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Author Topic: Why bitcoin requires approval from countries ?  (Read 1437 times)
Fredomago
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June 19, 2018, 05:03:14 AM
 #61

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.
Questionable assets needs government to intervene I guess, that's why  bitcoin needs approval from the government, the problem with that the essence of decentralization has been stake, good thing is the actual system can go further without any changes, we do need to exchange our crypto to fiat so that's where the government will be concerned and will place every rules that will give them authority to question each profits or actual money that their people are gaining upon using this chain.
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zhopas
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June 19, 2018, 05:18:53 AM
 #62

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
Approving bitcoin is the way of governments on accepting it to their countries so if they do not approve implementing bitcoin to their country then people especially those investors are does not have the right to use it in their business and transaction because it is not yet legalized to their country and the worse is they would consider it a great sin or a violation of their law.
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June 19, 2018, 05:19:22 AM
 #63

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.
Questionable assets needs government to intervene I guess, that's why  bitcoin needs approval from the government, the problem with that the essence of decentralization has been stake, good thing is the actual system can go further without any changes, we do need to exchange our crypto to fiat so that's where the government will be concerned and will place every rules that will give them authority to question each profits or actual money that their people are gaining upon using this chain.
yes it is. Aside from that ir cannot be also used locally when there is no proper approval to it, and the worst case is that you will be considered as illegal, aside also from the risks and for being decentralized. personally i don't really think that it needs approval since it is decentralized, from that point further reasons will only be owed by the government i guess.

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June 19, 2018, 05:47:31 AM
 #64

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
Approval is necessary to make that particular thing legal in the country as before approval bitcoin was in grey area of Germany and that was uncertain that either government would make cryptocurrencies legal or not so investing was actually risky, but when country legalize the cryptocurrency so they can work freely in the cryptocurrency market and no one can do harm to you if you do your trades in a legal way.
sotoshihero
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June 19, 2018, 05:53:45 AM
 #65

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.


Yes it is decentralized and you can use it in any country whenever there is an internet connection. But its better to be recognized by the said country and being supported. This is also for the benefit of the people to curb fraud and illegalities surrounding it. Governemnt is only on the regulation side.

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zafaryaqoob
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June 19, 2018, 05:58:30 AM
 #66

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
The cryptocurrency doesn't need to approve anywhere is A worldwide cryptocurrency you can use it anywhere, any time.
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June 19, 2018, 07:03:40 AM
 #67

The absence of a central regulator and rules of the game led to increased risks and the rapid shrinkage of cryptoanarchist ideas. Owners of electronic money began to understand: we need rules of the game. Governments must deal with this task. That is why bitcoin needs not so much to be recognize and approved, as to be determined and define its status in certain countries.
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June 19, 2018, 10:54:01 AM
 #68

the approval of bitcoin by a government is to indicate that the people of that country will not hesitate to start investing bitcoin because so far those who use bitcoin are always suspected by others, whereas those users only want to invest to make a profit.
clairdelune
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June 19, 2018, 01:59:03 PM
 #69

I don't think that bitcoin requires approval. Because you can use bitcoin anywhere as long as you know how to used bitcoin. I think the reason for the approval is for the legalization of the country for it is to be accepted because until now some of the country is not allowing bitcoin maybe because they do not believe on bitcoin for they cannot see their future in bitcoin they also think that bitcoin is not real and they are telling that they will not earn from bitcoin for it is not true. Bitcoin is real and it is a digital money that you can invest and earn big. You just have to learn and study the bitcoin for you to earn big. Their is a future in bitcoin. Some country do not believe is maybe they believe only to the money that govern by the bank. Some others are hearing many negatives about the bitcoin that is why they do not believe on bitcoin.
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June 19, 2018, 02:17:09 PM
 #70

If accepted by the government, Bitcoin has the opportunity to become more popular than ever. This times, some countries have not see the importance of Bitcoin! Need more time to get Bitcoin recognized!
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June 19, 2018, 02:24:00 PM
 #71

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
Bitcoin does’nt need any approval from any countries around the world, permission or legalization of bitcoin is not an issue, eventhough there are lot of news about banning bitcoin in other country but it does’nt mean that it is totally stop the transaction using bitcoin in that country.

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Btcnaivie
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June 19, 2018, 02:46:12 PM
 #72

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

The approval of bitcoin by its government is for legality for each  countries. It is really need to be approved so that it will not use for any illegal transactions.  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.
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June 19, 2018, 03:04:48 PM
 #73

Yes, Every countries have their own laws and regulation to implement in any investment that may come local or international because the government is always want to keep their people safe from any investment.
Macai
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June 19, 2018, 03:30:06 PM
 #74

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 agree with you. It really doesn't need approval specially if you do it privately as your own investment. But iit s much better ifcountries specailly yours would accept or approve it so that you may freely use it in your country through merchants and other establishments that accepts Bitcoin. Surely  if Bitcoin wil legally be accepted in one place merchants will pop out.
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June 20, 2018, 03:23:15 PM
 #75

when did bitcoin need approval?  it was made to not be obedient any bank and gov, right? i think you mean certain regulations, then yes, some countries would try to regulate it so far, right?
khoipm
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June 20, 2018, 05:04:28 PM
 #76

If you coin Bitcoin is an asset, it actually does not need any country to accept it. Acceptance by the nations is only good news to motivate the number of people who believe in it.
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June 20, 2018, 05:29:06 PM
 #77

Some countries think that Bitcoin transaction is money laundering. As its a completely peer to peer connection system. There will be no third party between them means you are transacting  currency but do not pay taxes for it which you have to do with fiat money. For this reason some countries think that it needs approval from their government.
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June 20, 2018, 06:32:50 PM
 #78

Once the government approves of cryptocurrency, people can trade, extract and withdraw freely. If you're going to be in jail for Bitcoin, you won't be doing it.
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June 20, 2018, 07:37:19 PM
 #79

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

If bitcoin approves in one country many people's think that bitcoin is legit and not scam or illegal and many people are joining here cause they know this is legal that they can earn when they join in investing.

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June 20, 2018, 08:49:02 PM
 #80

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
Approval is not required, bitcoin does not violate the law since it is just a piece of software that performs a function, that is not illegal, governments are creating those regulations to try to create a framework to work with cryptocurrencies after all there is nothing in the market similar to cryptocurrencies but at the same time it is a way to make it seem as if they have everything under control even if that is not the case.
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