Cryptocurrency is a decentralized system and nobody can middle those transactions between the two entity, even government or bank has no control over it. You basically own it and you have all the control on how you want to do with it. There is no central authority or body that controls it even the government can't come out there and control it. Everybody can do what they want and whenever they want and this will give both good and bad:
Good - in the sense that countries out there that have oppression or people that have their bank accounts seized don't really have to bother with that because Bitcoin and cryptocurrencies in general give them independence from that. They can transfer funds out of their country safely without the knowledge of the authorities. Nowadays, more and more people were investing in cryptocurrency to make a living and support their family's needs. It actually gives an extra income for those working individuals who have low salaries and not enough for their needs. It opens up a new horizon for business opportunity wherein having low investment with a high return but of course, the risk is always there in every endeavor.
Bad - Some people were using cryptocurrency for illegal activities. Back in the heyday wherein they use it on a platform called Silk Road - that could transact and buy illegal goods on this platform through the dark web. Their illegal transactions leaves no trace for the government authorities to track it. But later on, the government came and shut down the dark web for Silk Road but it couldn't shut down Bitcoin because it has no central authority, it's a peer-to-peer system. Others did some ICO launching wherein they accepted investors money which counts into millions of dollars and suddenly leave those pity investors with nothing thus making it a scam.
Some countries were passing a law to ban cryptocurrency and make it illegal for those who engaged in it. They are devising ways to shutdown the system and that is a herculean task to do it. They need to shut down an entire network or take down the internet just to stop the bitcoin transactions. Every individual or entity who engaged with cryptocurrency is part with the system and there is no core or central system that manages those transactions. The government can shutdown exchanges as what they have done recently in China and other countries but the bitcoin itself can't be stopped. As long as there is an internet and a blockchain system then bitcoin and other cryptocurrencies exist. I think it is the first time in history of humanity that something virtual and physically doesnt exist that are so expensive which surpass even the price of gold. The rise of bitcoin is incredably unbelievable indeed.
Cryptos are here to stay!
I like this post. I agree with the good uses cryptocurrency has.
and I did also think of the bad purposes other people may use it for and this is the first post Ive read expressing these two sides of the coin. I resteemed and upvoted. thank you :)
I just hope theres more good to this than bad.
and It becomes so expensive because its so secured but its shocking how it can shoot up so high.
Theres always 2 sides of the coin, either good or bad. For us as an individual must choose the good way of using it. For me personally, i used this cryptocurrency investment for a living, to support my family needs and extend a helping hand to others. :)
I agree :)
use it for good. Thank you!
@jacinta.sevilla crytocurrencies keep shooting high and it now a great investment for many now
Consider Ethereum , it has gained approximately 13% to establish a new record dollar high today.
The total market cap of Ethereum now exceeds $40 billion USD, with ETH currently trading at approximately $420 USD – up more than 30% since the start of the month.
Thats good :)
none of the stuff in the "bad" column is new.
yes it makes it easier to move around large amounts of money without regulation, but people were still doing that before bitcoin. Money laundering has been around for decades.
dodgy ICO's are just the new version of floating shitty companies for penny stocks which has again been happening for a long time. People just need to be diligent with their investments, not only in the crypto world but in general.
yes youre right! thank you!
Good post, the main idea is clear, as you said at the beginning the goverment and the banks dont have control over the cryptos, but I think that the couple (goverment - bank) will try as much as they can tak the control specially over the bitcoin becuase bitcoin is destroying their business, specially for the banks, apparently now the next attack againts bitcoin will have a bitcoincash as the main character and some exchangers, but let see if they will have success, I think the bicoin will be the winner, bitcoin will face drops, maybe big drops as the one in september sponsored for the ones that try to destroid but as I said at the end IT WILL WIN
I do agree with you. The government can only control the exchanges but the bitcoin transaction through blockchain they cant touch it. As of now, there is no way they can middle every transactions, they are helpless to control it.
This is how decentralized exchanges like Open Ledger's DEX show their strength, in the ability to not be controlled by Gov'ts or any any other 3rd party. They can, at best, impart huge volatility...
Thats true buddy 😄
but bitcoin is not legal curency and most number of banks not acceptable .is it right or not..?
Currently, most bank were opposing the proliferation of bitcoin coz it will cause the decline of their clients but later on these banks will be force to join the bandwagon of cryptonians otherwise they will be left behind by the technology and all their clients will be gone.
Wow.... I would read more. great post and huge information. thanks bro.
BTC is supposed to be in the moon by next 2018
If that so then lets ride on it going to the moon :)
The post is very unusual. The world of coins gives answers about our financial stability, the world of coins answers our doubts about life. Join bitcoin then you will be the luckiest person in the world. With bitcoin you will have everything. Luxury homes, luxury cars, yachts and private jets will have you. Bitcoin is the solution to a more rewarding life.
Its not too late to invest in bitcoin. In cryptocurrency world the field of business will be balanced and everybody have their share of the pie since we just need a little investment with high return
I strongly agree about it. Nothing is impossible in the world of crypto, the world of digital currency answers all about our dream to become a millionaire. Is there any doubt about all those things ..?
That is very much possible in crypto world only if we hit the right coin in the the right platform, avoid those scammers.
Supposedly if the fraudsters do the wrong thing they should be punished according to the applicable law. Crime in the world of crypto is currently not seen, the thing that we fear the future will be many people - people who commit crimes in the world of digital money. That can happen because the digital currency promises someone to become rich.
In your opinion, which bitcoin is right for us to invest.? Because I am still unsure of all this. The most questionable thing is whether in the future they will cheat us in this field.
If you only focus in your own profit only then Bitcoin is good without any government hindrance.
I feel that cryptocurrency is the future.
But i personally think that it should have some regulations for black marketing and fraudsters. Criminals must be punished.
We are good people and only think in right way but there are some people who benefits from it in a bad way like money laundering. So i really oppose those kind of people.
Being anonymous and untraceable is the key factor why cryptocurrency is so popular these days. We cant deny that this currency is penetrating the business world. Both can be used in good and bad way but the only problem is that how to track those criminals using this kind of technology. Bad guys also took advantage of this phenominal currency to do their bad motives.
Yes anonymity is making this crypto world to grow fast. Even these days are just a start so if you we invest now then we could get 100 x in one year only or so.
But i am really worried about the scams. Those scammers makes people afraid and untrusted.
Scammers also were proliferating on the web. esp to ICO's. They just get the investors money and gone. All we need to do if we invest in this ICO is to investigate thoroughly before throwing our hard-earned $$$ into the pot.
Is there any highly trusted Website over internet where we can get the best reviews for the ICO's? For now i only read bitcoin's official forum for reviews.
I know someone who is very keen in reviewing ICO's. I invest all the ICO that he approved. He is really good in tracing those scam ICO's. He won my trust actually :)
Please tell me who is that nice person. I really want his advice.
what ?
oh? :)
We in Russia want to impose a tax on crypto currency.
But I do not understand how they are going to do it.
Bitcoin is digital cash. It is simultaneously a digital currency and an online payment system that operates independently of central banks
Fix scaling with bigger blocks? Why not huuuuge blocks?
https://steemit.com/bitcoin/@xsid/bigger-blocks-how-about-huuuuge-blocks
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Transaction fee macke Bitcoin ill. It shuld be a better way.
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Really Awesome Info, Keep sharing informative post with us
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Great intro and overview of crypto. Nicely thought out post. Hope this does really well for you.
If I might add, something I’ve been thinking about with regard to Bitcoin. I had a thought that perhaps Bitcoin has not been upgrading its network and core code to larger block sizes and faster transactions - segwit etc, because if they change their code they stop being as decentralized as they originally intended.
In that respect it is the job of the forked coins then to have the upgraded code.
Just a thought.
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A Government can't control but gov. can ban BTC. There are more than 6 countries are there whos government has banned BTC in their country.
The blockchain technology (WOW - even my MS OS doesn
t even recognise the wordBLOCKCHAIN)!... Anyway... onwards and upwards! The blockchain technology is a totally newevolutionin banking! One thing I like (in terms of news) is that the African Nation of Kenya now has Bitcoin and Cryptocurrencies generating 40%+ of its National GDP (Gross Domestic Product). This shows that Cryptos are a game-changer (in so many ways) for useless eaters... the likes of you, me and the world!być at first I didn't understand what I've learned and now it is fine and I'm winning.
To shutdown bitcoin, it's needed a full worldwide technological blackout, a la Deus Ex.
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