Topic: Is it even possible to regulate bitcoins? (Read 2319 times)
Bitcoin is decentralized cryptocurrency, it allows near-instantaneous transfers and it is without a middle man or regulatory body. There can no any Government can control bitcoin. But it can only be regulate in an actual procedure, like for Example: Australia. Australia is regulating financial services involving virtual currency. The digital currency exchanges in Australia will be subjected to registration and regulation, once the Anti-Money Laundering and Counter-Terrorism Financing Act of 2006 take effect. This is how possible that bitcoin could be regulated.
they do not need to arrange it. Why? because people just redeem their Bitcoin to USD and then withdraw into their bank account.
governments are not able to provide directly regulations into btc but they do it on exchanges where you trade the btc and other alts in my opinion and whenever you cash out you pay taxes as well.
This.
The only way to evade this is if we could spend bitcoin directly without using exchanges. Sadly we have been going backwards on this with Steam, Stripe, Microsoft and Dell all removing the option to pay with bitcoin. That means that to spend you need the exchanges to convert to fiat. And fiat can be regulated.
I mean how? Given it is completely decentralised.
It is yet unclear or uncertain how bitcoin can be regulated, especially with the transactions which they represent a difficult part to control, so the balanced regulation of bitcoin might be achieved partially and it is by the regulation of the financal exchanges between the user and the government but first bitcoin has to be accepted as legal currency or a legal payment method and that would be possible and also smart because if someone wants to exchange bitcoin into his bank account he will be obliged to pay taxes, so the government will be able to control and put bitcoin under a law and get fees as well.
governments are not able to provide directly regulations into btc but they do it on exchanges where you trade the btc and other alts in my opinion and whenever you cash out you pay taxes as well.
From what I heard and what I read in the latest developments regarding Bitcoin in South Korea they have established Exchanges in which are regulated by the government, which is somehow close on controlling Bitcoin. So the government can override the whole operation of the exchange. But if you look it in a broad perspective some online exchange are doing it now in fact most of the people here are not recommending in keeping your money in any kind of exchange especially August 1 is only 2 days away.
It is decentralized and democratic, there is no centralization. This is the essence of Bitcoin.
As it turned out, governments still have the ability to partially control bitcoin during transactions, given that the transaction log is publicly available. By doing various operations with bitcoin, we give the government the opportunity to track its amount, to be able to analyze who and whom the bitcoins are transferring, not knowing for sure the actual buyer and seller. However, if such information is systematized, especially if governments of different countries interact in this matter, it is quite possible to identify participants in transactions. It is impossible to just get any information about bitcoins that are in real estate in digital wallets. 
Different countries have different takes on regulating crypto currencies, that is why some countries forbid the use of such currencies altogether. But as time progresses and the need for digital currencies arises, these governments will lead to a decision to make regulations and set policies that would make the use of crypto currencies more acceptable but within the rules set by the authorities.
I think it is very difficult, this is because the physical, immaterial bitcoin stock could not grow and if missing then could not be found. It took time and socialization to make bitcoin get regulation.
It is kinda possible but cannot be 100% effective. For example, it is easier and cheaper to get btc from some of the exchange sites and merchant's in my country but you can participate unless you snap holding your passport ad a verification process. I am sure this are few ways the government may be trying to use to ensure there is adherence to law and order even when using bitcoin. So with that kinda development? Ut can surely be
Looking at the system I think doing a thorough regulation will definitely have trouble because bitcoin is made anonymously so the system in bitcoin actually states that we freely use bitcoin. So it will be difficult to manage bitcoin, especially in terms of ownership of owned assets.
Regulating bitcoins in a direct way is nearly impossible and the only way to do this would be through third parties that aid bitcoin transactions like an exchange or trading platform which are likely to have a brick and mortar office.
This would really need a lot of help from the ISP's and local departments and would cost a huge amount of money to rope off around 30% of the users, maybe more. The idea would not be to catch the user's per se, but to make using Bitcoin so hard that no one would bother trying.
Can they regulate it? Sure, and they can stop crime completely by assigning a single law enforcement officer to every citizen. Will they go beyond the current regulations? Doubtful.
I agree, right now it is not feasible for governments to see bitcoin as an accessory to crime or any of the bad vices, and it would be a huge cost to have bitcoin under their leash which is never happeningCan they regulate it? Sure, and they can stop crime completely by assigning a single law enforcement officer to every citizen. Will they go beyond the current regulations? Doubtful.
Governments have the ability to regulate anything, some of you on the forum may think we'll the government cant stop the tech and the miners from doing their jobs. Well that's not the way government would attempt to hurt us, they'd be doing scummy thing such as making buying harder, more regulations on the businesses that conduct the buying and selling (exchanges) which would fuck them up very hard and could cause these companies to just leave the entire crypto world. It's tough to think about a government doing that, and I do understand that it is-- but if the government is being faced with losing a lot of it's power they'g going to use some insane methods to be able to hold onto it. So yes, it is.
Regulation of the decentralized currency, I found it not good at least something should be free from government. 
Regulate the bitcoins is impossible,why because now a days bit coin is popular and valuable money. if you want to use bitcoin no need to depend upon the any bank,we can do transactions by internet only.it is very comfortable to users.
I don't think you can regulate something that is decentralized. That's they whole point of decentralization. Drugs are regulated but still skio through the cracks onto the "black market" you can't stop people from doing what they want it doesn't work. Some regulation is arguably needed but if they make regulations too tight there will be resistance.
This would really need a lot of help from the ISP's and local departments and would cost a huge amount of money to rope off around 30% of the users, maybe more. The idea would not be to catch the user's per se, but to make using Bitcoin so hard that no one would bother trying.
Can they regulate it? Sure, and they can stop crime completely by assigning a single law enforcement officer to every citizen. Will they go beyond the current regulations? Doubtful.
Can they regulate it? Sure, and they can stop crime completely by assigning a single law enforcement officer to every citizen. Will they go beyond the current regulations? Doubtful.
They currently have gone as far as they are going to go, they regulate the FIAT to crypto and vice versa sites and points and that makes them feel pretty good. Their biggest public "concerns" were for money laundering and controlling the exchanges makes them appear in control, although there are plenty of uncontrolled places where the FIAT and crypto exchanges happen without any KYC or other regs.
I think it is not possible to regulate bitcoins because it is fully decentralized and regulating bitcoin will be against for that features (Decentralization) and a lot of people will protest about it if ever it happens. In a country, if they want to regulate bitcoin then they can't do it directly to bitcoin and the only thing that they can do is, make a law or statement that their bitcoin countrymen users will obey.
decentralization has nothing to do with the impossibility of regulating it, because in japan they are regulating it despite the nature of bitcoin
you can track every transaction with the blockchain more so if you are going to use your bitcoin to buy something on any phisical shop that accept it
these shop will report anything to their "IRS", so everything is transparent and regulated
you can track every transaction with the blockchain more so if you are going to use your bitcoin to buy something on any phisical shop that accept it
these shop will report anything to their "IRS", so everything is transparent and regulated
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