Regulation possible? Regulation Inevitable?

[Rodeo02]

Adoption is only a matter of time as long as Bitcoin continues this kind of progress. The time it takes for the entire world to actually adopt it though, is still quite unknown. As for regulation, it isn't necessarily a bad thing. They can't actually touch the core concepts of what makes Bitcoin, Bitcoin. My guess is most regulations would come to avoid scams and the like, making an official list of exchanges that the government acknowledges, or heck, they themselves could host exchanges so that exit scams could be avoided.

There may be also an increased regulation in creating new Cryptocurrencies, and only registered ones with enough (insert random details that they may take) so that the market wouldn't be spammed/overwhelmed by shitcoins.

To be honest adoption is already started. there are just people who do not want to accept or not accepting that this is the new generation and this is the thing that can be used in today's time, even this pandemic time it shows that we need to improve and adopt this new technology If we want something to change in us. no matter what we avoid we will enter the digital era and the banknotes will lose  its value sooner.

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[yazher]

In ten years everything will change what we are seeing with Bitcoin right now, although the price is unpredictable, there are high tendencies about bitcoin became one of the leading online payment in the world after PayPal successfully release their version of cryptocurrency online payment. Time will give us successful progress about bitcoin because as you can see right now, everything is good about it. If this will continue after 10 years, expect more than you ask for.

[Vishnu.Reang]

The cryptocurrency market cap has reached the $400 billion level. At this point, regulation is inevitable. Do you really think that the governments will allow cryptocurrency to remain unregulated? As a first step, they are going to eliminate the Bitcoin mixers, so that it will be difficult for users to remain anonymous. Next stage would be to give details of your cryptocurrency holdings in the income tax returns. Already they have outlawed anonymous debit cards, which can be charged with cryptocurrency.

[YOSHIE]

with the regulation again targeting exchanges as entry points.

if the regulations have been made by one country and enacted laws to control Bitcoin against companies that provide exchange services it could happen depending on the country.

However, what you need to know for now is that there is no single country that actually applies the Regulation, just saying it in public.
For example: currently what is happening in India, you can see in the law board in this forum, in the end rebuttals continue to happen, why can this happen, because the government needs Bitcoin.

You don't need to fight, just follow the flow of the game, sure Bitcoin will not lose in any form of regulation.

[AakZaki]

~snip~

Is this possible?
How can we defend Bitcoin against it?

I thought it would and will definitely come, but as far as I know it is difficult if there is an organization that wants to organize the blokchain network. Several countries around the world have enacted rules for digital currencies. For now, I see it only protecting its users and preventing abuse for illegal activities. Meanwhile, providing special arrangements to local authorities on the network for now seems impossible on the global Bitcoin network. Meanwhile, to fight it as long as bitcoin is still trusted by the receiving community and the community consensus continues, it doesn't matter. I think in the end no organization can organize unilaterally. Correct if I'm wrong.

[cabron]

Regulation is inevitable. Right now most centralized exchanges don't  serve unverified customers. We have to deal with KYC and AML rules.

They still serve traders without KYC, the users who withdraw less than 1BTC can still do it without having to submit KYC and AML rules. I have tried hoo.com and is sure to have worked well.

The regulation I think will be more strict when we exchange our BTC to fiat. That's the time you will need to send your data, they may even ask for a source of funds.

[Lucius]

In 10 years, knowledge about Bitcoin will be mainstream.

I would disagree with your thinking, although 10 years may seem like a long time, look 10 years back and look at where BTC is today - research says no more than 1% of the total human population has anything to do with Bitcoin. Despite the great media pumping that was created during 2017, the average person's knowledge of Bitcoin today is very modest, and in most cases completely misinterpreted. It is likely that things will develop much faster in the next 10 years, but in my opinion it is not realistic to expect that everyone will know about BTC even then - and I do not want to speculate how many people will use it, it is impossible to predict.

Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin.

It is true that those in power can try to steer Bitcoin in some direction, but any attempt to reduce decentralization in any way will certainly provoke counter-action - because in technical terms I am sure that over the years there will be many innovations that will continue to strengthen Bitcoin. The future is uncertain, but one should not be pessimistic, Bitcoin will find its place as a currency and as a store of value.

[ChrisPop]

I would disagree with your thinking, although 10 years may seem like a long time, look 10 years back and look at where BTC is today - research says no more than 1% of the total human population has anything to do with Bitcoin. Despite the great media pumping that was created during 2017, the average person's knowledge of Bitcoin today is very modest, and in most cases completely misinterpreted. It is likely that things will develop much faster in the next 10 years, but in my opinion it is not realistic to expect that everyone will know about BTC even then - and I do not want to speculate how many people will use it, it is impossible to predict.

I view things a little bit differently. There are a lot more market participants, some of them are big sharks. 10 years ago there were just the miners and a bunch of crypto enthusiasts. Now we see big companies and funds taking considerable positions in the market. Moreover we see PayPal and lower tier payment processors making encouraging moves in regard to cryptocurrencies.

In terms of "average joe" adoption the progress is not very fast, but PROGRESS is there. I think 10 years in the Information Age is enough for Bitcoin to become mainstream.

[taufik123]

To be honest adoption is already started. there are just people who do not want to accept or not accepting that this is the new generation and this is the thing that can be used in today's time, even this pandemic time it shows that we need to improve and adopt this new technology If we want something to change in us. no matter what we avoid we will enter the digital era and the banknotes will lose  its value sooner.

The adoption of bitcoin and blockchain technology has indeed started, even a few years ago there were several companies that started to switch to bitcoin by providing bitcoin payment options. and until now the latest adoption has been made by PayPal which has started adding options to buy and sell cryptocurrency via paypal. This is trending news that makes bitcoin price hit up to $ 13k. in modern times it will be easier to accept this technology and the situation is indeed favorable with the pandemic, thus reducing the use of banknotes. However, the adoption is not evenly distributed in all countries. There are several regulations set and in each country it is different.

[Lucius]

~snip~

It is obvious that sharks gather around Bitcoin, at the moment this bait is passionately attracted to them - but if we follow the patterns from the past, will sharks still be interested in Bitcoin when the whole thing cools down - or when crypto winter comes? I'm just interested in what they will all do with their BTC when the correction starts happening, and we know that it can be very brutal.

If we read the definition for Mainstream describes what's viewed by most people in a society as "normal,", then it is hard to expect that most will be considered Bitcoin as something normal. To be honest, Bitcoin is still very misperceived as something used by criminals, terrorists, hackers and the global internet underworld. Of course, the adaptation that goes through the world's big companies will greatly help to change that perception - because if something is legal for PayPal or for a big bank like JPM, then over time it will become completely normal for everyone else. But it will take time, in my opinion maybe more than 10 years - although I don't mind being wrong

[CryptopreneurBrainboss]

Governments and through a global initiative may regulating cashing in and cashing out from bitcoin. They may force exchange to collect and provide personal info of anyone buying, depositing or withdrawing. But they'd not be able to regulate bitcoin network or bitcoin transactions.

Don't think we have to wait for another 10 years or Bitcoin going more mainstream for this to become a norm in the industry. Already we're seeing exchange implementing strick KYC verification measure that requires all the sensitive information you have as an individual just to access their platform for advanced trading or enjoying the fiat features of the exchange as it can be observed with Binance exchange.

The regulations that'll be coming into the space is something we can avoid, we asked for it and it's coming to disrupt the whole system. Bitcoin was built on the zeal to end the current fiat system mode of operations but slowly bitcoin service providers are heading toward the same direction.

[plvbob0070]

It's kinda hard to tell what will happen in 10 years and if by that time, bitcoin already achieved mainstream. But for sure, during those years, there will be big progress to mass adoption, and as also mentioned by others, regulation is indeed inevitable especially when bitcoin gets more recognition in the future. But regulations will depend on how a certain country view bitcoin so it does not necessarily mean that when countries regulated bitcoin, it's something bad that we have to defend it or something.

[shoreno]

already 10 years have passed and btc is in the mainstream now , theres also regulations but not too much . they do it for a reason and it sometimes have a positive effect  , its for the own good of ones country or for the good of the users so we must follow it

we dont need to defend it and i dont think you can do anything to defend it because the government are declaring it , what you can do ? your only a common individual with less power than them . just go with the flow man .

[mardaed]

This is what I fear to happen where all the country will decide to ban all the crypto assets as we cannot do something to defend the crypto against it. But if the countries will only regulate the crypto assets and not banning it then I have no problem with it because it only means that the governments are already accepting the existence of crypto assets which is good.

As long as we have legal local exchange where we can easily convert our fiat to crypto then there is nothing to worry but if most of the countries will try to ban those exchanges then it is pretty difficult to defend and we don't have other option but to stop using crypto assets when that time will come.

[posi]

In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?

News usually travel fast and if the knowledge about Bitcoin is mainstream in the next 10years then enough people should also be expected to adapt to Bitcoin mainstream.

Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin.
Is this possible?
How can we defend Bitcoin against it?

I believe IMF Boss to be crypto enthusiast because she once advise the governments and the institutions to create their own national digital currency cause virtual currency are the perfect solution to economic meltdown and finances.
With that been said, i dont see IMF refulatung crypto and if regulations will happen in the future only the exchange site and crypto payment service that is centralized that will be regulated.

 

[TimeTeller]

In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?

News usually travel fast and if the knowledge about Bitcoin is mainstream in the next 10years then enough people should also be expected to adapt to Bitcoin mainstream.

Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin.
Is this possible?
How can we defend Bitcoin against it?

I believe IMF Boss to be crypto enthusiast because she once advise the governments and the institutions to create their own national digital currency cause virtual currency are the perfect solution to economic meltdown and finances.
With that been said, i dont see IMF refulatung crypto and if regulations will happen in the future only the exchange site and crypto payment service that is centralized that will be regulated.

Yes, only institutions or exchanges that are requiring KYC will get the info of their customers and be regulated by the government.
However, not all of them as there are exchanges that only require KYC if you go beyond their daily limit of 2BTC like Binance.
Still, if you don't want to be connected with your crypto transactions, there are other options for you to convert your crypto.
In the next 10 years, I think there are a lot of merchants that are already accepting crypto as well as big companies that have crypto within their system, not only PayPal.

[Myleschetty]

Centralization is inevitable if Bitcoin will be mainstream and what cause this is the scam activities done through ICOs then that make SEC implemented KYC/AML but Bitcoin can not be regulated by any government bodies. However, the IMF and others can only regulate some companies that are licensed by SEC or others centralized government agency.

[Wawa2013]

It is definitely regulation inevitable, because the government always wants to control everything including cryptocurrency.
So it's no wonder that currently most exchanges have implemented KYC, and countries that accept cryptocurrency have
started imposing taxes on any transactions using cryptocurrency. The more mainstream Bitcoin is, the more likely we will
lose privacy when using Bitcoin. Because that is the risk that will occur if Bitcoin mass adoption does occur.

[gantez]

This regulates Bitcoin itself.

Is this possible?
How can we defend Bitcoin against it?

Your question has made it more popular that regulating bitcoin itself can't be possible. It is only exchange that can be regulated if the need be and every account under that exchange can be monitored if required.

[CarnagexD]

Regulation is inevitable. Right now most centralized exchanges don't  serve unverified customers. We have to deal with KYC and AML rules.

Regulation to combat scammery and coin theft... Prety interesting. Although that also means losing a bit of bitcoin's functions just to do these. Unless we have a more advance way of executing these without violating bitcoin's functions, I'm not sure when or if we will even get these news.