Topic: Does regulating bitcoins is necessary for global adoption? - page 2. (Read 1645 times)

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

Many countries might not accept Bitcoin, they will legalize with various regulations and rules. And if they accept there are various benefits. More people will have courage to use it, the acceptance at shops will increase. Though regulating is not at all necessary, but many governments will do so when they legalize it.

I think bitcoin needs the right adjustments to change the present difficulties, and those changes must be beneficial to everyone.

First and foremost you do not need any regulation for bitcoin to be adopted globally but the only advantage it has when a government legalises bitcoin is that you could see more business investments in bitcoin and that in turn will increase the demand and in turn increases the price.

Thanks Frank. You've really said it all. I for one started using bitcoin as a means of transaction but the decision to transact with bitcoin is gradually diminishing daily as my judgement is being clouded now by its price stepping up every single day. I spoke with some few customer rep of company I usually purchase raw materials from and we got talking about bitcoin. Their ideology about bitcoin was disheartening as they just wanna get in for the money. These were their words
"Bros! So you are INTO bitcoin, we heard it has made a lot of people very rich. Please how do WE REGISTER AND GET IN?" . These are common guys who live on little change and wanna get rich, thereby seeing bitcoin as an avenue like it is a get rich quick ponzi scheme. Like you said, this is getting serious as even newbies now see it as a means to get rich quick and forgetting the functions and the idea behind it in the first place. If most of these things and present notions are not fixed once and for all, going mainstream ain't the best route now.

if people actually ready the details of AML/KYC requirements. they would see many ways to implement it without causing all the headaches

EG not even have a deposit fiat/withdraw fiat facility for the customer until ID is given. that way there wont be any hold ups of 'freezing' funds

"regulations" are too hyped up for what they actually offer.. id prefer "consumer protections" where the business has to identify itself and can be prosecuted if they do naughty things.. that is what would help bitcoin alot.

I personally think that Bitcoin would succeed in global growth if it was given an environment where people were willing to learn beyond that of what we see right now; meaning they were less preoccupied with hedonistic activities and more interested in other information, along with an environment free of regulation from authoritative bodies.
Realistically, we need to have regulations so people and businesses are more willing to use Bitcoin, Japan being one notable example.

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.

Bitcoin regulation must be gradual, if done simultaneously will disrupt the balance of fiat currency, this is a serious problem where bitcoin will become viral instantly to the smallest economic joints in a country. For a developing and corrupt country, this is not an easy task, a long review and debate about national budgets and regulations is required.

regulations are not bad on their own, it is how the regulation is and how it is enforced. it can be simple rules as what we have when using fiat or it can be extremely restrictive with high taxes.

look at what Japan did. their regulation is a good example and it helped the adoption a lot. now there are a lot more businesses in Japan accepting bitcoin and this will only grow over time.

it is a new age with cryptocurrencies and it is happening. better adapt fast. and in a regulated world, we should expect some level of regulation for bitcoin too.

If bitcoin will ever become regulated, I'm sure that many people will leave bitcoin and find something else, still out of reach from government control.
Bitcoin is very popular now simple because it's not regulated and because of anonymity.
If we change it, bitcoin will not be the same any more.
In my opinion, we don't need to regulate bitcoin but fight for global acceptance as alternative way of payments and alternative currency.

I believe that - for now - it's better for bitcoin to remain unregulated and let it grow on its own. It's just not the right moment.
Regulation will be possible one day, but I'm sure most of us here would prefer it to keep its current status of decentralized and anonymous currency.

Where Fiat is involved, you will not be able to bypass local financial regulations and laws. The KYC/AML regulations will always be your first hurdle,

then you will have to deal with local tax laws. Anonymous transactions does not go down well with tax authorities. I am not saying all regulations

is good, but Fiat linked transactions should be regulated to stop things like terrorism funding and other financial crimes. 

being regulated doesn't change much about bitcoin still being decentralized and pseydo-anonymous. what you should keep in mind is that they can never "regulate bitcoin" they regulate services using bitcoin and that is actually a good thing in my opinion. because it simply helps the growth.

and as far as taxes go if you have a problem with paying taxes then it is a different story and it has nothing to do with bitcoin. you are paying it daily one every single breath you take
what makes bitcoin different?
if it is not regulated then you won't be able to find as many places to spend it so it won't matter because you still have to pay taxes for your investment in bitcoin.

regulation is not the problem

here are the real problems
1. bitcoin is not ready to jump to 3.5bilion users over night.
2. thinking anything should jump to 3.5billion users over night is a stupid mindset to have anyway(even facebook didnt predict that)
3. current 10mill people only caring about 3.49billion new purely for a price spike so the 10mill can exit back to fiat
4. thinking reducing functionality and halting growth is good
5. devs removing code of fee control and replacing it with wallstreet economics of 'just pay more'
6. devs think bitcoins solution is to divert people away from bitcoin and to use alternative networks instead
7. availability of access(buying in local currency via bank notes in a town people live in)
8. understandability for common man

alot of people will argue "we just need to advertise it more"
to which i will refer them to points 1,2,3,8

alot of people will argue bitcoin cant cope
to which i will refer them to points 1,4,6,7


but here is the thing. blaming regulation is foolish.
many things that are not regulated can get success, as long as they do something, each person that gets it can continue using it HAPPILY even after the first try/use

take fidget spinners. simple, does not need a manual. does exactly what people expect.

alot of people talk to newb's by talking about bitcoins old ethos or the utopian revolution.. which bitcoin has lost
alot of people talk to newb's by talking about bitcoins get rich quick.. which is the 'too good to be true' red flag style of advertising
alot of people talk to newb's by talking about bitcoins bnfits for the unbanked.. but bitcoin has lost that (remember its the POOR who are most unbanked)

until people admit that bitcoins functionality has DROPPED. and stop just thinking just about price..
until people stop only caring about how soon they can run back to fiat with their pockets full as the only reason to advertise
...
then bitcoin should not yet spread to mainstream.

Yes, actually there are many things to consider before adjusting btc. If btc is adjusted for sure it will be managed by an organization and when dealing with all addresses will be managed by this organization, user info will no longer be hidden  , the feature that most people like the btc . In short, there are still a lot of things that we have to wonder about.

I don't think we need to regulate bitcoin, the bitcoin user keep on growing and we can reach 50% of world population to used bitcoin without need to regulate bitcoin but it will take a long time and we need to eliminate the negative news about bitcoin,  regulating bitcoin would increase the speed for global adoption but it will be violated the purpose of bitcoin which is decentralised

Bitcoin is the biggest invention of this century, and this invention have certain characteristics as Anonymous, Decentralized, Instant, And Open Source.

Now if we consider global adoption of bitcoins then it needs to regulate by someone(Organization/Group). So if anyone controlling bitcoins then it loose it one of characteristic of decentralization. If once bitcoin regulated then every address used to receive payments can be identified this means it lose second characteristic of anonymous.

Now still question is if consider to regulate bitcoin who will regulate it?

There are alot of things you need to consider before regulating bitcoins when global adoption is on.Regulating bitcoins will not be in favor of big stake holders so they will definetely not agree into this.But if regulating bitcoins will help the price to be stable then im good to it