Topic: Why we should rely on bitcoin, if government regularize it ? (Read 387 times)
I think one of the key facts with most cryptos is that they are decentralised and it is practically impossible for a government or other organisation to control them. If governments launch blockchain versions of fiat currencies they may essentially control how it operates but that is not the case with Bitcoin or most ALTS.
The government can not regulate bitcoin itself, but rather regulate its use in its country. Bitcoin works independently and decentralized with no need for banks or institutions to dictate rules or change the way it works. The government may just regulate how your country will use the bitcoin, how the population will pay the tax for its use, that kind of thing. It's a crazy thing to think, but it's like it's drugs, the government can ban the sale and purchase of it, but it can not prohibit the user from using it.
I am not completely sure about the way we are using bitcoin right now. If we eventually need governments approval to buy/sell bitcoin, isn't it means that bitcoin is not completely independent ? Then why should we rely on it ?
i think you are confused about the meaning of some words and what bitcoin is supposed to be.
bitcoin is decentralized, which means nobody can control it. they can control you when you are living in a country/society and you are forced to follow the rules. it is like the traffic laws. if you build a car from scratch all on your own and in your backyard, it still oesn't mean you can cross the red light. you still have to wait like others behind it.
with bitcoin it is the same. regulation means you can not use bitcoin to launder money for example!
Because they don't control the bitcoin itself. i want bitcoin to be decentralized. but i think if government will regulate it their will be a good and bad side. you know what i mean? Government wants to collect tax from their citizen. they should rely to blockchain to help their economy grow
Bitcoin can't be regulated. They don't control the developers or its users. The blockchain is public information and cant be changed basically a ledger. No country in the world could regulate it.
The underlying technology behind bitcoin, its decentralization and the possibility of anonymous transactions are few of the reasons why people rely on bitcoin. Governments can try to interfere along the line but Bitcoin will stand and remain independent.
i don't think that the goverment is going to regularize it.
I think we have good example of Japan, who are economically too much strong, they regularize bitcoin, and i think still too much successful. Therefore i am sure that other countries will also regularize bitcoin very soon. In fact it is depending on the number of bitcoin users, if the users of bitcoin are increasing from time to time then they will surely compel their government to turn bitcoin as legal currency, because it is the need of the modern time to have a online currency which we can easily use throughout the world.
i don't think that the goverment is going to regularize it.
I am not completely sure about the way we are using bitcoin right now. If we eventually need governments approval to buy/sell bitcoin, isn't it means that bitcoin is not completely independent ? Then why should we rely on it ?
Here in my opinion we should do something something instead to do nothing because it is more better to do work instead to spent for the future descion .Here in my country which is India is really a big problem because the government in my country want to collect tax but don't want say clearly that what they want take descion about bitcoin in real way that whether they will ban or declare to use without any problem.
But here people are using bitcoin fully without control Because they are making lots of money.
Here is myself spent about 6 years , so here I am using my experience to make more and more earnings daily , here you can understand well that I can't leave my work and experience that I got with the hard work of 6 year .
We should rely on Bitcoin because they might try and ban it and issue their own digital currencies, but then they'll probably be buying bitcoins on the lows so they're going to end up losing in the end because people can see everything online now.
What are the things that make you not sure of? Why do you think we need government? Bitcoin is already regulated by its monetary policy in code. You can simply rely on it because it is open on how it works. Code by code. While the government is not.
I am not completely sure about the way we are using bitcoin right now. If we eventually need governments approval to buy/sell bitcoin, isn't it means that bitcoin is not completely independent ? Then why should we rely on it ?
I don't think it will ever go this far. I mean, I guess this is true for exchanges, because every business is required to have a permit, but it's not going to apply to majority of the population. I think taxing purchases will be the furthest they could go without outright banning it. Because of the way Bitcoin is set up, there's no way they can take control of it and its transactions. They can't go after every single person that uses it either. This means they can only really go for the entry and exit points: vendors and exchanges. Government intervention should largely not affect the way you trade. Bitcoin would remain independent even then, because governments can't issue them or control their supply.
If they want to regulate Bitcoin they need to control and regulate all the users and miners of bitcoin through the whole earth, they can't control its price and its volume, the quantity is limited and the quality gets higher everyday, that's why some government just bans it to their own country the only thing that the government can do to this coin, other than banning, they can implement some government coinbase app or website that have a system to impose tax and extra fees for the transaction of the bitcoin.
I think it is better if government would make their own mining system i the blockchain. That way, they could become bigwhales wou can control the price of bitcoin. Better yet propose plans to ally with bitcoin services for the economy and innovate it to its citizen to support any project from the government. Because it is hard to control citizens once they know how bitcoin fully function as an investment income.
I am not completely sure about the way we are using bitcoin right now. If we eventually need governments approval to buy/sell bitcoin, isn't it means that bitcoin is not completely independent ? Then why should we rely on it ?
i think you are confused about the meaning of some words and what bitcoin is supposed to be.
bitcoin is decentralized, which means nobody can control it. they can control you when you are living in a country/society and you are forced to follow the rules. it is like the traffic laws. if you build a car from scratch all on your own and in your backyard, it still oesn't mean you can cross the red light. you still have to wait like others behind it.
with bitcoin it is the same. regulation means you can not use bitcoin to launder money for example!
If they want to regulate Bitcoin they need to control and regulate all the users and miners of bitcoin through the whole earth, they can't control its price and its volume, the quantity is limited and the quality gets higher everyday, that's why some government just bans it to their own country the only thing that the government can do to this coin, other than banning, they can implement some government coinbase app or website that have a system to impose tax and extra fees for the transaction of the bitcoin.
Government can't control bitcoin. Bitcoin is self producing with mining. And I think that the only way that government can influence bitcoin is when it comes to legality. When butcoin is banned then it may not be used. But bitcoin will always exist. And I know that it will be the mode of payment soon. So depending in bitcoin is not based on its opportunity to earn but also by the easier transactions made.
As a consequence of bitcoin having been regularised by governments, we would have still many reasons for being relied on it.
Because bitcoin makes our transactions easier than any centralized currency. We can send and receive this currency from any part of the world.
We are interested with bitcoin as it rise and fall more frequently than fiat currencies.
Because bitcoin makes our transactions easier than any centralized currency. We can send and receive this currency from any part of the world.
We are interested with bitcoin as it rise and fall more frequently than fiat currencies.
There are advantage and disadvantage for bitcoin using
As long as the government using win win solution for bitcoin usage policy, it won't be any problem !
Most people already aware that their government will charge a tax for bitcoin as their revenue
As long as the government using win win solution for bitcoin usage policy, it won't be any problem !
Most people already aware that their government will charge a tax for bitcoin as their revenue
I am not completely sure about the way we are using bitcoin right now. If we eventually need governments approval to buy/sell bitcoin, isn't it means that bitcoin is not completely independent ? Then why should we rely on it ?
Government doesn't have the power to regularize bitcoin. Instead it can regularize bitcoin users by providing some framework and taxing on transactions. Once it happens, then probably it will give more boost to bitcoin and crypto world all together. Because the legal status of bitcoin is not clear in most of the countries and still the market cap is 96 billion USD high. Just imagine where it can reach once governments start approving it. A little tax will not do any hard but instead an approval will ease a lot of things and overall it will be good for the crypto world.
Bitcoin was created to withstand these kinds of obstacle, as long as the community keeps thriving like it is right now. Governments can really put up a good fight but i think in the end its for the best if they hop on the crypto wagon.
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