Why bitcoin requires approval from countries ?

[thenameisjay]

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

What I think is that German government has somehow got a grasp on how to regulate bitcoins. It's a suicide attempt to ever allow bitcoins to be circulated around the country without even having a plan to regulate is somehow. Maybe they've accomplished it and made sure it was sustainable.

[Indai24]

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

What I think is that German government has somehow got a grasp on how to regulate bitcoins. It's a suicide attempt to ever allow bitcoins to be circulated around the country without even having a plan to regulate is somehow. Maybe they've accomplished it and made sure it was sustainable.

The reason why bitcoin requires appoval from some other countries because they're using a totally different security, unlike banks, mostly transaction will undergo verification process because it is a requirement from Federal Law, however bitcoin doesn't follow that. Transactions are very efficient, faster, but we cannot say that it's more secure because this might be used by some illegal matters.

[Kotone]

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

What I think is that German government has somehow got a grasp on how to regulate bitcoins. It's a suicide attempt to ever allow bitcoins to be circulated around the country without even having a plan to regulate is somehow. Maybe they've accomplished it and made sure it was sustainable.

well, as far as I know bitcoin is one of the most popular digital currency in the world. we cannot need bank because the bitcoin has many benefits and advantage. I think one of the reason why the government requires approval because it can be a threat in the banks, also bitcoin is untraceable so it is perfect thing to used for the crime activities.

[dante golo]

Because to provide a sense of security to the traders when they want to invest in crypto so the government is very important to the development of crypto and the population economy becomes more secure when it has benefited from investment.

[tulezua]

Bitcoin is a digital currency, and many countries give it through, this is understand because the transaction is clearly and transparent, proving its value.

[bitfocus]

Bitcoin does not require any approval at all. just need recognization from authority as Legal or illegal in that particular country so that merchants can use it massively as a payment method.

[ranman09]

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.
Germany for example don't allow setting up ATMs, so this news (If true) could be a step towards allowing them. Either way, you can technically continue to use bitcoin regardless of the laws because of its P2P/decentralized nature.

I agree I believe that this does not affect how bitcoin is used but will contribute mostly to adoption. The more people know bitcoin the more fame it has better market it will be.

[KesoNie]

Because to provide a sense of security to the traders when they want to invest in crypto so the government is very important to the development of crypto and the population economy becomes more secure when it has benefited from investment.

Having a legality and approval lf the countries makes the use of cryptocurrencies like bitcoin and ethereum maximize and blasts. This is only means that you can use it anytime anywhere like today but more secure and no worries about the thief or scammers because the government will be the one in charge in a more security purposes.

[Zalaster]

Bitcoin is a world currency that does not have a binding to a particular country, so it does not depend on whether it is authorized or banned in a particular place. On the other hand, countries can restrict bitcoin exchange operations to fiat, but everything depends on the country where the exchange is registered. I think that soon bitcoin will be recognized definitively, because its advantages are obvious.

[thisappointed]

The reason behind that might be because people on their country are misusing bitcoin, that is why Governments on such countries provide a necessary disciplinary action to prevent such things to happen. The other one might be because of FUDs which is just natural since cryptocurrency are just making its move to make our economy more developed and successful.

[monarchy]

Because bitcoin must require state approval because bitcoin is a digital currency that can not be set by any country so maybe the government has a double if bitcoin is not approved as the currency will make a very big risk for its citizen so bitcoin must have approval from any country who want to use bitcoin in their national currency

[Gummybear67]

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

Its not like something required or necessary, its just that Bitcoin or cryptocurrency will spread faster without violating any of the country's rule/law. It is also an advantage for bitcoin, if it demands to be a fiat currency.

[NelfiNovita]

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

with the approval of the country it will make it easier for bitcoin users to transact using bitcoin, for example as a means of payment directly to replace paper money, as well as offline payments.

[somebadger]

Well there are some countries that want to have it all regulated, and controlled, that is why the people from those countries are waiting to see what is going to happen with those regulations.
The same thing is happening on all the countries

[hacekd]

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

It doesnt really need any approval or be legalized for people from a specific country be able to use bitcoin and even a country banned the use of it people can still use it but the problem is people cant trade it for local currency or use it for payment. After an approval from a country of course people can freely use bitcoin locally and exchange it for fiat without worrying that you are doing an illegal activity.

Sometimes, we do not want people to know what we have bought. Bitcoin is a relatively private currency. On the one hand, Bitcoin transactions process is transparent thanks to blockchain, everyone knows how many Bitcoin addresses hold transactions.

[Peter Bailey]

It doesn’t require approval. But companies that want to operate businesses around crypto want to be able to setup knowing that they’re not going to suddenly find themselves on the wrong side of a regulation. So by lobbying jurisdictional clarification (or approval for certain usages), it allows businesses to be able to operate.

[Giles Goodman]

Approval means that Fiat can get in/out the crypto more easily. That's why it so important. If it'll be possible to build "human ATM" network, then might be we don't need "countries approval" for Bitcoin.

[AlienSeeker]

Well it depends on the government you have. I think they banned it because it can affect the exonomics of your country. That is why you need an approval in the you country. With approval in the country, the withdrawals and usage of bitcoin will increas and it is more easier to use it with no hesitation with you currency.

[ov3rflow9x]

The fact that German approves bitcoin is completely awesome, I wish that all the countries from big eight will accept Bitcoin, because if it will happen, we will see a significant growth in terms of price.

[korkor]

I think Bitcoin needs the approval from countries to make some users of bitcoin less skeptical. People are skeptical about bitcoin because their countries have declared the use of bitcoin illegal. Countries approval of bitcoin will also increase the market cap of bitcoin and cryptocurrency in general.