Topic: Regulation possible? Regulation Inevitable? - page 3. (Read 687 times)

Don't think we have to wait for another 10 years or Bitcoin going more mainstream for this to become a norm in the industry. Already we're seeing exchange implementing strick KYC verification measure that requires all the sensitive information you have as an individual just to access their platform for advanced trading or enjoying the fiat features of the exchange as it can be observed with Binance exchange.

The regulations that'll be coming into the space is something we can avoid, we asked for it and it's coming to disrupt the whole system. Bitcoin was built on the zeal to end the current fiat system mode of operations but slowly bitcoin service providers are heading toward the same direction.

It is obvious that sharks gather around Bitcoin, at the moment this bait is passionately attracted to them - but if we follow the patterns from the past, will sharks still be interested in Bitcoin when the whole thing cools down - or when crypto winter comes? I'm just interested in what they will all do with their BTC when the correction starts happening, and we know that it can be very brutal.

If we read the definition for Mainstream describes what's viewed by most people in a society as "normal,", then it is hard to expect that most will be considered Bitcoin as something normal. To be honest, Bitcoin is still very misperceived as something used by criminals, terrorists, hackers and the global internet underworld. Of course, the adaptation that goes through the world's big companies will greatly help to change that perception - because if something is legal for PayPal or for a big bank like JPM, then over time it will become completely normal for everyone else. But it will take time, in my opinion maybe more than 10 years - although I don't mind being wrong

The adoption of bitcoin and blockchain technology has indeed started, even a few years ago there were several companies that started to switch to bitcoin by providing bitcoin payment options. and until now the latest adoption has been made by PayPal which has started adding options to buy and sell cryptocurrency via paypal. This is trending news that makes bitcoin price hit up to $ 13k. in modern times it will be easier to accept this technology and the situation is indeed favorable with the pandemic, thus reducing the use of banknotes. However, the adoption is not evenly distributed in all countries. There are several regulations set and in each country it is different.

I view things a little bit differently. There are a lot more market participants, some of them are big sharks. 10 years ago there were just the miners and a bunch of crypto enthusiasts. Now we see big companies and funds taking considerable positions in the market. Moreover we see PayPal and lower tier payment processors making encouraging moves in regard to cryptocurrencies.

In terms of "average joe" adoption the progress is not very fast, but PROGRESS is there. I think 10 years in the Information Age is enough for Bitcoin to become mainstream.

I would disagree with your thinking, although 10 years may seem like a long time, look 10 years back and look at where BTC is today - research says no more than 1% of the total human population has anything to do with Bitcoin. Despite the great media pumping that was created during 2017, the average person's knowledge of Bitcoin today is very modest, and in most cases completely misinterpreted. It is likely that things will develop much faster in the next 10 years, but in my opinion it is not realistic to expect that everyone will know about BTC even then - and I do not want to speculate how many people will use it, it is impossible to predict.


It is true that those in power can try to steer Bitcoin in some direction, but any attempt to reduce decentralization in any way will certainly provoke counter-action - because in technical terms I am sure that over the years there will be many innovations that will continue to strengthen Bitcoin. The future is uncertain, but one should not be pessimistic, Bitcoin will find its place as a currency and as a store of value.

They still serve traders without KYC, the users who withdraw less than 1BTC can still do it without having to submit KYC and AML rules. I have tried hoo.com and is sure to have worked well.

The regulation I think will be more strict when we exchange our BTC to fiat. That's the time you will need to send your data, they may even ask for a source of funds.

I thought it would and will definitely come, but as far as I know it is difficult if there is an organization that wants to organize the blokchain network. Several countries around the world have enacted rules for digital currencies. For now, I see it only protecting its users and preventing abuse for illegal activities. Meanwhile, providing special arrangements to local authorities on the network for now seems impossible on the global Bitcoin network. Meanwhile, to fight it as long as bitcoin is still trusted by the receiving community and the community consensus continues, it doesn't matter. I think in the end no organization can organize unilaterally. Correct if I'm wrong.

if the regulations have been made by one country and enacted laws to control Bitcoin against companies that provide exchange services it could happen depending on the country.

However, what you need to know for now is that there is no single country that actually applies the Regulation, just saying it in public.
For example: currently what is happening in India, you can see in the law board in this forum, in the end rebuttals continue to happen, why can this happen, because the government needs Bitcoin.

You don't need to fight, just follow the flow of the game, sure Bitcoin will not lose in any form of regulation.

The cryptocurrency market cap has reached the $400 billion level. At this point, regulation is inevitable. Do you really think that the governments will allow cryptocurrency to remain unregulated? As a first step, they are going to eliminate the Bitcoin mixers, so that it will be difficult for users to remain anonymous. Next stage would be to give details of your cryptocurrency holdings in the income tax returns. Already they have outlawed anonymous debit cards, which can be charged with cryptocurrency.

In ten years everything will change what we are seeing with Bitcoin right now, although the price is unpredictable, there are high tendencies about bitcoin became one of the leading online payment in the world after PayPal successfully release their version of cryptocurrency online payment. Time will give us successful progress about bitcoin because as you can see right now, everything is good about it. If this will continue after 10 years, expect more than you ask for.

To be honest adoption is already started. there are just people who do not want to accept or not accepting that this is the new generation and this is the thing that can be used in today's time, even this pandemic time it shows that we need to improve and adopt this new technology If we want something to change in us. no matter what we avoid we will enter the digital era and the banknotes will lose  its value sooner.

Adoption is only a matter of time as long as Bitcoin continues this kind of progress. The time it takes for the entire world to actually adopt it though, is still quite unknown. As for regulation, it isn't necessarily a bad thing. They can't actually touch the core concepts of what makes Bitcoin, Bitcoin. My guess is most regulations would come to avoid scams and the like, making an official list of exchanges that the government acknowledges, or heck, they themselves could host exchanges so that exit scams could be avoided.

There may be also an increased regulation in creating new Cryptocurrencies, and only registered ones with enough (insert random details that they may take) so that the market wouldn't be spammed/overwhelmed by shitcoins.

Regulation is inevitable , without it the institutional investors will leave, the banks will move against it, and the price will fall significantly as people are unable to cash out all at once. I believe that the more regulation that we have, the higher the price will continue to steadily move. The all time high of $20,000 a Bitcoin was super inflated, and unrealistic and was bound to deflate eventually.
The goal is to possible meet the governing bodies that regulate cryptocurrency somewhere within the middle,so that too much regulation doesn't stifle the growth of creativity and freedom within the sector. Decentralization must be balanced with centralization, or one will certainly negatively effect the other. It's like the yin and yang of tao, one always effects the other, not equal by themselves but they complement each others imperfections when they team up.
  Freedom without order is anarchy, as is order without freedom is tyranny, when the two become one, this is the way. . .  

"To infinity and beyond" quote by:buzz lightyear

All I'm hoping for is that the "knowledge about Bitcoin" will be legit information, and not the reputation and knowledge masses currently have about BTC thanks to the MSM staining it constantly. If we're only 10 years from mainstream knowledge, then things are going to go insanely well. One thing I don't think will happen is your second question tho. Laziness is too much of a trend today to care about learning how Bitcoin works and how to protect yourself from Surveillance States desperately attempting to invade your privacy.

There is never going to be regulation under Bitcoin's network, so you could basically transact at any given time even if it's illegal in your country - under your own risk, obviously. One thing I'm particularly afraid of is that unknown addresses will be flagged and as soon as the link of unknown coin owners get their identity exposed, they'll be questioned for everything they've done over the network with harsh penalties.

Something like - your coins come from a source unknown to authorities? You're suspicious. To some, it may sound like dictatorship or something not so far from Orwell's vision. I personally think it's just a few steps away from reality. We're already living in a Surveillance State - the BTC and criminal activity will be a continuous excuse that'll never end until they get their plan to succeed.

I don't think so. The only thing I can think of is providing Bitcoin privacy-focused updates - but I am afraid this will push it into bans and rejection. This is double-edged: while it lets us, "the Internet Rebels", continue Satoshi's vision of a decentralized mean of exchange, Bitcoin would go into the underground markets in those countries where it'd get banned - increasing the illegal usage substantially.

We're quite close to the hard regulation of cryptocurrencies. Let's just hope it's going to be a fair regulation, and not something worse than the KYC nightmare.

I wouldn't see a blanket ban is forthcoming on bitcoin by international regulatory bodies like IMF or World Bank. However, regulation is inevitable! It may not happen in 1-2 years timeframe but eventually it will come our way if we really want to see bitcoin as a mainstream currency!

I am not sure why a defed is needed anyhow because that's what we all want to see, right?? If regulation isn't here, then bitcoin will never become a mainstream currency!

This is already happening for some countries. We can't help them as it's the government who has declared this kind of ruling for bitcoin. But for the citizens who have been bitcoin supporters and investors, they have other means of transacting.

No need to defend bitcoin. They'll eventually lift those bans and will accept the fact that they can no longer ignore bitcoin. Just look with the good news that are popping recently.

Already today, with PayPal accepting Bitcoin, the authorities are trying to regulate Bitcoin. What does it mean? The purchase will not be anonymous, since the system has all the details of PayPal customers.
But full regulation of Bitcoin, I think, will be difficult to implement. Because real crypto enthusiasts preach the goal of decentralization. And, so I hope that in the future there will be some kind of golden mean between Bitcoin and regulators for its full implementation.

I think 10 years should be plenty of time for people to get familiar with Bitcoin and begin using it on day-to-day transactions.

Some kind of regulations will be set in place for sure, but it will be hard for all the countries to get in a common ground. So there will be loopholes for sure. But again, Bitcoin is offers a good anonimity, I'm sure there will be well-developed DEXes until then so we won't depend on a centralized exchange to trade.

    
Regulation possible? Regulation Inevitable? ...these are those phrases which strike hard in every bitcoin lover's head. Yeah I support btc regulation but on the other hand I know this subject is not so simple. and on other hand I think BTC is now in the stage where it can defend itself. Day by day btc is getting more and more adaption and as usual we know Bitcoin always strikes back.

If there are more people involved, it would even be more inevitable. I know it's not the ideal position for Bitcoin, but I think it's necessary to protect everyone from unwanted scamming. That's probably their main concern.

If you are concerned with that, make sure you don't re-use addresses. With that, you could be more private with your transaction, etc.