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Author Topic: Why bitcoin requires approval from countries ?  (Read 1349 times)
btcjocan
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July 21, 2018, 08:14:29 AM
 #421

with state approval, that means it is legal. of course bitcoin can be used to transact legitimately on the sale and purchase or trade in the country. and does not violate existing regulations in the country.
it's in my opinion.

It should need to be approved by the government, to assure the people who use and make transaction with the uses of bitcoin. When the government on it's country approve and ligalize the uses of bitcoin, it will be more applicable to use.


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July 21, 2018, 08:20:27 AM
 #422

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

It just provides legitimacy to Bitcoin and more people will feel comfortable investing in Bitcoin. A lot of people, apart from institutional investors, are concerned about the reputational risk associated with cryptocurrencies. With the government clarifying its stance, they may go ahead and invest.


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July 21, 2018, 08:32:17 AM
 #423

for me bitcoin approval of each country is legal for its use because of the protection of the users. Because bitcoin is a big company for approval by governments in every country.
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July 21, 2018, 08:34:37 AM
 #424

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

Actually, the bitcoin is a decentralized digital currency which has no regulations and no control over it and because of this any country or region can allow them or block them as per they wish so that their citizens might not get into any kind of scam. So the approval is important because the country's government supports the decentralized currency and by which the traders gets support and safety from the government by the approval and so the bitcoin's approval is adding security and safety to the traders.

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July 21, 2018, 08:35:53 AM
 #425

Actually bitcoin does not require any jurisdictional and geographical approval before it can function. When countries banned bitcoin is a matter of it legalization within such country but ideally an individual can use to trade their national currency. So in that case when its legally approved in a country it can be used as without restriction within that country.
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July 21, 2018, 08:56:43 AM
 #426

Well, how else should he work on the territory of the country.  To sit and wait when the government will find out about it and plant or make pay a fine?
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July 21, 2018, 09:00:50 AM
 #427

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

As a matter of fact bitcoin does not require any jurisdictional and geological endorsement before it can work. At the point when nations restricted bitcoin involves it sanctioning inside such nation however in a perfect world an individual can use to exchange their national money. So all things considered when its lawfully affirmed in a nation it can be utilized as without limitation inside that nation.
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July 21, 2018, 11:22:36 AM
 #428

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
As an investor or simple a user you do not really need an approval for the government but the thing is that, if the government approved the usage of bitcoin in an specific country for an instance, you can use bitcoin freely without worrying. And also if it was approved by the government more and more people will.loved to engage in using bitcoin and it may seems to be an addition to bitcoin's popularity.

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July 21, 2018, 12:15:26 PM
 #429

In my opinion, not so much if bitcoin requires approval from countries around the world. Germany in this case is one of them.
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July 22, 2018, 06:50:06 AM
 #430

I do not think bitcoin requires approval from countries because in fact without the approval from them, we still can doing any activities that related with bitcoin such as trading, bitcoin investments, payment transactions or others. But if there is approval from the countries, we will feel safer because we know that our bitcoin activities is protected and guarantee by the countries.

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July 22, 2018, 07:04:42 AM
 #431

The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them.Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications. While some countries have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

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July 22, 2018, 10:57:05 AM
 #432

Once approved, many entrepreneurs will use electronic money supply technology. with state approval, that means it is legal and does not violate existing domestic regulations.
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July 22, 2018, 12:27:49 PM
 #433

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

It requires approval for it to be legally formulated which means it doesn't violate any rules or regulations within the said scope. Besides, nowadays, all should be in legal form.
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July 22, 2018, 02:01:53 PM
 #434

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

It just provides legitimacy to Bitcoin and more people will feel comfortable investing in Bitcoin. A lot of people, apart from institutional investors, are concerned about the reputational risk associated with cryptocurrencies. With the government clarifying its stance, they may go ahead and invest.

I agree and that's a win win situation for everybody involved. The more people we get into crypto the bigger the market cap and coins values.
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July 22, 2018, 02:08:15 PM
 #435

Approval means recognized and can be promote in particular country. Sometimes it means legalized to let the citizens contribute to make it more better and higher profit not for one benefit but if possible is for all benefits. I believed bitcoin is one of the major issue to talk about in our generation.
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July 22, 2018, 02:20:26 PM
 #436

my opinion is that large corporations are afraid of risking investing money from investors, and these are trillions of dollars, so they need regulation

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July 22, 2018, 02:26:03 PM
 #437

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

It is not that it needs approval, but it puts Bitcoin in a better light if it is approved by a country like Germany. Even if it wasn't officially approved people would still be able to use it or trade it. Many countries try to regulate the use for taxes and to prevent illegal transactions (though illegal transactions could be made in any currency in the end, so my guess is mainly taxes).
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July 22, 2018, 02:29:00 PM
 #438

I mean its normal to think that it really requires approval because of its high value. If its value is that high, then we must at least place something that might control its value or like approving the use of it. We know that it is from the internet and some countries are scared to be overthrown in their wealth. We know Bitcoin's value is still being developed even though it reached a milestone last year. Some countries are banning it and some countries are happy on the use of it.
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July 22, 2018, 02:31:55 PM
 #439

In my opinion,this is what is called the process of legalization and setting of bitcoin. It is necessary in any state to formally improve its legal status in any normative legal action,to determine the basic conditions and rules for its circulation in the country,and also to determine by taxation.
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July 22, 2018, 03:34:34 PM
 #440

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.but in the end still bitcoin needs the approval of the government for it to last since we all need the favor of our government, at the end of the day if it has an effect already in the economy the government has the right to decide.
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