Topic: possible government regulations? - page 11. (Read 9432 times)
regulations are not something you should fear. actually it is the opposite. although there are times when they are hurtful and hard to accept but in general and over time regulation can even be good for bitcoin. because people will trust bitcoin easier and can use it much easier than fearing "what ifs" for the future.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
I think we are already regulated in some point. Exchanges in our country need us to supply our identities before encashing bitcoin to our currency. This might be indirect but the third party exchanger are implementing this strict rule in order for us to cash more amount of money. Unidentified account can only encash a daily amount of $42 while the verified account can encash a daily amount of at most $8000+.
At some point we just can't see it directly but our exchangers or any platform where we are converting our bitcoin into cash is already regulated. Legit exchanges are the one who is following the government regulations since they can't take the judgement in bitcoin itself.
As everyone noticed, the fees when we are dealing with conversion of our bitcoin into cash is kinda not cheap but it's fine for us if their service is really great. Also we can't convert coins directly if we are anonymous to the so KYC is present.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
I think we are already regulated in some point. Exchanges in our country need us to supply our identities before encashing bitcoin to our currency. This might be indirect but the third party exchanger are implementing this strict rule in order for us to cash more amount of money. Unidentified account can only encash a daily amount of $42 while the verified account can encash a daily amount of at most $8000+.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
Yes.Any new government regulations can hit the cryptocurrency market.
Bitcoin and all the other altcoins are very vulnerable to such risk and this stops the mass adoption of btc.
Fortunately bitcoin is still small (only 10 billion USD market capitalization worldwide).
Though bitcoin seems to be small compared to the dollar, it had grown to such a level in a very short term as well got very huge adoption. Dollar to reach such status took large number of years. So when bitcoin survive more than 100 years the capital in terms of USD will be uncountable.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
Yes.Any new government regulations can hit the cryptocurrency market.
Bitcoin and all the other altcoins are very vulnerable to such risk and this stops the mass adoption of btc.
Fortunately bitcoin is still small (only 10 billion USD market capitalization worldwide).
Any possible regulation from government will not stop the growth of the cryptocurrencies. Over in time, the mass adoption ot it and its advantages will enforce goverment to adopt cryptocurrencies as a legal one. Becasue, goverment is nohing but for people and by people.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
Yes.Any new government regulations can hit the cryptocurrency market.
Bitcoin and all the other altcoins are very vulnerable to such risk and this stops the mass adoption of btc.
Fortunately bitcoin is still small (only 10 billion USD market capitalization worldwide).
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
it is not yet changing any games and it may do it some day but for now bitcoin is too small especially with this block size to change any game in economy !
and so far the regulations have never been that extreme. i mean some countries made bitcoin illegal but those were always some third world country that noone cares about.
the countries like US is not doing it and even Japan has embraced bitcoin, so i think we can't expect anything bad in the future either.
It is possible that government will make the regulation about bitcoin, in some country the government already has the draft for regulate bitcoin, and i think in the future government will try to meddle up in bitcoin, and nothing we can do to stop this
definitely,it's just matter about the time until the government thinking it's the right time to release the bitcoin's regulation and start to tax many peoplethe right time is actually when bitcoin users in that country is just quite many and it's worthy to do the regulation
I also hope that this will not happen. Then Bitcoin will lose a lot of investors. State's better controls its currency.
It is possible that government will make the regulation about bitcoin, in some country the government already has the draft for regulate bitcoin, and i think in the future government will try to meddle up in bitcoin, and nothing we can do to stop this
definitely,it's just matter about the time until the government thinking it's the right time to release the bitcoin's regulation and start to tax many peoplethe right time is actually when bitcoin users in that country is just quite many and it's worthy to do the regulation
It is possible that government will make the regulation about bitcoin, in some country the government already has the draft for regulate bitcoin, and i think in the future government will try to meddle up in bitcoin, and nothing we can do to stop this
definitely,it's just matter about the time until the government thinking it's the right time to release the bitcoin's regulation and start to tax many peoplethe right time is actually when bitcoin users in that country is just quite many and it's worthy to do the regulation
The possibility is always there and we can not ignore it. Government regulations,whatever the purpose I think it is to protect the users. Whether they after for taxes,a fee or any charges it is a government duties to implement they think what is good to the industry. Of course it will have resistance from users 
It is possible that government will make the regulation about bitcoin, in some country the government already has the draft for regulate bitcoin, and i think in the future government will try to meddle up in bitcoin, and nothing we can do to stop this
unfortunately you are right. The Government is strongly interested in the beginning cryptocurrency. Government not nravitsa that people too have begun to invest their money in Bitcoin. It attempts to regulate this sphere
It is possible that government will make the regulation about bitcoin, in some country the government already has the draft for regulate bitcoin, and i think in the future government will try to meddle up in bitcoin, and nothing we can do to stop this
There's a regulation that is already functioning for the exchange sites, like in my local exchange,we were required to comply with he KYC Policy and fill up all the information that is necessary. With that rules, we have no choice but to follow and i guess it's just fine because exchange sites are legitimate and they are operating with the license granted by the government.
What I am afraid of to happen, is the time will come that our transaction will be tax..
What I am afraid of to happen, is the time will come that our transaction will be tax..
We cant do anything about that because its been required by the government and exchangers would have no choice but to follow same as you mentioned. Its somehow a good move for exchangers to be registered or legalized because we could assure ourselves on the legitimacy of a certain sites. You said that you were afraid to put or impose taxes on our bitcoin , its an impossible thing to be happen for sure.
I would tell you this bitcoin would never become a dominant currency even how it would rise up on the future. It would remain as a digital currency and nothing can replace fiat in any way. As long bitcoin cant be controlled its not possible that it would be regulated to impose taxes to those who uses it. If government would able to control bitcoin then for sure we are all f*cked up but still im confident that it wont happen.
Since bitcoin and other digital currencies are such a game changer for the traditional economics systems, could there be any government policies that can be devastating to this new market? and even if governments in North America or Europe might not be able to do such things, how about policies from other more centralized countries that could bring the same effect?
well if a governments decides to to make laws in there country then it will be a dig deal to bitcoin and it further as no one person can have control of bitcoins or what bitcoins can be use to buy sell or make or even the way there are made so yes any government that thinks it can change what bitcoins stands for will be very devastating to bitcoin and the new currency markets.
I have noticed the drop of the exchange rate in 2014. we market is able to recover because not much people was involved in the market back then, and as more and more new people start trading bitcoin, its value recovers slowly. But as the potential in popularity and penetration dies out, it's going to be harder and harder to recover from these drops.
with time goes , the popularity of bitcoin keeps on increasing and that will help boost the value of bitcoin rather than witnessing a price drop ,as long as mining is profitable i do not think the price would drop that much, it is possible for the government to regulate bitcoin and impose a heavy tax on it and since this is a global currency it is a bit hard to counter it.
I have noticed the drop of the exchange rate in 2014. we market is able to recover because not much people was involved in the market back then, and as more and more new people start trading bitcoin, its value recovers slowly. But as the potential in popularity and penetration dies out, it's going to be harder and harder to recover from these drops.
There is possibility like few of the american, european and even china may implement limiation on bitcoin trading however government can't just stop all the bitcoin transactions in their country. So even there may be limitation in trading volume through legal exchanger people will keep on buying selling with face to face deal in local level which can't be regulated for sure.
Legal limitation on local exchanger can surely effect the price as well as use cases of bitcoin in every country.
My worries is that is lots of people and banks or organizations are only trading bitcoin with the hop of selling it at a higher value, the slightest tendency that the price exchange rate might drop can be devastating for this entire market. One or two countries starting to regulate or banning bitcoin could start this collapse. Legal limitation on local exchanger can surely effect the price as well as use cases of bitcoin in every country.
To OP yes its already happening in our country.
Yes its the KYC or know your customer policy is already implemented already in our local web wallet and the same time our local exchange in our country which needs personal informations and this exchange is the one I used to convert bitcoin to fiat. And also there is fee also when I'm going to withdraw so I have no choice but to follow their rules.
When the government knows our real information it would be easy for them to trace our transaction and if they will try to question us or impose tax eventually then we have to comply with it so we will not face charges against the government. What I am afraid of to happen, is the time will come that our transaction will be tax..
Yes its the KYC or know your customer policy is already implemented already in our local web wallet and the same time our local exchange in our country which needs personal informations and this exchange is the one I used to convert bitcoin to fiat. And also there is fee also when I'm going to withdraw so I have no choice but to follow their rules.
To OP yes its already happening in our country.
Yes its the KYC or know your customer policy is already implemented already in our local web wallet and the same time our local exchange in our country which needs personal informations and this exchange is the one I used to convert bitcoin to fiat. And also there is fee also when I'm going to withdraw so I have no choice but to follow their rules.
What I am afraid of to happen, is the time will come that our transaction will be tax..
Yes its the KYC or know your customer policy is already implemented already in our local web wallet and the same time our local exchange in our country which needs personal informations and this exchange is the one I used to convert bitcoin to fiat. And also there is fee also when I'm going to withdraw so I have no choice but to follow their rules.
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