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Author Topic: How is bitcoin supposed to be?  (Read 1917 times)
KorakPawon
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November 14, 2018, 02:49:17 PM
 #81

Personally we can't prevent or control whether bitcoin used for good or bad things because it depends on the individual. Besides, bitcoin is decentralized where people are free and able to privately use their own money to do transaction. Every single thing basically has positive and negative effect, and so with bitcoin. We can't control, but we can promote bitcoin to be more 'positive' so that illegal things cannot be done by bitcoin, or at least no one use it to do illegal transaction.
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November 15, 2018, 12:19:51 PM
 #82

Personally we can't prevent or control whether bitcoin used for good or bad things because it depends on the individual. Besides, bitcoin is decentralized where people are free and able to privately use their own money to do transaction. Every single thing basically has positive and negative effect, and so with bitcoin. We can't control, but we can promote bitcoin to be more 'positive' so that illegal things cannot be done by bitcoin, or at least no one use it to do illegal transaction.
actually this is an old topic that has been around since the blockchain was introduced, but until now there seems to be no clear solution for this. promotion will not change the intention of criminals to not do illegal transactions right? it is difficult to prevent crypto from being used as an illegal transaction..
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November 15, 2018, 01:18:41 PM
 #83

That is not the problem here, if there is "no correct regulation" all they can do is either create one or block it entirely, the latter is the wrong way to go as they will be missing a big opportunity for their country. When taking into consideration you will know that the world of cryptocurrencies is a big opportunity for their country's economical improvement that is why most of them try to adapt and include it in there system with regulation. This way they can both protect their citizens as well as their economic interest without banning them right away.
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November 16, 2018, 12:59:57 PM
 #84

That is not the problem here, if there is "no correct regulation" all they can do is either create one or block it entirely, the latter is the wrong way to go as they will be missing a big opportunity for their country. When taking into consideration you will know that the world of cryptocurrencies is a big opportunity for their country's economical improvement that is why most of them try to adapt and include it in there system with regulation. This way they can both protect their citizens as well as their economic interest without banning them right away.

Well, it would be a win-win situation if both the government and the crypto enthusiasts would come to an agreement as to how to regulate the cryptocurrencies. If the government would not focus on the negative effects of cryptocurrency but they will take a look as well to the positive impact it would bring to their country then there is a chance that the corruption would be lessened which would be a step forward to have an honest government.

As for the crypto enthusiasts, it may seem that we would lose our aim of being free of control by the government but we cannot deny the fact that we still need their approval so that mass adoption would happen and make bitcoin truly a currency and not just speculation purposes.

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CryptoBull31
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November 16, 2018, 01:34:24 PM
 #85

If you search at the google about bitcoin for criminals, there is a lot.
For example at this link https://www.thesun.co.uk/tech/5092224/criminals-use-bitcoin-for-dark-web-illegal-activity/amp/.
So if there is nothing correct regulations, maybe a lot of countries will be block this payment system.
And as the effects, price of BTC will be drop soon.
So let's start to discuss, what it the right regulations to avoid Bitcoin used as a payment for crime. 

Bitcoin is not a "payment system" like paypal. Bitcoin cannot be "blocked" by the governments. Bitcoin is designed to be sovereign money independent from the governments. OF COURSE bitcoin is used by criminals, by boy do i have a news for you: criminals use money and bitcoin is money.

As for what the right regulation would be is this: ZERO regulations, absolutely none regulations at all. But since the regulations won't work anyway, the governments can come up with any silliness they want.

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November 17, 2018, 12:22:49 AM
 #86

If you search at the google about bitcoin for criminals, there is a lot.
For example at this link https://www.thesun.co.uk/tech/5092224/criminals-use-bitcoin-for-dark-web-illegal-activity/amp/.
So if there is nothing correct regulations, maybe a lot of countries will be block this payment system.
And as the effects, price of BTC will be drop soon.
So let's start to discuss, what it the right regulations to avoid Bitcoin used as a payment for crime. 
Indeed, the state should have carried out data collection on bitcoin ownership, the government took steps to implement strict regulations, because with strict regulations and data collection to prevent fraud and money laundering using bitcoin, perhaps the actions that should have been taken from various countries have gone there.
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November 17, 2018, 01:05:50 AM
 #87

I think the existing rules in bitcoin are very good like making KYC, using ID and using ETH address and many more, just have to run and refine the requirements that have been specified....

maybe there should be socialization to all countries so they want to open up opportunities for bitcoin currencies, and each country will record the ownership of bitcoin in their respective countries, because I think the system of bitcoin is very good and has the potential to become a global currency, there is now a need for recognition from every country to be able to make bitcoin into the future currency.
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November 17, 2018, 02:00:28 AM
 #88

cuz there's bitcoin rush so everyone be like rushing and dashing to get it, they don't mind anything to get more and more, which leads to the result of being scammed so, it's such a sad reality, but we should be careful. MAKE BITCOIN GREAT AGAIN!
we have to understand very well the types of sites that are most likely to be logged, so we should not be tempted by promises that are very grandiose, so accuracy is very important in cyberspace, because there are too many criminals here, actually there are some bitcoin sites that can become a reference to being able to understand the bitcoin currency. we can get it on Google there are many trusted sites.
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November 17, 2018, 02:52:00 PM
 #89

If you search at the google about bitcoin for criminals, there is a lot.
For example at this link https://www.thesun.co.uk/tech/5092224/criminals-use-bitcoin-for-dark-web-illegal-activity/amp/.
So if there is nothing correct regulations, maybe a lot of countries will be block this payment system.
And as the effects, price of BTC will be drop soon.
So let's start to discuss, what it the right regulations to avoid Bitcoin used as a payment for crime. 

The "right" regulations would be all the new rules that remove the anonymousy of btc transactions.
"Know your customer" policies and ID verifications would become mandatory for all online bitcoin wallet services and all exchange platforms.The harder for criminals to stay anonymous ,the better for the bitcoin community.I know that a lot of crypto supporters hate the KYC regulations,but there`s no other way to reduce the crimes and fraudulent activities with btc involved.

oh the famous "bitcoin is used for illegal acivities" story
KYC regulations doesn't do much in terms of reducing crimes! a criminal will always find always to circumvent this
fraudulent activities involving bitcoins or any other , even anonymous crypta is dwarfed by fiat fraudulent activities
the figures are simply incomparable, millions of times more , but all we hear is how bitcoins is used to extort someone
or drugs are bought for bitcoins etc. , you seriously think that it is anything more than a PR against cryptocurrencies
finally, have a look at the total money supply infographics and think, what is used the most for criminal activities Smiley
http://www.visualcapitalist.com/worlds-money-markets-one-visualization-2017/

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November 18, 2018, 07:50:31 AM
 #90

can fiat also be used for crime? what do you think is used for terrorist funding from the past to the present if not fiat. so I think if a lot of regulations will only narrow the movement of Bitcoin because Bitcoin has advantages, one of them can be used for pears.
remember nothing is perfect in this world. all have weaknesses.

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November 22, 2018, 12:41:45 AM
 #91

If you search at the google about bitcoin for criminals, there is a lot.
For example at this link https://www.thesun.co.uk/tech/5092224/criminals-use-bitcoin-for-dark-web-illegal-activity/amp/.
So if there is nothing correct regulations, maybe a lot of countries will be block this payment system.
And as the effects, price of BTC will be drop soon.
So let's start to discuss, what it the right regulations to avoid Bitcoin used as a payment for crime. 
Of course many countries want to protect their citizens to avoid fraud, it is very good and with steps to block some  Website  that are not good, the effect on bitcoin I think will not have much effect, because the community has begun to realize that the bitcoin currency is still very good at trade, and the actions of several countries are very appropriate.
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November 25, 2018, 05:43:31 AM
 #92

I think the existing rules in bitcoin are very good like making KYC, using ID and using ETH address and many more, just have to run and refine the requirements that have been specified....
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November 26, 2018, 01:32:02 AM
 #93

I think the existing rules in bitcoin are very good like making KYC, using ID and using ETH address and many more, just have to run and refine the requirements that have been specified....

bitcoin must be used as a currency not as a traded asset, we see now there are many bitcoin owners who want to use bitcoin as a payment tool, but actually there are still many countries that do not want to facilitate the use or owner of bitcoin, so bitcoin still does not function as a currency , only as merchandise ...
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December 04, 2018, 02:23:37 AM
 #94

I think Bitcoin should be classified as a currency instead of an asset, at least in the USA this is something that needs to be changed.
Now the IRS is demanding taxes between each trade, because cryptocurrencies are seen as an asset, so each trade between cryptos is seen as a taxable instance.

I really hope that all cryptocurrencies would be exempt from taxes on each trade, just like with Forex.

It's better in my country, Belgium, as crypto is only taxed when it's exchanged for fiat. You pay a flat rate of 33% on taxes on your profit.
changing the status of bitcoin in each country is very difficult, because every country has its own laws, so making bitcoin recognized as a currency in each country needs support, especially from major countries, but if bitcoin can replace the function of the fiat currency it can facilitate multinational traders , this can be a very good progress for the world trade system, but bitcoin has been recognized as an asset which is a good progress.
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December 04, 2018, 02:32:19 AM
 #95

If you search at the google about bitcoin for criminals, there is a lot.
For example at this link https://www.thesun.co.uk/tech/5092224/criminals-use-bitcoin-for-dark-web-illegal-activity/amp/.
So if there is nothing correct regulations, maybe a lot of countries will be block this payment system.
And as the effects, price of BTC will be drop soon.
So let's start to discuss, what it the right regulations to avoid Bitcoin used as a payment for crime.  

Current regulation is already good for me like KYC as the crypto market is now average declining due to low demand as these illegal people are now prevented to hide their huge dirty money using Bitcoin and crypto currencies. You have read this link when Bitcoin is not fully regulated but with the present regulation status then Bitcoin is now safe to use by the legal people.

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January 15, 2019, 07:20:36 AM
 #96

There are only few countries that are currently using regulation to prevent the use of cryptocurrency in illegal activities but a group of countries like the G20 are also planning to create a global crypto regulation to combat money laundering and other crimes that uses cryptocurrencies. The G20 nations is an international forum for government officials and central bankers from the 20 biggest economies in the world. It seems that crypto regulation is inevitable but I hope that this one is crypto friendly.
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January 21, 2019, 05:32:17 PM
 #97

First of all, cryptocurrency and fiat money are both paying method the people could use for transactions. It always depends on the person who uses it if they will use it for good or bad. I believe that fiat money is the easiest way to do some bad stuff compared to cryptocurrency since people in the bad side knows the risk of their money to be dropped and they wanted to make sure all of their efforts will and risks will be paid so instead of using BITCOIN, they would stick to fiat and just set-up a great account to make their money clean.

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January 22, 2019, 10:18:36 AM
 #98

Personally we can't prevent or control whether bitcoin used for good or bad things because it depends on the individual. Besides, bitcoin is decentralized where people are free and able to privately use their own money to do transaction. Every single thing basically has positive and negative effect, and so with bitcoin. We can't control, but we can promote bitcoin to be more 'positive' so that illegal things cannot be done by bitcoin, or at least no one use it to do illegal transaction.
Nope we can change their perspective. like the OP said that regulation can change the image of a bitcoin that has been built. but we cannot determine their response will be positive or negative about this. at least the government is a shield for them. and when the shield allows bitcoin to enter. of course many people think that bitcoin is something safe
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January 22, 2019, 11:31:14 PM
 #99


bitcoin must be used as a currency not as a traded asset, we see now there are many bitcoin owners who want to use bitcoin as a payment tool, but actually there are still many countries that do not want to facilitate the use or owner of bitcoin, so bitcoin still does not function as a currency , only as merchandise ...

bitcoin isnt only a currency but it is a multi purpose tool where you can use it as asset aside from a stand alone payment system  . this is the reason that many choose to invest and trade it .   its really up to you if what will you prefer   because bitcoin suppose to work that way  .

bitcoin doesnt need to be regulated in order for criminals to stop using it as a medium to do crimes because even the regulated ones such as fiats are still being used .  its just the anonimity that they love because they think they cant be traced whenever they do their shady activities .

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February 19, 2019, 12:59:27 AM
 #100

I'm in the opposite side in which due to regulations the illegal people can no longer hide their dirty money thru Bitcoin. Just imagine that if illegal people will use Bitcoin then of course the price will climb up as these kind of people will not sell their Bitcoin but only to hide their wealth but now that the regulations are now fully strictly implemented it makes the illegal people to disappear making the price to become cheap too.
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