Regulation seem like the only option left

[bitgolden]

Initially it was the banking system, by the time people feared of saving the money in banks and accumulated it in treasuries and vaults. Slowly people got adopted to the banking system, by then internet made an evolution. People started using banks, but feared of using internet services for banking needs. Slowly it got transformation towards different types of cards. People are getting used to it. Further the app payments have made everything simple. Now everyone who have a smartphone find it the best. It takes time to reach the end user, so right now it is crypto and it takes little time for every country to regulate it's usage.

Regulation will definitely make it even bigger. Even I remember (and I am not even that old) the period when people used machines that swiped the whole card and send information to the bank, wait for a response, signature and many other horrible methods that took so long. Mortgage wasn't even a big deal at the time when I was born, it was possible but not this easy. Nowadays we are sending money to other side of the world in 10 minutes and we are calling it slow.

So, obviously crypto will take over the payment processing and using it globally. I still believe that when you go out to eat something, paying with card is still easier than crypto. But, international money transfer will definitely turn to crypto a lot more.

[wxa7115]

To be precise, most of us are just worried about the privacy we are going to be losing when the government starts to regulate cryptocurrency. Most of us would like to have privacy when we’re making transactions online, we would like to be able to send money to anyone to anywhere around the world without having the government question how and where the money is going to.

So, I believe that’s why a lot of us here don’t really want the government regulation. Apart from that,it is not really much of a problem to us. But any one of us can still avoid this regulation from the government, originally Bitcoin is peer to peer, so you can just make use of it by using decentralized wallets or non custodial wallets, so that every transactions you make with the blockchain wouldn’t be traced by anyone.

It depends on the regulation and how strict it is, I think we can all acknowledge that if you want to convert your bitcoin or any other cryptocurrency to fiat currencies then some sort of regulation is going to take place because the government is not going to allow you to use freely their system without any control.

However some governments want complete control and oversight over all transactions, even those that only happen on the blockchain and that have nothing to do with fiat currencies, and that is something that we do not like, and even more importantly it is something that they will never be able to regulate fully, because this market was designed precisely to resist that kind of control.

[Fortify]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

I don't know how you could see anything but regulation as the future of cryptocurrency. The money supply is ultimately controlled by governments and central banks, even if crypto has disrupted that slightly - the enforcers like the tax offices and police for different juridictions are going to support those financial institutions. Unless crypto is ultimately regulated with proper paper trails and transparency to governments then it will always be a potential target for take down. Cryptos biggest problem right now is wasteful energy usage, so unless it learns to conform to the standardized set of rules that other financial companies face it will be fighting multiple battles which will make it harder to win.

[Captain Corporate]

 Regulation doesn't mean they can control crypto, that just means they can decide on what you can do with it legally. If there is a good amount of regulations, and it works out, it will allow crypto companies to grow hugely. If crypto companies grow huge in a legal manner (like coinbase but dozens of it) then they could lobby the politicians to get more. Look at financial institutes, wall street keeps losing money and keeps getting billions every single day, and they "pay it back" only after they made money with it from us. So all in all it would be a lot better for all of us involved to just let regulations happen, and then hope we grow big enough to influence even better regulations.

[AmoreJaz]

 Regulation doesn't mean they can control crypto, that just means they can decide on what you can do with it legally. If there is a good amount of regulations, and it works out, it will allow crypto companies to grow hugely. If crypto companies grow huge in a legal manner (like coinbase but dozens of it) then they could lobby the politicians to get more. Look at financial institutes, wall street keeps losing money and keeps getting billions every single day, and they "pay it back" only after they made money with it from us. So all in all it would be a lot better for all of us involved to just let regulations happen, and then hope we grow big enough to influence even better regulations.

it is a fact that if we need more adoption from people, regulation is one way to do it. because these noncrypto users will have more confidence on dealing with crypto if there is government's intervention. it will also discard the thought that crypto is all about scam, though we don't think that way for all crypto users already. but we can't dictate the opinion of others, it is what they think because of what they read or see from the media. so if we need more people in the crypto market, regulation is the key and we are heading in that direction already.

[LUCKMCFLY]

Initially it was the banking system, by the time people feared of saving the money in banks and accumulated it in treasuries and vaults. Slowly people got adopted to the banking system, by then internet made an evolution. People started using banks, but feared of using internet services for banking needs. Slowly it got transformation towards different types of cards. People are getting used to it. Further the app payments have made everything simple. Now everyone who have a smartphone find it the best. It takes time to reach the end user, so right now it is crypto and it takes little time for every country to regulate it's usage.

Regulation will definitely make it even bigger. Even I remember (and I am not even that old) the period when people used machines that swiped the whole card and send information to the bank, wait for a response, signature and many other horrible methods that took so long. Mortgage wasn't even a big deal at the time when I was born, it was possible but not this easy. Nowadays we are sending money to other side of the world in 10 minutes and we are calling it slow.

So, obviously crypto will take over the payment processing and using it globally. I still believe that when you go out to eat something, paying with card is still easier than crypto. But, international money transfer will definitely turn to crypto a lot more.

Yes, I understand very well what you mean, when in 20011 when I graduated, there was something that was calling my attention and it was infrared technology, and I wanted to make a system that through a bar code would pass things and at once they would take out accounts and summations, like in supermarket checkouts, is what we call RFID technology, then some time later I did not get enough information to optimize those processes, then with the appearance of blockchain that process is possible only by replacing the bar code with the QR code that can even be associated with any wallet, since everything is different, faster and with more technology.

[wxa7115]

it is a fact that if we need more adoption from people, regulation is one way to do it. because these noncrypto users will have more confidence on dealing with crypto if there is government's intervention. it will also discard the thought that crypto is all about scam, though we don't think that way for all crypto users already. but we can't dictate the opinion of others, it is what they think because of what they read or see from the media. so if we need more people in the crypto market, regulation is the key and we are heading in that direction already.

True, but a balance must be reached and that is not something governments want, lets be honest the people at the core of most governments around the world are control freaks, and anything that does not comply with what they want becomes an immediate target for a takedown.

So while we need more adoption this adoption cannot come about by sacrificing the principles that govern this market, because if that happens then we may get a lot of adoption but I know that I would probably leave this market as it would no longer be a true alternative to fiat as it is right now.

[goldkingcoiner]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

You need to start thinking more positive. I understand that the government is imposing and scary and will do their outright best to scare people into a neat line. But the truth is, Bitcoin is not something they will ever be able to regulate. Not entirely. They can regulate centralised businesses and exchanges that work with Bitcoin. They can easily do that. But centralised platforms are the wrong way to go. Always remember: Not your keys, not your coins. Keep your coins away from your identity and third party wallets. And be sure to keep good OPSEC.

That way, nobody can find out about or control the Bitcoins in your wallet.

[carlfebz2]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

You need to start thinking more positive. I understand that the government is imposing and scary and will do their outright best to scare people into a neat line. But the truth is, Bitcoin is not something they will ever be able to regulate. Not entirely. They can regulate centralised businesses and exchanges that work with Bitcoin. They can easily do that. But centralised platforms are the wrong way to go. Always remember: Not your keys, not your coins. Keep your coins away from your identity and third party wallets. And be sure to keep good OPSEC.

That way, nobody can find out about or control the Bitcoins in your wallet.

They couldnt do it literally thats why they would really be going after on platforms or businesses who do attached out with crypto thats on the time they would really be having involvement.

We've seen that government does really love to tax everything and wont really be tending to let it pass into those people who do earn here on crypto space and as for speaking with
popularity and recognition then crypto is really heading there even though government wouldnt be regulating or take involvement.

[Abiky]

You need to start thinking more positive. I understand that the government is imposing and scary and will do their outright best to scare people into a neat line. But the truth is, Bitcoin is not something they will ever be able to regulate. Not entirely. They can regulate centralised businesses and exchanges that work with Bitcoin. They can easily do that. But centralised platforms are the wrong way to go. Always remember: Not your keys, not your coins. Keep your coins away from your identity and third party wallets. And be sure to keep good OPSEC.

That way, nobody can find out about or control the Bitcoins in your wallet.

Governments are known to spread fear in order to get what they want. The more people use Bitcoin, the less power/control the government will have over people's money. That's why regulations in some countries are strict in order to scare away as many people as possible. As you've said before, governments will only be able to regulate centralized exchanges and other service providers. But they won't be able to do the same with decentralized alternatives.

If you're smart, you'd avoid anything that requires KYC/AML. Not only you'll be able to preserve your privacy/anonymity, but you'll also be helping crypto reach its fullest potential. Most people don't know that it's possible to get access to Bitcoin in a completely decentralized manner (decentralized exchanges, atomic swaps, etc), so tightening regulations will only decrease mainstream adoption in the long run. I wouldn't worry about regulations as long as decentralization/censorship-resistance is preserved. Just my thoughts

[bustabitsboy]

Of course, a huge amount of digital currency can give a huge amount of tax payments for a country. It is normal that the government wants to legislate and try to control the cryptocurrency market. The turnover of the cryptocurrency will be subject to the general rules of taxation, and it is difficult to say what will come of it. I want to help my country with even a small share of my wages. But whether the government will organize it correctly, no one knows.

[Markinzo]

Regulations is one key factor that gives a meaning and order to any system. so regulating the Bitcoin world, it's a necessity for any meaningful government that holds it's citizens welfare at heart, but the decentralized system shouldn't be tampered with in the course of such regulation.  Very important.

[ShowOff]

Governments are known to spread fear in order to get what they want. The more people use Bitcoin, the less power/control the government will have over people's money. That's why regulations in some countries are strict in order to scare away as many people as possible. As you've said before, governments will only be able to regulate centralized exchanges and other service providers. But they won't be able to do the same with decentralized alternatives.

Yes, it is nonsense when they twist the facts by saying that the centralized fiat financial system is better than the decentralized financial system we have with bitcoin.

The government's fear of a decentralized financial system is based on the possible weak use of their centralized financial system by the public. Many people will switch to better, more efficient, faster and more secure systems like bitcoin. That will be the reason why they are afraid and as a preventive measure, regulation is the way out. Restricting its use as legal tender is more likely to be enforced than completely banning it. The government also knows there are big advantages of cryptocurrencies to increase state revenues.

[Agbe]

Yes, government is to create enabling environment for public and private business activities.

This enabling environment refers to the policies of the government which will allow individuals to do business and pay taxes to the government.

So adopting crypto Currency and regulating it to favour the citizens will also assist and help the government to develop the State and the international system.

USA and British adopt Crypto currency and regulate it for the citizens to use and set up a tax force committee to collect tax from those that are using the currency for transactions.

Conclusively, since crypto currency is a digital currency and anonymous, the central bank of a Nation can't stop the uses but can regulate it for the benefit of it.

[Sled]

Will there ever come a time that the government reaction to crypto will be encouraging for the people? Lately the head if international monetary fund Christine lagarde stated that regulatory action from the international community on crypto is inevitable ..what do you think

Strict regulations will certainly come in the future and I believe this was the only way to stop the spread of crypto scams and fraud. But this has never been an easy job for the authorities who are in charge of this as for sure they will also face an act of opposition and questions. As for me, it wasn't a problem if the market had been regulated at least, our money and our investment are safe and we can assure that the future of investment been secured.

https://www.nasdaq.com/articles/the-need-for-crypto-clarity-and-the-regulatory-path-forward
It is probably we are going there, Regulation.

[nakamura12]

Yes, government is to create enabling environment for public and private business activities.

This enabling environment refers to the policies of the government which will allow individuals to do business and pay taxes to the government.

So adopting crypto Currency and regulating it to favour the citizens will also assist and help the government to develop the State and the international system.

USA and British adopt Crypto currency and regulate it for the citizens to use and set up a tax force committee to collect tax from those that are using the currency for transactions.

Conclusively, since crypto currency is a digital currency and anonymous, the central bank of a Nation can't stop the uses but can regulate it for the benefit of it.

This already happen in my country where the central bank regulated the crypto exchange/wallet. It seems they even add more cryptocurrencies that you can buy and sell. At first, it was just btc, eth, bch and xrp that time but now there are more crypto in their list even NFT ones. Though there's binance but theirs are much easy to navigate and use though their platform is not non-custodial so I don't own the private keys or seed phrase though I could still use their exchange/wallet platform like I own the wallet PK or seed phrase and can convert crypto to fiat.

[TheUltraElite]

Regulations is one key factor that gives a meaning and order to any system. so regulating the Bitcoin world, it's a necessity for any meaningful government that holds it's citizens welfare at heart, but the decentralized system shouldn't be tampered with in the course of such regulation.  Very important.

Decentralised system will not be tampered but people will need to use the centralised fiat system at one time. Then it will be regulated is what I am guessing. Still we can only guess and not make any statement.

Currently crypto is being taken mainstream and therefore the regulation will come soon. Then we can decide how we tackle it.

Government wants to tax it's users whenever possible. So they would not ban bitcoin unlike some countries have done. With a huge number of users using bitcoin the number of taxable users is also huge.

[strunberg]

it is a fact that if we need more adoption from people, regulation is one way to do it. because these noncrypto users will have more confidence on dealing with crypto if there is government's intervention.

so far adoption progress running well now in several countries, they regulate and discuss about legal standing to bitcoin. with more legalize bitcoin and cryptocurrrency maybe number of bitcoin usage in our life will increase massively.

currently cryptocurrency is widely known by the public, especially during bullish conditions, of course many people are talking about it, because there will be many examples of people who get rich suddenly, so there will be a lot of new people learning about cryptocurrencies.

honestly it will be danger if cryptocurrency market known as a place to create new millionare. people will thinking its easy to make money from market , meanwhile its not suitable with the fact.

[Cryptions]

Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

[Questat]

Regulation tends to kill innovation, therefore it's not good at all. Increasing regulation kills also decentralization and privacy. Cryto community somewhat self regulated early years, of course there's no way back to it... but towards tightening laws, which leads ultimately as tight regulations as with banks. That is absolutely bad thing. It puts power on the few hands of the few bureaucrats, and leaves no room for small actors or individuals to enter the ecosystem with innovative solutions nor copy & paste tokens.

We actually look it good being unregulated and controlled by the government but it was so sad that some opportunist people like scammers take advantage of this as they can just play the market freely without worrying they got caught. Though I wasn't in favor of the government making a step with this and promoting regulation, however, I think this will give help stop the scam activities and lower the chances to get scammed.
This is just not meant for innovation control, this will help to improve the image of crypto instead which is somehow ruined by these scammers.