Topic: Does regulating bitcoins is necessary for global adoption? - page 3. (Read 1645 times)

Yes regulating bitcoin is important for global adoption after Japan,s regulation lots of change happened in crypto world. The country where I live even it's under discussion panel hope it will be regulated

Regulating Bitcoin would require global cooperation.  This means regulation of mixing services, extreme regulation of exchanges with KYC laws, and lots of other work from governments to trace the blockchain.

If there's just one place offshore where people can base these businesses and there's still accessible on the Internet, regulation has failed.

Global adoption can happen without it but the reality is that it'll coincide with that adoption.  It'll happen at the same time because adoption = regulation.  Governments can make it appear like support while still monitoring most things closely.

If people want to do illegal things with Bitcoin, they'll probably be able to regardless of regulation, so it's just to do with how governments can handle this situation.

If they legalize/regulate bitcoin, how are they going to collect taxes from the sellers? As bitcoins? Sounds dumb and sensible at the same time. As FIAT? Then how? Bitcoins price is volatile as hell. One day the seller might be looking at profits and the other day it may disappear.

Here you go, https://news.bitcoin.com/the-japanese-using-bitcoin-expected/

Many merchants and retail stores have started accepting BTC and it is expected that some giant Japanese e-commerce stores would integrate bitcoins by the end of this year. Bitflyer has seen a rapid growth in it's user base since April 1.

Although I would have gone with #1, after much thinking I voted for option #2. If the bitcoins are regulated by the government authorities, then life will get easier for many of us. There will be little harassment, and the tax implications will get a bit more clearer. Bitcoin may gain a large number of new users as well.

Yeah, regulating bitcoin only help with the usage of bitcoin  from all levels of people. Global adoption is far beyond what's happening with the ongoing adoption. Only a bigger and better global adoption could lead us towards a mainstream usage which is the long expectation of people who have been using digital currency.

I think that most users here would prefer option 1.

Whilst many are celebrating Australia and Japan legalizing bitcoin i think that people are forgetting legalizing something will inevitably lead to regulation of one form or another. Russia is threatening to monitor all blockchain activity in their country on the bitcoin blockchain, and wants to create their own copycat version of bitcoin. How exactly is this good for bitcoin?

Maybe legalizing bitcoin will bring more people to using bitcoin but it's unproven. Has any of the existing countries that have legalized in the past see a noticeable surge in bitcoin users? I don't think so. I mean legalization is good, but it's not necessary. Plus, there are downsides to having legalized bitcoin as i mentioned above.

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%.