Why bitcoin requires approval from countries ? - page 10.

KingOfWinterfell01

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Quote from: BTC.Turtle on June 18, 2018, 06:23:00 AM

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Because bitcoins are very volatile and bitcoins are easy to transact to the point that a lot of people are actually using bitcoins to launder money over to other people overseas without the feds or the internation police knowing it. That's why it needs approval or even regulation.

Eigig

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Bitcoin requires approval from countries because it is a currency , the government should be able to regulate the bitcoin movement , transactions , because the government does not want to be blame ,if there are instances that people wants some justice for their investment.

Raidal

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Obviously bitcoin requires revenue from countries around the world because bitcoin has the purpose to become a legitimate currency recognized throughout the country. Bitcoin wants more open accepted wide society as a means of payment. When all countries have received bitcoin, the easier bitcoin step becomes the legitimate currency. But the amount of bitcoin is still limited this course can inhibit the wheel transaction bitcoin. Preferably before bitcoin wants to be recognized all over the country then bitcoin must make repairs first.

soros008

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bitcoin need approval because of peoples can invest confidently, if government can't approve then also people can use this cryptocurrency and if they have internet connections but this currency have bright future still how much investors taking interest in this currency if this currency get approval then what happen so every country Should accept it and make their economy strong.

nightxglow

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Well it's not really a must to get approval from the country, since even without the approval bitcoin still can operates.
But good things will happen better if the country support and accept bitcoin, at least they may do some things that will give benefit to bitcoin, introducing bitcoin to more people and get it more well known.
We can also access bitcoin freely and even enchance the probability for us to have many places to use our bitcoin to transact, and others.
And it will also remove the bad impression of bitcoin being illegal, bad and others if the government choose to accept and support it.

ashfer

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Since people dare to take risk, people needs Bitcoin to be approved by the government . Bitcoin is a digital and decentralized one and there is no third party involvement . The legality of Bitcoin varies from country to country and I don't think that Bitcoin will be totally banned .Bitcoin is said to be illegal in countries where technology is not developed much .Majority of the countries do not ban Bitcoin transaction and has legally approved. Since Bitcoin transaction is done without a third party or government the consumers are scared because of scams also.

kramat

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I think the government's approval is necessary for the convenience of the users and also the security of the state if at times there are undesirable things and can make the right price when the agreement is done

Basaleyi

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Actually bitcoin not in need for country approval to be adapted worldwide and i don't think current regimes will allow bitcoin or altcoins to be fully approved for an official use because of wealth share redistribution through coins blockchain again with scenario of banks collapse .

Gramna

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To be honest, I think it is best if Bitcoin is approved by the government, but it is not a necessity. There are countries that doesn't have clear status on Bitcoin if illegal or legal but then a lot of their people are using it and into it. It is something that adds trust and confidence of people that Bitcoin is something that they can do especially since it involves money and investments. And for those who ban it in their countries, they should know the reasons why their government did it, so at least they will understand why they need to follow such law or regulations.

airdnasxela

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Well technically, bitcoin do not need approval for the countries' government. It is just that, if they stated that they have approved bitcoin, it just means that, the specific country have accepted bitcoin and acknowledge it as a legitimate cryptocurrency. What does it can do for bitcoin? Well, acknowledging bitcoin is like an advertisement of bitcoin to that country. It they accept bitcoin or approve it, it open doors for opportunities.

PeRo

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Defend Bitcoin and its PoW: bitcoincleanup.com

Bitcoin actually does not require approval of any country. The 'approval' means that Bitcoin is legal in that country so that people know that they can freely use it. Those approvals exist because some countries make Bitcoin illegal so countries that have nothing against it announce that they approve Bitcoin as a currency.

moonami

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Quote from: mk4 on June 18, 2018, 06:28:58 AM

Bitcoin actually doesn't require approval to be used anywhere. You can use it as long as you have internet connection and a device.

Countries "approving" bitcoin just makes it actually legal to use and accept for merchants. correct me if I'm wrong

Because they want to know and secure if bitcoin is Legal. For me all countries needs this kind of restriction especially for this kind of Altcoin or Payment method where sure money is involved

Felchel

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Because they are noticing that if the country allow crypto then they will invest risk freely, but we use Bitcoin personally I don't think that there requires any approval from any country or officials we can just buy Bitcoin and enjoy profit from him.

Catch-22

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Approval means legitimacy. Most people don’t want to invest in something that is not government-regulated. Consumers want protection from scammers. Some forward-thinking government has already started legislation to regulate cryptocurrency, more to follow.

RolandoBTC

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In legalization bitcoin needs an approval so the country really accepting cryptocurrency, but in the philippines i think its hard to legalize here because government protecting the piso and its hard to get the taxation of value.

Bitcoinislife09

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Quote from: BTC.Turtle on June 18, 2018, 06:23:00 AM

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Of course it is needed to have approval to be legalize in the country. One of the major problems of bitcoin is its acceptance by the government itself. Being a threat to the economy and currency of the country and also involving in illegal or illicit activities and fraudulent acts. Once approved it means the coubtry accepts the use of cryptocurrency or bitcoin on the daily activities of its people. That it can be used for exchanging with other people.

myasniko

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This is because governments have to protect their own currency. Thus, they have to make laws for other payment options like Crypto.

seramania

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bitcoin does not currently have a corporation or institution sheltering, but bitcoin is now a threat to money in the country. that is why bitcoin should get approval and learning first from the country of the country to be addressed. it aims to provide a rule for bitcoin so bitcoin can be used and used properly.

gokudera

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Quote from: BTC.Turtle on June 18, 2018, 06:23:00 AM

Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?

Bitcoin requires approval from countries because they think that bitcoin can make their country dizzy. Actually they need approval because there is a chance that bitcoin can make their bank disappear so government will blame if it happen without their knows.

safonova

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To be used as a legal tender, it needs approval from that country. Frankly, speaking no country can completely stop crypto transactions.

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