Will bitcoin ever get regulated - page 3.

Wawa2013

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Quote from: pinggoki on January 31, 2022, 02:21:25 AM

To a certain degree it will be regulated but I don't think that it will be fully regulated, more likely that people are the one's that would get regulated rather than bitcoin itself. And decentralization would lose it's meaning when bitcoin gets regulated anyways so it's highly unlikely that regulation would be met with no opposition if it ever happens.

Therefore, there are still many countries that are neutral towards Bitcoin, because Bitcoin is very difficult to regulate. Until now the regulation is not
for Bitcoin, but the exchanges used for Bitcoin trading are usually regulated by the government. Even countries that declare Bitcoin illegal, but residents of
that country can still own Bitcoin and can make Bitcoin transactions. This is proof that it is very difficult for the government to regulate Bitcoin, that is
why many governments are afraid to legalize Bitcoin. Whereas if the government is open-minded and studies Bitcoin properly, there is nothing to be
afraid of by legalizing Bitcoin. Because Bitcoin was created for an alternative payment, and not to replace fiat.

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Quote from: mirakal on January 31, 2022, 01:53:18 AM

Regulation is not literally on bitcoin itself because by nature bitcoin cannot be controlled since it uses a decentralized system. What we are talking here is about the regularization of a certain country to impose the rules to the 3rd party like an exchange to adopt with the standard rules and regulation, particularly on the KYC and Anti Money Laundering law.

In the future it is very possible that all crypto exchanges must comply with regulations issued by the government and must pass KYC for every user who wants to transact in it and until now if we see the government continues to demand that crypto exchanges must comply, then indirectly this will certainly create bitcoin anonymity fade.

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Bitcoin is a decentralized coin whose number and circulation cannot be regulated as Bitcoin has a limited number of only around 21 million. Indeed, there are several countries that have adopted and legalized Bitcoin, but what the government can regulate is a tax for every transaction. The government cannot regulate the amount and price of Bitcoin itself because it is a decentralized Bitcoin whose price depends on supply and demand, this is what distinguishes Bitcoin from centralized fiat money.

There are two things which i think will likely to happen.

1- Bitcoin will get regulated but it may take more time then we may anticipate. There are lot of challeenges which will be faced in regulating bitcoin and making all the governments agree on it.

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.

pinggoki

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To a certain degree it will be regulated but I don't think that it will be fully regulated, more likely that people are the one's that would get regulated rather than bitcoin itself. And decentralization would lose it's meaning when bitcoin gets regulated anyways so it's highly unlikely that regulation would be met with no opposition if it ever happens.

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Quote from: Xinarae* on January 31, 2022, 12:41:38 AM

Bitcoin is decentralized so no one can easily control it even if bitcoin becomes a law in the whole world it will take a long time to control like fiat. Bitcoin is the currency of an online currency system this currency system is also called cryptocurrency it cannot be seen or touched it is created online and used online digitally. Bitcoin is completely controlled by us it is not controlled by any organization or individual with no government control investors can safely use bitcoin.

Regulation is not literally on bitcoin itself because by nature bitcoin cannot be controlled since it uses a decentralized system. What we are talking here is about the regularization of a certain country to impose the rules to the 3rd party like an exchange to adopt with the standard rules and regulation, particularly on the KYC and Anti Money Laundering law.

Xinarae*

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Bitcoin is decentralized so no one can easily control it even if bitcoin becomes a law in the whole world it will take a long time to control like fiat. Bitcoin is the currency of an online currency system this currency system is also called cryptocurrency it cannot be seen or touched it is created online and used online digitally. Bitcoin is completely controlled by us it is not controlled by any organization or individual with no government control investors can safely use bitcoin.

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Quote from: Vaskiy on January 28, 2022, 04:19:37 PM

These days cryptocurrencies have turned to be the preferred one for money laundering. This is all because of its anonymity, cross border transaction, easy access and it continues. Same as the growth, there is also increase in the number of cybercrime related with cryptocurrency.

Based on the data provided by chainalysis there is a 30% up in the money laundered than the year 2020. Likewise there is more tax revenue loss happening for the government and this makes governments to push regulation than just leaving it without any policies for cryptocurrency.

That's not largely the case. The vast majority of money laundering activities take place on Fiat, not crypto. After all, cryptocurrencies like Bitcoin and Ethereum have transparent blockchain ledgers. This means it's easy enough for authorities to catch malicious actors on-chain. Why would a criminal use a cryptocurrency like Bitcoin for money laundering when he can simply use cold, hard cash? Privacy coins have a better chance for being used for such nefarious activities, but the wild fluctuations in market price, greatly defeats the purpose. I'd say the crypto market is somewhat-regulated, as governments have been able to successfully enforce KYC/AML measures on centralized exchanges. Things like decentralized exchanges and atomic swaps are out of their control, but almost nobody use these alternatives because of their low liquidity and higher learning curve. I'd prefer Bitcoin to be mildly regulated as too much regulation will stop its growth for good. Who knows what tactics mainstream governments will come up with depending on crypto/Blockchain tech's progress over time? Just my thoughts Grin

TheNineClub

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Yes, it can get regulated. Well, not regulated in the sense that today's lawmakers and authorities would like, but more like a middle ground between total regulation and total decentralization. Especially if we want to see BTC stabilization in the future, some sacrifices need to be made. So, in short, if we want a long-lasting BTC, something needs to give, investors will need to be protected, and some regulation needs to implement. The issue that arises is can it be implemented globally because a country-by-country regulation would not help.

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Quote from: Ultegra134 on January 30, 2022, 03:34:34 PM

Quote from: decodx on January 28, 2022, 05:15:07 PM

Various nations are looking for ways to regulate the use of cryptocurrency. There are different types of such regulations. Some countries are cracking down on the use and buying of bitcoins in exchange for fiat currency. Some governments are also trying to regulate the taxation and trading of cryptocurrency. Some countries are exploring to regulate the use of cryptocurrency in the form of personal accounts and wallets. Moreover, some countries are even exploring to ban cryptocurrency all together.

But as far as bitcoin is concerned, there is no real regulation on cryptocurrency. This is because it is an entirely digital currency which is based on blockchain technology and is totally decentralised. Hence, it cannot be governed by a central bank or any other financial agency.

I'm not sure how banning cryptocurrencies all together would work, how is that even possible and how would they possibly track such movements? Anyway, I hope we don't learn the hard way, however, the most likely to happen is to have them taxed, most exchanges would be blacklisted, thus, any financial movement would trigger alarm bells, forcing you to declare any earnings that are a result of dealing with cryptocurrencies.

by stopping the american based exchanges from offering bitcoin market swaps for fiat.
by getting ISP's to monitor traffic for known data packets/websites (like they banned torrent sites on clearnet)

but these only affect public services.

Ultegra134

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Quote from: decodx on January 28, 2022, 05:15:07 PM

Various nations are looking for ways to regulate the use of cryptocurrency. There are different types of such regulations. Some countries are cracking down on the use and buying of bitcoins in exchange for fiat currency. Some governments are also trying to regulate the taxation and trading of cryptocurrency. Some countries are exploring to regulate the use of cryptocurrency in the form of personal accounts and wallets. Moreover, some countries are even exploring to ban cryptocurrency all together.

But as far as bitcoin is concerned, there is no real regulation on cryptocurrency. This is because it is an entirely digital currency which is based on blockchain technology and is totally decentralised. Hence, it cannot be governed by a central bank or any other financial agency.

I'm not sure how banning cryptocurrencies all together would work, how is that even possible and how would they possibly track such movements? Anyway, I hope we don't learn the hard way, however, the most likely to happen is to have them taxed, most exchanges would be blacklisted, thus, any financial movement would trigger alarm bells, forcing you to declare any earnings that are a result of dealing with cryptocurrencies.

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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.

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https://www.forbes.com/sites/jackkelly/2022/01/28/president-joe-biden-is-going-after-bitcoin-cryptocurrencies-and-nfts/?sh=424c574657b9

Take this article with a grain of salt, no one can verify what exactly any proposed executive order might accomplish, but given the expanded powers of the executive, the overreach through executive action generally isn't something that's challenged through the courts. Biden administration is planning on regulating Bitcoin, NFT's, etc.

In this case, as we all know, "regulating' merely means excessive taxes on anyone who decides to hold/trade Bitcoin. We all knew it was coming.

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Various nations are looking for ways to regulate the use of cryptocurrency. There are different types of such regulations. Some countries are cracking down on the use and buying of bitcoins in exchange for fiat currency. Some governments are also trying to regulate the taxation and trading of cryptocurrency. Some countries are exploring to regulate the use of cryptocurrency in the form of personal accounts and wallets. Moreover, some countries are even exploring to ban cryptocurrency all together.

But as far as bitcoin is concerned, there is no real regulation on cryptocurrency. This is because it is an entirely digital currency which is based on blockchain technology and is totally decentralised. Hence, it cannot be governed by a central bank or any other financial agency.

Vaskiy

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These days cryptocurrencies have turned to be the preferred one for money laundering. This is all because of its anonymity, cross border transaction, easy access and it continues. Same as the growth, there is also increase in the number of cybercrime related with cryptocurrency.

Based on the data provided by chainalysis there is a 30% up in the money laundered than the year 2020. Likewise there is more tax revenue loss happening for the government and this makes governments to push regulation than just leaving it without any policies for cryptocurrency.

isaac_clarke22

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Quote from: ShowOff on January 28, 2022, 03:17:57 PM

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Adding it up to what you had mentioned, using custodial wallets that are widely recognized by your country would require you to comply to their KYC requirements especially that they knew that cryptos aren't purely traceable with ownership and only by addresses.
Here in my country, KYC policy is quite strict when it comes to those. It's like Binance that has various levels of verification (email -> POI -> address).

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Bitcoin is a decentralized currency so definitely, it will never be regulated by the government and cannot be controlled or manipulated by any group or entity.

The truth is bitcoin can be regulated by most countries in the world but cannot be controlled by any central authority. The rules I mean are compliance with applicable laws in a country such as the prohibition of using bitcoin as a legal currency or means of payment. You have to comply, but the government cannot control bitcoin but can only control its users.

Quote from: adzino on January 28, 2022, 02:08:33 PM

If you are making a p2p transaction with someone else using only bitcoin, the government won't know anything (unless your address is somehow associated with your identity or you have declared your assets officially). In other words you will be hiding your coins from the government and do everything illegally.

Regulation and control are never the same, You have explained it. So it is true that P2P transactions will provide better privacy for bitcoin users regardless of whether a ban has been imposed in a country.

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Bitcoin is a decentralized currency so definitely, it will never be regulated by the government and cannot be controlled or manipulated by any group or entity. But i believe all its crypto related activities and its centralized platforms and exchanges can be totally regulated by the government knowing they will take full control on it. So once crypto will be considered legal by the government, all its bitcoin transactions and other crypto related things will now be traced by government's banks and all its legal financial institutions.

You are contradicting yourself. You are saying bitcoin is decentralized and it can never be regulated by the government. But then you are saying bitcoin can be traced by government and regulated. Yes, bitcoin is decentralized but can be regulated. There are already some countries that have imposed strong policies and regulations on crypto currencies. Now whether people will abide by the regulation or not depends on them. As long as they don't have any interaction with fiat currencies, the government can't do anything because all those regulation involves fiat currencies. If you are making a p2p transaction with someone else using only bitcoin, the government won't know anything (unless your address is somehow associated with your identity or you have declared your assets officially). In other words you will be hiding your coins from the government and do everything illegally.

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Bitcoin is a decentralized currency so definitely, it will never be regulated by the government and cannot be controlled or manipulated by any group or entity. But i believe all its crypto related activities and its centralized platforms and exchanges can be totally regulated by the government knowing they will take full control on it. So once crypto will be considered legal by the government, all its bitcoin transactions and other crypto related things will now be traced by government's banks and all its legal financial institutions.

I think that the only way it can be regulated is when a town allows it and even so, if you want to be irreverent you can be, because a government cannot manage 100% control of a town that trades with BTC, there are many ways to bypass prohibitions, there are many VPNs and there are many computer tools that still allow privacy and anonymity in some operations, the most reckless go directly into the deep web where there are exchanges that make their transactions totally almost imperceptible, and although it is very delicate , some choose to do so, yet there are many ways to evade a government that wants to regulate BTC.

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Quote from: Odusko on January 25, 2022, 04:18:18 PM

I don't think bitcoin can be regulated by government, it decentralized nature can't be changed if any one tries to change it,bitcoin will be disvalue,government has no right on bitcoin because its not created by them.

The government can only manage its external relations. That is the relationship between the government and crypto actors. They will never be able to control the flow from the transacation of their blockchain. So they could have set the tax, although it could have been ineffective because they had to work with the exchange to be able to withdraw taxes according to the rules. Or they give the rule as an income tax and are obliged to report income. But I would prefer that than the government to freeze all activities related to crypto.

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Quote from: ChiBitCTy on January 25, 2022, 06:14:47 PM

Those who said no are wrong. Now technically you can always buy and sell OTC ( Over The Counter) which can be done completely unregulated but if all governments were to ban bitcoin that would mean they’d not allow for exchanges to be operational in their countries and that would ruin bitcoin. Period.

But if you think logically, is it really possible in this modern age? I am not saying that Bitcoin can not be regulated but it may regulated some reasons. Bad news and banned news about Bitcoin may arrive but all the countries won't banned this where new countries are accepting Bitcoin now.

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