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[SCAMEXPOSER]

Bitcoin and other coins in the crypto currency market are yearning to be legally accepted and used for both local and domestic transactions globally but controversies surrounding them as made it difficult.
In my opinion if Bitcoin must be accepted and legalized it must be:
1) Regulated by financial institution hence centralised
2) The transactions must be traceable
3) KYC must be fully implemented.

Your views on this and Mani more!!!

 

[Mbwolf]

Yes me too I guess that KYC is a great thing to do
but still the only goal of bitcoin is to be crypted and not be traceble
so I don't really think it's gonna work

 

[SCAMEXPOSER]

Yes me too I guess that KYC is a great thing to do
but still the only goal of bitcoin is to be crypted and not be traceble
so I don't really think it's gonna work

If it is not be traceable then illegality use of the coin will definitely be on the high side, it is better traceable but decentralized.

 

[microunit]

as to every case there is a positive side and a negative side, decentralization of bitcoin definitely make it more prone to scam and illegalities use but the other side of the coin to this is the confidentiality of the said crypto as this is its main function to be confidential

 

[Bilalgul]

Different for each and every country and even States within the country but yes I think legalization of Bitcoin must we bring about because many countries have totally banned the use of Bitcoin

 

[Ewogboka]

I think the 3rd point should really be done.

If the third point must be done obviously the second point aimed will be achieved because all addresses are matched to KYC which cna be access through the block chain ledger.

 

[Balint098]

Even the third point can still be circumvented by making multiple wallet addresses and making use of fake documents of someone else.

 

[SCAMEXPOSER]

Even the third point can still be circumvented by making multiple wallet addresses and making use of fake documents of someone else.

You are right, guess another security measures might be the use of finger print for verification which may limit multiple accounts to an extent

 

[microunit]

I agree with you on the KYC part alone. Decentralisation and top notch privacy are few of the reasons people use it. Though being able to trace transactions is useful to limit fraudulence.

yep, when bitcoin came out it's main feature was anonymity for transaction privacies but this later became a problem when bitcoin is being use for illegal purposes, I think bitcoin could be traceable depending on the situation and to an extent only

 

[SCAMEXPOSER]

yep, when bitcoin came out it's main feature was anonymity for transaction privacies but this later became a problem when bitcoin is being use for illegal purposes, I think bitcoin could be traceable depending on the situation and to an extent only

It is better this way, if people uses it for legitmate reasons the need for tracking or traces will not be there now but the scam rate is on the high side. Annonymity and decentralized nature are what's makes it special.

 

[Balint098]

You are right, guess another security measures might be the use of finger print for verification which may limit multiple accounts to an extent

Fingerprints can be faked or even sold in the dark net, so not even finger prints can reduce crime rate. It will only increase it since people are trading stolen finger prints now.

 

[microunit]

Yea. Believably so , it is traceable. I read that the cryptocurrency transactions of a certain Nigerian scammer that trended so often in the past month or so were traced.

tracing cryptocurrency transaction is really tedious but is possible in my opinion as you can check all transactions of that address as those are made public and check each and everyone of those transacted addresses , really tedious

 

[faribakhazaei]

Bitcoin and other coins in the crypto currency market are yearning to be legally accepted and used for both local and domestic transactions globally but controversies surrounding them as made it difficult.
In my opinion if Bitcoin must be accepted and legalized it must be:
1) Regulated by financial institution hence centralised
2) The transactions must be traceable
3) KYC must be fully implemented.

Your views on this and Mani more!!!

Ya i believe in what u said, especially KYC, as i know many of the wallet provide for a peak of a particular amount of money, like Payeer, but talking about legacy or not, my country have not accepted this currency as a valid one, but lots of exchanges out in the cities are in it, selling or buying and almost its legal here, i believe any digital currency got it particlur features, like Ripple, Ether, Tether, they all come from validate support system like blockchain, so they are traceable, as we go further, my guess these giant cryptos will seat in shoes of common currencies smoothly but not like this "hey give me a satoshi" i believe Bitcoin is a diamond but we can consider Ripple as common cash, paper money will wipe out soon

 

[microunit]

For sure it is traceable but for the right reasons. No one surely wants to go through such an uphill task just for fun.

there are people like that I guess, so that they would know the process, or like they would trace their own transactions for fun

 

[Ewogboka]

Ya i believe in what u said, especially KYC, as i know many of the wallet provide for a peak of a particular amount of money, like Payeer, but talking about legacy or not, my country have not accepted this currency as a valid one, but lots of exchanges out in the cities are in it, selling or buying and almost its legal here, i believe any digital currency got it particlur features, like Ripple, Ether, Tether, they all come from validate support system like blockchain, so they are traceable, as we go further, my guess these giant cryptos will seat in shoes of common currencies smoothly but not like this "hey give me a satoshi" i believe Bitcoin is a diamond but we can consider Ripple as common cash, paper money will wipe out soon

Are you considering ripple as a common cash paper because the developers are know and not anonymous like bitcoin?
I don't see much differences in btc and ripple other than price.

 

[Reznov]

3) KYC must be fully implemented.

KYC is already applied but people aren't pushed to do it, for example, you can still do transactions in coinbase, but there will be a delay of 72 hours, with KYC, you won't have to wait more than couple of minutes

 

[Ewogboka]

@dadayli it more like coinbase is using that delay to encouraged all members to do their kyc for effective transaction. National identity or bank verification is a must on luno before transaction can be initiated.

 

[Reznov]

@dadayli it more like coinbase is using that delay to encouraged all members to do their kyc for effective transaction. National identity or bank verification is a must on luno before transaction can be initiated.

but still, they never push you to do it, and transactions can still be done even after the delay of 72hours, but i can be a motivational thing to push people to do the KYC

 

[Ewogboka]

KYC is a good thing to do, if members are aware of the delay for unverified users the genuine subscribers will do theirs , 72 hours is a longer for some businesses.

 

[Wisdom01]

I think kyc should be implemented and it should be traceable might still make it accepted to some certain extent , but the control by financial institutions is not going to be good