Why bitcoin requires approval from countries ?

[nicko122]

Cryptocurrencies in fact do not really need a state confirmation, it's easier to use it when it legalized, and if the country tries to block it, its using becomes more difficult.

[Yantoaja]

Bitcoin requires the approval of a country because it allows bitcoin to be used in the country as a payment system, or as a substitute asset. If the country does not allow bitcoin, then bitcoin can not be used at all in that country.

[CAPT.DEADPOOL]

to let others know what bitcoin is and to also say that legit bitcoin has countries that legit bitcoin and bitcoin approve their country is good news it's so other people's content is just what bitcoin and what its future is for people

[VitKoyn]

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

Approval of government for Bitcoin to be legal is of course required because cryptocurrency like Bitcoin are being traded for fiat or local currency whenever a trader or investor wants to take his/her profit and anything that will relate or connected to money, the government will always there to protect their currency and to avoid it from being used for fraudulent activities. But approval is not really needed for people to use Bitcoin, for the reason that Bitcoin works without anyone controlling it or simply it is decentralized, so if a government wants to ban it, people can still use it but will limit the uses of it on that country depending on what kind of ban did that country implemented.

[mk4]

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.

Well, true. Since bitcoin isn't "illegal"(but not formally "legalized"), merchants can accept it as a payment method. But wouldn't the government sort of "pursue"(for a lack of a better word) the merchants that used BTC if ever BTC were to be banned someday in the future?

[yanixbtc]

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

Basically, if bitcoin is approved in a particular country it just means that is legally accepted and in no doubt the people in a particular country is free to use bitcoin as payment of any merchandise and services. Bitcoin does not necessarily requires approval but it somehow gives a good impact in the market, knowing it is in accordance of the law.

[jseverson]

It doesn't necessarily require approval. It just needs to not be banned, and even then everyone who wants to use it still can. It's really a matter of adoption.

The goal, in my eyes, is for Bitcoin to be accepted as a currency worldwide. Mass adoption is required for that, and mass adoption would be far easier to attain if Bitcoin were completely legal. Not having regulations at all is also nice, but that also means a ban could come at any time, so the general public would be more wary than if it were legal. The mainstream would also be likelier to accept it if their respective countries do the same.

Bans can't really stop Bitcoin, but they can stop adoption, which is probably just as bad. It's simply much better if everyone who wants to get involved can do so without any legal repercussions.

[javadsalehi]

Bitcoin can be always used without approval of the governments. It's decentralized and no authority control it.
But, approval from f the governments is needs to have a more healthy market. It is also needed for being used as an official payment system.

[r32godzilla]

Either if any country approves bitcoin or not,it could not be banned completely as it is a digital currency.Unless internet is banned,it could not be banned.

[christian07]

If there any currency involve of course we need approval even here in crypto that don't have regulator in some business another thing the difference only here is we don't regulate by our transaction but still government have knowledge here so some are need permit before running a business like in our own country wallet with digital currency and with fiat actually this is the best example of what you ask OP because our wallet have permit by government to run then our transaction don't regulate at all or our digital currency

[pocket_lck]

Because by agreement it can make people more trustworthy in putting their assets in bitcoin and it can make or have a good impact on bitcoin prices and also smoothness in trading or in transactions in the purchase of goods and services.

[Cj29]

I think bitcoin didnt not required approval on a country. Because lot of country like mu country philippines didnt yet approve and yet didnt illegallize. As long as the country didnt banned cryptocurrency then you go for it.

[Dana-pasar]

it must be because the purpose of bitcoin is to become digital money that can be accepted by the state and the world. for buying and selling like a banknote .

[Ahimoth]

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.

It's just simple you can't use it if it's not allowed. Remember that a country is being controlled by the government so in order for bitcoin to be use it has to be accepted. Acknowledgement is very important so that bitcoin can have its value. Approval is a luxury that bitcoin wants to attain.

[AliMan]

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.

Well that's just simple because that's the key so that bitcoin can have a value. Without approval it means that bitcoin will just be useless. In order for bitcoin to be use without interference it has to be approved first. To have a efficiently transaction with the use of bitcoin approval is a must need thing.

[marcbitcoins]

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

It is the duty of the government to review all of the investments to ensure the safety and welfare of the people that these investments may not ruin the economy of the country. So therefore everything will be subject for approval according to their law that once check and approve then everyone can freely to join the investments.

[cutecute]

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

I think it needs approval in our country becuse our country can make sure if it is safe or not, if it can help us or not. Actually needing approval is also wrong just like now our government didn't approve it because they want to earn also by putting a tax on it.

[Getcoinsite]

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

Bitcoin is a currency and needs to be taxed when use internationally,and since this is owned by no country i think thays the reason why it is more needed to have a approval,and more often because this has been tagged as criminal currency that same reason why many countries afraid of this entering their regions

[teklang01]

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.

[Dr.Nina]

It is well known to all that bitcoin is a decentralized, digital crypto currency which is based on modern technology. If no country approve bitcoin, Bitcoin can be used all over the world. Because it does not need any approval from any country to use. If you have a computer or any device and internet connection then you can use it. But approval is required from the country because of the general people who will feel free to use it. Without approval they may not trust it. It also needed to make it popular. And tax can be implemented by approving by the country.