Enforcing government regulations

[cryptied]

Exactly. In fact, most governments are concerned about the misuse of cryptocurrency for illegal activities, thereby limiting their mobility. However, if the government is in line with the cryptocurrency scheme without interfering too deeply in the case you explained, then that is no problem.

Especially if people really want proper use of cryptocurrency, abiding government regulation is a good thing to consider. It doesn't mean that since bitcoin or other crypto is providing us freedom in our financial assets, we will not abide the government. Let us help them do their part in maintaining good governance. Blocking illegal sites that will promote misuse of cryptocurrency should be supported thinking that it is for us not for them in the first place.

I agree. There are some regulations that are good, amongst others.

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[Yamifoud]

People are so many concerns about how their money grow from the risk inside crypto, thus they looked somebody could give them assurance and that is how important to see that the government will protect with them. But somehow some of us here are in doubt about what will happen next if the government will take control of crypto.

First of all, they are afraid that taxes may impose( as we are celebrating it for free till now) and next, the control about market prices and afraid of not seeing bullish again. Enforcing government regulations might have a positive and negative impact, may some of us will agree to have it but some also declines. It runs into a process( might be long), if the government will finally after the benefits they might get in the crypto market, then they will work on it for sure.

[Zionatin]

?

Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.

Actually the government can't enforce anything and do what it wants. Laws must be carefully voted into legislation. Bad laws never work. Forcing people into something will never ever work because people don't obey laws they cannot respect. As you say you can easily bypass restriction since bitcoin is free and nothing can ever hold it back even the government. It is impossible to stop bitcoin and the governments have better things to do. Not enough people are using bitcoin for it to be a problem for them.

[heidikim]

Let me write my own opinion on this. I think states will not use Bitcoin. No state can willingly enter the Blockchain economy. This is not an easy event, maybe it would force this transition. Bitcoin is a great puzzler.

[DevilSlayer]

?

Like you said, the government will and can enforce anything, and they can definitely enforce regulations concerning bitcoin. The "promise(?)"(I didn't know an asset can make promises) of bitcoin isn't that the government wouldn't be able to make regulations, it's that bitcoin would be able to easily bypass those regulations. A digital asset can't magically remove the power of the government to enforce laws.

Actually the government can't enforce anything and do what it wants. Laws must be carefully voted into legislation. Bad laws never work. Forcing people into something will never ever work because people don't obey laws they cannot respect. As you say you can easily bypass restriction since bitcoin is free and nothing can ever hold it back even the government. It is impossible to stop bitcoin and the governments have better things to do. Not enough people are using bitcoin for it to be a problem for them.

The government that we have are in favor in bitcoins and that's why they regulate it but they comply in anti money laundering law. As a citizen, we are able to use bitcoin but there is restrictions. They created laws and regulations to protect their citizens to scammers. Our government will not ban bitcoins because they are now also using it due to its function and advantages in our economy.

[bitvalak]

Maybe you have a wrong perception, bitcoin never makes promises. Bitcoin is claimed to be able to disrupt the banking system at this time, therefore a government regulation is made to limit the use of bitcoin only as an asset not a currency. The proof is that bitcoin so far has disrupted the banking ecosystem, it can be seen from the many appeals from the government to stop using bitcoin because they have the potential to have a high risk.

[maydna]

What bitcoin promise? Bitcoin is a way for people who want to feel free to manage their money, even if the government cannot control it. But we cannot deny that bitcoin growth in a country in which we need regulations from the government so people can use bitcoin without any problem.

Bitcoin will grow fast with approval from the government, so we cannot force the government to approve shortly. I think the government will create regulations about decentralized currency, and the government will authorize cryptocurrency in the long term.

[bitcoindusts]

Governments can issue regulations as they please. No doubt about it.
The promise of Bitcoin was to leave governments unable to enforce any kind of regulations using technology and decentralization.
The problem with that promise is that it is enormously expensive for consumers to run Bitcoin nodes. Therefore everyone uses third parties, there's not that many of them and there's absolutely no way for them to stay resistent to regulations.

So as I see it, there was a time when governments couldn't enforce their regulations to decentralized currency. Now they can.

What do you think? Is the Bitcoin promise broken?

I cannot find anywhere that Bitcoin promise anything.  Yes it is created for p2p currency that can be send anywhere without 3rd party intrusion which is still in effect.  Regulation of government does not necessary means that it can't be send the way it used to be. 

[djsugar]

I doubt it will be easy to keep government away from bitcoin if it gains more traction. Whenever money is involved people trust government. That's the inbuilt mechanism of humans. As you must have noticed that the crime rate when it comes to crypto has risen significantly. In such a case if you want more people to come and buy crypto, you need to gain their trust which is in a way connected to government only as people trust government in money matter. So, a few rules and regulations without jeopardizing the basic idea of bitcoin won't harm anyone.

[iram3130]

As many said, the main advantage of Bitcoin is to bypass those regulations. In a country like India where the RBI has banned banks from transacting with exchanges, people are still trading using P2P exchanges. I agree that these regulations affect the community but with crypto there is always a new way.

[airdnasxela]

Bitcoin, (Satoshi) already did it's (his) part making it decentralized. No government and third parties. Bitcoin already achieved that. It's just the government are the one trying to involve themselves with Bitcoin because they saw that it's succeeding with its goal being decentralized and having no regulations. They're just trying to stop it by using the law which the only advantage they have. But the so-called promise, was already fulfilled in the very first place.

[Wintersoldier]

Let me write my own opinion on this. I think states will not use Bitcoin. No state can willingly enter the Blockchain economy. This is not an easy event, maybe it would force this transition. Bitcoin is a great puzzler.

We are now on the edge of the cliff where we are to decide on two choices, whether to accept the technology or to stay firm with the current that we have right now. And it is not impossible for government and to state to utilize bitcoin and cryptocurrency. In fact, they way they are allowing blockchain projects to run on their country is already one of the signs that they will accept it, we don't know if the people working inside the government do really utilizes bitcoin? holistically, they might show some negativity, but in the end, we'll all benefit on bitcoin.

[Lauren Smith]

What regulations are you talking about? Nothing has been inforced here. How can it be? How can you claim governments can make whatever regulations they want. Where the hell do you get this info? Im sorry but that's crap. How will the government know how many assets you have. Thy cant control crypto. They can try though.

[Wintersoldier]

If we are to think about the mining facilities before, the nodes that people are purchasing isn't that too high to consider. It do really depends on how much the bitcoin price is and how easy it is to mine bitcoin. But today, the price is comparably higher than ever. With this, it is still reasonable for those that are already established their nodes because it is in fact, bought in times that the bitcoin price is low and processing transaction is quite easy. So, the only challenge is when you are new to start building nodes if you decided to contribute that much to bitcoin.

[aomakun]

The government will not make a regulation without a study, so when we support bitcoin to be legalized, we must give our study which will later be restated by the government of a country. the process is complicated because all regulations are not made at will because they can affect a country

[matchi2011]

Bitcoin, (Satoshi) already did it's (his) part making it decentralized. No government and third parties. Bitcoin already achieved that. It's just the government are the one trying to involve themselves with Bitcoin because they saw that it's succeeding with its goal being decentralized and having no regulations. They're just trying to stop it by using the law which the only advantage they have. But the so-called promise, was already fulfilled in the very first place.

The government seen the big success of this crypto currency and how people engaged to invest inside, they need to have the advantages and not to be left behind. Implementing rules in order to have the power to control this market inside their jurisdictions is the main goal of any government ho are now reviewing this system and working to adopt if they've seen the big benefits.

[iamsheikhadil]

Well, the government can always regulate internet and electricity. It can switch off internet and also cut electricity thereby controlling Bitcoin in a sense. But it's just surface controlling, it can't control the internal system, and can't manipulate, create fake coins or stop or reverse a transaction.

[DabsPoorVersion]

The government will not make a regulation without a study, so when we support bitcoin to be legalized, we must give our study which will later be restated by the government of a country. the process is complicated because all regulations are not made at will because they can affect a country

Of course, they wouldn't take any action without examining/studying it. But I don't think that even if we support bitcoin to be legalized and give our study, the government won't consider it since they will take their own activity of studying it so it is impossible to just consider the words from the public.

[Janation]

Well, the government can always regulate internet and electricity. It can switch off internet and also cut electricity thereby controlling Bitcoin in a sense. But it's just surface controlling, it can't control the internal system, and can't manipulate, create fake coins or stop or reverse a transaction.

I don't think that it would even be a thing.

Turn off the internet? Do you even have an idea of how many datas are needed that goes in and out in a country? Do you even have an idea how electricity are badly needed in a country? They can regulate those especially the internet. What they can stop is those ISPs and companies that give generate those two, get it?

[Ozero]

The circulation of money in the state has always been part of its policy, and only it established and establishes the rules for their circulation on its territory. Cryptocurrency cannot be an exception. States and their governments cannot change the technology of functioning of cryptocurrency, however, it would be simply silly to think that they would not notice the circulation of “no man's” means of payment on their territory that are profitable by one and are a means of crime for others, as a result of which many citizens turn to state law enforcement agencies for protection.