Strengthening Property Rights of Bitcoin

[Debonaire217]

Recently, the Chinese Supreme Court favors strengthening the property rights for bitcoin. From this article published on July 22, this includes empowering the network virtual property, data, and an increase in recognition of cryptocurrency as virtual property, thus resulting in better laws protecting owners.

What their aim is:

“promote the improvement of a modern property rights system with clear ownership.”

This will indeed, protect owners from the illegal seizure of their asset and

use of public power to infringe private property rights.

What does this mean?

As a cryptocurrency enthusiast, I find that there is a deeper and more promising implication of this news to bitcoin and the bitcoin community as a whole. That is, Cryptocurrency is being Legally Recognized as a Property. Meaning, that most of the countries today, are taking cryptocurrency seriously, some are already treating it the same way as cash

In February 2019, the state of Wyoming passed a bill that would allow for cryptocurrencies to be recognized as money.

But the best part of cryptocurrency adoption is when the Government is passing helpful laws about protection of property and laws concerning cybersecurity.

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

[1714991952]

1714991952

[Fundamentals Of]

This is good news. This means Bitcoin owners are already protected by the state to a certain extent against people trying to steal or rob their Bitcoins away. But this could also mean proving your ownership. In this process, you have to reveal your personal identity, the amount of Bitcoins you own, proof that you indeed own them, how you acquire them, and that you acquire them through legal ways. This all means a significant amount of privacy lost.

[20kevin20]

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

I agree with your opinion up to this point. I'm not okay at all with the fading of my privacy, even if it means BTC would become the worldwide currency. There shouldn't be such sacrifices we have to digest in order to have the adoption we need. When it comes to privacy, I'd much rather continue having Bitcoin exactly the same way we have it today adoption-wise than feeling constrained and constantly monitored/tracked while using it. If that's how the future looks, I guess we can call it a defeat in face of the govs.

I just hate it when I notice almost everyone around me would give up literally anything over a price bump. What's the point of having a huge BTC adoption if BTC will be forced not to be BTC anymore?

[davis196]

"Strengthening the property right" seems like a pretty vague statement.
Bitcoin has been considered as a property in most of the countries in the world for the last 6 years.
The problem is while many of the countries consider Bitcoin(and all the altcoins) a property or asset,most of them refuse to accept cryptocurrencies as "money".
If we really wan't global crypto adoption,then KYC policies and paying taxes over our crypto income is the price we have to pay.
Many people don't like KYC and paying taxes,which perfectly normal,but the process of worldwide "legalization" and embracing cryptocurrencies is inevitable.

[sunsilk]

Meaning, that most of the countries today, are taking cryptocurrency seriously, some are already treating it the same way as cash

We are nearly there. Some countries still can't accept the fact that bitcoin should be accepted like that as what others have been doing for years. And those countries that can't take bitcoin just like what the others did declaring bitcoin as a valuable asset or property, they will turn in and join them soon.

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

Next to it is taxation but for most of us, I think we will have the choice or option whichever exchange well use. And who knows if there will be no need for the exchanges if you are in a place where most people are accepting bitcoin directly.

[witcher_sense]

Governments were created to enforce property rights through legal systems. We have to rely on third parties to protect our property rights, protect our business, protect us against violence. It is not possible to economically evolve without private rights being protected by the state. However, bitcoin can be considered the first form of property that may exist without having to rely on any legal system in order for to be protected from seizure. In case of bitcoin you can protect your own property by storing private keys in a safe place, it will be way safer than relying on third parties. Bitcoin doesn't need third parties to strengthen its property rights, instead the mere idea of bitcoin is to give private property rights to people who suffer from absence of any rights. That is why bitcoin is adopted more in places where property rights are weak, where currency is hyperinflated, where you have to protect your rights against violent interventions.

Suggested reading on this issue:

https://medium.com/@hasufly/bitcoin-and-the-promise-of-independent-property-rights-8f10e5c7efa8

https://scholarship.shu.edu/shlr/vol49/iss1/3/

[jseverson]

This is definitely good news, especially in China where a lot of Bitcoin miners are essentially held hostage but...

In a document published on July 22, China’s Supreme Court calls for strengthening the protection of property rights pertaining to — among other things — “digital currency, network virtual property, and data.”

...the bolded part and the CCP just doesn't mix lmao. This is a regime that wants to keep tabs on everybody, and never mind property rights, they barely even respect human rights.

I agree with your opinion up to this point. I'm not okay at all with the fading of my privacy, even if it means BTC would become the worldwide currency.

He did say this in relation with KYC and exchanges, so if you avoid those, you shouldn't be affected at all. I seriously doubt Bitcoin will ever bend to governments protocol-wise.

[Wexnident]

Well, we're definitely closer to the stage of Bitcoin being accepted by the world. Still, I would preferably retain the ability to be anonymous when using Bitcoin. If push comes to shove and I was to be asked to make a choice between the anonymity of Bitcoin and the Adoption off Bitcoin as a property, I'd rather choose the latter. I think there's no need to compromise on the ability of Bitcoin just to achieve some form of recognition, as well as protection. Anyone that uses Bitcoin is well aware of how it works and if I needed protection in the first place, I'd have never used Bitcoin, I would've just preferred the usage of Fiat.

[jpnl0006]

Recently, the Chinese Supreme Court favors strengthening the property rights for bitcoin. From this article published on July 22, this includes empowering the network virtual property, data, and an increase in recognition of cryptocurrency as virtual property, thus resulting in better laws protecting owners.

What their aim is:

“promote the improvement of a modern property rights system with clear ownership.”

This will indeed, protect owners from the illegal seizure of their asset and

use of public power to infringe private property rights.

What does this mean?

As a cryptocurrency enthusiast, I find that there is a deeper and more promising implication of this news to bitcoin and the bitcoin community as a whole. That is, Cryptocurrency is being Legally Recognized as a Property. Meaning, that most of the countries today, are taking cryptocurrency seriously, some are already treating it the same way as cash

In February 2019, the state of Wyoming passed a bill that would allow for cryptocurrencies to be recognized as money.

But the best part of cryptocurrency adoption is when the Government is passing helpful laws about protection of property and laws concerning cybersecurity.

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

And who says massive adoption of the technology is not fast growing? The approach been given to the technology by government agencies and the laws and rights passed into law globally has further strenghtened the way and manner in which nvestors see digitlal assets

[hatshepsut93]

Bitcoin was created so that we won't need governments to protect our property rights. Having a private key is all the property right you will need. Maybe this legislation would be interesting to people who keep their coins on exchange or with other custodians, but ideally this shouldn't happen.

I guess overall it's positive news, because at least Bitcoin is not "banned" by China again, but still it's not something that I would be enthusiastic about.

[Tipstar]

Property rights are a much different matter in China and most of the world. Almost all of the chinese land belongs to the CCP while most of the people also don't own the house they live in. There are ownership by the state and also by the commune but most of the immovable property are not inheritable private property. Even some of movable property have state or mixed ownership. For crypto things gets even complicated as the state need to decide whether they are property or not.

[Debonaire217]

There shouldn't be such sacrifices we have to digest in order to have the adoption we need. When it comes to privacy, I'd much rather continue having Bitcoin exactly the same way we have it today adoption-wise than feeling constrained and constantly monitored/tracked while using it. If that's how the future looks, I guess we can call it a defeat in face of the govs.

Good point there mate, it is also a thing to consider not giving up any bitcoin's characterisctic just for the sake of good return in price. In the first place, it isn't included in the white paper that bitcoin should achieve a huge market price though. Maybe adoption in exchange for less privacy is still not considerable, I believe there's still ways of preserving bitcoin as it is, while being recognized widely, especially as a legal asset or property.

I guess overall it's positive news, because at least Bitcoin is not "banned" by China again, but still it's not something that I would be enthusiastic about.

Maybe, they have already accepted the fact that bitcoin and cryptocurrencies are now the new revolutionary technologies in terms of transactions. With China supporting digital assets, we are benefitting as a whole from Chinese population widely adopting crypto.

[Carlton Banks]

Bitcoin was created so that we won't need governments to protect our property rights.

exactly

if you don't yet understand this, then I bid you a fair and fine welcome to the 21st century


(aside, government gangsters typically "legalize" things which they discover they cannot control, so as to make themselves seem relevant/not weak)

[kryptqnick]

As a cryptocurrency enthusiast, I find that there is a deeper and more promising implication of this news to bitcoin and the bitcoin community as a whole. That is, Cryptocurrency is being Legally Recognized as a Property. Meaning, that most of the countries today, are taking cryptocurrency seriously, some are already treating it the same way as cash

In February 2019, the state of Wyoming passed a bill that would allow for cryptocurrencies to be recognized as money.

But the best part of cryptocurrency adoption is when the Government is passing helpful laws about protection of property and laws concerning cybersecurity.

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

First, I'd like to point out that it's not the first example of China regulating Bitcoin and perhaps tending to recognize it as property. For instance, there was news a month ago about China passing the law on Bitcoin inheritance. And I don't know about the original, but the news mention bitcoin as property there already (see here). Secondly, I don't think it's great when Bitcoin is treated as property because with it comes the taxation. It's better for users when Bitcoin is treated as money. Finally, you're saying you're not against regulations for the sake of 'safer transaction environment', but given China's records of abusing human rights (and privacy in particular), I don't think it's making it safer.

[bocyaj]

Recently, the Chinese Supreme Court favors strengthening the property rights for bitcoin. From this article published on July 22, this includes empowering the network virtual property, data, and an increase in recognition of cryptocurrency as virtual property, thus resulting in better laws protecting owners.

What their aim is:

“promote the improvement of a modern property rights system with clear ownership.”

This will indeed, protect owners from the illegal seizure of their asset and

use of public power to infringe private property rights.

What does this mean?

As a cryptocurrency enthusiast, I find that there is a deeper and more promising implication of this news to bitcoin and the bitcoin community as a whole. That is, Cryptocurrency is being Legally Recognized as a Property. Meaning, that most of the countries today, are taking cryptocurrency seriously, some are already treating it the same way as cash

In February 2019, the state of Wyoming passed a bill that would allow for cryptocurrencies to be recognized as money.

But the best part of cryptocurrency adoption is when the Government is passing helpful laws about protection of property and laws concerning cybersecurity.

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

You mean the china had trying to regulate the cryptocurrency flow in their economy ?!
If so, it had both positive and negative impact in the crypto market.Good news is many people will start to inverse on bitcoin legally and it will promote bitcoin in China indirectly.Negative one is,the investment will be low to avoid of paying huge tax to the government .

[AniviaBtc]

Moreover, we cannot deny that in the near future, our anonymity with cryptocurrency will slowly fade as we accept KYC verifications from local exchanges because of the need to obey from Governments's regulation. Who knows, but for me, I'm okay with it if the goal is wider adoption of crypto and a safer transaction environment. What's your opinion?

I agree with your opinion up to this point. I'm not okay at all with the fading of my privacy, even if it means BTC would become the worldwide currency. There shouldn't be such sacrifices we have to digest in order to have the adoption we need. When it comes to privacy, I'd much rather continue having Bitcoin exactly the same way we have it today adoption-wise than feeling constrained and constantly monitored/tracked while using it. If that's how the future looks, I guess we can call it a defeat in face of the govs.

I just hate it when I notice almost everyone around me would give up literally anything over a price bump. What's the point of having a huge BTC adoption if BTC will be forced not to be BTC anymore?

How can we achieve those safer transaction environment if the governments are still treating bitcoin as a source of scams?

Yes, we need to achieve wider adoption but it should starts with us. I'm also afraid about my future and the future of the entire cryptocurrency. Bitcoin being a decentralized currency is really hard to imagine, if our assets can't be used freely then it is a hassle for us, for our privacy, and safety. But no matter how long we hold a BTC, there's always some changes that we need to deal with and adapt in the future between cryptocurrency and the governments.

[Ucy]

Is it illegal for two law-abiding persons to exchange currency/properties in anonymous/private manner in the country? If it's not illegal, why then the "gradual fade away" of online anonymity with cryptocurrency?
If the purpose of "gradually fading away" anonymity is to prevent crime, you could still use decentralized anonymity/privacy setup that can be attached to users unique cryptic identifications... In this way you are not breaking any of the country's law.

[Emitdama]

Of course for you to be under the protection of the government you will need to be registered with a centralized exchange and that would require you to go through KYC. Cryptocurrency is gradually changing from what it was originally meant to be, and it’s up to us as to whether we are ready to go with those changes or stick to what it used to be before now.

There are some people who are using cryptocurrency and they don’t want to be giving out their information, they prefer to be having the privacy, these are the people that won’t be interested in these kind of things. They will rather make use of decentralized exchanges, and put the risk securing their assets on themselves.

[shata]

Bitcoin, being considered as property by some developed countries is no suprised news. Many debates had came to exist whether bitcoin could be more on the side of money or property. It turns out that this maybe considered as both. However, it will actually be defined as what it is if majority of countries accepting bitcoin will taxed it accordingly either capital gains (property tax) or income tax (tax on personal income)

Lately, China is one of many countries that did not support bitcoin. In fact, they managed to enact laws penalizing bitcoin users. Now that they are making some drastic developments in their economy, they are even the friendliest of all for crypto hubs out there. I think they see silver lining (opportunities) to progress their empire. Close to think that China is so aggressive in planning to control worldwide transactions, as recent trade-war between US and China happened, both countries challenged economies, financial sectors, power, influence and etc.

The prospect that even in cryptocurrency, where everyone tried to find safe haven on their assets, are vulnerable and still under controlled. I've mentioned on some of my blogs that government, institutions, and other powerful men will not spur crypto adoption but rather the people with faith. And even the price of BTC will go 5digits or 6digits (if this will be the variable). Because no matter what, the essence of bitcoin had been tarnished. Decentralization is no more but a concept, exchanges will always obey the government, and people behind this will succeed on their plans - to destroy trustless.

I am not against bitcoin adoption, I am all in bitcoin, and I will speak things to the best of it.

[dothebeats]

And for the price of only divulging sensitive information to the government! As I've said, you don't need anyone to secure your bitcoin as you only need proper internet etiquette and being secretive when it comes to your crypto venture. While this does lead to 'legalization' that so many are longing for, this also ultimately compromises the privacy and security of people using it, making you easier to track than before when no legal intervention happens. I'm all in for adoption and recognition from legal bodies, but if there are severe compromises to be had, then perhaps it's good to rethink of those first before going 'all in' on those decisions and regulations.