I think it is necessary for a country approval before using it because bitcoin will not be made available or use in any country without their approval or without their consent although it is a digital currency but still it can't be use in a country without it access to the government. an also it helps promote and build bitcoin to make it more stronger and larger than ever
Topic: Why bitcoin requires approval from countries ? - page 6. (Read 1789 times)
Bitcoin should have legally complied with the regulations of the government in order for them to accept using Bitcoin. I think the very first thing why the government is being strict about Bitcoin is because it can be used for illegal activities. Just like what just happen in the dark web wherein Bitcoin have first known. I think the government has their point on why they worry on Bitcoin's anonymity features. And I agree that this feature can be used for tax evasion and money laundering.
Every country has its own rules and regulations to be followed. And even though, bitcoin is decentralised in nature, it still requires approval from countries it wishes to be operated. Same reason why some countries has the right to ban bitcoin.
Bitcoin needs approval because it is a serious currency and it is not like a currency that will not give effect to its users and investors in a country because bitcoin can affect the overall country if there will be no careful decision making so it takes time before bitcoin gets an approval because the government do a lot of research first.
Bitcoin should have legally complied with the regulations of the government in order for them to accept using Bitcoin. I think the very first thing why the government is being strict about Bitcoin is because it can be used for illegal activities. Just like what just happen in the dark web wherein Bitcoin have first known. I think the government has their point on why they worry on Bitcoin's anonymity features. And I agree that this feature can be used for tax evasion and money laundering.
Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
Every country have law that need to be obey so before they decide to enter the bitcoin to there country they need to this discuss it before they approved it. It's for the better of all users of bitcoin in their country. Because we all know how bitcoin risky is. hero member
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Bitcoin can be used in a country without the country’s acceptance of the use but countries need to accept bitcoin in order to make users feel safe when using it. Accepting bitcoin by a country will also give it recognition.
I agree with what you said cause country approval of bitcoin is the samething as evangelizing bitcoin cause the people will have positive mind towards it and ignore the negativity. Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
You have to know that the bitcoin girl at the moment is constantly falling and fluctuating greatly, this bitcoin adjustment is partly due to the manipulation of whales and sharks. It is a small number of people who hold a large amount of bitcoin, so that in order to have a stable market, not to be dominated by these people, there must be government involvement, more and more countries Participation is easier to control and stabilize bitcoin prices. Well there are many reasons like
1- To make it worldwide
2- To make it part of the bigger economy
3- To integrate it with the normal people use to create a bigger impact
4- To counter the misuse of power that the banks have over Fiat
5- To provide people an alternative way to do transaction
People can moan all they want but without the consent of the bigger economies and most countries it's very unlikely that Bitcoin will be able to penetrate the main market.Bitcoin is trying to break into a market which has been here for centuries with very few that were able to counter it's dominience and Bitcoin has a long way to go.
The government need to study the effects of bitcoin on their country before they approve it thats why. Specifically in economy, they need to study about, what will be the effect on their economy if they accept btc on their country and in banks. Also about the used of bitcoin in illegal transactions, illegal tradings in black market, selling of guns ang hiring people to commit crime. 1- To make it worldwide
2- To make it part of the bigger economy
3- To integrate it with the normal people use to create a bigger impact
4- To counter the misuse of power that the banks have over Fiat
5- To provide people an alternative way to do transaction
People can moan all they want but without the consent of the bigger economies and most countries it's very unlikely that Bitcoin will be able to penetrate the main market.Bitcoin is trying to break into a market which has been here for centuries with very few that were able to counter it's dominience and Bitcoin has a long way to go.
Bitcoin can be used in a country without the country’s acceptance of the use but countries need to accept bitcoin in order to make users feel safe when using it. Accepting bitcoin by a country will also give it recognition.
The reason why bitcoin need approval from country is to make bitcoin to be use as legal tender just like fiat currency and once this is done it will make surge the price of bitcoin cause alot of investors will hop in. Besides, it will also help bitcoin in going mainstream cause approval may woo the rest of countries.
because each state holds it back because of a lack of understanding how to control it, but as everything becomes clear I am sure that every state will not mind working in such a market and cooperate with the crypto currency
The approval most times means those willing to do business in crypto-related space can do so without any legal restraints and they can access supporting services such as banking and insurances
Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
it is a positive news, approval is needed so that bitcoin more freely in use.because it has obtained permission from the local government, I hope that the policy will be undertaken in Germany will be followed by other countries.
It's because more country approve crypto more industry will accept bitcoin as their investment.. And approved means legal. if they legalize bitcoin. that means you'll be able to use bitcoin in any use like the fiat ones..
Bitcoin is a financial instrument, whether we like it or not. And like all financial instruments must be approved by the government of each country.
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
Countries "approving" bitcoin just makes it actually legal to use and accept for merchants. correct me if I'm wrong
I think that's just the half of the truth. Merchants and traders need a stable currency and crypto isn't stable so the can't use it. What is the point if you buy an apple for 1BTC and tomorrow sell it for 0.5BTC etc. (these are some seriously expensive apples that I'm talking about here
)? If a country legalizes crypto then more people will accept it as a payment method and use it and the prices will then stabilize. Something like that.
Only if the world's major powers support bitcoin, can the encrypted community develop more powerful and more investors will enter the market.
Well there are many reasons like
1- To make it worldwide
2- To make it part of the bigger economy
3- To integrate it with the normal people use to create a bigger impact
4- To counter the misuse of power that the banks have over Fiat
5- To provide people an alternative way to do transaction
People can moan all they want but without the consent of the bigger economies and most countries it's very unlikely that Bitcoin will be able to penetrate the main market.Bitcoin is trying to break into a market which has been here for centuries with very few that were able to counter it's dominience and Bitcoin has a long way to go.
1- To make it worldwide
2- To make it part of the bigger economy
3- To integrate it with the normal people use to create a bigger impact
4- To counter the misuse of power that the banks have over Fiat
5- To provide people an alternative way to do transaction
People can moan all they want but without the consent of the bigger economies and most countries it's very unlikely that Bitcoin will be able to penetrate the main market.Bitcoin is trying to break into a market which has been here for centuries with very few that were able to counter it's dominience and Bitcoin has a long way to go.
Yes of course because new systems should need an approval specifically the government. The government will check on always that will seemingly benefit the constituents then gladly cryptocurrency will be accepted however it will be subject for rules and regulations. This is why most of the countries who join cryptocurrency are already regulating cryptocurrency.
Germany recently approved bitcoin, why exactly is the approval required and what will happen after approval ?
It needs an approval in every country to be accepted as means of payment legally. Since there are no clear law regarding cryptocurrency, it needs an approval of every government to avoid confusion or even fraud that may occur. Jump to: