What will bitcoin will look like once fully regulated?

tnguye01

newbie

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Very nice graphical representation!

quote author=nngella link=topic=4586040.msg41391984#msg41391984 date=1530578022]

Quote from: NOVL2 on July 02, 2018, 11:26:03 AM

Will it be then better, than any other existing currencies?

I think this defies the definition of blockchain. If bitcoin becomes centralized, then it is not a blockchain anymore but more like a bank.

I think you need to read more about how blockchain works. The information below might be helpful to you:

Quote from: nngella on June 27, 2018, 10:49:28 PM

What is Blockchain?

It is like a database duplicated thousand of times across a network of computers, in which the network of computers have access to the database at the same time to regularly update the said database;
Information are shared (and continually reconciled) throughout the whole network; and
Data are accessible to anyone - no centralized version exists for hacker to target to corrupt.

How Blockchain Works?

I think it is wonderfully shown on the picture below:

https://i.imgur.com/WzhT2Bk.png
Source

[/quote]

nngella

member

Activity: 336

Merit: 42

Quote from: NOVL2 on July 02, 2018, 11:26:03 AM

Will it be then better, than any other existing currencies?

I think this defies the definition of blockchain. If bitcoin becomes centralized, then it is not a blockchain anymore but more like a bank.

I think you need to read more about how blockchain works. The information below might be helpful to you:

Quote from: nngella on June 27, 2018, 10:49:28 PM

What is Blockchain?

It is like a database duplicated thousand of times across a network of computers, in which the network of computers have access to the database at the same time to regularly update the said database;
Information are shared (and continually reconciled) throughout the whole network; and
Data are accessible to anyone - no centralized version exists for hacker to target to corrupt.

How Blockchain Works?

I think it is wonderfully shown on the picture below:

Source

socks435

legendary

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Merit: 1030

I'm looking for free spin.

If bitcoin will be regulated in the future well expect for a huge price drop because there are many people here they don't want their money to be regulated by a government and monitor all of your expenses.
That is why they made bitcoin decentralized because all bitcoin users they always wanted a freedom using their money and how they invest it.

Thirdspace

hero member

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Mixing reinvented for your privacy | chipmixer.com

once bitcoin is fully regulated, rest assured that it won't be called bitcoin anymore
even if there are many users using it, they are probably new users who don't know what bitcoin stands for
older users most likey will leave bitcoin as it losses pseudonymous and its p2p core ideas

CryptoGuro1

jr. member

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“The Protocol for the Audience Economy”

Yes it will, BTC is a game changer in society, I do believe other blockchains will handle most of the everyday need for blockchain as they are much better at scaling and tailored towards business use, however, I feel BTC will remain the gold standard in the space and will be the underlying currency for most projects for years to come.

iRespo

newbie

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Depends on the country, but existing law sometimes is enough to use it also in these new cases

Theb

hero member

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We won't have a definite answer to that question as regulation varies from country to country. What I mean is although they have similarities in the legal framework their policies and certain rules will be different from each country. But one thing is for sure what we can expect if Bitcoin is now fully regulated is that BTC will not be an anonymous cryptocurrency anymore since our wallet addresses will be linked to us and will now be monitored by the government regularly.

saywhat

newbie

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Decentralization is the whole meaning of bitcoin so it doesn't need to be regulated like banks do to the currencies. But still as vladimirhf said. Exchanges can be regulated.

vladimirhf

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Quote from: NOVL2 on July 02, 2018, 11:26:03 AM

Will it be then better, than any other existing currencies?

it can be "fully regulated", only exchanges can be regulated.

NOVL2

newbie

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Merit: 0

Will it be then better, than any other existing currencies?

Topic: What will bitcoin will look like once fully regulated? (Read 141 times)