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Why doesn't the government shut down bitcoin

why doesn't the government shut down bitcoin

Its getting harder and harder to have private ownership of your money. Theyre going to crack down on bitcoin and other cryptocurrencies. Can the, government, shut, down , bitcoin? They also dictate how fiat currencies can be transferred, enabling them to track currency movement, dictate who profits from that movement, collect taxes on it, and trace criminal activity. Since governments intentionally increase or restrict the amount of money circulating in an economy in an effort to stimulate investment and spending, generate jobs, or avoid out-of-control inflation and recession, control over currency is an enormous concern. But instead of functioning as a currency, its more like a proxy for equity in a company. It is created by anonymous programmers through a methodology that it too complex for most people to understand much less participate. The really amazing thing is that this new company is stepping into this huge market by totally bypassing the stock market. TT: Look, its still early days for cryptocurrencies. That makes it incredibly difficult to regulate. But the lawsuit had the unintended consequence of drawing attention to the photograph, which suddenly became wildly popular and spread rapidly through the internet. Fiat is a term used to describe the conventional currencies that are issued by governments.

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Alternate Stances the Government could take: Inform citizens about Bitcoin and let them make an informed decision. Legislative reforms like these are used by the government to distinguish and control activities that are legal from those that are banned or regulated. Think of bitcoin as the reserve currency of all cryptocurrencies. The Department of Treasury therefore could have taken the position that bitcoin constitutes an illegal competing currency that violates this fundamental constitutional power, but chose not to. it's possible that the federal government is letting bitcoin stick around because it's not much of a threat.S. Ive been recommending some of these crypto-tokens to my Palm Beach Confidential subscribers, and theyve been doing incredibly well. Nobody needs Western Union or its competitors if everybody is using bitcoin. Cracking down on fraud and money laundering alone does not appear to be the way China is addressing risks associated with. To an increasing number of people, that promise means nothing.

The primary concerns against an unregulated peer-to-peer transaction element come from the. Governments are going to get wise to this. How will you earn interest on your savings? It went from about why doesn't the government shut down bitcoin 1,100 down to about 700. Bitcoin miners, and government bodies have expressed concern about energy usage.

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Bitcoin mining is estimated to use up to 4 gigawatts of electricity, equivalent to three nuclear reactors' production levels. Britain, Switzerland, and Australia, for instance, are taking more of that type of approach when it why doesn't the government shut down bitcoin comes to dealing with cryptocurrencies. As of now, there is no reason to assume or believe that the. The currency is digital, so theres nothing you can touch or hold. Fiat currencies are backed by the full faith and credit of the government that issued them and nothing more.

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Who will provide assistance when a transfer of assets fails or a technical glitch occurs? Theres also the issue of the fees banks earn for the services they provide. An earlier alleged hacking netted.6 million dollars. Bitcoin miners have also been attracted to the Canadian province of Québec for its advertised cheap electricity. . And they were the big buzz in London, too. CL: So whats going to happen now? Speaking from a strictly technical viewpoint, the 2012 European Central Bank Report on Virtual Currency Schemes of late 2012, states that there is no legal argument preventing nations from regulating or banning virtual currencies. Chris Lowe (CL Bitcoin has been going up steadily for the last three years.