Legalizing Bitcoin

[kimmanuel]

I do not want ... I do not need the government of my country to legalize bitcoin, (that would be too good). I just do not want to be banned from using it.
And the ban on bitcoin as far as I know, no country has done that yet.

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[jseverson]

I do not want ... I do not need the government of my country to legalize bitcoin, (that would be too good). I just do not want to be banned from using it.
And the ban on bitcoin as far as I know, no country has done that yet.

It will be illegal in Vietnam starting on January. There are a couple more countries that have already declared it illegal.

As things currently are, governments have no need to control Bitcoin. They only need to control the fiat being used to trade it, and they can do that effectively by monitoring and regulating businesses which accept Bitcoin and exchanges. They even get extra revenue this way. Countries that have banned or are pushing for a ban probably just don't want to go through the trouble of studying it, or can spare no resources for its regulation.

[semarmesem195]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

That's right, the government is afraid and does not legalize bitcoin because of what you say. When it comes to taxes and state revenues, the government is afraid that if people prefer bitcoin for saving from banks, the bank itself provides the largest tax to the state, if it happens then it can make the state income from taxes impaired if people choose bitcoin.

[denny27]

I think it depends on each governments of each countries, the each governments certainly has differences of opinion / thought and action to overcome it. For the more advanced countries, I think it wouldn't be a problem.. the goverment wouldn't find it difficult to regulating it all, it will be neatly arranged.

[coin_1122]

I think it depends on each governments of each countries, the each governments certainly has differences of opinion / thought and action to overcome it. For the more advanced countries, I think it wouldn't be a problem.. the goverment wouldn't find it difficult to regulating it all, it will be neatly arranged.

Yes, each government will have different policies because if they choose wrong means it will effect on their economic growth. That's why government are not taking steps fastly inorder to legalize the Bitcoin. Slowly many countries are willing to accept Bitcoin as a legal tenure.

[gwapagwapa]

Bitcoin could 'easily' reach $40,000 by the end of 2018, hedge fund legend Novogratz says
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.

[Prinox2]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

that's the point, but they virtually don't want recognize the fact there are more advantages than their fear

[Lampaster]

Bitcoin could 'easily' reach $40,000 by the end of 2018, hedge fund legend Novogratz says
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.

Strange statement. Do you agree? If he says that the price of bitcoin in late 2018 could reach $ 40,000 it seems to me that it is reasonable to put maximum of their savings in bitcoin to get a good profit. If he recommended to invest 1-3 percent it means he is not confident in their forecasts.

[DronICO]

Bitcoin could 'easily' reach $40,000 by the end of 2018, hedge fund legend Novogratz says
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.

Strange statement. Do you agree? If he says that the price of bitcoin in late 2018 could reach $ 40,000 it seems to me that it is reasonable to put maximum of their savings in bitcoin to get a good profit. If he recommended to invest 1-3 percent it means he is not confident in their forecasts.

Diversification is a key of investments. Hedge funds ain't a casino and it's not like all or nothing game.

[sindikat]

Bitcoin could 'easily' reach $40,000 by the end of 2018, hedge fund legend Novogratz says
"Bitcoin could be at $40,000 at the end of 2018. It easily could," Michael Novogratz says on CNBC's "Fast Money."
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well," adds Novogratz, formerly a macro hedge fund manager at Fortress Investment Group.
But Novogratz doesn't recommend retail investors put any more than 1 to 3 percent of their net worth in cryptocurrencies, or wealthier investors to put more than 5 to 10 percent.

Strange statement. Do you agree? If he says that the price of bitcoin in late 2018 could reach $ 40,000 it seems to me that it is reasonable to put maximum of their savings in bitcoin to get a good profit. If he recommended to invest 1-3 percent it means he is not confident in their forecasts.

Diversification is a key of investments. Hedge funds ain't a casino and it's not like all or nothing game.

What you see is diversification? 1-3% of investment in bitcoin. Where are the others? In the Bank at 5-7% per year. Lol. This is not diversification. Is the loss of his chance. I understand that bitcoin cannot rise in price eternally. We are lucky that we live in a time when bitcoin was first born and developed. Then it will not lose its relevance but it will be more stable.

[ralf2018]

The governments can use the central banks to issue or destroy fiat money out of thin air whenever they want. They have complete control over fiat money. But, this control is lost when non-government bodies create their own currencies which then brings great concern to the government.So this lack of central body is the main reason the governments are afraid of Bitcoin.

[Coffee135]

Bitcoin can not use it in the state's economy. The duty of the government to regulate the economy and time to support a promising sector to the economy was on the rise. How is it possible to do with bitcoin? Loans also not really taking bitcoin. If you legalize bitcoin then it will start to withdraw money from the economy. Governments are afraid of this and will never legalise bitcoin.

[Cherylstar86]

Bitcoin can not use it in the state's economy. The duty of the government to regulate the economy and time to support a promising sector to the economy was on the rise. How is it possible to do with bitcoin? Loans also not really taking bitcoin. If you legalize bitcoin then it will start to withdraw money from the economy. Governments are afraid of this and will never legalise bitcoin.

As for me bitcoin should not be merged with the current economic system, because it has its own independent body that cannot be controlled by the government due to decentralized type of currency. I think the economy will be much more affected with bitcoin's volatility, and maybe that's the reason why governments are afraid of legalizing bitcoin. For now bitcoin is just a form of asset like a property and could not turn as currency for daily spending like fiat cash.

[joesan2012]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Yes it could be like that .. There are some cases why other country are afraid of bitcoin legality, first yes they could not regulate bitcoin . 2nd maybe it can be use to hide assets worth and wealth because of being decentralized of bitcoin . Regarding the taxes issue ,creating government official exchanger will really help a lot . maybe they could get taxes by increasing the transaction fee. Every country should also create and legislate law to protect government reputation and also attract bitcoin users and not push them away .

[Lieldoryn]

Do you think governments are afraid legalizing bitcoin because it's difficult regulating its use, circulation, determining individual's worth, earnings and may lead to tax evasion?

Yes it could be like that .. There are some cases why other country are afraid of bitcoin legality, first yes they could not regulate bitcoin . 2nd maybe it can be use to hide assets worth and wealth because of being decentralized of bitcoin . Regarding the taxes issue ,creating government official exchanger will really help a lot . maybe they could get taxes by increasing the transaction fee. Every country should also create and legislate law to protect government reputation and also attract bitcoin users and not push them away .

It seems to me that the main you missed. How much the government will receive taxes from bitcoin users if not more than 1% of the population? Governments are afraid that the country will be 1% more independent people. If your salary depends on the government you are subject to him. That's why bitcoin scares government. The richer the people the more difficult it is to manage them.

[warrior333]

I do not want ... I do not need the government of my country to legalize bitcoin, (that would be too good). I just do not want to be banned from using it.
And the ban on bitcoin as far as I know, no country has done that yet.

It will be illegal in Vietnam starting on January. There are a couple more countries that have already declared it illegal.

As things currently are, governments have no need to control Bitcoin. They only need to control the fiat being used to trade it, and they can do that effectively by monitoring and regulating businesses which accept Bitcoin and exchanges. They even get extra revenue this way. Countries that have banned or are pushing for a ban probably just don't want to go through the trouble of studying it, or can spare no resources for its regulation.

It seems to me that a government that bans the bitcoin have close ties with banks. Banks do not want the legalization of bitcoin. The legalization and promotion of bitcoin can lead to a shortage of working capital in banks. They just lose the source of their income. If Vietnam ban bitcoin so this country is ruled by bankers.

[Granxis]

Bitcoin can not use it in the state's economy. The duty of the government to regulate the economy and time to support a promising sector to the economy was on the rise. How is it possible to do with bitcoin? Loans also not really taking bitcoin. If you legalize bitcoin then it will start to withdraw money from the economy. Governments are afraid of this and will never legalise bitcoin.

You are absolutely right, Bitcoin is like water, it is difficult to control the water, it is almost impossible to constantly control it. It's also a difficult situation to get tax from Bitcoin. Some governments are very concerned.

[Hordrick]

I agree, because the government is afraid of decentralization and anonymity, this prevents them from controlling the masses.

[Rahar02]

Yes, we can say; governments are afraid to regulate bitcoins because they can't control it or lack of knowledge to acknowledge the benefits of bitcoin which is better than their's fiat currencies.
Bitcoin isn't fully anonymous to do illegal transactions as most people trade cryptocurrencies on exchanges which require id verification. People can't evade taxes forever as every transaction are recorded on blockchain and bank system.
So, you'll always stay under the radar as long as you are never deal with exchanges and bank transfers to buy and sell bitcoin.

[corroze]

I agree if the government can not control and regulate bitcoin even for various purposes and so far they can only observe and monitor the development of bitcoin, and perhaps this factor also causes the government to always consider the legalization of bitcoin in each country.