Bitcoin being regulated in a country. - page 2.

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Quote from: savioroshan on October 17, 2017, 06:44:39 AM

Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

No, none of the governments can regulate bitcoins. Because bitcoin is not specific to one country. People from all over the world use bitcoins. So how can a government regulate it? Its impossible. Its price depends on various factors. But government can do one thing. It can ban the usage of bitcoins and stop the services of bitcoin exchanges in that particular country like what China did recently but it can no way regulate it.

Once the bitcoin is been made as a legal money that concern country can regulate the bitcoin usage in their country alone. I don't how you understand about the regulation bills in your country. Like China none of the countries goes to ban the bitcoin even Korea also give a ban for ICO coins alone. That mostly damage to eth since it is been made using smart contract project. Japan can regulate the coin under and country's rules and regulations.

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Bitcoin can be regulated in change for Fiat. some countries such as Philippines are regulating the flow of Bitcoin traded into fiat. which is a good thing for the whole community of bitcoin. the more some countries regulates bitcoin the more trust Bitcoin can get. and it may affect also with the altcoins.

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

No, none of the governments can regulate bitcoins. Because bitcoin is not specific to one country. People from all over the world use bitcoins. So how can a government regulate it? Its impossible. Its price depends on various factors. But government can do one thing. It can ban the usage of bitcoins and stop the services of bitcoin exchanges in that particular country like what China did recently but it can no way regulate it.

Semaj123

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Quote from: bitcoinvestor on October 17, 2017, 06:14:05 AM

Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Of course, bitcoin and cryptocurency should be regulated. If governments stay away from cryptocurrencies, they will destroy their financial institution by themselves. Cryptocurrencies will change many financial institution whether the govts like or dislike. What should governments do is to cooperate with cryptocurrency developers, traders, exchangers, and parties who involved in cryptocurrencies to discuss the regulation. The clear regulation can prefent from money laundring and bitcoin abuse in the future. Japan takes the advance step in this case.

Many countries were now starting to adopt bitcoin due to its decentralized system.There starting to accept it due to its easy and fast transaction.And many investor were attracted due to its keep increasing.As of now many business eshtablishment are now accepting bitcoin

bitcoinvestor

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Of course, bitcoin and cryptocurency should be regulated. If governments stay away from cryptocurrencies, they will destroy their financial institution by themselves. Cryptocurrencies will change many financial institution whether the govts like or dislike. What should governments do is to cooperate with cryptocurrency developers, traders, exchangers, and parties who involved in cryptocurrencies to discuss the regulation. The clear regulation can prefent from money laundring and bitcoin abuse in the future. Japan takes the advance step in this case.

hasmukh_rawal

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Yes Bitcoin can surely be regulated in a country but it should be known that the regulations apply only to their country and not outside it.
Not all the countries have legalised Bitcoins. There are some countries where it is illegal and some countries where it is neutral. There are some countries who are trying to regulate crypto currencies in their nation. It protects the users from scamming them and gives them a security as the government is supporting it.

blocklancer8

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in my opinion bitcoin is not controlled by a country, because bitcoin belongs to global society. The country knows but many also do not provide strict rules. They only monitor the presence of bitcoin.

SingAlong

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Yes, they can. Government's power can't be suppressed by cryptocurrency and besides we need laws to release fear to those scammers, money launderers and other criminals who used Bitcoin for their malicious activities.

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Bitcoin can be regulated by the government in terms of circulation but not over the bitcoin network. They can regulate the bitcoin users for their country and can provide a framework to tax or regulate the circulation. However, it is almost impossible to actually track down each and every bitcoin transaction in their country. Because bitcoin is not structurally built that way. The technical prowess of bitcoin is in it decentralized theory, but can be tracked through a public ledger for a known address. However, if a person use different wallet and different account for every transaction, it will become very tough to track the transaction whether it belongs to a single person or not.

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Yes, of course, any country using its sovereign power can regulate the buying, selling and all Bitcoin-related activities happening within the jurisdiction of that country. Technically, they can't do it against Bitcoin so authorities are doing it with activities pertaining to Bitcoin. As what happened in China, they banned Bitcoin exchanges.

learner 7

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The government should have a minimum of influence on the bitcoin network, and they should not regulate bitcoin. It is necessary that a mechanism be developed to ensure that bitcoin was regulated only by the community of bitcoins

tenakha

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Bitcoin simply can not be regulated by governments.If they wanna to regulate they need to control whole blockchain which able to transfer up to 10 transactions per second.In short they want but it is impossible.

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Yes it can, some countries like Japan and Australia have implemented the regulation, south korea and then china will apply it too later.
the government is really worried if they just let it, it can disrupt the country's economic system because it has been proven in China that cannot control the ICO in there and the Chinese yuan is threatened.

EddyGameta

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Quote from: TheCoinFinder on October 11, 2017, 06:40:43 AM

No,authoritatives can only implement rules over bitcoin but can't be stopped fully by any government.
China government tried to regulate it but failed.
There are hundreds of chinese people continuously using bitcoin after ban.

You are right, nobody can stop bitcoin even though there are many countries have banned it.
although china has banned ICO, still there are bitcoin holders who can access it via vpn for a bitcoin or altcoin transaction, if you want to stop bitcoin there is only a way it’s to turn off internet and it will stop automatically

kpcian

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Yeah, some of the countries are regulating on this system, especially in the ICO platform. some of those countries are feeling threaten form this platform. so that they have begun this type of regulation. but in the long run, it will not hamper for this system. though in the short run, it is getting as a barrier.

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Quote from: BitcoinHodler on October 11, 2017, 07:09:32 AM

regulating something has nothing to do with it being centralized or decentralized. you are still living in a country under the rules of that country and you are using the local currency of that country to buy bitcoin. and you use that bitcoin to buy stuff from shops that are working under the laws of that country.
that is what regulation means.
for example some countries see bitcoin as an asset and say when you buy it and hold it, you have to pay capital gains (i think it is called) taxes.
or some other places say when you open a business with bitcoin you have to get a license first. just like when you open a business with fiat.

Every country has its own style and type of regulatory laws, other countries tend to regulate a certain things could mean a limited amount or transactions being processed in order to prevent money laundering and terrorist funding activity. what they can only regulate are the bitcoin exchanges and banks where bitcoins are being traded or converted to local fiats, but not the entire bitcoin system.

desi92

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

Yes it can. Regulation of bitcoin means country is not fully control to it. Bitcoin is fre nothing can control it.
Bitcoin is born for any reason that is decentralized of payment.

Crypto_trader87

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I think government feel hard to regulate and hold bitcoin that is the main reason why bitcoin is ban in some other countrys they want to regulate bitcoin to centralized it and put a tax so that they can earn money from bitcoin

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Quote from: proTECH77 on October 11, 2017, 06:15:56 AM

Being that the government have no control over cryptocurrencies as they are fully decentralized, can bitcoin be regulated in a country?

For the usage yes there can be some regulations. We need to accept this regulations in order to fully used and take advantage of what bitcoin can give to us.

Since every country have rules about centralized money system, it will be applied on the same manner as how bitcoin is operating in a certain country. It should start at every local exchangers. We need this to regulations to somehow minimize the risk of being a victim of a shit project nor any things involved.

iram1011

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Quote from: stompix on October 12, 2017, 04:33:02 PM

Quote from: iram1011 on October 12, 2017, 01:02:14 PM

But how does those regulations effect me if I earn and spend Bitcoin on Internet only?

Government and their regulations are only impactful when Bitcoin is converted to fiat or fiat to Bitcoin. Government can do just nothing when Bitcoin is on internet. Even if government puts a ban on cryptos, there are tons of ways to escape those bans when it comes to internet. Right now Bitcoin doesn't have much utility and is being used as investment for growing fiat. But with more utility people will find ways to use their Bitcoins online and governments will most probably will lose hold if any.

Unless you spend your coins for games or losing them at casinos all your purchases are made also in the real world with real physical products that are traced back to you.
And those purchases will get taxed, as the tax is applied and held by the seller.

Either you haven't heard about TOR or you are being plain ignorant. What I said is even if government puts a ban and restrain the use of Cryptocurrencies, there are ways available that can very well hide users identity. Why you think Darkweb and torrents are still there? Also unless you are involved in some illegal activities, online service purchases will still be secure unless your identity is involved. Bitcoin can easily be converted to gift cards anonymously and can be used for purchases and you really think government can always catch you?

Wait for increase in Bitcoin utility, you'll find many more ways.

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