Is Bitcoin About to be Outlawed, See What Experts Have to Say
Bitcoin cryptocurrency has been in use since 2009 and it was first presented by a psedoanonymus person. A Lot of people have a lot of opinions about the bitcoin cryptocurrency and everyone has their own point of view related to this cryptocurrency.
History and background
Some people say that Bitcoins have started a chain that will never end and it has opened doors for any other digital currencies. Whatever you think about Bitcoin cryptocurrency you cannot deny the fact that Bitcoins have traveled a long way in a very short duration of time and people have loved the concept because it is a totally decentralized and independent platform where you can invest without any fear of losing your investments.
Recently we have seen that between two pregnancies have reached its bar-hiring price target that has never been seen before in the history of any cryptocurrency. Nowadays Bitcoin is going with a price value which is equal to 60000 US dollars and more. People have mixed feelings about the future of Bitcoin cryptocurrency but none of them can say that they know what is exactly going to happen with Bitcoin and its network. For more information please visit bitcointrader.site
Why is outlawing an option?
Some people say that Bitcoin is heading towards a point where it will reach its resistor value and will be outlawed because of a number of security threats from different countries of the world.
This statement was also presented by the founder and CEO of the world’s largest hedge fund agency in which he said that Bitcoin will be outlawed soon in US but the reality behind this statement is that we all know that Bitcoin has no physical existence and due to this reason no one will be able to ban it up to 100%. Because this currency is available virtually it is nearly impossible to implement a ban on it.
Statement of CEO of Bridgewater association:
In a statement, Mr. Ray Dalio who is the CEO of the Bridgewater association presented that Bitcoins Cryptocurrencies can be seen to go the same way as we have seen gold in the 20th century. He was actually talking about the year 1934 when it was totally banned in America to hold any precious metal and use it for doing investments for the future. At that time gold was on the top of the list. He said that every country e has a close observation of the supply and demand of any treasure whether it’s a digital currency or any expensive metal.
He said that there are very few cryptocurrencies that are competing with Bitcoin and this makes it Shadley possible for Bitcoin to be banned and outlawed in the future just as we had seen gold in the past. In the list of countries that are thinking to ban Bitcoin usage, India is also included and this was presented by Mr daily use payment when he said that India is about to implement allow where they will then people from trading holding buying purchasing on mining any type of cryptocurrency particularly talking about Bitcoin cryptocurrency. The purpose of outlawing Bitcoin cryptocurrency is to prevent the threat of illegal activities and to restrain the sovereignty of the region.
But the truth is irrespective of all the threats and warnings, bitcoin cryptocurrency is going high and high and it’s keeping its game on the topmost position. Even if a number of countries will implement the law of banning Bitcoin cryptocurrency the reality is that Bitcoin cryptocurrency being an end-to-end encrypted and decentralized digital currency will still be traded in many parts of the world either openly or in hidden.
No infrastructure to implement the law:
Mr. Siddharth Soganii who is the CEO of a cryptocurrency research firm said to India economic times that it is not possible to ban Bitcoin cryptocurrency because it has no infrastructure and knows executive or controlling headquarter. What he meant was that we know Bitcoins are decentralized and independent and no one can control them then how is it possible that a government can ban cryptocurrency easily. Outlawing or banning Bitcoin is not the issue and it will never solve the problem. If the government will force the users to stop using Bitcoins, they will look for illegal ways of using cryptocurrency because they are getting benefits from it.
Concluding this paper we can say that although government officials are trying to outlaw and then between but it is nearly impossible to do this especially in a situation when Bitcoin cryptocurrency is being accepted by a number of big names like Tesla PayPal Apple Microsoft and many others. It is important to know that Bitcoins are surging in a way that has never been seen before and it has threatened many people.