Why bitcoin requires approval from countries ?

[setialovers]

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

Approval needed because if we want to use bitcoin as payment, its require government regulation. Bitcoin doesnt regulation because its decentralized but if we want to spend bitcoin, its need regulation because bitcoin is new currency

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[jurelmartin]

Bitcoin doesnt really need approval from anyone, we can all use bitcoin as long as you have internet connection and a platform, the meaning of this approval is to be able to use this kind of transactiontp the merchants and also to trade it to your local currency without having conflicts such as where does it came from

[rolerVX]

It should be done accordingly to what the proposal plan by the people's country and the majority. Bitcoin plays a major role that shouldn't treat like a simple issue for it is a big matter in one country. That's why needs approval.

[v3liana]

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

after approval that means somehow we could use bitcoin as transaction item which is would increasing the demand of bitcoin and it will make bitcoin more liquid and the problem like in korea where people hard to disburst their money into fiat would be no nore a problem. Goverment approval is like support from them to the community so i do think its really usefull and we do need it in every country.

[ngamuk tok]

I think it's not very important, approved or not, in fact people can still use bitcoin in their lives. Although bitcoin is strictly prohibited, we can still use bitcoin in cyberspace.

[Dudeperfect]

As we all know that Bitcoin is based on blockchain technology which relies on the principle of decentralization that means any centralised authority cannot control or regulate it. However, when you are doing something on a commercial level you have to apply for the legal permission of the government to carry any business activity like running an exchange where the sum of money in terms of Fiat currency is being used. You can still use Bitcoin or any other cryptocurrency on an individual level as far as you are not doing anything illegal but when it comes to the business, you have to follow the certain guidelines and inform your financial details to the government.

A legal status would make it easier for everyone to use Bitcoin and other cryptocurrencies, it will also eliminate the volume of users involved in the parallel economy.

[richminded]

Bitcoin needs approval so that it will be legally use to the people in a country. It means that it is accepted and recognized as valuable, an asset and a currency that could be used as payment to products and services you acquired.

Exactly, this kind of approval will attract more investors because they believe that their own government support this technology. We really need this around the world so investors will confidently come without any hesitation.

I think it's not very important, approved or not, in fact people can still use bitcoin in their lives. Although bitcoin is strictly prohibited, we can still use bitcoin in cyberspace.

Well, we all have different views regarding on legalization of cryptocurrency but I really think we need this so we can be sure the security of our money online.

[Moiyah]

Governments realized now that bitcoin has a capacity to do transactions with less fees. It is also anonymous that is why they are alarmed that this may be use for unusual things. I also agree that they tend to add some tax if they will legalize bitcoin in different countries. Though, there is a little hope in me that somehow they will lessen the tax to the crypto users and crypto traders.

[franciscoDC]

Actually using bitcoin has a freedom,and i dont know why some country was banning its,im not sure ,its because of they will have competing in the collecting tax,because bitcoin has no owner only the people who are using it has only power to control it.

[Maclyn19]

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 also believe that the approval of bitcoin in one's country makes bitcoin legal. Thus, many will patronize the bitcoin as a another form of currency with confidence that the government is not against with bitcoin but is in support on it. The approval can be the first step to create rules and regulations regarding bitcoin to earn more reliance/confidence and entice new batch of investor to enter in the world of crypto.

[qwertyup23]

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.

Well bitcoin may not be required for approval but it entails a lot of implications to it. If a country accepts the utlization and legalization of bitcoin, investors would consider investing on the said cryptocurrency, thus increasing its price on the market. Just to give you an example, when China announced that they will be prohibiting the creation of ICOs due to a number of abusers and scammers, the price of a bitcoin significantly dropped. Another example, when Japan mentioned in the media that they will be supporting bitcoin and its platforms as a form of alternative payment/currency, the price slowly regained its value.

Link: https://www.cnbc.com/2017/09/29/bitcoin-exchanges-officially-recognized-by-japan.html

I think it's not very important, approved or not, in fact people can still use bitcoin in their lives. Although bitcoin is strictly prohibited, we can still use bitcoin in cyberspace.

I disagree. With the recent approval of countries of the utlization of bitcoin, it definitely has an impact regarding its price on the market- which attract new investors and retain old ones.

[libert19]

Bitcoin does not require any approval from anyone but it's buy/sell with fiat does.

And yeah to buy regular things with Bitcoin, particular country needs to declare it as legal tender.

[senin]

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

Crypto currency, as the name implies, claims the role of money in the state where it is used. Any state has the right on its territory to determine what kinds of money can go in the country and establish the conditions for their circulation. So, the state can recognize in the adopted law or another by-law any currency of any state is illegal and establish responsibility for violation of such prohibition, even criminal. So, the US president Trump recently issued a decree prohibiting citizens from using the Venezuelan cryptsplit of El Petro.
Before the legalization or prohibition of circulation of crypto currency, citizens can use it, however, in the event of various legal issues, it will be very difficult to prove anything in court precisely because the issue of its circulation in the country is not regulated at the legislative level. The process of legalization of the crypto currency, that is, the determination of its status, the conditions of circulation and, in most cases, the introduction of taxation, is called the process of legalization of the crypto currency. Such a process is necessary in any country for the further development of the crypto currency.

[iMark]

Bitcoin needs approval so that it will be legally use to the people in a country. It means that it is accepted and recognized as valuable, an asset and a currency that could be used as payment to products and services you acquired.

although we really need the legalization of the government, so bitcoin can move freely and growth can be faster, but actually although the legalization and approval is not present though, bitcoin still can be used right ?
in essence the approval will only make bitcoin growing better and faster growth

[mrtryonebiggums]

Nothing is required to be approved other than Bitcoin functioning as currency and proving such. As to what happens after approval, we will see in the coming days here whether this sparks a bullish fever or we keep the status quo. One thing is likely to be true though and that is one country claiming Bitcoin as legal tender won't make the difference. If the G7 nations came out today and said they would all make Bitcoin legal tender, well then damn I would snap up as much Bitcoin as my bank account could buy because you know it would likely moon after that announcement.

[aileenc]

Bitcoin may not be required for approval but it entails a lot of implications to it. If a country legalizes bitcoin, investors would consider investing on the cryptocurrency, thus increasing its price on the market. If a county does not legalize bitcoin, the price will drop on the market.

[kucritt]

approval in a country its mean that the bitcoin is free to use by the people on that country, which is it can be used for transaction and other thing that we can do with bitcoin, if there are not approval in a country i think we can't use bitcoin freedom, we still use for a limited purpose only

[Galih_Al karim]

In my country there is no more true deal still less bitcoin sosilisai here, (my country) requires legality in the country where I want to be recognized and the country will take tax from what we do, I hope there will be legality in my country so we easier to trade especially Bitcoin.

[freo01]

Approving Bitcoin is a way to say that investors are good to go when investing in it. It means that Bitcoin is somewhat okay to them for an investment. Germany is one of the countries that accept Bitcoin because few only know what the technology of Bitcoin is capable. It needs to be approve because it will be part of a society.

[rickn]

Although Bitcoin is a decentralized technology, it is not immune to the reach of governments. Assets need authorization to be traded and due to this situation, regulations will emerge in several countries.