Will Cryptocurrencies remain attractive after a regulatory framework?
Recently, I ordered some equipment online but when I looked at my bank statement, I regretted why I did not own cryptocurrency to use in that transaction. We know that banks are stealing from us, especially whoever imports anything. This is essentially broad daylight robbery, if I might say.
The use of a cryptocurrency in any transaction is attractive because there is no government control, no bank charges and related fees. Many users have always believed that the block chain technology does not operate under any regulation, since it is based on user-to-user, with no intermediary.
The hidden identity thing is a major reason why people accept to use bitcoin and other altcoins in transactions. People do not like being traced for each and everything anymore. In fact, the whole intent of block chain technology is to do away with regulations of any sort, from central banks to no single middleman in any transaction. In short, block chain means no regulation.
Whereas cryptocurrency comes with the above advantages, and the new economy seems bright for cryptocurrencies, the anonymity in transactions may soon cease if all countries adopt a regulatory framework for cryptocurrencies.
Atleast, most of us are aware that Japan introduced a regulatory framework that makes Bitcoin transactions to comply with anti-money laundering regulations, while authorizing it as a normal payment.
Details: https://www.cryptocoinsnews.com/bitcoin-in-japan-officially-recognized-in-april-asset-or-expense/
Now, the question is: Will Cryptocurrencies remain attractive after a regulatory framework?
I am not in position to answer this question, because I am only new in the world of cryptocurrencies. Nevertheless, I have a feeling that both new and established users have no definite answer. Perhaps, you could also give your viewpoint!
In an effort to know more about the future of cryptocurrencies, I had a chat with one of the computer geeks, and this is what he had to say, “You cannot ban a cryptocurrency investment, that's the beauty! If they ban it, I remain earning, since I do not need an office or bank. But if they ban internet, then I would be finished.” I just laughed, thinking of the possibilities of banning internet.
Investment in cryptocurrencies is not strange, and one cryptocurrency I think that has a clear future is Steemit, which is backed by a social media component. That's why I am here!!!
It might be a good decision to risk some dollars in a cryptocurrency investment but one should be aware that this digital gold rush is leading to a rise of Cryptocurrency Ponzi Schemes.
https://www.theatlantic.com/technology/archive/2017/05/cryptocurrency-ponzi-schemes/528624/
I think let us all take time and study the trend of the new economy, putting our focus on IT and it's disruptive effects, to understand where the real money exists.
Although the breakthrough in Japan sets a good precedent, it might not necessarily mean that the future of cryptocurrency is very clear. Many challenges still exist elsewhere, especially on issues of security and theft. Besides, the users will no more enjoy anonymity, if a regulatory framework is put in all countries.
Follow @kayondo to keep updated!
If a bank tell you not to invest in bitcoin......then you do exactly the opposite. yes they will try to make it more difficult to obtain, manage and spend cryptos but i think they will be even more attractive after all those BS regulations. for now its only happening in US...US is about 20-30% of the whole market, so i don't think we should be worry too much for now...
You are spot on! I think the US is just worried of this whole technology that they have no control over. In fact, some banks are looking at whether currency should be all-digital. Imagine if we had a digital pound or dollar! This would face serious competition online from Bitcoin and other cryptocurrencies as well.
if they ban internet, how will they control us? not gonna happen IMO
It's a great misconception that crypto transactions are hidden. They're not! All I need to know is the address of the sender or receiver and it is possible to trace every move. There are exceptions that hide it, but it is only a few coins.
And when it comes to steemit (and bitshares) your entire balance is visible with transaction history. This is what I do not like about steem (and bitshares)
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