Bitcoin is being largely used these days. The ones who are aware of it righteously prefer it over the conventional currency. It is digital currency and in recent months, its use is even more enhanced. Seeing people’s interest in the digital currency in recent months, governments are looking forward to regulating it. In New York and Canada there were already plenty of steps taken to regulate this crypto currency and Russia has already become the first country to ban the use of this digital form of payment. Now the thing in question here is that whether the bitcoins can be regulated or will regulation of these coins work or not?
Regulating the virtual Currency:
Right now, the reason why most people are using it,is because it gives them some sort of an anonymous feeling. It is much more private than the regular banks. Moreover, it is not controlled by any bank. Regulating this currency means that there will be governing bodies and, potentially, certain organizations that will look after all the operations. So, it will lead to people losing their interest in the bitcoins. What else one can say is that regulating this currency is a really hard task because all countries have different rules and regulations, and you cannot implement one for all.
Will It Work Or Not?
First of all, the regulation itself is a tough task. And in case that government manages to regulate it, it will not work. It is a digital currency, and each country has its own rules in concern with it. Some countries will encourage it while others may ban it. Moreover, the digital stuff needs to be same at all places, therefore, if it will be different from country to country, things will again be worthless.
Right now, Bitcoin users can enjoy their freedom and have fun at places like bitcoin casinos, buy good and pay for services with their favorite form of money at retailers that accept it or get gift cards to spend them at those who don’t just yet. Regulations might be a bit against the idea of this cryptocurrency but one day they for sure will be needed. But right now, Bitcoins can be enjoyed with all their freedom, making the whole experience of paying with cryptos even more special and exciting.
Those, who are not into cryptocurrencies yet, should try and get more familiar with the idea of them. It seems like Bitcoins and other altcoins are the answer to prayers of a big group of people who are looking for a safer and more convenient way to make payments. Bitcoins allow making instant transactions all over the world, which means that you can get your payment from the USA, to Europe, Asia, Africa, Australia or any other part of the world in a blink of an eye, without any additional fees or agents who would need to approve of your transaction. You can get it done directly and instantly, no matter the amount.