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35 sats \ 1 reply \ @k00b 2 Jul 2022 \ on: Is Bitcoin regulation good or bad? bitcoin
It's both and depends on the regulation. It's bad if they ban it or make it unusable for things like value transfer. It's good if they permit its use cases and make normals feel more comfortable with using it.
It seems like the decent governments are waiting to see how the use cases shake out before regulating it. My main plausible fear is it keeps the label 'property' and every tx becomes a taxable event. This will cripple most transaction utility.
I wonder what things will be like once Strike brings the Bitcoin network to checkout and self checkout systems as was announced at the last conference. I believe they said they plan to have partners coming online by the end of the year. It will be very interesting to be able to check out at Walmart using your Lightning wallet and I suspect this will be something that helps the government shape regulation surrounding Bitcoin.
The good news is even if Bitcoin fails at being a currency because of its legal classification as property, the network itself can still be used as a payments network regardless of how the currency part of it is regulated. So if we cant spend it, we will just become liquidity providers. I wouldn't be too worried.
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