mirakal
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November 08, 2021, 09:55:56 PM |
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It can be regulated through financial channels like exchanges, as you have noticed, the decentralized exchanges now are not as decentralized as before and they are not popular anymore. People trust a regulated market and that's the only way to see a growth of adoption on bitcoin. We were happy when El Salvador regulated bitcoin as we thought it will increase the price, so that's the hint to give us an idea of what would happen in the long run if more countries will adopt and regulated bitcoin.
So question is, can it help the crypto market, of course, yes because whether we like it or not, our government will always find a way to regulate any financial tools so they cannot be used for illegal transactions particularly in money laundering and most importantly they can monitor it.
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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TelolettOm
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November 08, 2021, 09:58:22 PM |
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Bitcoin cannot be regulated and no countries may be able to do this. But, each country can make certain regulations related to Bitcoin. For example by making new rules when going to invest in Bitcoin or cryptocurrency, making some new taxes or higher taxes, banning Bitcoin, legalizing Bitcoin, and some others. And some countries may also create some limitations in order that their citizens will not be involved again to Bitcoin, or reduce the involvement to Bitcoin such as making more strict regulations to the selling or trading of Bitcoin, exchanges, certain crypto platforms, and some others.
but with those, all limitations and regulations to the people, will it mean to regulate Bitcoin? No. Because those people can still reach Bitcoin, can still be involved in Bitcoin, can trade or even invest in Bitcoin even with very difficult ways to get it.
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laurenB7742
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Vaccinized.. immunity level is full.
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November 08, 2021, 09:59:47 PM Last edit: November 08, 2021, 10:11:53 PM by laurenB7742 |
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As Bitcoin is fully decentralized by nature so it is not possible to regulate it. But we have to use broker or exchange to liquidate or trade our coin and most of the reputed exchange are centralized and required KYC documents to withdraw funds, that's why our Bitcoin can be regulated by the government or exchange. Since we don't have the private key, hence we don't have any control over our funds in exchange.
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Mpamaegbu
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November 08, 2021, 10:12:07 PM |
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Can a decentralized currency like bitcoin ever get regulated?
Technically, it can to an extent. And that will be by way of regulating CEXs it's traded on. But beyond that, no; it can't. Even without exchanges, Bitcoin can still be traded via wallets. The only reason people go through exchanges is because exchanges offer more options and numbers for trades. Minus that, Bitcoin trades can easily go on without exchanges. At the moment, that's the situation. Regrettably however, I think at some point in future various governments will introduce more measures that are likely to strip Bitcoin of its privacy. You know, it's often a little to the right and a little to the left sort of thing with government.
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TinaK
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November 08, 2021, 10:21:10 PM |
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If there's a law of regulation in your country on bitcoin and that is it's up to you if you will follow the law that can be you are regulated. But if not, you can do it too, because being regulated is our option but not directly on bitcoin, it's on exchange and wallet that we used, it's a 3rd party that implements regulation towards bitcoin users. But in fact, if you really become completely anonymous on bitcoin and yes, you can. So the answer is it will depend on us and the regulation will not hit directly on bitcoin.
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Sirait
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November 08, 2021, 10:24:05 PM |
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This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?
in theory a decentralized currency such as bitcoin cannot be regulated because it is only based on supply and demand, besides that the creator of bitcoin is anonymous, so it is very difficult to regulate it. the government can only regulate platforms where bitcoins circulate such as crypto exchanges and crypto wallets by requiring taxes or other rules.
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Slow death
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November 08, 2021, 10:45:35 PM |
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Can a decentralized currency like bitcoin ever get regulated? yes you can, if we look at history a hundred years ago things like gold, diamonds, iron, oil, were not fully regulated, there were no laws around the world about these things I mentioned, but with the passage of time they already have laws about these things. in the case of bitcoin it will also be regulated in each country a few years from now, this is unavoidable
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Shasha80
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November 08, 2021, 10:49:50 PM |
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This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?
in theory a decentralized currency such as bitcoin cannot be regulated because it is only based on supply and demand, besides that the creator of bitcoin is anonymous, so it is very difficult to regulate it. the government can only regulate platforms where bitcoins circulate such as crypto exchanges and crypto wallets by requiring taxes or other rules. Decentralized currencies like Bitcoin are difficult to regulate, so where are countries that prohibit the use of Bitcoin, some of its residents are still finding ways to keep investing in Bitcoin. This means that the government cannot regulate Bitcoin as a whole, therefore most countries still limit the use of Bitcoin, usually only allowed as a digital asset. Even in my country, the government is only able to regulate local exchanges that are used to trade Bitcoin or some online wallets. Therefore, what the government of El Salvador did by legalizing Bitcoin as a legal tender was really very brave, because it is not easy to regulate Bitcoin.
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Kelvinid
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when lambo...
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November 08, 2021, 10:53:00 PM |
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Perhaps, it was started already in some places. Like those countries that legalized Bitcoin is something that has been applied but I believe it was for the good of everyone and to stop any illegal activities (fraud).
People will then think about losing their anonymity and that can be possible and besides, even using exchanges we've been losing it. To comply with KYC as we are worried about once it becomes regulated, that would be asked but why we should have not complied with it if we don't have any illegal intentions?
As it was started, that certainly be going to continue but I think, the volatile nature of the market remains.
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tippytoes
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November 08, 2021, 11:00:58 PM |
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Can a decentralized currency like bitcoin ever get regulated?
No. Bitcoin is decentralized and censorship resistant. Only exchanges and centralized services will be regulated and this is not new. This is a short and straightforward answer to the question of the OP. Bitcoin will always be decentralized but only the institutions or companies that are employing bitcoin can only be subjected to regulation from the government. So nope, bitcoin will never be regulated. The governments can get some information for btc holders owed to these exchanges or remittances which require KYC, but still, they won't get the full picture of the btc movements.
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YinShuiSiYuan
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November 08, 2021, 11:03:19 PM |
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This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?
I think that governments will lead to the fact that in order for cryptocurrency exchanges, stores that support cryptocurrency payments services, etc. to exist in a given country, they will have to undergo regulation. There will be a free market in which we will be able to trade in cryptocurrencies beyond the eyes of the rulers, but it will probably be a much smaller market than we have now.
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Prince Malik
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November 08, 2021, 11:59:30 PM |
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I believe its a very hard thing at the moment, the world is about to know a lot's off changes on the political and financial level and governments will surly not have the attention to regulate bitcoin or even focus on that thing at the moment
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yazher
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November 09, 2021, 03:06:17 AM |
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What the government can do is put some tight restrictions in the local exchanges to avoid illegal trade and to track suspicious huge amounts of bitcoins that being moved. They can only go as far as the exchanges but when the people decide to trade like P2P transactions, they can't do anything about it. It's hard for them to regulate it as if it's a centralized coin like XRP and others where they can easily track its founder.
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worle1bm
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November 09, 2021, 05:20:03 AM |
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The base line of bitcoin is decentralization and the government could not change that and what best they can do is to make regulations like accepting btc as legal tender as we have seen in case of El Salvador the first nation to accept Bitcoin as legal tender.The government will always put pressure on these central exchanges and will ask them to submit reports and various kinds of trouble but if you stored them on hardware wallets then no worries and till the time btc will be widely accepted as the change has begun.You cannot pass law to make Bitcoin as the central owned funds but who has the keys is the sole owner of funds.
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Obito
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November 09, 2021, 05:28:20 AM |
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I believe its a very hard thing at the moment, the world is about to know a lot's off changes on the political and financial level and governments will surly not have the attention to regulate bitcoin or even focus on that thing at the moment
It's not that hard, it's the government that's resisting it. Look at El Salvador, they adopted bitcoin and that's already a step towards regulation, the only thing that's keeping bitcoin from being regulated is the fact that the governments of different countries don't adopt them so no way they will make a good or fair regulation if they're against it right?
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Kakmakr
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November 09, 2021, 05:39:50 AM |
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Crypto currency regulations are a ongoing process, because the Governments around the world are trying to curb it's freedom. The different legislative branches of governments are trying to find ways to stop anonymity and the free flow of Crypto currencies, without government oversight. We know in the USA that the White House is considering a detailed executive order that will seek to tighten up oversight of encrypted digital assets. The Ransomware scandals and all the crimes that are linked with Crypto payments are now expediting this process.
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yhiaali3
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November 09, 2021, 05:42:37 AM |
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This is of course possible, it actually exists in a number of countries, there are some countries that have started to regulate Bitcoin legislation and have started applying it on the ground, you cannot ignore any matter that exists by force on the ground, Bitcoin has become a reality on the ground although this is not likes governments, but they are forced to deal with this fact, so there must come a day when all governments will be forced to clarify regulatory legislation for Bitcoin, otherwise things will slip out of their hand.
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Wexnident
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November 09, 2021, 05:49:55 AM |
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Well, there would inevitably rules around the crypto scene that the higher-ups would put out just to ensure that they could at least exhibit some control I think. Ofc, at it's core, the concept of Bitcoin won't ever be controlled or changed, but there could be rules around it such as being used only for specific transactions and whatnot to limit what users could do with it. There's also the idea of linking identities to wallets, hence KYC's (which defeats the point of pseudo-anonymity imo, but it is what it is) and there'd probably be more that would be placed to regulate its usage to avoid scams and the like so that other people wouldn't exactly be afraid of using it.
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witcher_sense
Legendary
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Activity: 2338
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🔐BitcoinMessage.Tools🔑
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November 09, 2021, 06:10:43 AM |
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Of course, bitcoin is a neutral decentralized protocol that works on a global scale, which means the decisions of a single government or regulations coming from even a powerful country cannot destroy or change the network. However, some regulations could have short-term negative consequences, especially if aimed at network participants directly. For example, this is true for the mining industry because miners always depend on governments in providing access to electricity. If a particular government decides to cut mining facilities off electrical power, it can do that immediately. Whether they have an incentive to do that is another question, but they at least can get miners to pay additional taxes or blacklist unwanted transactions or whatever. Naturally, miners are always free to move to another more friendly place, but the number of such places is not indefinite and likely shrinking. Other regulations such as KYC/AML procedures, centralized exchanges, custodial wallets and other bullshit are less important because they scarcely affect the network itself.
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davis196
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November 09, 2021, 06:37:14 AM |
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In theory,a country can regulate Bitcoin only if all BTC mining facilities get taken under the control by the government of that country.If the government(for example the US government) can control all the nodes of Bitcoin,then Bitcoin can be controlled by that country.However,this is just a theory and it can never happen in reality,because there's no point for a government to start mining a cryptocurrency.The governments have central banks and they can print their own money(or create their own CBDCs). Bitcoin transactions cannot get regulated,because no centralized authority can decide which transaction should be approved and which one should be declined.
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