Topic: Is it even possible to regulate bitcoins? - page 3. (Read 2319 times)
It depends on the user. For the government authorities, it will be extremely difficult to trace the Bitcoin transactions back to a particular individual. Unless he converts it to fiat and deposits it in his bank account or PayPal account, the anonymity will remain. So unless the user comes forward and reveals the details of his bitcoin holdings (who will be stupid enough to do that?), I don't believe that BTC can be regulated.
I mean how? Given it is completely decentralised.
The big question you are asking is ,how do you regulate something which is decentralized, all the government have to do is to regulate the flow of fiat currency in and out of the system and monitor all the transactions and make sure they pay their taxes,in short they will monitor your investment in fiat.
Actions have been made to regulate Bitcoin just recently in the Philippines by their central bank, Bangko Sentral ng Pilipinas. They intend to regulate bitcoin entities, and require them to register as a money transfer business. If they are not registered with the central bank, then no bank will be able to transact or deal with them. This is in an effort to avoid money laundering through the use of the virtual currency.
I mean how? Given it is completely decentralised.
Sadly yes! If you want more example how it works look at Japan, it has already regularised it and it's set a example for other countries. So basically they control the exchanges, how users buy and sell, how they have to report it. Plus all the documents that are required, and they need to file it in their tax files. Many countries are now waking up to the possibility of regulating it. Though I don't like it, but then that's the only way for them to use it.
I mean how? Given it is completely decentralised.
Governments aren't able to change the way bitcoin is used, they aren't able to just print off 1 million bitcoins all of a sudden like they do with their national fiat currencies. As you said, bitcoin is decentralized, and the only way to eliminate/regulate bitcoin usage is if the government managed to shut down all the nodes running bitcoin software/or changed that software into their version. But there will always be people using bitcoin, it's impractical to shut/change everyone.
The way that governments can regulate it currently though is through regulating bitcoin exchanges, by implementing strict AML and KYC laws. As it deals with banks, governments can do something about this. But in the futuree, these sort of regulations won't even matter anymore as bitcoin gains mass adoption, and peoplea rea ble to accept bitcoin without going through an exchange.
They can regular the internet, merchants, people buying and selling things online.
They could make it so anyone receiving internet traffic from an IP address that uses BTC is blocked or something. Lots of things can be done, especially since it is a public blockchain and most people are already signed up with their real names through other services. Very easy to see who people are if someone hacked coinbase they could identify tons of addresses and who they belong to then government blocks everything you do or fines you in real life!
They could make it so anyone receiving internet traffic from an IP address that uses BTC is blocked or something. Lots of things can be done, especially since it is a public blockchain and most people are already signed up with their real names through other services. Very easy to see who people are if someone hacked coinbase they could identify tons of addresses and who they belong to then government blocks everything you do or fines you in real life!
They could try to forbid people to use Bitcoins or try to tax people who uses Bitcoins, but there will be always hackers and experts able to avoid these regulamentations. They will continue using Bitcoins and nobody can do anything about it, they can even help people who doesn't have the same skills to do the same.
They can regular the internet, merchants, people buying and selling things online.
They could make it so anyone receiving internet traffic from an IP address that uses BTC is blocked or something. Lots of things can be done, especially since it is a public blockchain and most people are already signed up with their real names through other services. Very easy to see who people are if someone hacked coinbase they could identify tons of addresses and who they belong to then government blocks everything you do or fines you in real life!
They could make it so anyone receiving internet traffic from an IP address that uses BTC is blocked or something. Lots of things can be done, especially since it is a public blockchain and most people are already signed up with their real names through other services. Very easy to see who people are if someone hacked coinbase they could identify tons of addresses and who they belong to then government blocks everything you do or fines you in real life!
Nope the the crypto currency itself can't be regulated, like how BU and Segwit tried to control bitcoins for themselves but all their failed because the community doesn't want to allow it because they like how bitcoin just the way it is free from bankers, oppression, exploitation and tyranny. I think the way bitcoin can be regulated is depending on how exchangers implements their rules on bitcoin like coinbase and coins.ph. this sites are way to over regulated by rules that is not necessary for them.
I mean how? Given it is completely decentralised.
I think bitcoin does not need decentralization, it just needs larger block numbers to be suitable for future transactions, which is essential for the development of bitcoin. Decentralization does not help improve the situation, it just makes the situation bitcoin more troublesome. I like a bitcoin which is as liberal and powerful as the present.
bitcoin can not be regulated
That's what you think! Any government can regulate bitcoin AND bitcoin users. They just haven't done it yet. You just wait until the IRS fully realizes what crypto is all about. Just wait until the banks discover it, then you'll see what they can regulate. Don't think it can't happen, because it can...and I'm actually quite surprised that at least the United States hasn't written in more regulations regarding crypto. But then again, I suspect the government had a hand in bitcoin's creation. Don't have specifics, just suspicion.Wow.... You really don't know what you talking about do you. Plus you believe in conspiracy theories. Explain more to us about how it can be regulated ?
You can try but if someone doesn't cooperate basically the only thing they can do is arrest them, throw them in prison or fine them. It'll probably work for most people.
Not really dude. The police have better things to do I assure you. Noone wants to waste their tax money on this nonesense.
There is definitely a way for governments to regulate the use of Bitcoin. Governments can't stop people from sending Bitcoin to each other, they can't even tax them. However, they can tax people when they buy Bitcoin from companies such as Coinbase, or when they buy something at the shops with Bitcoin. Governments can't really come after certain people, as Bitcoin is pseudo anonymous, making it impossible to track the location of the person, however you can see who they are giving Bitcoins to.
Are you alright? What do you mean it is impossible just like the internet? Bitcoin can definitely be regulated and so can the internet. Take China for example, people there are so restricted that they can't even use google. Only websites that are approved by the Chinese government, most of them are even made by the government, are available to their citizens.
No, it's impossible, just like it's impossible to regulate the Internet. Decentralized things cannot be controlled by a central unit.
Are you alright? What do you mean it is impossible just like the internet? Bitcoin can definitely be regulated and so can the internet. Take China for example, people there are so restricted that they can't even use google. Only websites that are approved by the Chinese government, most of them are even made by the government, are available to their citizens.
Lol we already pay tax on things it's called vat. Oh and I'm talking to a friend from China on fb right now. Please stop spreading rubbish.
Nope the the crypto currency itself can't be regulated, like how BU and Segwit tried to control bitcoins for themselves but all their failed because the community doesn't want to allow it because they like how bitcoin just the way it is free from bankers, oppression, exploitation and tyranny. I think the way bitcoin can be regulated is depending on how exchangers implements their rules on bitcoin like coinbase and coins.ph. this sites are way to over regulated by rules that is not necessary for them.
A country can regulate Bitcoin through many different means. Some companies could be forced to comply with the country's KYC measures, requiring users to scan some sort of ID, or give their name and address. Another way is forcing users to publicly declare.
You can try but if someone doesn't cooperate basically the only thing they can do is arrest them, throw them in prison or fine them. It'll probably work for most people.
Many people always talk about bitcoin's decentralization, but they do not really understand it, decentralization will create a whole new bitcoin world, and there, bitcoin is divided into many different levels. And this is not good, I like a bitcoin like present, freedom and strong.
I mean how? Given it is completely decentralised.
It's like regulating a black market; you have to regulate either the entrance or the exit, once someone gets inside there's no regulating what they do within the walls of the market. Meaning, you go after exchanges or merchants and stop them from accepting Bitcoin in exchange for goods or services, and then plan around using that as a means of "regulating" the use of Bitcoin within a country.You can't really get after it otherwise without blocking nodes on ISPs within the country. That's something that isn't really easy to pull off.
Taxing bitcoins is a way to regulate it. If the government forces exchanges (like Coinbase) to report how much a customer cashes out, they gain some control. They know who is using it in these cases and how much profit they are making. It can also be controlled when merchants accept bitcoins as payment.
However, governments can't control bitcoins that are in a wallet and are not used or spent and they can't currently affect the number of bitcoins created.
However, governments can't control bitcoins that are in a wallet and are not used or spent and they can't currently affect the number of bitcoins created.
Bitcoin is taxed by the government?
I just heard the first time and it does not exist
When Bitcoin rises above the threshold I believe the individual or organization that created it will probably stabilize it. They do not want Bitcoin to suddenly increase and disappear. That is also how they developed BItcoin for a long time
Who will control the bitcoin I guess it's all nobody can do it, Most likely the government will attack the bourse, not turn bitcoin into dollars.
It is decentralized and democratic, there is no centralization. This is the essence of Bitcoin.
It surely centralised but in case of bitcoin regulation means allowing the citizens of the country to pay their items using bitcoin or fiat.
Not only that regulation of bitcoin allows tourists to spennd on goods without needing to go to an exchange and convert to the local currency. Regulation of bitcoin also affects the price of bitcoin. The only issue is the network fees and speed
Not only that regulation of bitcoin allows tourists to spennd on goods without needing to go to an exchange and convert to the local currency. Regulation of bitcoin also affects the price of bitcoin. The only issue is the network fees and speed
Sure it can be regulate, the government could regulate when you want to convert to fiat or when you do something on exchanger and government also can supervised your transaction, it can't be fully 100 % to be regulated, but the government can make bitcoin like centralised currency
Yes that's true! my government and central bank here in Philippines is already regulate using bitcoin on exchange and trading.
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