Topic: Will bitcoin go under regulation - page 68. (Read 211123 times)

A lot of people ask this question.

Bitcoin itself, cannot be regulated
What I mean by that is the government could not regulate Bitcoin on the base layer. Users will have the freedom to send it wherever without worrying about the transaction being blocked. You could get a Bitcoin wallet without needing to submit identification. You could still do p2p Bitcoin trades or in person Bitcoin trades.

Governments can regulate exchanges
This will make a harder barrier to entry for Bitcoin. The governments can regulate exchanges where people would go to actually go to buy their Bitcoin. In this sense, regulation likely would yield positive results in the long term. It legitimizes Bitcoin as an asset, and is welcoming to institutional investors.

I don't think that any government can regulate bitcoin alone, because they can't control Internet.
Only some kind of regulation on the world level is possible, but I doubt it will happen soon.
Governments can control income from bitcoin and crypto currencies when you decide to exchange your btc funds to the fiat money.
In the most countries, I believe, you will have ti report it and pay tax.

The reason for regulation of bitcoin is due to financial concept.If the people get more income by doing trading.They will use the entire money for their use and don't pay tax for the profit.If they pay tax for that profit,government will  get double of tax from bitcoin traders.It will help to improve  the government economy.

Chances are always there. The issue of legality and bitcoin arrangement strengthened in various mainstream media overseas. Some regulate it and some are forbidden it. It is interesting to note that some countries that regulate the regulation of VC are interested in developing their own system through Central Bank Digital Currency (CBDC).

If you ask for my oppinion, I think for bitcoin to gain global accpetance a few regulations has to be implemented by different governments. The government have always seen bitcoins has a threat to the global financial system, so therefore they won't rest until they succeed in regulating it.

you CANNOT regulate beer, people will always find ways to create and consume and swap beer with others.

you CAN regulate PEOPLE/BUSINESSES use of beer. in which if caught people/businesses could end up with fines.
but in short beer will continue to be made no matter what.
take the 1920's alcohol prohibition(regulation) for instance(moonshiners/gentlemens clubs era)

now swap the word beer for bitcoin and you will understand

government regulation is not a bitcoin threat. what is a threat is a development control of the code reference. which if too many people only follow one reference point of the code. the network becomes centralised. (spoiler: already happening)
yes the data is distributed, yes the private key holding is distributed, but the decision of code upgrade becomes centralised around a core team.
distrubuted vs decentralisd are 2 different things altogether

and if then that development is moving away from the 2009-2013 ethos of bitcoin, to move people away from bitcoin and instead into other networks. then that is the threat. (sorry cant innovate beer anymore there are limits, but try this potato vodka instead)

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governments dont see bitcoin as an economic threat. to them bitcoins are just assets. like iphones or beer. if you buy a bitcoin/iphone/beer its stil moving FIAT from your account to the fiat bank account of a bitcoin/iphone/beer seller.
governments have laws that keep fiat in play, minimum wage, tax, court fines, etc. so fiat is not at risk to governments.

if you are american you still have to pay american taxes in american dollars.
if you dont pay taxes but are seen living a lifestyle of someone having income that should be paying taxes you will be fined in american dollars.. the government will still get their fiat. on way or another

in short unless minimum wage/tax law changes, the government dont care what you buy as long as you get paid the amounts that allow them to tax you, it dont matter if its bitcoin, euro, or moondust.

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governments do not care about economic impact. the reason for regulation is to make more income via licences. as its free money for them while making businesses police the businesses customers.. in short government gets free money and makes a business do the work

governments pretend that regulations are about consumer protection. yet most regulations are about policing customers by investigating customers. not supporting customers. if governments cared about protecting customers. then they would not push for regulatory licences. but instead consumer protection insurances.
regulation vs consumer protection are 2 separate things.

take the housing crisis. banks were regulated. but mortgage holders lost out. banks gained. bankers did not get slapped, they got rewarded. mortgage holders not only lost a shelter but the funds they put into that shelter initially.

If peoples who have bitcoins and cryptocurrencies accept the KYC then it will mean that governments will have won.

Many government are seeing Bitcoin or cryptocurrency as a threat to their financial system and they think it should be regulated to solve the problem. Do you think they can regulate Bitcoin ?