Will bitcoin ever get regulated - page 2.

tippytoes

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Bitcoin is far from being regulated as the digital currency is built on a decentralized network, but if you talk about it services such as exchange and other Bitcoin service providers yes there can be regulated as we already have some centralized exchanges e.g Binance.

One good example also are local crypto-exchanges. Because they are under the jurisdiction of their Central Bank. So in a way, they are abiding the laws and regulations of their Central Bank when it comes to crypto business. But bitcoin itself, won't be regulated because of its decentralized nature. Only the businesses employing bitcoin or other crypto services. If the government can get taxes out of these businesses, why not? Rather than treating them as illegal market because they won't get anything, only their underground market will benefit from it.

Ryker1

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Well, in my own opinion --hardline cryptocurrency supporters and mainstream investors alike have raised the subject of how the government can control bitcoin and its equivalents. But then, whatever your view is about the bitcoin mania, it has the capacity to drastically upset monetary policy across the globe. With hundreds of new tokens being released each month, it appears that regulating cryptocurrencies will always be a hard game.

amihada

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Bitcoin can't be regulated, bitcoin creator satoshi nakamoto can't regulate bitcoin, satoshi nakamoto makes bitcoin and releases it on the trading market, even though there are countries that legalize bitcoin but that country can't regulate bitcoin.

stepwilli

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I am not sure, maybe in the future the government might figure out a way for them to be able to regulate Bitcoin, although I still think that would be impossible because of the way that Bitcoin was set up. But the government are steady doing research and digging into Bitcoin, so we just don’t know what might happen in the future. Left for me I would say that it is better that Bitcoin stays the way it is, because it wouldn’t cool as it is now if the government should start regulating it.

Bitcoin was created to be something that is not in control of anyone. Although I know that some people would give excuses that it would be used for the wrong purposes for the fact that it is not controlled, but that’s not mostly true, because Bitcoin can be traced.

KaliLinux

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Quote from: uchegod-21 on February 01, 2022, 04:55:29 PM

It depends on what you mean by regulation. I believe you are not mistaking it with centralization.
Bitcoin is not centralized but Bitcoin can be regulated.
Currently, many countries are regulating Bitcoin in different ways according to their country’s policies.
They regulate it to enable it to be legal or legitimate in their country. The people that cannot find a way to regulate Bitcoin are the people that is always afraid of what Bitcoin will develop to, so you will see them ban Bitcoin in their country.

I don't think that they cannot find a way because I believe every Government of a country knows what policies to put in place if they really want to regulate Bitcoin but they just don't want Bitcoin around because they want to keep a hold on their citizens financially.

savetheFORUM

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Quote from: Mamun74 on February 01, 2022, 02:40:44 AM

I think yes,Bitcoin already some countries legal. Bitcoin ever get regulated i think It’s possible. Many companies and many countries they are interested in cryptocurrency in bitcoin. Many investor comes in last 2-3 year in crypto World. I think It's Very tough to government regulation in bitcoin but i hope one day It's possible to happen.

Yes, but there is a limit to the extent at which it can be regulated. That it is legal in in a country doesn’t mean that the government can fully regulate it. The regulation is still going to be limited. In a country where it is legal means that people are free to make use of it and there wouldn’t be any punishment for making use of it. There are also countries that are neutral on Bitcoin.

In a country where it is legal the government only had control over the centralized exchanges , but they don’t have control over exchanges that are decentralized and some people can decide to make use of DEX and the government wouldn’t know about them and their activities.

Tellek Garing

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Quote from: Mamun74 on February 01, 2022, 02:40:44 AM

I think yes,Bitcoin already some countries legal. Bitcoin ever get regulated i think It’s possible. Many companies and many countries they are interested in cryptocurrency in bitcoin. Many investor comes in last 2-3 year in crypto World. I think It's Very tough to government regulation in bitcoin but i hope one day It's possible to happen.

Bitcoin's decentralized nature makes it hard for it to be regulated in many cases but for sure so many Bitcoin services are being regulated daily, such services as exchange and Bitcoin payments gateways can easily get regulatory attention. But Bitcoin itself is very difficult to be regulated at the moment unless future development counters that aspect of its decentralization.

Luzin

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Quote from: uchegod-21 on February 01, 2022, 04:55:29 PM

It depends on what you mean by regulation. I believe you are not mistaking it with centralization.
Bitcoin is not centralized but Bitcoin can be regulated.
Currently, many countries are regulating Bitcoin in different ways according to their country’s policies.
They regulate it to enable it to be legal or legitimate in their country. The people that cannot find a way to regulate Bitcoin are the people that is always afraid of what Bitcoin will develop to, so you will see them ban Bitcoin in their country.

That's bitcoin's external rule, but the network system won't be able to regulate it. Countries do that because they are worried about the negative impact. Even world institutions like the IMF will not be able to set up a blockchain network.
Just look at Elsalvador they dare to legalize bitcoin, despite interference from the IMF. The legalization of bitcoin is the right of every country, which has its own. So it is quite possible to set Bitcoin on its users rather than on the network or internal of Bitcoin technology.

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Quote from: Mamun74 on February 01, 2022, 02:40:44 AM

I think yes,Bitcoin already some countries legal. Bitcoin ever get regulated i think It’s possible. Many companies and many countries they are interested in cryptocurrency in bitcoin. Many investor comes in last 2-3 year in crypto World. I think It's Very tough to government regulation in bitcoin but i hope one day It's possible to happen.

As this moment it seems quite impossible to regulate bitcoin in each and every country but with the passage of time the thinking of the governments will change and they will have no option but to regulate bitcoin.

The pressure of people will be enough for the government to take this step in the best interest of the public and the country.

Abiky

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Quote from: pushups44 on January 31, 2022, 10:47:38 PM

Yes, in some jurisdictions like China bitcoin can be banned, but in the U.S. and other freer countries we are likely going to see an emphasis on compliance and restrictions on how companies can behave in relation to bitcoin. While bitcoin can never be completely banned in practice, we will likely see more oversight of exchanges and financial institutions to make sure investors are paying taxes, money is not laundered, and that investors get adequate protection.

As long as regulation is done intelligently, it will be beneficial for the industry.

China may have "banned" Bitcoin, but people can still access it through other means. What the Chinese government has done is restrict exchanges and people from conducting business with Bitcoin. But they cannot stop the network itself due to its decentralized nature. I guess other countries will take advantage of Bitcoin's rise for taxation purposes. Anything that would benefit mainstream governments will get their approval. While some governments say Bitcoin is used for money laundering and tax evasion (in order to justify their means), others say all of the contrary.

I don't think every single country will ban Bitcoin because it's impossible to reach a common agreement between them. Regulations are a must to legitimize the crypto/Blockchain industry. But too much regulations will stifle its growth. Everything will depend on the collaboration of individuals and governments alike. As long as everything's done correctly, Bitcoin will continue to grow like there's no tomorrow. Just my opinion

uchegod-21

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It depends on what you mean by regulation. I believe you are not mistaking it with centralization.
Bitcoin is not centralized but Bitcoin can be regulated.
Currently, many countries are regulating Bitcoin in different ways according to their country’s policies.
They regulate it to enable it to be legal or legitimate in their country. The people that cannot find a way to regulate Bitcoin are the people that is always afraid of what Bitcoin will develop to, so you will see them ban Bitcoin in their country.

Henrobakkara

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Quote from: Tellek Garing on November 08, 2021, 02:08:11 PM

This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?

It depends on what you see as regulating Bitcoin. Can the Government determine how miners mine Bitcoin? how many Bitcoins are sent to exchange by miners? the price at which Bitcoin is sold? I don't think all these are possible however, I do believe that regulation will mostly be on the exchanges in reporting suspicious Bitcoin transactions and putting other measures in place like AML/KYCs

Mamun74

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I think yes,Bitcoin already some countries legal. Bitcoin ever get regulated i think It’s possible. Many companies and many countries they are interested in cryptocurrency in bitcoin. Many investor comes in last 2-3 year in crypto World. I think It's Very tough to government regulation in bitcoin but i hope one day It's possible to happen.

pushups44

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Quote from: Tellek Garing on November 08, 2021, 02:08:11 PM

This topic have taken the center stage of my thought we have seen how countries around the world are gradually opening the economy to adopt bitcoin and as a result a lot of government policies are already underway to develop a framework that allow regulation of the bitcoin ecosystem which have made me to wonder on this topic. Can a decentralized currency like bitcoin ever get regulated?

Yes, in some jurisdictions like China bitcoin can be banned, but in the U.S. and other freer countries we are likely going to see an emphasis on compliance and restrictions on how companies can behave in relation to bitcoin. While bitcoin can never be completely banned in practice, we will likely see more oversight of exchanges and financial institutions to make sure investors are paying taxes, money is not laundered, and that investors get adequate protection.

As long as regulation is done intelligently, it will be beneficial for the industry.

Alisha-k

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Except Bitcoin becomes centralized, it can not be regulated.
They're still countries who are yet to understand what Bitcoin is and it's mode of operation, the still believe Bitcoin to be Ponzi

The government can not regulate what it doesn't have believe or faith in.

Sebas.tian

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No because there are still some country who don't still believe on bitcoin than to see bitcoin as a scam decentralized currency that have few years to stand in the community. Even some countries that adopted bitcoin are still looking for ways to involve taxes on their citizens which will be difficult for them to impose such taxes to bitcoin users.
It will be difficult for bitcoin to be regulated because many people are used to centralized currency which they don't believe any other decentralized currency. Those that don't have knowledge about bitcoin in the societies will not be happy about such plan or opinion.

leea-1334

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Quote from: JayTrain on January 29, 2022, 03:25:05 PM

in my opinion, this is the only cryptocurrency that will be difficult to regulate, decentralization and anonymity are just about bitcoin, because no one knows the creator, the blockchain also works by itself, unless the owner of the bitcoin wallet himself will not give the private key to the regulator and tell his identity, then it is impossible to regulate it.

Well,,, did they government not decide a few years ago that both Bitcoin and Ethereum were "decentralized" enough to not require regulation? Decentralization is also applicable to Ethereum, just not to the same level of Bitcoin.

Also,,, I do not think Bitcoin ever was anonymous, it was always private, but never anonymous.

bitterguy28

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Quote from: Slow death on January 31, 2022, 05:09:25 AM

Of course, just see that there are some countries that are already regulating bitcoin and eventually all countries in the world will regulate bitcoin, it is inevitable that this will happen, because the bigger this market is getting, the more attention it is getting from governments

Support on this , because the larger Bitcoin reaches is the more this will be complicated for each country to handle so what they will implement is Regulation so at least they will have some control or power over crypto .

Not unless the world will rely in crypto as currency then regulation might be off the table and only some rules will be implemented .

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Quote from: noormcs5 on January 31, 2022, 03:21:33 AM

2- Bitcoin will co-exist with fiat. Government may introduce their own digitial coins but i dont see fiat getting completely eliminated. Fiat may be converted from paper money to government owned digitial coins.

Hasn't bitcoin been successfully co-existing with government-issued money for more than a decade already? People have long recognized bitcoin as a savings technology, but when it comes to daily transactions, they tend to spend fiat money first because they know fiat is not suitable for storing wealth. Fiat is for spending, bitcoin is for unpredictable future spending. This system of double money has worked for years, and would still have been working very efficiently today if governments hadn't decided to intervene in it and mess things up by their questionable attempts to regulate matters that either cannot be regulated at all or cannot be regulated without first destroying the principles on which bitcoin is standing. It is widely known that bitcoin is open, borderless, censorship-free, unstoppable money which people value for its decentralized nature. Any regulations of fiat system, if successfully applied, will make bitcoin less valuable and less attractive as a savings technology, that is, it will make bitcoin worthless and the co-existence with fiat impossible.

Slow death

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Of course, just see that there are some countries that are already regulating bitcoin and eventually all countries in the world will regulate bitcoin, it is inevitable that this will happen, because the bigger this market is getting, the more attention it is getting from governments

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