Will bitcoin go under regulation

[Who_]

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

Hey man,

Great question!

I give a great opinion on this topic in an upcoming news article for www.crypto-news.net, where I say something along the lines of:

"Even if all of the governments ban mining farms, it would only enable people to use GPU to perform the mining operations." This would be an extreme scenario where the government actually confiscates ASIC miners. Bitcoin Core can be spread using low-tech methods, and Bitcoin cannot be banned for accessing, because it is not something that ISPs have control over. It's shared peer-to-peer.

I believe there is no possible scenario where the government can successfully regulate Bitcoin by force.

So it would have to be a soft approach, but I don't know how effective that would be.

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[Abdullah.dhariwal]

people now a days earn lots of money from bitcoin and other crypto currency. Governments want to take tax on that money. and people are finding more and more ways to to hide it. for this purpose governments make regulations for bitcoin. i think KYC process for this is very good method. we all should pay taxes according to country's law   

[JPage]

There are other factors such as scams, money laundry and terrorism financing. Regulating cryptocurrency may have disadvantages but the advantages too can't be ignored. But the regulation should be carefully designed to avoid the market growth of these innovations. The regulation regulates in such a way that are needed to make it easier for people to trust bitcoin as a digital investment asset.

I agree with you. The government must create the system that includes the using Bitcoin and simple using it in everyday life. It still must be decentralizedlised.

[musta5a]

There are other factors such as scams, money laundry and terrorism financing. Regulating cryptocurrency may have disadvantages but the advantages too can't be ignored. But the regulation should be carefully designed to avoid the market growth of these innovations. The regulation regulates in such a way that are needed to make it easier for people to trust bitcoin as a digital investment asset.

I agree with you. The government must create the system that includes the using Bitcoin and simple using it in everyday life. It still must be decentralizedlised.

that would be amazing, but governments right now serve as an opposite to the word decentralized Actually I pretty much believe that thanks to blockchain, also governments will be able to get decentralized, it's only the matter of time.

[minldem]

I definitely believe that bitcoin can only be used under governments regulations in future.

[wolffy0216]

I definitely believe that bitcoin can only be used under governments regulations in future.

We cannot tell what exactly will happen in the near future but yeah there is a high chance of bitcoin being go under regulation of the governments since they have all the authority to do this.

[TheClownSong]

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

Government want to collect from cryptocurrency trading including bitcoin trading and i think that will need regulation. I think regulation will be good for cryptocurrency market because investor will be more confident to invest more money.
Many country already regulate cryptocurrency and i am believe many others country will following

[Kuchiyose]

Bitcoin is a real freedom for its users so the government will not be able to arrange everyone to use Bitcoin.

[CoinstarF]

If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.

For today in my opinion bitcoin will negatively go under regulation for now because aside from being not legally adopted around the globe cryptocurrencies are also under negotiable for being implemented in many countries. But for me it is better that the crypto or bitcoin should remain for this situation for now, let's enjoy the freedom from taxes.

No need of undergoing any regulations as of nowadays we are decreasing, the more we are scared of taxes stay at it is maybe sooner we goes on that agenda for good reasons.

[bitterdog]

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?

We can not ignore every possibility that might be come, but to regulated under a government law i think it will be impossible for bitcoin. Because i think the initial goal of creating bitcoin is to make a new option in financial area where freedom can be earn as much as possible and to reach that initial goal the founder of Bitcoin creating bitcoin itself with the foundation of freedom and without any regulation.

[Lamborgini]

In my opinion, Bitcoin cannot be governed by the government.
The Bitcoin system is decentralized therefore any user can manage their Bitcoin.
But Bitcoin is not like a centralized bank system that can be set by the center, but Bitcoin is different.

[rightway00372018]

In my opinion, Bitcoin cannot be governed by the government.
The Bitcoin system is decentralized therefore any user can manage their Bitcoin.
But Bitcoin is not like a centralized bank system that can be set by the center, but Bitcoin is different.

I think it's better for bitcoin and other cryptocurrency go under regulation so that the government can help monitor it's price movement and aside from that through regulation the government also benefited of the taxes might be earned.

[Chetan04]

In my opinion, Bitcoin cannot be governed by the government.
The Bitcoin system is decentralized therefore any user can manage their Bitcoin.
But Bitcoin is not like a centralized bank system that can be set by the center, but Bitcoin is different.

I think it's better for bitcoin and other cryptocurrency go under regulation so that the government can help monitor it's price movement and aside from that through regulation the government also benefited of the taxes might be earned.

I completely agree with you mate, bitcoin needs to be regulated so that it can be accepted worldwide easily. Govts. are dubious and recently like India have banned cryptos.

[marjon]

Yes they can, as we observed nowadays various ICOs required KYC for investors and numbers of countries tightened their regulations has raising this is just to give fair play in both projects and investors. I think it is necessary to comply to this rule.

[penetrak]

Government and finace institutions seek to regulate cryptocurrencies due to the income from this area rich in finace. Some countries, such as Russia, are already quite far off with the creation of their own cryptocurrency, issued and fully governed by the government. Other countries, like Venezuela, were forced to issue their own cryptocurrency in an effort to combat the extraordinary inflation that has paralyzed their economy. Although Bitcoin is not regulated everywhere, there are places where governments have regulated BTC.

[etron]

if the government regulates the bitcoin in which our financial freedom, because the characteristic of cryptocurrency becomes decentralized is to prevent itself from being identified as cryptos, And one thing bitcoin is a design not regulated by any institution, especially the government, bitcoin has its own way of doing business, have confidentiality and are not disclosed to the public.

[Joshapat]

I hope that all countries immediately make regulations about bitcoin, we all know that the number of bitcoin users continues to increase drastically and bitcoin is widely used for bank substitute transactions so regulation is required.

[Saritelli]

I think that bitcoin will definitely fall under the influence of regulation. There are other anonymous coins. I certainly think that bitcoin shouldn't be decentralized.

[aliichaudhary]

of course the government can set cryptocurrency or bitcoin. I think this should be set. It's totally under government.

[stasik201330]

you CANNOT regulate beer, people will always find ways to create and consume and swap beer with others.

you CAN regulate PEOPLE/BUSINESSES use of beer. in which if caught people/businesses could end up with fines.
but in short beer will continue to be made no matter what.
take the 1920's alcohol prohibition(regulation) for instance(moonshiners/gentlemens clubs era)

now swap the word beer for bitcoin and you will understand

government regulation is not a bitcoin threat. what is a threat is a development control of the code reference. which if too many people only follow one reference point of the code. the network becomes centralised. (spoiler: already happening)
yes the data is distributed, yes the private key holding is distributed, but the decision of code upgrade becomes centralised around a core team.
distrubuted vs decentralisd are 2 different things altogether

and if then that development is moving away from the 2009-2013 ethos of bitcoin, to move people away from bitcoin and instead into other networks. then that is the threat. (sorry cant innovate beer anymore there are limits, but try this potato vodka instead)

governments dont see bitcoin as an economic threat. to them bitcoins are just assets. like iphones or beer. if you buy a bitcoin/iphone/beer its stil moving FIAT from your account to the fiat bank account of a bitcoin/iphone/beer seller.
governments have laws that keep fiat in play, minimum wage, tax, court fines, etc. so fiat is not at risk to governments.

if you are american you still have to pay american taxes in american dollars.
if you dont pay taxes but are seen living a lifestyle of someone having income that should be paying taxes you will be fined in american dollars.. the government will still get their fiat. on way or another

in short unless minimum wage/tax law changes, the government dont care what you buy as long as you get paid the amounts that allow them to tax you, it dont matter if its bitcoin, euro, or moondust.

governments do not care about economic impact. the reason for regulation is to make more income via licences. as its free money for them while making businesses police the businesses customers.. in short government gets free money and makes a business do the work

governments pretend that regulations are about consumer protection. yet most regulations are about policing customers by investigating customers. not supporting customers. if governments cared about protecting customers. then they would not push for regulatory licences. but instead consumer protection insurances.
regulation vs consumer protection are 2 separate things.

take the housing crisis. banks were regulated. but mortgage holders lost out. banks gained. bankers did not get slapped, they got rewarded. mortgage holders not only lost a shelter but the funds they put into that shelter initially.

Thank you for the detailed answer!
You have very correctly and accurately described the regulatory system ... Unfortunately, this regulation is not in our favor, not in favor of the consumer. The governments of the countries want, above all, to "secure" themselves, charging as many taxes as possible.