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Author Topic: Why bitcoin requires approval from countries ?  (Read 1343 times)
BTC.Turtle
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June 18, 2018, 10:23:00 AM
 #1

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
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June 18, 2018, 10:28:58 AM
 #2

Bitcoin actually doesn't require approval to be used anywhere. You can use it as long as you have internet connection and a device.

Countries "approving" bitcoin just makes it actually legal to use and accept for merchants.            correct me if I'm wrong

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June 18, 2018, 10:35:52 AM
 #3

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
It doesnt really need any approval or be legalized for people from a specific country be able to use bitcoin and even a country banned the use of it people can still use it but the problem is people cant trade it for local currency or use it for payment. After an approval from a country of course people can freely use bitcoin locally and exchange it for fiat without worrying that you are doing an illegal activity.
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June 18, 2018, 10:38:06 AM
 #4

Countries "approving" bitcoin just makes it actually legal to use and accept for merchants.            correct me if I'm wrong

But not necessarily, some countries don't consider bitcoin as "legal" (or illegal). Yet, merchants are accepting it as a payment methods. In my opinion, the only benefit I can see from making bitcoin legal is earning peoples trust because people have this idea that bitcoin is used for bad things only (darknet) or that they will lose their money (mt.gox) etc. but after legalization, they'll know they are protected.

Germany for example don't allow setting up ATMs, so this news (If true) could be a step towards allowing them. Either way, you can technically continue to use bitcoin regardless of the laws because of its P2P/decentralized nature.

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June 18, 2018, 10:42:15 AM
 #5

It is true that bitcoin is in dire need
  approval and it is necessary because in order to increase public confidence in bitcoin, and it is great for increasing the value or bitcoin price itself.

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June 18, 2018, 10:50:07 AM
 #6

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Bitcoin turns out to be a so called brand of fiat or commonly a cryptocurrency,  which we are all aware off. Its only downfall is that they are privatise which is somehow a good thing for us but not with some government, and that is where country are looking forward for approval with bitcoin. It is all about the vontrol of the said country towards bitcoin that is commonly became its very own issue.

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June 18, 2018, 10:53:17 AM
 #7

Bitcoin actually doesn't require approval to be used anywhere. You can use it as long as you have internet connection and a device.

Countries "approving" bitcoin just makes it actually legal to use and accept for merchants.            correct me if I'm wrong

You nailed it! Bitcoin doesn't require approval from every country. They are just have their own point of view about it and they have warnings with their citizens because it is not regulated. Maybe Germany's recent approval of Bitcoin o ky means that they can see it as safe to invest.


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June 18, 2018, 10:58:49 AM
 #8

Countries will slowly accept bitcoin. Most countries have realized that the demand for electronic money is increasing and acceptance of bitcoin in some countries will lead to more countries accept  bitcoin as it is a new development trend. We can not deny that bitcoin is growing good

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June 18, 2018, 11:07:02 AM
 #9

Countries will slowly accept bitcoin. Most countries have realized that the demand for electronic money is increasing...

Calling bitcoin electronic money is the same as calling amazon a website. While it is not wrong, it is by far not the best description.

Electronic money is already everywhere. Just a fraction is being paid cash. Salarys, taxes, rent, ... are mostly paid electronically.

Being digital is not the fact which leads to increased demand of bitcoin. It is the trustless decentralized nature without any authority being able to create/steal/control the money.
Dollar bills and credit cards do both represent the same currency, with one being digital.

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June 18, 2018, 11:10:11 AM
 #10

because bitcoin is a kind of cryptocurrency, it's unreal
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June 18, 2018, 11:12:58 AM
 #11

In our country it doesnt need to be approved by our government but they are not supporting bitcoin as they stated on the news. For me it approving bitcoin or crypto is just legalizing in a country. If government approved it central banks might considere using it.

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June 18, 2018, 11:17:50 AM
 #12

Hopefully we get to the point where btc will be as often used as normal cash
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June 18, 2018, 11:18:03 AM
 #13

You can use bitcoin in any country so bitcoin don't requires any approval from any countries but that approvement can resolve the problems to transfer bitcoin to cash

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June 18, 2018, 11:24:36 AM
 #14

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
actually bitcoin is not registered that's why a lot of countries are not accepting bitcoin .
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June 18, 2018, 11:26:14 AM
 #15

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Approval is required for Bitcoin to use Bitcoin and other cyrptocurrencies legally. If they would say it's not legal, people would be still using it, but it wouldn't be legal...

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June 18, 2018, 11:29:00 AM
 #16

approval is good to spread quickly to everyone for acceptance. It's government process. Your curious is not bad but Blockchain technology doesn't stop for anything. Nowadays we know most of the companies like it. However, approval help to get your crypto profit by an easy process like as your bank account or others.

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June 18, 2018, 11:32:43 AM
 #17

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Approval is required for Bitcoin to use Bitcoin and other cyrptocurrencies legally. If they would say it's not legal, people would be still using it, but it wouldn't be legal...
Legality is very necessary because it will help the development of bitcoin in the country. When bitcoin can be received in a country then bitcoin can thrive very well, the growth of a place that receives payments via bitcoin will increase. So this will have an impact on the overall regulations that exist in a country. Even when there is a country that receives bitcoin it will have a very good impact on the increase of bitcoin prices.

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June 18, 2018, 11:35:22 AM
 #18

it is not required it is encouraged!

the thing is at the end of the day bitcoin is still the only decentralized currency that you can find and whether government or any other individual or groups of people approve it or not we will continue using it and majority of the world will do it with us.
so if the government of one country adopts bitcoin NOW they will be ahead of the curve for the next 30 to 50 years. and if they don't they will fall behind drastically.

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rumexx
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June 18, 2018, 11:40:57 AM
 #19

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?


Bitcoin do not require approval for anyone to use it because it is decentralized but countries may need to allow bitcoin to be officially used in their country  for private and official use.

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June 18, 2018, 11:53:29 AM
 #20

It is not that approval is mandatory. However, some countries have regulations that in order to buy things you must pay with that and that currency. In that case if a country regulates use of bitcoin as legal, it helps, because people do not have to think if what they do paying in bitcoin is legal or not, they have it black-and-white, so to speak. And it is a case with Germany, and they additionally said that bitcoin purchases are VAT free, which is great for buying things with bitcoin too.

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