The lack of consumer security in Bitcoin.

[Gooner0]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

[Charles-Tim]

What are you expecting from the regulatory body? To make bitcoin to be centralized and be censoring transactions in a way miners can filter out some transactions not to get confirmed? Worst mistake that can never happen.

Number of bitcoin transactions that is involved in illicit activities has been decreasing since many years ago as more cryptocurrencies are created. They are shifting to stable coins like USDT.

But crypto criminal activities is less than fiat criminal activities.

[EarnOnVictor]

First, I want you to know that nobody in this world no matter how powerful can regulate Bitcoin because Bitcoin works based on a decentralised system. This means that nobody, not the government nor Satoshi Nakomoto himself/themselves has control over it, for this, no central authority whatsoever can influence it. However, what could be termed regulation is already happening unless you do not think towards it. The world's authorities forcing businesses and centralised systems dealing with Bitcoin to make sure they are duly registered and regulated is already a form of regulation.

If they can handle those establishments well, they are invariably indirectly regulating Bitcoin. This is why you see exchanges/brokers, casinos/sportsbooks and many other businesses allowing the transaction of Bitcoin through their platforms ensuring that their customers pass the KYC. This customer can easily be traced if any fraudulent transactions occur since the transactions of Bitcoin are always traceable even as some systems like m!xers/blender/tumberls may make it more difficult.

[Gooner0]

What are you expecting from the regulatory body?

well, if a regulatory body is created, I'm expecting the body to define legal frame works, licensing requirements and operational standards.
And also to implement measures to protect consumers funds, prevent frauds and scam!

[laijsica]

What are you expecting from the regulatory body?

well, if a regulatory body is created, I'm expecting the body to define legal frame works, licensing requirements and operational standards.
And also to implement measures to protect consumers funds, prevent frauds and scam!

Recently in some countries money is being stolen from the FED in which case the government of that country takes measures to recover them but the amount of success is very negligible. Recovery of lost funds is uncertain and at the same time cannot fully trust the centralize system. Centralizing a valuable currency like Bitcoin would erode its own identity and cause its value to go down periodically, which is the opposite of an overall decentralized system and seems impossible to me. As it does not have a regulatory body, your wallet's seed phrase does not allow interference by anyone other than your own, and all Bitcoin transactions are not bound by any country's borders. So I think to protect your precious bitcoin funds stop clicking on unwanted links and protect your wealth from scams.Decentralized system is the best.

[Agbamoni]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

Bad idea. What is the essence of decentralization when a regulatory body is being brought up? The idea was meant to be a transaction between the blockchain and the user excluding any third party. It will be very difficult to create a balance between regulation and decentralization and that is why this idea is not going to be possible at all. It is a complex stuff to deliberate on because the Bitcoin community who are in because of the decentralisation nature of Bitcoin would feel unsafe hindering the price and value of Bitcoin with time. Slowly adoption would decrease instead of increasing. And that will be bad for Bitcoin.

[Marvelockg]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

The regulatory role of a third party or the government on Bitcoin security automatically makes it
centralized and that makes Bitcoin totally lose its uniqueness. Even when we bring it down to comparing how secure it is to keep one's asset in a centralized exchange that's under the control of a third party or keep it in cold storage where you're totally in control of it, keeping your funds in a centralized exchange has proven to be the least safe option to ever consider.

As long as you give the government the slightest form of control over your Bitcoin, the level of control we will experience will push Bitcoin to become what's less relevant. Issues on security aren't all that complex that you need a third party like the government to help make it a reality. You can set out personal security systems that are going to help protect your funds from external infiltration and hacks of any kind. Banks that are even under the watch of the government and the private companies that own them still face security glitches at some point that you can do absolutely nothing about. It's best to tell yourself the truth that the best form of security is that which you provide for yourself. Any other form of security is just an added one that can't be relied on.

[Zigabel]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

The best thing i believe can be done still remains the sensitization of people about Bitcoin and how it works, this will enable them get better  knowledge and identify when some one is about scamming them and not mainly trying to regulate the space which may further hinder the progress and the fact that bitcoin is decentralized. The essence of decentralization at this point may be defeated because regulations may cause some limitations but if people are rather educated more about bitcoin, they are definitely having better approached and know the difference between a real and a scam scheme whenever it has to do with bitcoin.

The topic is worth every attention for discussion because it will help us brainstorm and possibly we could see  it as an opportunity to educating others on how well to handle bitcoin related transaction so as to avoid and identify  a scam scheme when they spot one. some persons still find it challenging trying to differentiate between a scam and a true  and legitimate bitcoin transaction and make them fall prey to scammers a nd to add, not only bitcoin but with other coins so they should know the difference between dealing with bitcoin and other coin so they don't mistaken the transactions and believe they have been scammed via bitcoin. 

[Spaceman1000$]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

First thing first, I don't feel any regulatory agency or board should be set up to regulate Bitcoin activities, fact that Bitcoin is decentralized already defeats that option, however in enhancing proficiency of usage in Bitcoin both in trading or in investment, there is need for the populis to educate themselves and ask the right questions so you wouldn't be mislead or scammed my fraudulent people. Hence as an individual you understand the intricacies in Bitcoin, then the rest they say is history, because even the board that will be set up, how neutral will some of them be, because this issue is concerning funds, so it should be guided very well, hence the decentralized nature should be left like that.

[7juju]

The essence of bitcoin creation was to shift from a centralized system to a decentralized system of monitory transaction among peers and businesses all over the world. When we say decentralized it mean a system when there is no centralized authority, no customer service or regulation whatsoever. The safety of your assets is solely your responsibility. If you follow the safety guidelines of bitcoin investment, there is no way you will fall for scams. To tell you how important bitcoin decentralization is, even Satoshi Nakamoto who created bitcoin chooses to remain anonymous. Just imagine how someone who created a valuable asset like bitcoin decided to remain anonymous. This is to tell you how serious the decentralization nature of bitcoin is. If it gets customers services or centralized authorities then it is no longer bitcoin but Fiat.

[Obari]

Every bitcoin transaction has to be confirmed on the blockchain, which other security to need outside of this very one ?
There is absolutely no need getting anyone involved in the activities of bitcoin and that’s why it is decentralized and the moment a third party gets in, then it becomes a centralized project and it loses its savor.

I don’t think scam through bitcoin is that common again but rather the most scammers do is accept their fraudulent transactions through bitcoin which untraceable if done through DEX.

[Obim34]

What are you expecting from the regulatory body?

well, if a regulatory body is created, I'm expecting the body to define legal frame works, licensing requirements and operational standards.
And also to implement measures to protect consumers funds, prevent frauds and scam!

I'm having no relation with what you mean in the whole contest, Bitcoin was made on the fight against third party interference which directly is the government and coming up with the option of handing it to the government which happens to be the greatest rival is like failing to what Satoshi did and as to why we got involved in the first place. How much frauds can the government control, they haven't done perfectly well securing they local currencies from internal frauds and activities, talk more doing that on a total decentralized blockchain. Bitcoin is cool the way it is, we are left with every possible options to secure our Bitcoin by all means and should be blamed for any loses.

[Doan9269]

But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .

It cannot work, there could have been several attempt on this and lots of attacks as well on bitcoin network, but being decentralized has conquered over every possible challenges that may come in its way, If the US government could not achieve something related to this, then i don't think there is any need for one to think about seeing bitcoin going under a regulatory body for any reason.

I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

Nothing will be done fast for any reason, this is not the first attempt whereby people will be getting scammed through the digital currency or the fiat traditional currency, we are the ones that should guide our asset with al diligence in other for the scammers not to have access on claiming them.

[CryptopreneurBrainboss]

It's our responsibility to handle the security of our Bitcoin anything else would make us making use of a centralized system. We won't fall victims we aren't greedy and ignore all the other activities that has nothing to do with Bitcoin. There's no one that can protect your financial assets better than you. The people you want to give control over your Bitcoin will have to use a centralized sever for you to be able to have access to your Bitcoin when you want to and this created an opportunity for hackers to try to hack into the server and make away with the Bitcoin.

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.

This will make Bitcoin no different from what we already have and then it won't be an alternative mode of payment anymore. If Bitcoin let go of it's decentralized features, the government will end Bitcoin existence in a record time. The government are never our friends so don't think they'll not kill Bitcoin if given the opportunity which what you're proposing will do exactly.

[Smartvirus]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .

Then the whole idea of decentralization would be no more. You can’t eat your cake and have it mate.
Bitcoin is a p2p network which is supposed to by pass any third party or regulatory body from having any edge or control over Bitcoin transactions.

Should you be hoping on any regulation, my unofficial advice would be leaving your coin with the exchanges but even then, they could steal your coin as technically, it ain’t yours having it with them.

If you like the idea of Bitcoin, you would look for best means to utilize it in a decentralized space and not seek security in regulations, that’s fiat.

[Stalker22]

~
What would be your take on this, I hope this topic is worth discussing!

Bitcoin's whole deal is being free from control, you know?  No controls or rules or committees telling you what to do with your money.  Im all for it.  but that Wild West feeling means you gotta watch your own back. and  Scams happen.  People lose money.  It blows, but its the price we pay for that freedom.  Just gotta educate yourself so you dont get suckered.  Use your head, trust your gut instinct.  If youre not that type maybe steer clear of crypto and cut your losses.  But for the cowboys out there ready to ride - giddy up!  Theres money to be made if you play it smart and watch the horizon.

[Jon pyagbara]

Bitcoin at this point is not fully regulated which means it can lead to legal and Financial risk , it's transactions are irreversible,  and it has no central  authority to monitor fraudulent transactions, making it easier for scammers to operate, exchanges can be hacked, Bitcoin prices can also be manipulated, so to manage all this risk associated with Bitcoin,

 1.we need to educate ourselves on Bitcoin and its risks,

2. We need to use reputable exchange rates,
3. Diversify our investments
4. Stay informed about regulatory developments and also keep our private keys secured.

[Lida93]

We all know that Bitcoin is a decentralized system, and user's are tasked with the responsibility for their own security and protection.
But what if a body , a regulatory body is been setup to enhance Bitcoin security and to enhance other factors that could make Bitcoin better .
I know an idea of creating a body that should regulate, will only undermine Bitcoin decentralization.
But with the rate at which scamming and all sort of fraudulent activities take place in they crypto space, something has to be done ! And fast
What would be your take on this, I hope this topic is worth discussing!

It can't work as you're imagining, there are things we would thought of to work perfectly fine theoretically but in practice it's just gonna create more new problems. So afar as the whole security idea goes back to centralization it means relinquishing our financial freedom and privacy control to the hand of a third party to determine when and how we should spend.

The traditional banking system is regulated by the central bank of that country but still those banks get hacked, it's customers get scammed with scammers having access to confidential informations of customers. How about exchanges, don't they get hacked ? Even those we may hand over the security of our bitcoin to could literally scam us claiming a breach of security from some unknown darkweb hackers. Trust has become the main bane of centralized system functionality. Hence,  the idea of decentralization with bitcoin leaving the responsibility of the security of individual's asset in the hands of respective owners much sensible.