U.S. Government increasingly worried about cryptocurrency.

in #bitcoin8 years ago (edited)


Cryptocurrency offers freedom from the government controlled fiat system, which does not bode well of the US dollar which has enjoyed the reserve currency status for many years.

This is why government will try to do everything in their power to regulate and control digital currencies.
Ultimately due to the decentralized nature of cryptocurrency they will fail in their quest. Admittedly I was very sceptical about Bitcoin and Steem however as I started to use and research these technologies it has become very appealing.

A quote from an Financial Times article I found.

"Bitcoin has thrived as an alternative to currencies that are managed for governments by central banks, because it functions as a decentralised, or distributed, database for trusted transactions with no governing institutions."
Financial Times Article http://www.ft.com/cms/s/0/e0880cf6-3800-11e6-9a05-82a9b15a8ee7.html#axzz4GcCfARbh

Government will use the excuse that people will take advantage of the system and use it for nefarious purposes. This is true in part however I think they are more concerned with not having the ability to control everyones money and losing the power to tax it. The regulators should look for ways to work with the system and embrace these currencies instead of fighting against it. Ultimately cryptocurrency will grow in size and popularity and become the norm as more people figure this out.

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Bitcoin is merely one use of the blockchain technology. Scott Duncan of THE TENDER FOR LAW said so, and he seems to be extremely qualified to say it. He said blockchain can make all sorts of transactions, contracts, and records secure and unhackable----things the government currently wields an expensive and oppressive monopoly over.