OP and other pro-regulations need to sit down and think this through. Why do we have Bitcoin in the first place?
Citizens worried about politicians dissappearing with their collective wealth should probably use technology to secure their public funds. Bitcoin is far more Transparent than normal banks. Security agency can monitor the Blockchain without even touching or altering it. It cannot be regulated.
Topic: Does regulating bitcoins is necessary for global adoption? (Read 1645 times)
You can't regulate Bitcoin because it's not meant to be regulated. No one can regular the air we breathe likewise the Blockchain. Another name for Blockchain in my opinion is Self-regulation...it sophisticated and self-regulating. It does make sense to talk about regulating Bitcoin by Central Authority. This's what pioneer are trying to avoid.
Now, there are two scenarios:
1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.
2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.
First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.
But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.
So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.
So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.
PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.
1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.
2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.
First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.
But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.
So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.
So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.
PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.
legalization of bitcoin is very good. Gives good publicity, better trust, etc. But regulation is something else. One of the main pros of bitcoin is its decentralization; this almost defeats the purpose.
In my opinion bitcoin in the future will be good on its own even without legalization/regulation.
But yes, your point is true. more legalization, more growth, more users.
PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.
We are not able to get a smooth transactions when we have three hundred thousand transactions and how on earth that we are able to attract more people into bitcoin,it is not meant for mass adaptation and so we really do not need major adaptation to take the price for another rally or a crazy valuation,lets see what scaling does to bitcoin and i am eagerly waiting to see the changes which will make bitcoin better. Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.
In several countries Bitcoin is adopted by the citizens and they are using it as legally by the citizens. It is hope that soon Bitcoin will be started using on international level as a currency for Global Business. Already Japan adopted Bitcoin in their country. Australia is also thinking about it. But some countries are waiting for it to be legalized by their states but legalisation of Bitcoin is not the actual point. the actual point Is to making it look Global adopted currency and soon it will happen.
Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.
In several countries Bitcoin is adopted by the citizens and they are using it as legally by the citizens. It is hope that soon Bitcoin will be started using on international level as a currency for Global Business. Already Japan adopted Bitcoin in their country. Australia is also thinking about it. But some countries are waiting for it to be legalized by their states but legalisation of Bitcoin is not the actual point. the actual point Is to making it look Global adopted currency and soon it will happen. 
Bitcoin has already gained attention all over the world.But still it has not been accepted legally in many countries except few countries like japan.Regulation is needed for mass adoption of bitcoin.More people would get confidence in using bitcoin if regulated.But if regulated,tax implementation would be unavoidable.
First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion
This is flat-out wrong
In some jurisdictions you don't have to pay capital gains tax on earnings obtained via currency exchange operations. Further, if Bitcoin is not legalized and still more so if it is outright banned or prohibited, you can't pay taxes associated with it since you can't tax something illegal in principle (that would effectively mean legalizing it). Apart from that, the recent rally was most likely caused by hype, not by Japan legalizing bitcoins per se. In other words, legalizing Bitcoin doesn't necessarily mean huge boost in adoption rates in the country where Bitcoin has been made legal. That remains to be seen, and the effect may take many months (if not years) to reveal itself
I voted for i don't care.
Regulation is completely unnecesary for bitcoin. Bitcoin can survive without any sort of intervention from any world governments and will function as intended to be. Nobody can shut it down because as long as people are running bitcoin code and using the bitcoin blockchain to conduct transactions, this ledger will still be here and isn't going anywhere.
Regulation and legalization can bring positive things to bitcoin i guess. People might hear about bitcoin being legalized in the news and decide to try it out themselves, but really i don't think the impact is going to be that great.
Regulation is completely unnecesary for bitcoin. Bitcoin can survive without any sort of intervention from any world governments and will function as intended to be. Nobody can shut it down because as long as people are running bitcoin code and using the bitcoin blockchain to conduct transactions, this ledger will still be here and isn't going anywhere.
Regulation and legalization can bring positive things to bitcoin i guess. People might hear about bitcoin being legalized in the news and decide to try it out themselves, but really i don't think the impact is going to be that great.
Im beginning to think that Bitcoin will never reach global adoption, with or without regulations. Proof of work itself is not sustainable. We cant continue wasting electricity just to maintain a ledger. There must to be another way to do the same work but using less resources. If you care about the environment the POW at its current form has to go.
It is the present difficulty of bitcoin, the heads of which are raising objections to decentralized bitcoin, although the hierarchical bitcoin may give advantage to bitcoin, but it also brings about other troubles. Is the reason that the head refuses it.
From my own experience i know that EU regulation are able to kill any real innovation,USA is very much the same.Look ICO market,there are talks to regulate token markets
I do not think so, governments have no right to interfere too much with it, because it does not break the law, their work is just legal, not prevent any legal work.
if you want average joe to join us yes it's necessary, if we are ok with only tech savy people that eventually will increase the value anyway because some of them maybe are rich, then we don't need regulation
but i think regulation will only do good to bitcoin, i can't see anything bad in that because if you are afraid that the echnage will be controlled more, just do private trading, with bitcoin you can actually choose if you want to be regulated or not not the government
but i think regulation will only do good to bitcoin, i can't see anything bad in that because if you are afraid that the echnage will be controlled more, just do private trading, with bitcoin you can actually choose if you want to be regulated or not not the government
Now, there are two scenarios:
1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.
2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.
First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.
But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.
So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.
So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.
PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.
The no.1 scenario that you said is the most happened in this world. Because like me I don't want that the bitcoin will regulated by the government. I don't want also to pay taxes and I don't want to centralized the bitcoin. 1. Users prefer bitcoins solely because it is decentralized and pseydo-anonymous. They do not want it to be regulated by a governing authority.
2. Users who think that even if bitcoins get regulated, it would not matter much. They are okay with accepting the centralized, tax paying, non-anonymous version of bitcoins.
First of all, even if bitcoin is not legalized in a particular country, users do have to pay taxes on conversion. Secondly, it is not entirely possible to enforce a complete ban on bitcoins so if bitcoin is even banned, users can still somhow escape without any legal implications.
But after Japan legalized bitcoins we have seen a tremendous spike in bitcoin price. Solely because when a governing authority backs and legalises bitcoin, not only it gets huge attention, but the citizens of that country believe it is something legal, it is something new, it is something technologically advanced, it is something that has future, it is something that we should try.
So the point is, IMO the more countries legslise bitcoin, the more it would grow, the more the bitcoin community and users would benefit from it. Obviously on the downside decentralization would be taken away, I guess at least partially.
So what's your opinion, do not want bitcoins to be regulated and let it grow on it's own or regulation is required for global adoption of bitcoins.
PS: I mean by global adoption, not 10% of a country's population using bitcoins, but at least 50%.
Regulating Bitcoin will only deter people from adopting it. People like the idea of Bitcoin being decentralized and free from an entity controlling it. People want freedom and want their store of value and wealth secured and in their own control.
Bitcoin is a decentralized currency uncontrolled by any one.Hence it has gained attention all over the world.But still its investors always have a doubt that what would happen if their governments ban bitcoin suddenly.We saw similar condition in china when people got scarred that PBOC could ban bitcoin.It created a great price fall in bitcoin.But for mass adoption of bitcoin,regulation is necessary.We could see after Japan has legalized and regulated bitcoin,its demand has increased considerably and its price too.But bitcoin investors could no more enjoy tax free earnings if it occurs.But only after regulation,bitcoin would gain full recognition globally.
We must not forget that regulating here means that there would policies in placed but it is not really implemented on Bitcoin but on exchanges and transactions involving Bitcoin. And I think it is fine as we are now seeing in Japan right now. Somehow we have to compromise but it should not be touching Bitcoin itself but on how we use Bitcoin most especially, of course, on matters of taxation.
The regulamentacion of bitcoin would mean that the countries had fail with their currencies, atleast one point of view about those. The other one is they are open mind to inovation, and for those people wich are at bitcoin already would be good, since we could go to banks and ask a loan or trade with others without any risk to have our money frozen.
I think bitcoin needs the right adjustments to change the present difficulties, and those changes must be beneficial to everyone.
That's why a well thoughtful and open regulation I think will help make Bitcoin better. I wish we shun all the politics and negative media propaganda so that we can forge forward and address the present difficulties in a unified manner.
i don't think its about regulation so that bitcoin gets adapt, it is rather about being avialable and accessable for all people around the worl, the probbelm with bitcoin is it needs internet to operate if there is no internet the whole sysytem will fail, and up until now some people still don't have internet access.
Regulating bitcoin is not at all a good idea for its popularity and adoption. First of all, we don't have any such authority which can regulate a decentralized currency like bitcoin. If it happens, then half the fun is gone. People will not be adopting on a larger scale like now.
However, if an anonymous regulatory body can regulate bitcoin's technical problem then it would do good to the bitcoin's mass adoption. If the current problem can be solved by that body, that would help millions of bitcoin users and also increase the investment flowing in to bitcoin.
However, if an anonymous regulatory body can regulate bitcoin's technical problem then it would do good to the bitcoin's mass adoption. If the current problem can be solved by that body, that would help millions of bitcoin users and also increase the investment flowing in to bitcoin.
Jump to: