Thoughts about Regulation of our Cryptocurency

[OninLoki]

      In my Opinion regulating cryptocurency industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up and I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.

[1715214622]

1715214622

[1715214622]

1715214622

[1715214622]

1715214622

[1715214622]

1715214622

[Whibu]

It is true that the government should make regulations that can make investors feel comfortable and protected, and when many people invest in bitcoin then the price will go up, it is worth thinking about.

[ralle14]

I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.

Right. You only have to declare how much bitcoins you have if you need to pay your taxes from the amount of bitcoins you sold (this depends on the country you live in because not all countries tax bitcoin). In my country our government regulates the bitcoin exchanges here for more than a year now but we there's no statement about taxing bitcoin.  With regulation this can help stop users who plan to use the coins for doing shady,illegal,scammy things like trading drugs guns etc.

[RamonBTC]

I’m not against any regulation, as taxation will help in nation building, but measures must be strictly implemented, as our government have the history of being abusive and corrupt. In my thoughts, it’s better that in every transaction on exchanges their is a deduction for that and the exchanges will be audited for it. Then individual filling of each user won’t be needed.

[overthetop2011]

"regulating cryptocurrency industry will be a good thing in the long run"-- Yes, I agree.

It is the time let cryptocurrencies become ready for the mass with regulation.

Too make scam like ICOs, make the industry a mess.

[AltsBoom]

Regulation is good because otherwise the masses won't get involved for a second. I even think private blockchains will need to exist in order to get the masses involved, there is no way billions of people are going to learn about decentralization and keeping track of their own keys. Most people are not this technical, and the transition would be awfully hard. Instead on board them to private blockchains and then work there way into public blockchains.

[metenjean]

Agreed, regulation is needed for the long run since bitcoin has been implemented with tax evasion and gambling issue from the start. With more regulation and legalization, volatility will decreased at first but it will still beneficial as long as people know what future lies ahead for bitcoin, and i don't think there will be regulation to told how much bitcoin you own since its more like a privacy on your untangible assets and its more like stocks and regulator won't even can control how much or when will we trade bitcoin.

[ganlianshifu1]

I also think that regulation means the legality of digital encryption money!

The development of blockchain drives many ico projects to start!

Regulate ico to prevent fraudulent projects!

[entrepmind23]

I am not against regulation because it would mean that the government recognize cryptocurrency and more people would believe in it because it is already legal. Although there are many people who are interested in cryptocurrency, once they knew that it is not regulated yet, they are skeptic and some back out because they cannot held responsible anyone if ever something happens to their investment.

This would also prevent or at least limit the opportunistic people out there that uses the name of cryptocurrency mostly bitcoin just to scam other people. There are so many HYIPs appearing every day offering too good to be true returns and after a while they will be gone if they already accumulated their target amount. There are so many people who fall for this scam.

At least if there is regulation then people can request some documentations and know the people behind those companies to be held responsible in case something happens.

[TepungBeras]

It is true that the bulk rule is very good but it is also true that we can not state how much bitcoin we have, but if it is for our good we can do it.

[odolvlobo]

      In my Opinion regulating cryptocurrency industry will be a good thing in the long run, ...

If you want a regulated currency, then why not just use dollars? The whole point of of public decentralized cryptocurrencies is that they do not need to be regulated. Why create a new currency when you already have what you want?

[OninLoki]

      In my Opinion regulating cryptocurrency industry will be a good thing in the long run, ...

If you want a regulated currency, then why not just use dollars? The whole point of of public decentralized cryptocurrencies is that they do not need to be regulated. Why create a new currency when you already have what you want?

i respect your thoughts but think of the bright side if it regulated all posible negative thoughts abot our  digital currency will be lost and more people will get in to it  and the brighter side of it as i said more people will be comfortable to invest, because they know the investment they made is secure and regualted. and In this i think their is no room for all people that plan to scam.

[Funeral Wreaths]

I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.

Right. You only have to declare how much bitcoins you have if you need to pay your taxes from the amount of bitcoins you sold (this depends on the country you live in because not all countries tax bitcoin). In my country our government regulates the bitcoin exchanges here for more than a year now but we there's no statement about taxing bitcoin.  With regulation this can help stop users who plan to use the coins for doing shady,illegal,scammy things like trading drugs guns etc.

yes its true and i agree with what you are trying to point out, and besides it doesn't mean that this might be a hindrance and i don't think it so too. declaring your asset would also be a risk but could also be for your benefit, not because they will be the ones monitoring each and every transaction you will do but for some reasons you have said it would be much wiser than being accused by false statements right? because it might come to the point that they might accuse you, hopefully not.

[MMA]

      In my Opinion regulating cryptocurrency industry will be a good thing in the long run, ...

If you want a regulated currency, then why not just use dollars? The whole point of of public decentralized cryptocurrencies is that they do not need to be regulated. Why create a new currency when you already have what you want?

Regulation does not to compare it with dollar, but from regulation we mean to legalize it, bitcoin is going to be legalize by all countries in future, because all the countries are now feeling the need to have their crypto currency, and i think think that bitcoin is the best solution for that, bitcoin is the single crypto currency which is present throughout the world and people like to use it.

[OninLoki]

     In my Opinion regulating cryptocurrency industry will be a good thing in the long run, ...

If you want a regulated currency, then why not just use dollars? The whole point of of public decentralized cryptocurrencies is that they do not need to be regulated. Why create a new currency when you already have what you want?

Regulation does not to compare it with dollar, but from regulation we mean to legalize it, bitcoin is going to be legalize by all countries in future, because all the countries are now feeling the need to have their crypto currency, and i think think that bitcoin is the best solution for that, bitcoin is the single crypto currency which is present throughout the world and people like to use it.

Yes I agree on this like Japan and Austria they accepting bitcoin as a payment. I think they adopt the new technology to day and became the bitcoin capital in the world.

[w5pn73]

I joined a decentralized system, if through enough rules and regulations they manage to ruin that.
I will be forced to leave crypto unfortunately.

[Za1n]

Regulations based upon a light touch I can agree with as no matter what there will always be scammers and con artists trying to cheat people out of their hard earned income in a completely unregulated environment. Laws and regulations protecting users against these type of activities I can support.

However, creating regulations simply to place obstacles in the way of innovation that compete with the established money interests are quite another thing. The people need to be vigilant in holding their representatives accountable to do their job(s) to protect the people and not some lobbyist interests.

[smyslov]

I don't know the scenario because Bitcoin was created for anonymity, but if this can help fastrack the adoption why not, we'll see how it goes, there are now KYC thing in some ICO and bounty campaign but we have to see it impacts in the whole industry.

[avikz]

      In my Opinion regulating cryptocurency industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up and I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.

Few days back I have also said the same thing about regulation. People are actually mixing prohibition and regulation as same which is actually incorrect. I too believe that regulation will actually help in mass adoption. The conservative class of the investors are staying out of the crypto market because of the lack of clarity in crypto legislation. So if Cryptocurrency is regulated worldwide, these class of investors will start pouring in, pushing the demand and price to the higher level.

Now on the declaration part, it is still unclear. Where Cryptocurrency is considered as a property (like USA), probably declaration will be required. But where Cryptocurrency is considered as a currency and means of payment (like Germany), that might not be required. But I am not sure since I haven't yet read their circulars. But without doubt I can say, regulation will have positive impact on the Cryptocurrency market.

[Dmitry.Vastov]

      In my Opinion regulating cryptocurency industry will be a good thing in the long run, with the most important aspect being mass adoption. Everybody on Steemit is really early adopters of the new technology and this will count in all our favours in the long run. For me regulation means mass adoption, as more and more people will feel more comfortable to invest their money in Crypto Currencies. And we all know that when more money comes into crypto, the prices of everything usually goes up and I do not believe that regulation will cover that we all have to declare exactly how much Bitcoins we each own.

BTC or any other cryptocurrency is regulated by its own. There is no governing body over BTC and therefore government of many countries has denied to take BTC guarantee and declared that they are not responsible for any kind of losses regarding BTC and I guess this condition of BTC is probably due to the negative publicity of BTC and this is the reason why people don't find it trust worthy enough but we have create awareness among people about advantages of BTC because in future everyone will have to use BTC because BTC is the future of economy.