Why bitcoin requires approval from countries ?

[zalizoll]

we do not need banks because bitcoin has many benefits and advantages. I think one of the reasons why the government needs approval is because it can be a threat in the bank. As far as I know bitcoin is one of the most popular digital currencies in the world. It is not excessive if bitcoin requires the approval of a country country in the world.

[Jamescur]

In a sense, BTC affects the financial order of the country!
And the state has the right to manage any financial activity in economic activities! Bitcoin is an unregulated cryptocurrency!
Therefore, BTC needs to be approved by governments!

[satriagedhe]

to make it legal as a payment IMO , also other side , to make regulation about it , giving tax to their holder like gold or silver and etc

[MinerFTW]

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

Overall, a whole formal approval is not required for any crypto coin. The point is that governments approve them and want to impose regulations on them to collect the taxes and fees on crypto coins transactions. And they can have more control over the incomes of consumers.

[Nissan-GTR]

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

Well because you may be considered as illegal platform if you enter a certain country without the approval of the highest ruler of a certain area which is the government, it holds everything, and as the highest law, they hold the safety and orderliness of the country and the lives of the people they must be doing their job so well for their country to keep in touch and safe from any anomalies that may occur.

[Virtual miner]

Actually Bitcoin does not need anyone’s approval to run or be used. Anyone can use it since it is decentralized irrespective of the fact that whether any country approves it or not. The approval here means that a country is making it legal to be used by the people of that particular country. This will increase the confidence of the investors in the Bitcoin and the adoption of Bitcoin will increase. Moreover another interesting fact is that cryptocurrencies is that govts. just cannot intervene in it no matter what they will do they cannot stop the working nodes of the Btc Core.

[Fourgh]

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

Because it has to be legalized before it can be publicly made available to everybody. We still need government to function inorder tl protect us from frauds and scams.

[Saldom12]

Bitcoin should be like it should need approval from the state. So that bitcoin can be trusted by the world and receive bitcoin, that bitcoin is a coin that can make people's life better.

[Slavyanskiy]

I believe that if you want to use Bitcoin you do not need to seek the approval of the state. Probably the state approves in order to regulate this sphere.

[ov3rflow9x]

Any trade is susceptible to approval in any country such as canabis, alcohol are banned in some country, cryptocurrency can as well be banned is some country. If cryptocurrency is approved in a system it means any organization that wants to venture into it are permitted under the regulation to be released by the government.

For me personally, all the government's want to have part of our money in their pockets. The reason why they block and ban Bitcoin in the countries.

[phosphine]

Nations will gradually acknowledge bitcoin. Most nations have understood that the interest for electronic cash is expanding and acknowledgment of bitcoin in a few nations will prompt more nations acknowledge bitcoin as it is another advancement slant. We can not deny that bitcoin is developing great

[[ProTrader]]

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

It needs an approval in every country to be accepted as means of payment legally. Since there are no clear law regarding cryptocurrency, it needs an approval of every government to avoid confusion or even fraud that may occur.

[manfredmann]

Yes of course because new systems should need an approval specifically the government. The government will check on always that will seemingly benefit the constituents then gladly cryptocurrency will be accepted however it will be subject for rules and regulations. This is why most of the countries who join cryptocurrency are already regulating cryptocurrency.

[Coinlover9]

Well there are many reasons like
1- To make it worldwide
2- To make it part of the bigger economy
3- To integrate it with the normal people use to create a bigger impact
4- To counter the misuse of power that the banks have over Fiat
5- To provide people an alternative way to do transaction
People can moan all they want but without the consent of the bigger economies and most countries it's very unlikely that Bitcoin will be able to penetrate the main market.Bitcoin is trying to break into a market which has been here for centuries with very few that were able to counter it's dominience and Bitcoin has a long way to go.

[ludygiram1011]

Only if the world's major powers support bitcoin, can the encrypted community develop more powerful and more investors will enter the market.

[TopDev]

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

I think that's just the half of the truth. Merchants and traders need a stable currency and crypto isn't stable so the can't use it. What is the point if you buy an apple for 1BTC and tomorrow sell it for 0.5BTC etc. (these are some seriously expensive apples that I'm talking about here  )? If a country legalizes crypto then more people will accept it as a payment method and use it and the prices will then stabilize. Something like that.

[cetald]

Bitcoin is a financial instrument, whether we like it or not. And like all financial instruments must be approved by the government of each country.

[Sbdip]

It's because more country approve crypto more industry will accept bitcoin as their investment..  And approved means legal. if they legalize bitcoin. that means you'll be able to use bitcoin in any use like the fiat ones..

[ngamuk tok]

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

it is a positive news, approval is needed so that bitcoin more freely in use.
because it has obtained permission from the local government, I hope that the policy will be undertaken in Germany will be followed by other countries.

[Osakrita]

The approval most times means those willing to do business in crypto-related space can do so without any legal restraints and they can access supporting services such as banking and insurances