CryptoGuru
Level X3
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Bitcoin is becoming more valuable and the governments of the world are trying to control it before it gets to big. Can centralization come to Bitcoin or other Crypto? The simple answer is Yes, the creator decide they want to sell the technology allowing a government entity to take over. Goverments can also take it by force if they wanted. The real question should be is this likely? Bitcoin was built for the people, to create global wealth. Selling it or allowing a government to gain control of it would go against everything it stands for. The price would also take a large fall if this would happen due to people selling off. People would most likely just start using another Cypto Currency. Recently the ECB or "European Central Bank" Expressed that Criminals can use Bitcoin and other currencies to fund illegal activity. They also mentioned tightening regulations and taking away the anonymity of crypto currency. They want to be able to verify the owner of each wallet, this will never happen. We cannot ban certain features or certain things just because criminals will use them. Criminals will use cars, should we ban them? I could name off many examples but im sure you get the point.
The meaning of crypto currencies and not only Bitcoin is to make sure everyone can control what money they have. They also can be private about how much they have, and how much they make. The Blockchain is a public ledger, although you cannot identify the person who owns it until they cash out, This is no grounds for trying to restrict the law abiding citizens. Look at Russia they have a complete ban on Bitcoin this is not good for the people. This means they have no choice but to use centralized banks and trust that the government will not take the money for any reason. Can we trust our banks? What do you think? Should Bitcoin and other Crypto Currencies be stripped of their anonymity? Should the governments and central banks be able to control it? I am curious to know what you guys think.
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Lynne
Obviously if you cash out your Bitcoin then your activities will be monitored onwards by banks and tax authorities.
Criminals are going to use whatever they can to do their illegal activites just like you say. Well I wasn't even aware of how anonymous it is or the fact that there is no government regulation. I'll be honest here that sounds really nice and appealing to me. Obviously if you cash out your Bitcoin then your activities will be monitored onwards by banks and tax authorities. Criminals are going to use whatever they can to do their illegal activites just like you say.
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