Why bitcoin requires approval from countries ? - page 14.

ov3rflow9x

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Quote from: rumexx on June 25, 2018, 02:21:15 AM

Every country is trying to see if there is any economic damage to be done to their economy when they approve cryptocurrency in their various countries. If after consultation and there is no real harm to be done to their national economy that country will approve the use of crypto in the space. Bitcoin will now experience wider usage in Germany.

Yep, they are all feeling fear about their own economy. All the countries want to claim their bitcoin and crypto world, but they don't know how to do it to get some profit from it. So they are doing that very carefully.

ralph_0608

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Quote from: BTC.Turtle on June 18, 2018, 05:23:00 AM

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

Countries approve bitcoin or crypto currency in general to be legalized in their country and they want also to regulate the usage of it to ensure that their citizen who invest may not put risk on their investment. that is why most countries require KYC to ensure that bitcoin or crypto coins will not be used for money laundering and other illegal business.

Luigieee

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I think it was not asking about the approval of any country ,its was being popular because of its characteristic ,like its has a good quality and you can use it as an alternative bank,and most of all you can earn trough investing on it.

Yeahnoh

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Because we are too nice. Crypto doesn't need approval and this is what showed me how much power government thinks they actually have. It's something completely anonymous and untraceable, so even if it's illegal how would they be able to persecute a bunch of unknowns?

Silberman

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Quote from: DunnDy on July 03, 2018, 04:28:18 PM

The reason for Bitcoin approval in the countries is very simple. It's about being allowed and legal. When a government of a state approves a cryptocurrency, it's legally permitted for use. Then all actions by the residents are legal and they do not have to fear about consequences or look for other solutions. Bitcoin approval gives its users the freedom to use it.

Completely false, this is the problem with people they need government approval for everything, just look at all the warnings that a plastic bag contains as if that will somehow stop all of those people that are dumb enough to put it in their heads, 99% of the population does not need those warnings and we do not need approval from the government to use bitcoin since we know why we decided to adopt it.

Yatsan

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Quote from: BTC.Turtle on June 18, 2018, 05:23:00 AM

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

Because most of the time the national server of a country is in the hands of the authorities in the government. That's why they could ban any site or any program they deem is violating the human rights of their constituents or something they deem is harmful for the country's well being. That's why some countries approve bitcoin first before it could operate.

soikot0012

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Bitcoin calls for approval from nations method it became prison to apply bitcoin for the transaction. Many humans do it privately as for his or her investment regardless of the approval or not of their international locations.

DisWhale

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Bitcoin was created to be decentralized yet needs the approval of the governments of various countries in other to make its transactions legal among the citizens of that country. This will also remove all FUD created by the fake news that might pop up along the way.

shashkova

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this just means bitcoin will can be used to buy and pay for services in the country. Crypto Merchants will be allowed to operate within the country.

jademacoy

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USA is one of the most strict countries when it comes to the approval of cryptocurrencies. The reason is very simple and that is to avoid the use of system into illegal transactions that might bypass the USA rules and regulations and could not trace people who will going to involve in illegal activities and for the illegal transactions. That is why KYC is needed in all ICO projects being introduced on USA.

Singwala

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Of course this is a kind of money that is also used. So the government needs to know it to see if it is safe for the people. It is therefore imperative that it first go through the government's investigation before being approved.

Barcode_

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I think crypto-currencies exchanges that are planning to operate its services in that country and retails merchants which are planning to accept bitcoin as payment for their goods and services are most likely require to apply for a proper license from the authorities in that country, the purpose might be related to tax issue and also confirmation to ensure those companies are legit and real.

MartinAK

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Actually bitcoin does not require any jurisdictional and geographical approval before it can function. When countries banned bitcoin is a matter of it legalization within such country but ideally an individual can use to trade their national currency. So in that case when its legally approved in a country it can be used as without restriction within that country.

Scratchcatch

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Quote from: Huntler1993 on July 04, 2018, 04:47:06 AM

One thing we have to notice is that before the coming of bitcoin, all countries had their own medium of exchange. Government is able to control this money, impose taxes to generate revenue and so on. But when it comes to bitcoin it wont be so and no country will like to lose it revenue which might be possible if a lot of people hook on to bitcoin after it approval in a particular country.

Absolutely! It's their revenue Wink

Every country wants more for itself and less for its people, I guess Wink

dreamvacation2018

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Quote from: Kray on June 30, 2018, 08:17:16 AM

With Bitcoin accepted means the governments showing support to Bitcoin no matter the amount and it can stimulate the market, which means this s a fresh air for investors. Rejection also has an impact, the price can fall immediately if the country of where the investors live or the facilities used by the investors suddenly reject Bitcoin. Many countries haven’t decided yet, they’re still in the gray zone or reject based on the Law that prohibit it, but it’s still gray in my opinion because it doesn’t discuss in detail about the prohibition against Bitcoin.

yeah you have some point, why bitcoin need to be ligalized of one coutry before it used in the merchant? its just because it can help also to make pupolar in other people of their nation ,because government is also indorse the bitcoin in their countrymen once to approved base on standard compaliance in the system,

Ayohafees

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Any trade is susceptible to approval in any country such as canabis, alcohol are banned in some country, cryptocurrency can as well be banned is some country. If cryptocurrency is approved in a system it means any organization that wants to venture into it are permitted under the regulation to be released by the government.

Sabertoothboth

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Although "some countries don't consider bitcoin as "legal" (or illegal)," this enables law enforcement agencies of these countries to take everything related to crypto using force and get away with it just because this stuff is not regulated and, as such, these actions might not be considered as "illegal." They justify it to the media by "combating and preventing world terrorism" and "keeping their citizens safe."

Besides, every resident, in most countries I believe, MUST pay taxes on every kind of income they earn. Do you believe the gov-t is happy to lose its chance to get some additional "contributions" (taxes, fines, penalties, etc.) to the budget? I don't think so. Cool

Huntler1993

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One thing we have to notice is that before the coming of bitcoin, all countries had their own medium of exchange. Government is able to control this money, impose taxes to generate revenue and so on. But when it comes to bitcoin it wont be so and no country will like to lose it revenue which might be possible if a lot of people hook on to bitcoin after it approval in a particular country.

katulana

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With the approval of the nations, Bitcoin has acquired the necessary credibility, it will attract more investors, bitcoin that is a decentralized currency, so no one adjust and check. controlled by an organization. then bitcoin is free.

lucy94

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because its a currency and all currencies need to be legal to be able to work

Topic: Why bitcoin requires approval from countries ? - page 14. (Read 1817 times)