Topic: Regulation possible? Regulation Inevitable? - page 2. (Read 687 times)
Regulation is possible and even necessary, but the main thing is that it does not change the basic crypto paradigm
In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin. Tracking coins and banning the sale of coins for fiat by exchanges if they come from certain regions ( exchanges, wallet suppliers). Illegalization of the exchange of Fiat for Bitcoin, with the regulation again targeting exchanges as entry points.
This regulates Bitcoin itself.
Is this possible?
How can we defend Bitcoin against it?
But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin. Tracking coins and banning the sale of coins for fiat by exchanges if they come from certain regions ( exchanges, wallet suppliers). Illegalization of the exchange of Fiat for Bitcoin, with the regulation again targeting exchanges as entry points.
This regulates Bitcoin itself.
Is this possible?
How can we defend Bitcoin against it?
Having a mainstream of bitcoin in every countries has nothing to do with regulation of bitcoin; also having a crypto currency exchanges in each countries does not mean that bitcoin will regulate too; regulation of crypto currency in different countries has so fa targeted centralized exchanges; while decentralized exchange remain safe for now.
I believe it is better for everyone to enjoy involvement with crypo currency until regulation
Governments will not allow means of payment on their territory that they cannot regulate. Governments cannot change the technology of cryptocurrency, but they can and will establish their own rules for its circulation and use by society. If for some reason they cannot regulate the cryptocurrency in this way, they will prohibit its circulation. Therefore, we will be forced to agree to such regulation of the cryptocurrency, this is absolutely inevitable.
The easiest way this could be possible is when they have control over banks as the financial institution will be the key for people to buy and sell cryptocurrency such as Bitcoin. Banks might not fully adopt Bitcoin as of the moment. Most of the banks are strict and I think the reason behind this is because they might be waiting for the full comprehensive regulation by the Government on how they should treat Bitcoin. This is inevitable, the government will find its way to somehow put a tax on the activities we are doing such as trading and providing services.
Perhaps, they need to hire some cryptocurrency enthusiasts in order to fully impose Bitcoin and cryptocurrency regulations but the problem is that, those who really understand what cryptocurrency is all about will not really in favor of them as cryptocurrency is independent.
Bitcoin will be able to control if Bitcoin becomes acceptable everywhere but it will take a long time for the whole government to get its hands on it. The government does not legitimize Bitcoin because it cannot control it. Many investors and many companies cannot use them for their own benefit, illegal activities, because they are not under the control of the government. Crypto decentralized government control is almost inevitable. If there is government intervention, it will never be able to control it well.
Governments will not allow means of payment on their territory that they cannot regulate. Governments cannot change the technology of cryptocurrency, but they can and will establish their own rules for its circulation and use by society. If for some reason they cannot regulate the cryptocurrency in this way, they will prohibit its circulation. Therefore, we will be forced to agree to such regulation of the cryptocurrency, this is absolutely inevitable.
Yes time will come that bitcoin will be regulated and will be restricted especially if it can create more abuses from other users taking advantage of the system.
For now bitcoin is doing well and that help others to earn by investing into it. This is why it is very encouraging to invest in bitcoin with the possible earning tha could be made.
If only the mindset of the people will only eye on investment, optional payment method and others. Bitcoin should not be use in illegal activities. Hopefully, regulations will be able to help reduce other users abusing bitcoin.
For now bitcoin is doing well and that help others to earn by investing into it. This is why it is very encouraging to invest in bitcoin with the possible earning tha could be made.
If only the mindset of the people will only eye on investment, optional payment method and others. Bitcoin should not be use in illegal activities. Hopefully, regulations will be able to help reduce other users abusing bitcoin.
Regarding bitcoin as legal or illegal as currency transaction depend how government want to adopt bitcoin and altcoin or not, I think each government have different ideas with bitcoin impact, some of them have seen how increase and most friendly transaction when using bitcoin will think more ahead to use bitcoin as legal currency payment because they want to get their country one step ahead than other country. How possibility when using bitcoin to take short time for sending and receiving money, how much your money less inflation when using bitcoin as transaction assets than you have use fiat or cash money where every year have lower value, but with bitcoin as currency payment transaction have function how to make double profit with higher price later.
The trend towards the future will be towards more decentralized exchange, with UniSwap recently surpassing CoinBase's volume. There will always be demand for anonymous trading and money holding and cryptocurrencies will continue to evolve in that direction, Bitcoin is becoming more private with Taproot/Schnorr, and LTC is getting MimbleWimble implementation soon.
The idea of regulation compliant cryptocurrency also doesn't make sense as regulations are different around the world and it would be impossible to fit under all of them at the same time. This is why I believe the coins that focus on the actual technology and use rather than being compliant with regulations will succeed in the long term.
The idea of regulation compliant cryptocurrency also doesn't make sense as regulations are different around the world and it would be impossible to fit under all of them at the same time. This is why I believe the coins that focus on the actual technology and use rather than being compliant with regulations will succeed in the long term.
I think that if a group of countries or the International Monetary Fund controls Bitcoin and regulates it in the future, then Bitcoin at that time will be no different from fiat at the present time, as these countries will impose their strict laws and conditions on all Bitcoin transfers and will also impose identity verification by (kYC) and more, and Bitcoin will turn into something more like decentralization and lose all of its current features.
We still do not certainly know and time will only tell if after such a span of time, lots of people can now be able to adapt on using Bitcoin worldwide. Probably, it will be regulated for there are instances that government will interfere and allow themselves to join into the discussion presenting themselves to the people the Bitcoin usage must be regulated due to certain issues and concerns that they think must be attended in advance to prevent the possible damage it can create. Surely once lots of people demand to use Bitcoin and it become mainstream within a certain span of time, government will stand in between to allow the adaption and usage but with regulation just like what they are doing on managing and regulating fiat currencies. Regulation will follow once the government see how people drastically demand on using it.
If you'd noticed, anything that comes to be popular will be regulated in time by th government. And bitcoin is no exemption. About your question if this is possible? Yes it is. Some countries already started to regulate cryptocurrency preferably bitcoin.
You can check it here that few countries already regulate btc. Government has a good purpose for implementing this as we know that most of the fraudsters are using the new trend to scam people.
You can check it here that few countries already regulate btc. Government has a good purpose for implementing this as we know that most of the fraudsters are using the new trend to scam people.
Regulation is inevitable. Right now most centralized exchanges don't serve unverified customers. We have to deal with KYC and AML rules.
Regulation to combat scammery and coin theft... Prety interesting. Although that also means losing a bit of bitcoin's functions just to do these. Unless we have a more advance way of executing these without violating bitcoin's functions, I'm not sure when or if we will even get these news. This regulates Bitcoin itself.
Is this possible?
How can we defend Bitcoin against it?
Your question has made it more popular that regulating bitcoin itself can't be possible. It is only exchange that can be regulated if the need be and every account under that exchange can be monitored if required.
It is definitely regulation inevitable, because the government always wants to control everything including cryptocurrency.
So it's no wonder that currently most exchanges have implemented KYC, and countries that accept cryptocurrency have
started imposing taxes on any transactions using cryptocurrency. The more mainstream Bitcoin is, the more likely we will
lose privacy when using Bitcoin. Because that is the risk that will occur if Bitcoin mass adoption does occur.
So it's no wonder that currently most exchanges have implemented KYC, and countries that accept cryptocurrency have
started imposing taxes on any transactions using cryptocurrency. The more mainstream Bitcoin is, the more likely we will
lose privacy when using Bitcoin. Because that is the risk that will occur if Bitcoin mass adoption does occur.
Centralization is inevitable if Bitcoin will be mainstream and what cause this is the scam activities done through ICOs then that make SEC implemented KYC/AML but Bitcoin can not be regulated by any government bodies. However, the IMF and others can only regulate some companies that are licensed by SEC or others centralized government agency.
In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?
News usually travel fast and if the knowledge about Bitcoin is mainstream in the next 10years then enough people should also be expected to adapt to Bitcoin mainstream.But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin.
Is this possible?
How can we defend Bitcoin against it?
I believe IMF Boss to be crypto enthusiast because she once advise the governments and the institutions to create their own national digital currency cause virtual currency are the perfect solution to economic meltdown and finances.Is this possible?
How can we defend Bitcoin against it?
With that been said, i dont see IMF refulatung crypto and if regulations will happen in the future only the exchange site and crypto payment service that is centralized that will be regulated.
Yes, only institutions or exchanges that are requiring KYC will get the info of their customers and be regulated by the government.
However, not all of them as there are exchanges that only require KYC if you go beyond their daily limit of 2BTC like Binance.
Still, if you don't want to be connected with your crypto transactions, there are other options for you to convert your crypto.
In the next 10 years, I think there are a lot of merchants that are already accepting crypto as well as big companies that have crypto within their system, not only PayPal.
In 10 years, knowledge about Bitcoin will be mainstream.
But will enough people have adapted to this mainstream by then?
News usually travel fast and if the knowledge about Bitcoin is mainstream in the next 10years then enough people should also be expected to adapt to Bitcoin mainstream.But will enough people have adapted to this mainstream by then?
Once it has become mainstream, a group of countries - or even the IMF itself - could regulate all access to Bitcoin.
Is this possible?
How can we defend Bitcoin against it?
I believe IMF Boss to be crypto enthusiast because she once advise the governments and the institutions to create their own national digital currency cause virtual currency are the perfect solution to economic meltdown and finances.Is this possible?
How can we defend Bitcoin against it?
With that been said, i dont see IMF refulatung crypto and if regulations will happen in the future only the exchange site and crypto payment service that is centralized that will be regulated.
This is what I fear to happen where all the country will decide to ban all the crypto assets as we cannot do something to defend the crypto against it. But if the countries will only regulate the crypto assets and not banning it then I have no problem with it because it only means that the governments are already accepting the existence of crypto assets which is good.
As long as we have legal local exchange where we can easily convert our fiat to crypto then there is nothing to worry but if most of the countries will try to ban those exchanges then it is pretty difficult to defend and we don't have other option but to stop using crypto assets when that time will come.
As long as we have legal local exchange where we can easily convert our fiat to crypto then there is nothing to worry but if most of the countries will try to ban those exchanges then it is pretty difficult to defend and we don't have other option but to stop using crypto assets when that time will come.
already 10 years have passed and btc is in the mainstream now , theres also regulations but not too much . they do it for a reason and it sometimes have a positive effect , its for the own good of ones country or for the good of the users so we must follow it
we dont need to defend it and i dont think you can do anything to defend it because the government are declaring it , what you can do ? your only a common individual with less power than them . just go with the flow man .
we dont need to defend it and i dont think you can do anything to defend it because the government are declaring it , what you can do ? your only a common individual with less power than them . just go with the flow man .
It's kinda hard to tell what will happen in 10 years and if by that time, bitcoin already achieved mainstream. But for sure, during those years, there will be big progress to mass adoption, and as also mentioned by others, regulation is indeed inevitable especially when bitcoin gets more recognition in the future. But regulations will depend on how a certain country view bitcoin so it does not necessarily mean that when countries regulated bitcoin, it's something bad that we have to defend it or something.
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