Will regulation make bitcoin slower?

davis196

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Quote from: btvGainer on July 27, 2016, 07:03:10 PM

PayPal is required to hold funds for 48 hours before auto-withdrawing it to receiver's account as per Central Bank's guidlines in my country.
If government regulates bitcoin,will it also become slower for government may ask online wallet and exchanges to hold bitcoin for some stipulated time?

Wow,i can withdraw my Paypal funds to my bank account for 5-7 business days.What is auto-withdrawing?

If the future maybe we will have to verify the sourse of our bitcoins.You will have to proove that the bitcoins

you are holding are earned in a legal way.No money laundry and no scams...

yenxz

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Based on the strict rules of developers creating alternative solutions to resolve the problem and continue bitcoin becomes faster . for now
This regulation will not make bitcoin slowed . because nature desentralusasu that will not allow it,

Kotone

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No. I guess no. This regulations dont affect bitcoin in terms of the speed of the transaction. But the popularity do, If they can. But this will also affect if this popularity will be multiplied into 2-4 times. So this will make the transaction slower because of the people who are using bitcoin. Hence, this will be the cause if this regulation will make the population multiplied two or four times bigger.

zodin

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Quote from: jerowacik on July 27, 2016, 10:25:22 PM

I believe bitcoin will not be affected by the system of government of a country. bitcoin will have their own strengths. because bitcoin digital currency is anonymous.

yes it is a fact that bitcoin is anonymous no doubt about this, and decentralize, not in control of any one, the wallet the exchanges are under the influence of the government and government can influence the the wallet and the exchanges too. so i think the government want to regulate the bitcoin they want to have some control on it, therefore i think there must be some effect of the government on bitcoin.

Sorrowfox

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Quote from: jerowacik on July 27, 2016, 10:25:22 PM

I believe bitcoin will not be affected by the system of government of a country. bitcoin will have their own strengths. because bitcoin digital currency is anonymous.

Any regulation made by the government will affect any currency. Since the aim of those regulation is to control the flow of a particular currency. But I don't think that such regulation will make the bitcoin slower. Rather it would make the transaction faster since there will be only few people who will be allowed to transact using bitcoins.

hase0278

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Regulation may or may not make bitcoin slower. Maybe if regulations are to be implemented in bitcoin, many bitcoiners will not use it and many people who don't use it now will trust it because it have some regulations that needs to be followed, and some people feel safer with it. If the users increase I think it will make bitcoin slower so the devs need to think of a new way to fasten it up again. If it will lessen because of the regulation bitcoin will be faster since the users will be lessened.

Sorrowfox

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Quote from: btvGainer on July 27, 2016, 07:03:10 PM

PayPal is required to hold funds for 48 hours before auto-withdrawing it to receiver's account as per Central Bank's guidlines in my country.
If government regulates bitcoin,will it also become slower for government may ask online wallet and exchanges to hold bitcoin for some stipulated time?

I don't think regulation will make bitcoin slower. The regulation of bitcoins will not affect the fastness of transacting with bitcoins. What I am sure of is that registering a bitcoin wallet is the one that will get slow and not the transactions with bitcoin. It might get even faster since there will be lesser people who can use the bitcoin.

serjent05

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I think bitcoin can be regulated by anyone who has the rights over the transaction. No matter how decentralise bitcoin is, if it goes to a third party, that third party processor can willingly regulate your transaction. Just what happen to some site. We all know bitcoin cannot give your name or address but with the regulation of this sites where transaction pass thru, they can easily identify their users. And no it will not make bitcoin slower if this party decided to.

MingLee

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Quote from: magemist on July 28, 2016, 12:48:07 PM

It will not make it slower it will just inhibit it from being as free to use as it is now.
Congress always seems to make things more complicated then what they should be. Roll Eyes

Well, they have to justify having their job somehow. As long as they can make things slow and drawn out and make it so they at least appear busy during most of the year, they're happy with it. It's a large paycheck for doing relatively little work.

The blockchain doesn't just become slower because someone regulates it; the blocks will keep on flowing, filled or not.

bitdumper

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One world One currency, Bitcoin.

regulating will not gonna slow bitcoin and more people will adopt this fastly but can government can really solve any problem by this? i think this will just bring any more problems and even can bring extra tax system

buddu

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No, regulation will not make Bitcoin slower but it will boost its adoption plus acceptance more fast. It will secure consumers from further frauds by providing them some strength of regulations. I see this thing which Bitcoin really is needed to have some legal status and to become more trustworthy in eyes of people which still watch it with doubts.

magemist

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It will not make it slower it will just inhibit it from being as free to use as it is now.
Congress always seems to make things more complicated then what they should be. Roll Eyes

Tanic

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I think if governmant start to regulate it - trasactions with bitcoin will be slower as in PayPal. All this made to find transactions with a big money, cause for them it may look very suspicious, that is gonna help to find criminals.

jukka

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there will be regulations for sure. how effective they will be remains to be seen. still i dont think that regulations will make btc slower.

xdrpx

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The Government can't directly regulate Bitcoins or how we spend it or where we can use it and how much of it can we take with us if we're crossing international borders, but indirectly, they can regulate exchanges that trade in Bitcoins. They could impose KYC/KML and they already have, and also probably limit how much a user can withdraw or bring into the country as fiat. It'd be tough unless there's a decentralized exchange.

vdotcash

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Quote from: The Sceptical Chymist on July 27, 2016, 07:32:19 PM

I disagree, bitcoin can certainly be regulated. You just watch.

As far as OP goes, when I sell something on Ebay I have immediate access to my money. So that must vary among countries, and I'm sure if a bank or whatever decided to start using bitcoin as a currency, its use could be regulated just like this. At least that's how I imagine it--and I'm not an economist or politician, so take my opinion for exactly how much you paid for it.

It would be like USA Alcohol Prohibition, Bitcoin would be larger underground and more of a problem than if it were to be left alone. Cheesy

shield132

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Quote from: iqlimasyadiqa on July 27, 2016, 07:49:41 PM

Quote from: btvGainer on July 27, 2016, 07:03:10 PM

PayPal is required to hold funds for 48 hours before auto-withdrawing it to receiver's account as per Central Bank's guidlines in my country.
If government regulates bitcoin,will it also become slower for government may ask online wallet and exchanges to hold bitcoin for some stipulated time?

bitcoin can stand alone. bitcoin system has a feature that allows each transaction is not affected by other things. with the system, the government can not control the movement of bitcoin. the task of supervising the government only.

Yes, goverment can't control bitcoin but thay can make regulations on it, but regulations won't make bitcoin slow and there is always a way to solve problem. Also I think that goverment don't want to control transactions, even they need such a similar sing to blanch money.

Kprawn

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Quote from: shinratensei_ on July 28, 2016, 11:34:33 AM

Quote from: ?? on ??

Quote from: btvGainer on July 28, 2016, 04:46:40 AM

Quote from: Whosdaddy on July 28, 2016, 03:46:29 AM

Quote from: btvGainer on July 27, 2016, 08:03:04 PM

Quote from: iqlimasyadiqa on July 27, 2016, 07:49:41 PM

Quote from: btvGainer on July 27, 2016, 07:03:10 PM

PayPal is required to hold funds for 48 hours before auto-withdrawing it to receiver's account as per Central Bank's guidlines in my country.
If government regulates bitcoin,will it also become slower for government may ask online wallet and exchanges to hold bitcoin for some stipulated time?

bitcoin can stand alone. bitcoin system has a feature that allows each transaction is not affected by other things. with the system, the government can not control the movement of bitcoin. the task of supervising the government only.

Of course government cannot contol bitcoin but they can contol wallet and exchanges that operates in their country and force them to do many things like deferring bitcoin transaction by holding them at their end

Loophole is that not all exchange platforms and wallets are not operated in only one country. We can just always avoid those wallets that are operating under that certain government. And besides, even in every single country decided to regulate the wallets and exchange platforms, we're only going to be doing everything in our power to go around it.

But if we dont store or tranfer our bitcoin with government regulated licenced exchanges,our bitcoin earnings will be declared illegal.To avoid any legal problems,one would have to choose government licensed wallets

too bad it is simple to tumble coins, I'd just exchange them for an altcoin that isn't as regulated as soon as possible and I am sure many others would as well.

Or you just don't deposit your bitcoin to any exchange and sell it, but use bitcoin as currency instead.
Might use Tor/VPS to avoid government track.

More of a possibility if it is big enough for the government to regulate so much. A lot of stores would have to accept for them to pay attention.

And that is a big impact from the regulate of government, but the government will trying to curb the latitude of bitcoin users in their region.

They already did this successfully with the BitLicense regulations in New York. They implemented these completely absurd regulations that was so complex that people had to use external advisors to

help them to adhere to it. They also put a barrier to entry for this privilege, by combining this with a high fee structure. Just to make it more intriguing ... the very person who implemented these

complex regulations, then created his own consultancy firm, to charge people to help them to adhere to it... how convenient. Roll Eyes

lexuz

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No one can regulate bitcoin even one days government will adopt bitcoin, they can't track all transaction are made by bitcoin.

shinratensei_

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