Can bitcoin be regulated! | Bitcointalksearch.org

TomUyamot

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Bitcoin may be regulated in a certain country. In fact, in some countries the use of Bitcoin is outright banned. In some countries, Bitcoin may not be banned, only acknowledged, but not really sanctioned by the government. In some others, Bitcoin is treated as securitites. Bitcoin regulated will somehow keep it away from being illegally used. Bitcoin as it is may be abused by some bad guys for transactions that violate some laws.

BeGoods

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Quote from: alisafidel58 on November 10, 2017, 11:39:32 PM

This question has been ask here for a long period of time and the answer will always be "NO", Bitcoin cant be regulated by anyone nor a powerful government cant.
Bitcoin doesnt have a main server to begin with thats why it cant be regulated.

nope I think we do not know what will happen in the future. possible regulation on bitcoin may exist. for example bitcoin users will definitely use local exchange to convert their bitcoin. and the government will enforce the verification of personal data for users of the local exchange site. it's one way government control on bitcoin users

Bezobraznike

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Quote from: alisafidel58 on November 10, 2017, 11:39:32 PM

This question has been ask here for a long period of time and the answer will always be "NO", Bitcoin cant be regulated by anyone nor a powerful government cant.
Bitcoin doesnt have a main server to begin with thats why it cant be regulated.

Bitcoin will be regulated, and can be regulated. It is open source, that means your government or
anyone can track you. Even now you have some kind of regulations, US citizens can not deposit money
in all exchanges, or gambling sites. They can do it off the record but if they get caught they can be
punished for that.
How I see it government can ask you to make official wallet with your ID and if you use bitcoins for
something illegal they will track you easily. If you have some secrete wallet if they connect that wallet
with you you can be punished for that.
There are many regulations, I think some of them can be applied on bitcoin too. Like you said no one
will be able to control supply of bitcoins, but usage can be controlled.

Kingofbitcoin12345

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It seems so necessary for us to ask for any regulation on cryptocurrency but the truth is it can’t be,, in the whole but on specific things like criminal used and transactions maybe.. It is better for them to just wait on the end result of conversion from bitcoin to fiat for an effective regulation.. Because obviously bitcoin will or is needed to be converted before be used in the real world(not all but 90%).. If I will be ask,, does this regulation benefits us all.. 50/50 I think and we can’t sure with it,, we won’t know if we don’t try..

KennyR

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They can make rules and laws about it, but they can't enforce those rules because crypto currencies use a peer to peer system and not the bank infrastructure like it's the case for fiat currency. The financial crises happen because of the fiat currency printing system of the banks and destroying of the value of that money by default and anything else than that must be better!

Yes, governments along with financial law makers can generate laws that need to be followed or fulfilled while using cryptocurrency. In reality this isn't possible to enforce for the above stated reason, because banks have an intermediary person whereas cryptocurrency doesn't. Hope this community grows as it grows at present without much of regulations.

Leane Lee Natividad Cuenc

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Yes it because they have a good profit and good transaction..so bitcoin can be regulated someday...

muhammad-adnanzain

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Yes it can but regulation of bitcoin will be have different for every country of the world.

XCANA

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Not at the moment but maybe some day if it will ever happen because Bitcoin is not meant to be controlled by any government or institutions worl over and if eventually happen it then mmeans that the purpose for which Bitcoin was created is defited which I believe it will never happen.

robotroad

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I've seen many people actually ask this but the truth is the most special feature of bitcoin is that it cannot be regulated like the fiat money. So, it cannot be regulated.

nexus2k14

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Government is more interested if Bitcoin is not used for criminal activity like money laundering or hiding illegal money.
Imagine you can hide millions without any risk or easy way to trace you "stack" because is somewhere in cold storage, a time when you had buried in the ground and make sure no one will find it is long gone now. Because is a competitor to traditional money gov will not fully regulate and put the law in place on something that they cant control in 100%! What they may do is make sure is taxed and somehow controller so is harder to use to illegal things.

sheamus10

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I think if the government can regulate the use of bitcoin in a country especially if in a big country. one of the benefits is transaction money incoming can be viewed, because with technology blockchain all transactions will tranparan.

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Quote from: BTCbengi on November 11, 2017, 12:27:30 AM

I do not think the government can regulate and control Bitcoin. It belongs to the creator of Bitcoin, who is the one who has the power to decide everything. Besides, I do not like Bitcoin being bound or having too many rules about it. Because it may be the loss of freedom Bitcoin brings to the user

LOL

"Bitcoin belongs to the creator of Bitcoin"

I sure hope you are talking about the premine, because if you are talking about the code/coin itself, then you are wrong, very, very wrong. In fact, Bitcoin is owned by no one... it is controlled solely by mathematics and there isn't any centralized corporation or person who owns it.

BTCbengi

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I do not think the government can regulate and control Bitcoin. It belongs to the creator of Bitcoin, who is the one who has the power to decide everything. Besides, I do not like Bitcoin being bound or having too many rules about it. Because it may be the loss of freedom Bitcoin brings to the user

kimpena

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

If bitcoin will be legalize to all countries in the world, bitcoin price must be stable first. So that government can regulate it, they may determine, somehow its price for tomorrow. If bitcoin will be regulated by the government agencies, it will lessen the power of bitcoin. It may be like with the gold, which is regulated by the government. They will give focus on it, and they will study it harder to knkw more deeper about it.

katinko

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I do not think so, bitcoin is already legal in our country but our government did not gives some rules and regulation about digital currency they just state that they will support some exchange of digital currency i think because government do not know how to put regulation for non cash currency they only see the good benefits to people and it can helps to increase the economy of our country

vv181

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regulating bitcoin is how government deal with decentralized digital currency because it prevents tax evasion and money laundering, but for an average user who wants to seek for anonymity and privacy will lose their right. and it's not the nature of bitcoin who had vision and mission for decentralized peer to peer cash system.

alisafidel58

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This question has been ask here for a long period of time and the answer will always be "NO", Bitcoin cant be regulated by anyone nor a powerful government cant.
Bitcoin doesnt have a main server to begin with thats why it cant be regulated.

Sled

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Bitcoin can be easily regulated by the people who are in the government and have the power to declare law that will be followed by the people in their country. Regulating bitcoin is common in some of the countries because that is how they can make sure that bitcoin has its safety and it will not become a threat. Bitcoin is a good currency but it has its own dark side so i think it is just good for bitcoin to be regulated.

Hamstead

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Quote from: dissgo on November 10, 2017, 09:37:26 PM

Probably it can be, but I don't agree since bitcoin is decentralized.
Cause when government or maybe bank is in, then it means they can push up and down the price significantly.

Although it might happen in the future but in terms of controlling its price is hardly to take. Knowing that bitcoin is decentralized, and it wouldn't have any possibilities that it could be manipulate by anyone even though it is being regulated.
Maybe its being regulated not ia@n the way of controlling but it is made to set rules and regulations to improved its efficiency and build-up a strong foundation. In this way, people will strongly trust bitcoin and other crypto currencies.

coinpimp321

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one angle that is not often heard is what happens when governments put up their own crypto and mandate general population usage.

dissgo

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Probably it can be, but I don't agree since bitcoin is decentralized.
Cause when government or maybe bank is in, then it means they can push up and down the price significantly.

RenegadeMind

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You can pass a law saying that the Sun may only rise after 8 am, and must stay at high noon position for at least 25% of the day.

Doesn't mean it's going to work.

The issue isn't about regulating Bitcoin -- it's about whether or not it can be enforced.

It can't.

Because people will simply start using Zcash, Monero, or some other privacy-centric coin that offers real anonymity.

Getmon

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Bitcoin can actually be regulated. There are countries right now that allow Bitcoin's existence but they are within some government regulations. If governments can ban Bitcoin, they could also regulate its use but only within their specific territory. In terms of fiat currency, it is of course moving according to the plans and analysis of each country's central banks. Bitcoin unregulated means freedom and instability in value because the world's demand is changing every second.

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Quote from: lexamagic on October 08, 2017, 11:09:08 AM

Yes, I think that soon the government will regulate bitcoin since the authorities are not profitable when people can freely manage their funds and not pay taxes.

You're wrong. You can't regulate Bitcoin and you have to pay taxes with Bitcoin as well. Not doing it is called frauding your country, friends, and family.
As I said you can't regulate Bitcoin as it is decentralized and nobody can control it. But in the opposite governments can regulate the ecosystem, the service related to Bitcoin etc. But it's totally different.

pinkpanther03

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

We all know that Bitcoin was categorized in unregulated system while government was regulated, So with this things it is not possible that bitcoin can become a regulated due to its decentralization, it can only be happen that once bitcoin be legalize in one country they could give some restriction and give some regulations. That's all I know about it

zombie6

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At us in Russia Roskomnadzor only bans the exchange so far) and then the Chinese are still no body movements
Grin

Pixyoxx

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The government cannot completely have full control over bitcoins but they can definetely try and regulate it by allowing its acceptance, properly advertising it, and increasing trust in the citizens.

Because of its popularity and user base we may in coming years see govt. regularise cryptocurrencies with some moderation may be.

Indrawan77

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The government can make regulation but bitcoin cant be regulated, there will be a lot of way to used bitcoin, and it got the potential to create inflation, if it's unregulated the risks will be a lot of scammer wandering around freely, because it will be very difficult to know the villain, but I still prefer bitcoin unregulated, I really like the freedom that bitcoin gives us

Swinging Phallus

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i brought this up on another topic. I think that it will be a very hard task to be able to regulate bitcoin, although transactions can be traced - wallets can easily be conjured and discarded at will creating a lengthy trail, but it IS possible to regulate. Cryptocurrencies are slowly gaining traction in their introduction to the vast majority and in a matter of time it will be inevitable not to notice. BTC is already in the SEC's radar. I think that instead of BTC being banned in most countries we may see the opposite - it will be introduced as a new frontier like that of the internet. We may even see government identification and social security becoming a mandatory protocol in block chain technologies adapted by large fiat banks. Every node identified.

josh07

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yes, even if our president still supports it the more it gets in our country is that bitcoin can help in our country especially the poor people will give them hope for the new life and the bad ones will also be reduced because the bitcoin is open to all anything else if this bitcoin effect in our colt is likely to be permanent.

maeusi

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No, China didn't regulate Bitcoin and its hard to regulate directly, because it is decentralized. Just put high taxes on Bitcoin, offer as government a low taxed crypto and you can take take influence to Bitcoin.

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use?

Yes, just like in China they have figured it out on how to use bitcoin and other alt coins, look at the ICOs they were ban because of misuse and just for crowdfunding without any good project.

Quote from: Idrisu on September 13, 2017, 01:11:24 AM

If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future?

If the government cannot regulate a currency/crypto it will be a problem to them since their citizens won't pay tax.

Quote from: Idrisu on September 13, 2017, 01:11:24 AM

What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Advantage of bitcoin unregulated is that you are not obliged to pay tax and you are free of it's use wherever you are in your country. Disadvantage is that they'll know your transactions, they can easily track it and you've got limitations when transacting.

hisuka

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Quote from: thet on October 09, 2017, 06:07:21 PM

Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

There is a great possibility that bitcoin can be manipulated by government agencies. With that, it will have a great effect with it's price stability.

I guess, when btc is manipulated there will be a limited transactions and may observe some rules and tax may implemented also.

I can see in the future there is a big possibility to make it happen. Because there are some countries has been do legalization and regulated by the government. I agree with others it can really happen manipulated by the government but some countries bitcoin is not yet legalized. Somehow it is okay and benefited them because it hasnt legalized yet and no tax involved during transaction.

_Dawid_

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The main thing is that the Bitcoin can't be regulated because of its heritage which is a decentralization. Banks for sure can control and "regulate" people whom own Bitcoin but not stricte Bitcoin as a asset.
For some people it is huge advantegs and for the others it is disadvantage.

CyberKuro

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

Can government's regulatory agency actually determined how bitcoin or others coins be use?
What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Yes, government can regulate cryptocurrency such as US, China, Japan and Singapore did.
The advantages of bitcoin regulations:
- to avoid illegal funding or money laundering
- to protect citizens from fraudulent activities in crypto world
- if bitcoin could be legalized, it's created a perfect environment for bitcoin to grow even better

The disadvatages of bitcoin regulations:
- You may have to pay tax, but not always
- Your transactions through exchanges could be monitored
- Financial authority over watch all of the crypto transactions

rey.fudz15

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Yes, by some international body or governments itself but i do not think they can manipulate the market of cryptocurrencies because the blockchain it self cannot be control hence only those whales can manipulate the prices of bitcoin and etherium but not the altcoins in my own opinion.

thet

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

There is a great possibility that bitcoin can be manipulated by government agencies. With that, it will have a great effect with it's price stability.

I guess, when btc is manipulated there will be a limited transactions and may observe some rules and tax may implemented also.

atc1-REAL

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China is regulating bitcoins by controlling exchanges and prohibiting banks from having any transactions with bitcoin exchanges. So it will no doubt restrict people from normally obtaining or disposing of btc. This kind of regulation kills the facet of btc being used as an investment or asset, which is I believe, the majority is using it for now.

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Usage of Bitcoins can be regulated. I mean governments can start imposing sanctions on exchangers demanding from them revealing private information about people. That is how Bitcoin and other cryptocurrencies can be regulated I think.

jimrome

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Quote from: btcney on October 08, 2017, 03:51:09 AM

Bitcoin can't be regulated.
However, bitcoin exchanges and mining pools can by the government.
I personally think that such regulation is probably unnecessary since it usually restricts the free flow of bitcoins instead of actually help anything at all. It's really up to the government to decide, though. And we don't have much of a say in this.

Bitcoin network cannot be regulated and no government can target and shut down a particular pool and think that it is over,they could regulate the usage of bitcoin within the country by banning exchanges and punish people who deal with bitcoin with harsh punishments ,the world really needs a decentralized digital currency .

Hydrogen

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If bitcoin is regulated, it will be taxed. The end result of taxed crypto are higher transfer fees as the cost of taxation trickles down to end users. Regulation would mean slower transactions due to state monitoring/surveillance being stacked on top of existing node protocols. Regulation would mean more difficult and longer withdrawals as the state investigates for "anti terrorism" and "anti money laundering". Sometimes funds are held in paypal for months with no withdrawal while "investigations" are being conducted. Regulation would also mean more theft in the way regulated paypal makes any excuse they can come up with to seize funds for no legitimate reason.

There may be few benefits to bitcoin being regulated. With many significant drawbacks.

But can bitcoin be regulated? Certainly.

bitcoinisbest

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Quote from: lexamagic on October 08, 2017, 11:09:08 AM

Yes, I think that soon the government will regulate bitcoin since the authorities are not profitable when people can freely manage their funds and not pay taxes.

This is a major concern which government thinks regarding cypto currencies as it is not easy to control and regulate it so many government are yet to legalise the Bitcoin in thier country . Hope so countries follow as Japan as done it so that people can buy and sell Bitcoin in their country easily and also pay their taxes .

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You think Bitcoin is not regulated and governments are not monitoring our transactions, coins like Monero and Zcash are making their attempts of recording transactions extremely difficult, if you see them with small market caps and low trading volume is because they are trying to stay low for a while, the final and maybe the ultimate answer to regulation is no, it's not possible for %100 control.

bestluck

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Quote from: iram1011 on October 08, 2017, 07:51:44 AM

Regulating cryptocurrencies is an extremely difficult task. Governments can regulate exchanges but not Bitcoin. But they can issue some laws for cryptocurrencies and can manipulate the existing financial system’s rules. But a complete regulation isn't that simpler. Even taxing Bitcoin isn't really viable. I believe regulations over exchanges are indeed required for safeguarding citizens from possible scam, but regulating Bitcoin which is a global currency is neither required nor is possible.

Regulation is bit difficult and some of the governments are taking actions to do this the major concern of government is tax and tax collection system is not taking bitcoin and as the system will switched to the digital currencies all the things will be sorted out and a lot of money laundering issues are highlighted and governments are looking forward to keep check on transactions.

innocent93

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Considering the amount and value of the crypto market, there will be regulation, but they wont be able to tell what to do with your altcoin. They can only watch the financial behavior of each user so the money wont be used in antisocial events.

UCHCHILD

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I think not so far, because you know what, I think there were some countries that try to ask to buy the whole system of btc but I think the dev and the team of btc does not agree with it. And if there will be someone that will.hold the btc, like one country that will regulate btc then our life will.be suck, the feature of btc wil come to an end because government will.surely change its all system, will surely revise it because that government will.gonna make more profit with it, also taxes will surely come too, which is so bad.

omonuyak

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It may not be now but time is coming when bitcoin and others crypto coins will be regulated especially it circulation in individual countries. The state will also try to create it own coins and token in future. Regulations of bitcoin will create confident in it.

webtricks

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Why not. If government forces you to use only those wallets which require KYC before buying/selling, all your movements will be recorded. Regulation can easily be imposed on your deposits, withdrawals, etc and you need to pay taxes if amount exceeds the limit set by government.
There may be few advantages like you will have safeguards against ICOs or HYIPs.
But on whole your freedom to hold, send and receive whatever amount will be curb.

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Quote from: 1l1l11ll1l on October 08, 2017, 11:21:42 AM

to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.

These features of bitcoin would really be the reason why bitcoin cant really be regulated by the government since they can able to control it and they cant impose taxes on it directly which they would normally react into such thing.Some countries are already accepting or adopting bitcoin but not on the sense that they are making it as a main currency because its an impossible thing to happen.They are just adding up on bitcoin as an alternative on their ne way payment system.For now its not possible for bitcoin to be considered and can be regulated.

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

I think it can be regulated, and I really hope that happens in a near future, because that is crucial for bitcoin expansion. Right now bitcoin is still very volatile, and although I understand that this volatility is a consequence of bitcoin being in it's early days, and as adoption happens it's volatility will decrease, the truth is that without good regulation, mass adoption will not happen, because investing in BTC will continue to be seen as a risk.
When we get out of the grey area, and the use of BTC will look more secure, then everyone will get in to it. That sense of security will only happen when regulation gets done.

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Quote from: 1l1l11ll1l on October 08, 2017, 11:21:42 AM

to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.

At some point, there will have to be some sort of compromise. Otherwise they will try their best to stop fiat being invested into the ecosystem. And frankly that would set us back years, if not decades.

1l1l11ll1l

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to regulate bitcoin, I think it will be a very difficult thing. because bitcoin does have an anonymous and decentralized nature. so the government will find it difficult to track bitcoin.

lexamagic

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Yes, I think that soon the government will regulate bitcoin since the authorities are not profitable when people can freely manage their funds and not pay taxes.

ROB18

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Yes, I think time will come that bitcoin will be regulated in a way but not fully. Government will do it's best to regulate all kind of system in the society to insure that think will work as per the standard of the government. The question is, is it going to help the bitcoin community or not?

HasHe

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If bitcoin does not get regulated,the only benefit we could get is that we could still enjoy tax free earnings from bitcoins as bitcoin transactions are pseudo anonymous.In india,since bitcoin has not been regulated yet,i'm enjoying tax free earnings from bitcoin.But very soon,the scenario would change as india is getting ready to legalize bitcoin quickly.

If bitcoin gets regulated,people would get more confidence in investing in bitcoins.Retailers would start accepting bitcoin as we saw in japan after legalization,thousands of retailers started accepting bitcoin payment.It would definitely increase the demand for more bitcoins which would in turn increase the price of bitcoin.It would definitely help for the progress of bitcoin.

aoihs00

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I believe there are no as such disadvantage of bitcoin being unregulated one. There could be one thing only that, being unregulated means you are the boss of your transaction and if you make any mistake while doing that then you can not recover the loss because you are responsible for it solely. In case of regulated fiat the currency can be tracked down to the finest path and we can know who's carrying our cash if it's stolen. There is no mark up for bitcoin currency and that's why it has that disadvantage of loosing easily kind of thing. So too many scams can really happen.

Well, apart from that I believe the crypto unregulated gives us more advantages like any amount of transaction, no questioning and no answering from where the money came and where is it going as long it stays in the crypto form.

iram1011

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Regulating cryptocurrencies is an extremely difficult task. Governments can regulate exchanges but not Bitcoin. But they can issue some laws for cryptocurrencies and can manipulate the existing financial system’s rules. But a complete regulation isn't that simpler. Even taxing Bitcoin isn't really viable. I believe regulations over exchanges are indeed required for safeguarding citizens from possible scam, but regulating Bitcoin which is a global currency is neither required nor is possible.

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In my country, i dont see our government would interfere and make regulation for bitcoin simply because, there were not so big volume of users who are engaged with it in our country. Most bitcoin holders in my country ia just the online people. I think any government who see his country invaded by bitcoin will make an action to regulate it, and do things which country will be benefited. I can see no wrong with government having concern with bitcoin even bitcoin is decentralized. Government might make specific rule which holders should follow, but with or without regulation I can see that its going to be accepted by many even a whole government.

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Quote from: 1Referee on October 08, 2017, 07:28:34 AM

Quote from: Wesimon on October 08, 2017, 07:02:37 AM

Government cannot regulate bitcoin itself. But the government can implent some rules about bitcoin like what china did. Bitcoin is decentralized and has a good future but I think the government wont allow bitcoin holders to be exempted in tax. They will definitely make way to have cotrol over it.

Speculation goes around that Chinese exchanges that will be back in operational state, will report everything their users do directly to the government. In the long run, I think this will be something that basically every crypto exchange will be doing in order to maintain its operations - governments won't just sit back and see this eco system grow, while people refuse to declare their holdings/gains.

Indeed, but to be honest, I think this is more about fiat shadow banking than cryptocurrencies and traders/taxes. Crypto is still really illiquid, and there is a lot of friction in using it for capital flight. The exchanges, though, were acting as shadow banks. Clients locked up billions of yuan (and bitcoins) in the exchanges and the exchange operators turned around and invested client funds, presumably into Chinese or Hong Kong bank debt instruments to leverage into overseas investments (real estate, etc).

The investment of billions (yuan) of client funds is proven in the case of Okcoin and Huobi. Others were likely engaging in the same thing, especially if you consider a lot of their no-fee trading structures.

LeoEspansq

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I think the government in the future will regulate bitcoin and other crypto-currencies. The government is not interested in remaining without control over the funds of ordinary citizens.

1Referee

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Quote from: Wesimon on October 08, 2017, 07:02:37 AM

Government cannot regulate bitcoin itself. But the government can implent some rules about bitcoin like what china did. Bitcoin is decentralized and has a good future but I think the government wont allow bitcoin holders to be exempted in tax. They will definitely make way to have cotrol over it.

Speculation goes around that Chinese exchanges that will be back in operational state, will report everything their users do directly to the government. In the long run, I think this will be something that basically every crypto exchange will be doing in order to maintain its operations - governments won't just sit back and see this eco system grow, while people refuse to declare their holdings/gains. In other words, if you end up making profit, and you don't declare any of it, you'll be dealing with the government, but then in a negative way of couse. I see another major reason as to why the peer to peer market will continue to grow exponentially in the forthcoming years.

Bagaji

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

I don't think government will to regulate Bitcoin except individual government has to create their own altcoins. For government to control Bitcoin it then implies that the original purpose of Bitcoin which is anonymity is defeated. For me I don't want to take control over Bitcoin because they are the same with banks.

Wesimon

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Government cannot regulate bitcoin itself. But the government can implent some rules about bitcoin like what china did. Bitcoin is decentralized and has a good future but I think the government wont allow bitcoin holders to be exempted in tax. They will definitely make way to have cotrol over it.

swogerino

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I doubt it can be regulated. Bitcoin was created from Satoshi Nakamoto with the main characteristic of it to be decentralized. This means it was projected to not have a regulator above it like central banks do to conventional FIAT money ,dollars, euros, pounds etc. If governments start to regulate bitcoin it losses its main characteristic, it losses decentralization. I don't think bitcoin can be regulated.

roccstar

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In my opinion governments cannot regulate bitcoin. But they can ban the usage of bitcoin like how they did it in China . Today while I was surfing in the net, I read a news that is shocking. The news is the government of Nepal has ordered its police officials to arrest those who are dealing with bitcoins and they arrested nearly 7 people also. The government has ordered all the bitcoin exchanges in Nepal to stop their services also.

Lancusters

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Quote from: irwanjabryg on October 08, 2017, 05:34:31 AM

I agree and this is necessary for security and keep bitcoin not used for crime. The government is required to maintain the security and comfort of every citizen. As did China in regulating ICO, this is to protect investors.

I disagree with you. All of which makes the government directed against the people. As they say always the devil is in the details. Under the guise of good intentions of States are trying to strengthen the control over people. Only slaves are easy to control. I'm sure that any state intervention will only bring harm.

denny27

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Less so can be sure, but it's possible if it really will be done by the government. The decision i think it's depends on all the bitcoin users who use the bitcoin they have for what.. it would be to harming the country if it's using prolonged or not, or even the government will balance with other actions that could withstand the disadvantages of using bitcoin.
Well in the country where i live, bitcoin hasn't been responded to completely by the government, and looks like it's still make preparations to decide for regulated it (decided that crypto currency is a legitimate) or not for the next. So far in the country where i live, it's safety or doesn't have a bad effect (financial crisis) on using of bitcoin and many people including me still have financial freedom or investing on it because the government still allows to use crypto currency but if got the risks from it, it is borne for alone . the benefits of using bitcoins that are still not regulated certainly can make a bitcoin users can gain profits freely and essentially get a sense of freedom to earning it.

frowsiter

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Why not, it's government and they can do anything as long as it is in public interest. As we can see what's happening in the world, there are already two countrys who brought the ban on bitcoin. So obviously it can be banned everywhere. You can not invest into it any longer and if you do then consider your money went to the third party and you can't really reclaim it because it's just not the true money for your country and that's decided by the government itself. This is what ban of bitcoin means. So yeah particularly it can be done and going ahead of it they can regulate it the way they want.

They could just bring down the prices for their own safety and let the public use it in regulated environment. For example, we can invest but there will be limits for the same, or we can't hold more than xyz prices likewise. So yeah things can go messy around. ;-)

irwanjabryg

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I agree and this is necessary for security and keep bitcoin not used for crime. The government is required to maintain the security and comfort of every citizen. As did China in regulating ICO, this is to protect investors.

ongels

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Perhaps it could be regulated if it is legalized by Government and do some changes to manipulate the flow of btc in the country, Bitcoin at the present are decentralized and highly volatile, this makes people to invest and took advantage to make profit, and the same time using btc is very cheap and very fast to transact even in bigger amounts. This feature makes the people to dig in it.

Mertalot

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It's just like regulation of the Internet. There were some attempts to regulate it, but actually it still remains unregulated

Fortify

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Bitcoin can be regulated, but it would rely on every single government in the world working together and history has shown that is extremely difficult. There are too many different agendas and games being played out for that to happen. There is too much incentive to bank off people by offering them lower taxation rates or increased privacy in a country. In theory, if enough countries in the world grouped up to prevent it - the pressure would force the other ones to change.

btcney

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Bitcoin can't be regulated.

However, bitcoin exchanges and mining pools can by the government.

I personally think that such regulation is probably unnecessary since it usually restricts the free flow of bitcoins instead of actually help anything at all. It's really up to the government to decide, though. And we don't have much of a say in this.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Thyaga on October 08, 2017, 03:42:00 AM

Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

The government can not and will never be able to regulate bitcoin, the government can only make regulations about the circulation of btc in the country.

I believe that governments trying to control anyhow the circulation of bitcoin is a bad thing. People will not accept it at all. Believe it or not some people just use bitcoin to stay away from taxes. Now it is true that some honest people are willing to pay taxes and still use bitcoin but they are rare. So if governments try to regulate the circulated bitcoin it will only lead to crisis and more problems. Thereafter it goes against the policies of crypto-anarchism.

Like in our country the government has no plans to regulate any cryptocurrency but has warned people to be careful themselves if they are trading it since its highly volatile in nature of price.

Thyaga

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

The government can not and will never be able to regulate bitcoin, the government can only make regulations about the circulation of btc in the country.

alfs75

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Quote from: Idrisu on September 13, 2017, 01:11:24 AM

I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Yes maybe someday government regulate the bitcoin to maintain its stability in the economy.there are advantages &disadvantages if bitcoin is not regulated, first the advantages is that no tax payed to the government,and the economy will progress.while the disadvantage if not regualed maybe other person have a personal interest used bitcoin in drugs or in crime intentions

Idrisu

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I will like to have your view on this? Can government's regulatory agency actually determined how bitcoin or others coins be use? If governments cannot regulate a currency be it fiat or cryptocurrency, are we having our financial freedom or investing in something that is going to create inflation and another financial crisis in future? What is the advantage or disadvantage of bitcoin unregulated? Thank, your view will be appreciated.

Topic: Can bitcoin be regulated! (Read 1082 times)