Topic: Can bitcoin withdstand the raising legal obstacle. (Read 279 times)

Good to think off but most government would really have the opposite thoughts related to it. Instead of legalizing or regulating for the sake of citizens use then it wont really be possible. They do know the risk and the things would really be mainly affected if they would do such thing. Legalization completely is possible but not on all major aspects since we do know that bitcoin is a decentralized thing which means only services that related to it will be the only thing that can be centralized.

As far as I know, cryptocurrencies in general are facing a lot of controversies over the past years including the Silk Road case. Here are some scenarios that happened before:

• The ICO banning in China which significantly decreased bitcoin prices;
• South Korea's prohibition of cryptocurrencies which resulted to a closure of some ICO companies;
• Silk Road drug case way back; and
• Country prohibitions from some countries that resulted to a negative impact to its price.

There are still some examples that I have not mentioned but over the past years, bitcoin has withstand all legal obligations and issues raised from country to country. Though we cannot deny the fact that it resulted to an adverse effect on its price, slowly, bitcoin has been regaining back its value despite all of these adversaries.

An innovation that everyone should be happy to use for, this is a great technology and I think it can survive all the problems that may occur on its road way up. Legalizing bitcoin is the best thing that government can do to help its own people, this is a digital generation now and I hope it will succeed more in the future.

I think yes, the fact that bitcoin still remains today and sti has a value of a thousand US dollars even though majority of the government are not that supportive when it comes to bitcoin and other crypto tokens, so yeah for me It's a Yes. And besides if does not then I think bitcoin would be hgone now.

Definitely, bitcoin has the capacity to survive ever after the regulation and crackdown drive by the various countries of the world. There will be a huge drop in the value of the bitcoins due to such actions but i believe it will be for temporary period and by the time price will be stable. New investors may stay away from the bitcoins due to uncertainty and fear of loss, at this time we as a community should hold the coins and must avoid to sell it as it will help to reduce the further downfall in the value. I also feel that, if the governments are introducing any regulations then it will be helpful for the bitcoins to grow in the long run.

It's just the question of time when Bitcoin comes out to legal waters.
They can't ignore that is so big and important.
This invention is like when people invented a car or electricity.

I guess no matter how complicated the situation may be with legal matters, Bitcoin will be able to withstand it or even people would start understanding its concept and sooner or later adapt to its use. I just heard how a state (I think its Arizona) is considering the use of Bitcoin for paying tax. This is actually a big leap as other government may be influenced with their action or they would be able to consider Bitcoin as well making them understand its concept. I know that in someway the government would learn to compromise because there would be a lot of people affected with the regulations or banning they establish about Bitcoin.

If bitcoin continues lead to the positively side.. and it can be illustrated that it will not harm the country also can really benefical everyone and the country, I think the whole government will responds or decides that bitcoin/crypto will be decided as currency or legal to do in a various activity (excluding criminalities/crimes).
Well in essence here, I think the government's decision depends on the activities of many people, will it support the progress of the country or vice versa.

I think Yes, possible they just make some adjustment in order to adapt the upcoming changes once it becomes legal.

Hahaha. Sorry buddy but I can not really stop laughing everytime I read a post about a country or a state which is planning to stop the supremacy of bitcoin globally. Yes we can not deny the fact that government is more powerful than bitcoin when it comes to ridership. But how can the government stop can stop it if the community of bitcoin around the world is continually growing and not all of them are united against it.

If you use only Crypto-Currency I think there isn't any problem. The problem starts when exchanging into fiat. If it were possible to avoid it we could use Bitcoin without any issues and regulations wouldn't affect us. Unfortunatelly it's impossible.

It's hard to know exactly what will happen, but I think if governments start bothering Crypto enthusiasts a lot, some few guys will try creating their own country with their own rules. Or some smaller nations can take advantage by offering shelter for these enthusiasts and being Crypto friendly countries.

But in reality as people who do use bitcoin and altcoins have the fear always specially when they are residing on a country which prohibits their usage because we do know on what would we face once being caught by authority but if we do think up closely we can really still make transactions which are far from their awareness( underground transactions ) because we do all know that tracing up will really be hard for them when theres a citizen opposing with their laws.

Legalization or total blockage or ban is the only things i can think off on how bitcoin would go in near future and we should really accept the fact that those legal obstacle can really affect bitcoins adoptation mong countries but not totally a hindrance for us to stop on adopting or using it. Bitcoin community or even cryptocommunity generally do really already expect for this thing to happen because a decentralized thing cant really be expected to be adopt easily.

The Blue House, seat of the South Korean government, stressed that it will not prohibit the exchange houses of cryptocurrencies.

In addition, the Minister of Finance of this country, Kim Dong-yeon, informed that they will develop a new technological complex that will provide support to around 1400 startups. The infrastructure could be installed at the 2nd TecnoValle of Pangyo, Seongnam. The authority also believes that the project may involve Chinese companies.

Now, the House of Government ensures that cryptocurrencies will not be prohibited, as China did in September and will even encourage the participation of investors in the cryptoactive market in a framework of cooperation between both countries, the minister assured in his visit to Shongguacun, a technological center located in Beijing. The regulations, he argues, are necessary to avoid the use of cryptocurrencies for illegal activities such as money laundering and tax evasion.

During the last weeks the financial authorities of the Asian country have imposed strong regulations on exchange houses. Even a government official commented that they could close these entities. Soon after, however, the Minister of Finance reported that this was only one of the possibilities studied; but he assured that it is not likely to happen.

One of these measures was to prohibit exchange houses from operating with investors who participated with anonymous bank accounts. Although the rumor spread that they would not allow the opening of new digital accounts, the Government arranged a number of accounts in different banking entities to be used in exchange houses.

Bitcoin is accustomed to taking flak from non-believers.It’s been declared dead more times than most people care to count, but Bitcoin enthusiasts are fiercely passionate about cryptocurrency. It can withstand the raising legal obstacle on its own.

This whole thing is bound to greatly affect Bitcoin. The idea that no country can ever ban to stop Bitcoin is only applicable in an ideal world...the fact is that countries have the power to make anything illegal and punishable by imprisonment or fines. Yes, Bitcoin will stay as it is because technically no one can touch it but what will its use be if people are barred by getting into it? The power of the governments can be immense and that is why we have to thank those governments which are allowing the trading of Bitcoin.

Surely, it can do this and it will.

If they want to make it illegal they can, because the government is making the laws and is literally above it.
There's really nothing bad in cryptocurrencies that could trigger a legal action at the moment, but since law can be changed at will we can expect some governments to do exactly what China is doing and outlaw it. You all know what happened to hemp in the USA. It used to be legal, illegal, now it's legal in some states... they just can't make up their minds and I bet cryptos will face the same problem.

Don't care about the current volatility and speculative trading effects. Even if selected countries chooses not to participate, cryptos is going no where, as there will always be countries such as Singapore, Japan, and etc. that will embrace it.

Even Hong Kong is providing a "backdoor" for those in the mainland China to buy and sell cryptos.

Right now, cryptos is still in its very early infancy (beta stage basically, and under a lot of development and with constant testing and upgrading), but once the market grows and matures (with the help of necessary regulations, and taxing of trades) and with speculators having less ability to induce crazy volatility into the market, selected cryptos could very well start to get wide spread adoption. And at some point in time, even the countries that have initially rejected cryptos will have to deal with it one way or another again and/or probably will become more willing to accept it.

You need to look at both ends. If there are countries that is against crypto, there will be some who will be on the opposite side like Japan and others who decided to embrace it. So it will be a continued and a long war to fight but there will be no winner here. This will be drag for several years and I'm sure that we can all survived from all kinds of attacks.

Of course the price will be significantly affected just like we are witnessing right now. But I don't think that they can really stop crypto. Each country will have its own legality as to how they are going to handle it. And I don't think that a "universal law" can be applied to cryptos. Let each nation decide for itself.

if it's already, since last 10 years. then what is the question. m very much positive

The issue of legality is one key part of our life and there is no two way about it because without the laws regulating all of our activities, it will only result in a situation of anarchy which we all wont want for whatever reason and that means that every of our invention or development must find a way to comply with the established laws and if not it should massive enough to force a new law to be made in that.

In the case of bitcoin, the current law to me cannot withstand it because a lot of those laws have been made at a point where every development is expected to follow a particular pattern and that is recognizing the supremacy of government over the citizenry but bitcoin is doing something else from that and to accommodate bitcoin, new laws will need to be made. We should only hope that bitcoin can force that.

Actually you got a point there,but there are some third world countries that already banned the use of crypto currencies,we might not see an outright ban from major economic countries but we will be having strict regulations in order to trade in the exchanges which might be a hurdle if you are planning to move fiat currency in and out of those exchanges.

I think these questions about legality had been faced by bitcoin from  a long  time now and it has withstand so far and will continue the same spirit. There may be some restrictions applied for many but there are so many things that the government of any country can't control about bitcoin. The countries that try to oppose the usage of bitcoin can do very less regarding this. They can just impose some tax on it nothing part that.

I think so long as bitcoin remains legal in at least one of the major economies, such as Europe, America or Asia, then bitcoin still has massive potential for growth and success. Regulation is to be expected, but an outright ban is very unlikely. Overall I would say only communist or dictatorship countries may impose a ban, most of the world will not.

This question or speculation been asked how many times and now they are already starting out on these legal matters but yet bitcoin did still able or managed to withstand. Even though we do see sharp decline on price but yet the support of community is always there  Legality among other countries would always be the issue but no matter which way it would go we are yet still decide to hold on.

As we know it, bitcoin faces several question of legality. Some countries opposes  the circulation of bitcoin. The question is still on the air. What do you think guys.,