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Author Topic: Can bitcoin be regulated?  (Read 15 times)
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March 17, 2018, 03:25:03 PM

The bitcoin protocol itself cannot be modified, unless almost all users work together to choose which software to use. It is unrealistic to try to grant special rights to a regional governing body in the global bitcoin network. Any rich organization can choose to invest in mining hardware to control half of the computing power of the entire network, thus achieving a freeze and revocation of recent transactions. However, they cannot guarantee that they will always have this ability, because the investment needs to be equal to the rest of the world's miners.

However, it is possible to regulate the use of bitcoin in a similar way to any other currency. Like the dollar, bitcoins can be used for a variety of purposes, some of which can be considered legal, or not in accordance with the laws of each jurisdiction. At this point, bitcoin is tantamount to any other tool or resource, subject to different rules in each country. The use of bitcoins can also be difficult under restrictive rules, and it is difficult to determine how many users will continue to use the technology. The government that chooses to ban bitcoin will hinder the development of domestic enterprises and markets and transfer innovation to other countries. As usual, the challenge for regulators is to work out effective solutions without hurting the growth of emerging markets and companies.

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