Will bitcoin ever get regulated - page 8.

NelfiNovita

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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?

For now Bitcoin will not be regulated by anyone because bitcoin is a decentralized crypto currency.
It may have been done by some countries to try to regulate Bitcoin but can't and they can only ban bitcoin in their country.
In my opinion, if in the future the entire supply of Bitcoin has been mined, then that is where all countries will create a program to regulate Bitcoin so that every transaction can be monitored and no more criminals will use Bitcoin.

rizqoAD

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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.

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Quote from: TheGreatPython on November 19, 2021, 04:03:39 PM

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?

I have also been having this same thought, and so far I don’t think that it would be possible for the government to be able to directly regulate bitcoin. The only thing that they have been doing is to regulate the centralized exchanges.

Centralized exchanges are like the tool for them to regulate cryptocurrency, and when you’re making use of exchanges like which are centralized, like Coinbase, they will be able to know what you’re doing with this cryptocurrency. And that’s because these exchanges will request info from you such as name, ID, photo, address, etc. And these information that are being gathered by these exchanges can be used by the government at anytime.

They cant really touched crypto market without exchange platforms involvement or any other things that do involves crypto payments like businesses or something like that.Government could able to touch up crypto

directly if they wanted to then they had already done this a long time ago specially with Bitcoin which is already making some huge influence and popularity in the market today.

We are already experiencing that exchange platforms are becoming more strict because government do really requires them to do so.

Gyfts

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Short answer is yes.

Long answer involves a look at the way a country conducts its economic regulation, aka taxes. Theoretically, any government could make bitcoin virtually illegal by hiking up taxes on any transaction involving crypto, or any currency conversion involving crypto. Or, consider a wealth tax. You invest in BTC at 50k/coin, and BTC reaches an all time high of 100k/coin. Do you have an unrealized gain on the crypto of 100 percent? Yes, will the government come in and say that you now owe 20 percent, or more, to the tax collection agency? And if you do not have the liquidity to pay up, you must divest your coin.

Wealth taxes are already being considered, it worries more for the crypto world than it does for institutional investors that dump all their money into stocks. If the US or China tamper down crypto growth, it's not a good sign for everyone else.

TheGreatPython

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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?

I have also been having this same thought, and so far I don’t think that it would be possible for the government to be able to directly regulate bitcoin. The only thing that they have been doing is to regulate the centralized exchanges.

Centralized exchanges are like the tool for them to regulate cryptocurrency, and when you’re making use of exchanges like which are centralized, like Coinbase, they will be able to know what you’re doing with this cryptocurrency. And that’s because these exchanges will request info from you such as name, ID, photo, address, etc. And these information that are being gathered by these exchanges can be used by the government at anytime.

dbc23

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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?

Many government agencies are trying tooth and nail to see to it that Bitcoin get regulated but the edge Bitcoin has over most policies is that it's temper resistant and the highest that could be done is to regulate centralized exchanges but for Bitcoin it self it's strictly on a peer-to-peer network base and no form of regulation can alter it's flow

noormcs5

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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?

Bitcoin will get regulated but it is hard to predict when this will happen and how it will happen. The decentralized nature of bitcoin is totally opposite the current economic system of the world. How it will be integrated in the current fiat system is something which is yet to be experiment and implement.

Kez1817

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Bitcoin is decentralized digital currency that no single authority can control it neither in the past or in the future. Only Centralized crypto exchange will be under the regulations imposed by the government for the purpose of taxation but the bitcoin directly.

mitchr4

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Bitcoin will lose its value if it gets regulated. We will not be free to use, sell or buy Bitcoin with the policies made by the government. The government will always take advantage of every policy they make.

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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?

Bitcoin comes fully with a decentralized system which means that no single government can regulate or manage bitcoin like paper currencies in general, they can only monitor and restrict bitcoin by regulating the exchange platform and it seems that the policy on regulation will be stricter as bitcoin's popularity increases.

Oasisman

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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?

Bitcoin has been designed to be decentralised and it's being made for the main purpose of it, nothing can ever change it even If Satoshi has the ability to change it he'll never do it.
Now, If we're talking about regulating crypto currency, then I can say no government can regulate Bitcoin and other cryptos. That's why they put regulation and mandatory KYC verification for the crypto exchange and trading platforms. Though there were just a few who have full compliance, but I guess as time passes by all trusted exchange will follow suit.

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Quote from: phillipjackson on November 16, 2021, 12:47:49 AM

As Bitcoin is a decentralised digital currency, with no central bank or single administrator, it's not possible to regulate it directly, but after making it a prominent currency, there is a possibility that indirect regulation will be implemented on the transactions of Bitcoin.

Even I believe that Bitcoin will never be regulated, but that the government will put some regulations in the transaction.

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Quote from: phillipjackson on November 16, 2021, 12:47:49 AM

As Bitcoin is a decentralised digital currency, with no central bank or single administrator, it's not possible to regulate it directly, but after making it a prominent currency, there is a possibility that indirect regulation will be implemented on the transactions of Bitcoin.

Not really that possible if we do talk directly which people should really realize that but in terms of regulating those services and platforms do get involved with crypto or bitcoin itself then it could be done but somehow we had already seen some countries had made out bitcoin on being a legal tender or currency which means that it could really be done but not really as that rampant.

We dont actually need on being regulated on general sense of bitcoins existence but due to fiat transactions between crypto then it
couldnt really be somewhat able to avoid.

Tellek Garing

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Quote from: phillipjackson on November 16, 2021, 12:47:49 AM

As Bitcoin is a decentralised digital currency, with no central bank or single administrator, it's not possible to regulate it directly, but after making it a prominent currency, there is a possibility that indirect regulation will be implemented on the transactions of Bitcoin.

I believe bitcoin regulations may be possible in some cases because when the government decided to fully get involved in decentralized cryptocurrency in it economy policy formulation that will see how to regulate Bitcoin.

phillipjackson

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As Bitcoin is a decentralised digital currency, with no central bank or single administrator, it's not possible to regulate it directly, but after making it a prominent currency, there is a possibility that indirect regulation will be implemented on the transactions of Bitcoin.

Bombbi

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Bitcoin will not be regulated. It is decentralized, has the characteristics of resistance to censorship and resistance to supervision, and it will not be manipulated by any institution in any way.

Questat

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Quote from: sheryllmcnulty on November 12, 2021, 12:17:54 AM

Bitcoin is operated by a non-government decentralized authority, which is the prime reason behind its transparency. All transactions through Bitcoin undergo massive computerized verifications. Anyone can access the public ledger where the Bitcoin balances are stored. IMHO, it will never be possible to regulate Bitcoin by any one centralised authority.

The transactions can't be regulated but in the price, that could be possible if the government will impose laws and certain regulations. In fact, this has been started by some countries, their strict regulation makes even get stricter but it gives safety to their people. Why? because this makes stopped any act of fraudulent activities that involve crypto. As with the transparency it have, the easier for the authorities to track activities like this. That is why it has been ask to comply KYC verification, not just for taxes but for the safety benefits.

sheryllmcnulty

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Bitcoin is operated by a non-government decentralized authority, which is the prime reason behind its transparency. All transactions through Bitcoin undergo massive computerized verifications. Anyone can access the public ledger where the Bitcoin balances are stored. IMHO, it will never be possible to regulate Bitcoin by any one centralised authority.

syedakhlaque

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Bitcoin and cryptocurrency have been legalized in some countries of the world. Some countries are trying to design a framework to legalize it. Some are thinking, How to legalize it.
The Bitcoin and cryptocurrency can be regulated in all countries after
(i) Strong KYC (Acceptable by all countries).
(ii) There will be only its legal use not illegal(rules and regulations should design to stop its illegal use)
(iii) Acceptable decentralized policy for all countries.

Leviathan.007

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Depending on what you mean by regulation, bitcoin shouldn't be and cannot be regulated because of the decentralization of bitcoin this cannot be managed, monitored, or watched by any government or organization so that's why even if a country tries to force people to do a legal transaction or even they take another step and try to ban bitcoin this would fail just like what happened to China. But still, any government can decide to announce bitcoin is legal and use it as a legal currency just like what happened to El Salvador. However, there are still many people against this theory.

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