Is Bitcoin Too Transparent For Governments 馃殧? Lets See What Experts Think.
For some years now, Governments worldwide have refused to approve the use of cryptocurrencies as a mainstream currency. Many crypto experts believe it is to protect the government's power over the fiat currency and its financial system.
Since the fiat currencies are legal tenders backed and controlled by the issuing government, it is the major means of value exchange that the governments want.
image source: pxhere.com - The US dollar bills
Since the governments can neither print the crypto-currencies at will nor regulate it in any form, it would be a hard time for them to approve the mainstream usage of cryptos.
Some other experts believe that apart from the fact that cryptos are in direct competition with the dominance of the fiat currencies, Governments will find it difficult to accept cryptocurrency because of its transparency through the use of an open ledger called blockchain.
image source: pixabay.com - blockchain
The anarchists that started Bitcoin started it because they wanted freedom from the control of the financial system through the fiat currencies. It is believed among the anarchists that since the government has control over the banks and its transactions then it would be easy for the governments to manipulate for their own personal interests.
But with an open ledger used by cryptos which are accessible to everyone and no hidden transactions, it would be hard for even the governments to manipulate.
Another set of crypto experts believe the use of Bitcoin in illegal online marketplaces could be a major reason governments are turning away from the mainstream use of Bitcoin and other alternative coins.
In 2011, two years after Bitcoin genesis blocked was mined and the network begins; the Silk Road, an online marketplace for illegal drugs, launches. It uses bitcoin as its chief form of currency.
image source: wikimedia.org - screenshot of the silk road website
Bitcoin became the major currency for some other dark-web marketplaces as it was out of control of any Governments which made it easy for sellers of illegal goods like cocaine, cannabis seeds, and LSD to accept the currency anonymously.
Why do you think the Governments are shying away from the approval of Bitcoin ETFs? or even seeing Bitcoin as a legal tender in some of those countries that it was banned? Please post your comment below and lets have a discussion
 Or Click This Link |
Your opinion is celebrated and welcomed, not banned or censored!