually commit crimes and commit an offense. but once again for me that Bitcoin is a revolutionary which if used properly can increase the economic level of many people around the world. Appropriate regulation can help improve the development of Bitcoin, I hope the government can take appropriate steps in regulating the use of Bitcoin. This will be able to determine how the developmental direction and also the future of Bitcoin will be.

[Searing]

In the USA, my CPA claims that the Bitcoin Cash Fork drop WILL BE TAXED...the IRS it seems does not like $$$ falling out of thin air!

The current tax bill going to pass has already gotten rid of 'like-kind' like www.shapeshift.io, so those type of exchanges may

be toast, to stop capital gains in 2018.

Anyway, as an example, if you had 1,000 BTC and did nothing .... and BCH cash fell out of the sky and landed on your blockchain....you

may be required to to count it as income....this year that would be like 36.9% I think on that amount, add (if you were me in Minnesota

or some other state) add 10% on top of that ..It would be more or less 50%

Thus you would need to pay CASH for the BCH when it hit the world this summer (at around $280.00 usd I think it was)

Thus this guy, with 1,000 coins would owe IRS 50% as income at that $$$ rate...or $140,000.00 (all profit from thin air)...a guy with

100 btc would owe $14,000.00 usd  perhaps a bit less at say smaller tax rate....say a bit less

regardless, would really, really suck if BTC went to 10k and this happened and you had to cut into your hoard

I guess it should be expected when the IRS goes after ALL THE INFO coinbase has for 15 million folk, including your password

anyway, keep it in the back of your mind...I know the IRS hates money from air, thus why mining is taxed as income in USA..there

is a possibility this could be true for BCH and the  other 22 BTC forks I know of ..sheesh

I give the odds as 1 out of 5 of them trying this cluster....but damn, would it suck!

[mattmct]

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.

Besides the lack of regulations which is commonly criticized by the people I am looking no such impact on the popularity and profitability of bitcoins. People are increasing their investment in bitcoin day by day which is a clear indication of its high profitability and high rates of returns.

The regulation of bitcoin depend upon the trust and popularity of it. I think in the future it is possible for some countries that the regulate the bitcoin but it will create an impact on the banks of that country. Because bitcoin is more beneficial for people than banks so people will prefer the bitcoin and banks will impacted. While banks are very useful to a country.

[tee-rex]

I think the government will benefit a lot if the regulation on bitcoin transactions is enforced, but for now I think the government has not been able to create it even in some bitcoin countries began to be blocked as it threatens the country's economic stability.

No, it's not like that. It's going to be a hell to us bitcoin users if the government is going to regulate bitcoin. they could tax this as much as they want or they could force people to pay in every transaction they made or probably doubling their tax paying your capital gains in bitcoin and at the same time you are paying your regular tax

I support this stance. Governments don't necessarily need to outright ban bitcoin. They could just regulate or tax it to death making it prohibitively expensive and risky to use for almost anyone. If the whole world of governments declares a crusade against bitcoin, we will have hard times. Cryptocurrencies won't go away, but if they are universally outlawed around the world, this will be a dead end for us. Prices will crash.

[Searing]

The only thing recently that I found of note on Crypto Regulation (ie and BTC) is below:


https://www.law.cornell.edu/cfr/text/26/1.451-2


It gives me some small hope, that by NOT touching/moving to wallet/ or anything on my BCH that fell from the sky

at $280 USD, I think it was when it hit the world....with the above IRS link above, I may not, be required by the

IRS to pay for this as income ... (falling from the sky, snap dab into my blockchain address)

My CPA says, if you moved it to a wallet and did not spend it..you MIGHT be still OK. But iffy.

Anyway, just thought I'd pass it along. I was kinda wondering a lot about this, (and of course the 22 forks BTC since,

from my last count, hell for all I know there are BCH forks!)

Anyway, my outta sight, outta mind, the play seems to have worked. (Good thing, because I would have spent it if it was easy)

Then again, someplace on bitcointalk, I promptly announced BCH would drop to 12 cents. Yeah, I'm a regular 'price savant'

in the 'wrong direction'

anyway, just thought I'd pass this along on this thread..if you too are watching BCH and thinking massive BCH price failure and being

dead wrong.....unsettling


Brad

[katrimans]

based on their research, regulators realize that what is needed is not the strict regulation that governs Bitcoin, but rather the dissemination of Bitcoin-related education in a larger degree.

I think of both the things to be equally important. Educating the people about bitcoin and making them aware about bitcoin is the most basic thing which we do need to do but other than this regulating of bitcoin also carries an equal importance.

This is the only possible way using which we’ll be able to make the best possible use of bitcoin and we will be able to use bitcoin in our benefit.

[OrangeSeller]

I think the government will benefit a lot if the regulation on bitcoin transactions is enforced, but for now I think the government has not been able to create it even in some bitcoin countries began to be blocked as it threatens the country's economic stability.

the point is that the countries and the governments want the people to rely on them as far as the financial benefit matters so all the countries which are banning the crypto currencies are feeling insecure and that is why the are behaving like this.

While this is not the long term planning, in the long term, they will have to legalize this crypto currency and also they will do the transactions with different other countries in the crypto currency.

[coinplus]

I think the government will benefit a lot if the regulation on bitcoin transactions is enforced, but for now I think the government has not been able to create it even in some bitcoin countries began to be blocked as it threatens the country's economic stability.

No, it's not like that. It's going to be a hell to us bitcoin users if the government is going to regulate bitcoin. they could tax this as much as they want or they could force people to pay in every transaction they made or probably doubling their tax paying your capital gains in bitcoin and at the same time you are paying your regular tax.

I think it has no big effect in the economy, unless we are going to use all those bitcoin and pour it to the economy.

I really do not see why you are so scared of paying tax. This is something that cannot be averted and the governments already know that if this continues, then the possibility of taxing P2P transactions will be hard, but it is still something they cannot do even if they end up with the regulation thing. Highest that will happen is that as long as you are still making use of fiat, then there is just nothing you can do than to pay tax as that is considered as capital gains.

[gunungkembar]

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

bitcoin being the country's currency and having regulation? it seems this is not really in need because bitcoin is a digital currency that is not entitled to be controlled by anyone so there is no need for regulation seems.

[GregH37]

based on their research, regulators realize that what is needed is not the strict regulation that governs Bitcoin, but rather the dissemination of Bitcoin-related education in a larger degree.

Bitcoin cannot be regulated as a whole as it is not in anybody control. What a government and other financial institutions can control is the things like they can put tax on cashing out bitcoins in local exchanges. Regulate the exchanges who want to deal with bitcoin to Fiat conversions etc.
Other than this it is not possible to control the existence and transactions of bitcoins.

If bitcoin is regulated, then it is very good both for bitcoin and the state. A time will come when this will happen because now it is a need of the states.

Bitcoin is the best and it deserve to be regulated and if governments are afraid of their economy so yes tax can also be imposed on the cashing out of bitcoin and beside the stabilizing of people, then it can also greatly stabilize the governments of many states, which is a very positive step.

[vegethegreat]

The reason why bitcoin embrace by people because anyone regarless of their status in society will able to earn in bitcoin in just easy way. If government will regulate bitcoin, we will expect then that they will impose tax.It will be very difficult to ordinary people to invest in bitcoin by that time.

[upsidedown75]

based on their research, regulators realize that what is needed is not the strict regulation that governs Bitcoin, but rather the dissemination of Bitcoin-related education in a larger degree.

Bitcoin cannot be regulated as a whole as it is not in anybody control. What a government and other financial institutions can control is the things like they can put tax on cashing out bitcoins in local exchanges. Regulate the exchanges who want to deal with bitcoin to Fiat conversions etc.
Other than this it is not possible to control the existence and transactions of bitcoins.

Yeah, bitcoin itself is already a tough match for the government and the exchanges are the only thing that the government of any country can really lay any hold on right now as that is the only easy way that the whole idea of using bitcoin may be used by fraudulent dudes to siphon money maybe from the country into their wallets. Nevertheless, that still will not stop bitcoin from being widely used in the long run anyway.

The fact is that bitcoin in itself cannot even be regulated, the only thing that can be regulated is the activities surrounding bitcoin and that can only be done via exchanges, for now, it is even something some government are already planning to start doing, knowing that there is just no way bitcoin can be stopped or controlled and the earlier the better for them.

[Ethinkin9]

Regulation Bitcoin is very necessary like People should know how to invest the Crypto Market, i mean it is more important to regulate the Altcoin market because lots of newbies coming they should invest safely, bad projects are stealing money and will hurt the entire blockchain.

[william8829]

The fact is that bitcoin in itself cannot even be regulated,

It is a definite possibility that the Bitcoin network could be regulated.  Today there are currently 11934 running in the entire world.  If a government agency and or company wanted to they could easily run their own nodes and control the ledger. 

A common gaming phrase  is play vs pay to win.  If Bitcoin was a game it would be the former.  Can you imagine the type of mining operations a first world country could produce and if they needed more money the Central Banks could just make it. 

Propaganda could be used to force change to the Bitcoin protocol and allow easier tracking of funds.

Espionage would not be out of the range of possibility.  Agents could be planted inside Bitcoin Core.
   
https://bitnodes.earn.com/

[achikomimi]

Bitcoin cannot be regulated because no one owns them, so no one can control them. But government can regulate crypto world by creating a law/s in using cryptocurrencies. If the government declares a regulation regarding the use of Bitcoin, then that way it can control Bitcoin indirectly.

[Alalex]

Arranging bitcoin, we do have to save money to keep finances stable ..

Bitcoin itself has become a place where we are waiting for a great gift.

And around the world what can be done by bitcoin active members should be able to adjust the bitcoin rotation from time to time, let me not lose the bitcoin that has bothered to get it.

Time-consuming in order to manage large expenditures and not too extravagant with luxury goods.

If possible you should also save some money that is not important to spend.

We certainly can to manage this bitcoin finance.

[anjho.ace]

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

this is not possible, if all the country have engage on this it will have the fix amount then , though it will a big question! wiill a FIAT on any country will have the same amount as others too and will remain constant ?

[reymartH]

Regulators all over the world have begun to address the challenges presented by virtual currencies that bypass regulated banks, financial firms exchanges. Some other county also ban using bitcoin as they believed that bitcoin holds more disadvantages that its worth.