Why regulation will not hurt Bitcoin

Bitcoin cryptocurrency has faced huge drawbacks and achievements in the past ten years. Here’s why regulation won’t harm its operations and success.

Bitcoin cryptocurrency has faced huge drawbacks and achievements in the past ten years. Some of the challenges include negative speculations about its price and authenticity. Other negative issues surrounding Bitcoin technology were a series of fraudulent activities that left many people with significant losses. Furthermore, there are a lot of scam sites so better use a trusted website like BitProfit if you are planning to start bitcoin trading.

Various scammers emerged and took advantage of Bitcoin’s independence to steal millions of dollars from unsuspecting users. Another thing people were constantly worried about was Bitcoin’s uncertain future. As with any new concept, no one knew how this cryptocurrency would perform in the coming years. 

Fortunately, the difficulties didn’t prevent Bitcoin technology from molding itself into a modern and more efficient means of transaction. BTC gradually began attracting people’s attention globally, thus spearheading its further growth and advancement. At the same time, people started discovering other valuable applications of this cryptocurrency, such as long-term value storage.

Bitcoin emerged as one of the most reliable and ideal crypto options a few years after its official introduction. Due to the blockchain’s robust encryption mechanisms, BTC technology enabled various people to store assets with minimal chances of losing their value. Stored assets increased in value because of Bitcoin’s ever-growing prices. 

Bitcoin’s Regulation So Far

Despite having a great extent of operational autonomy, Bitcoin has undergone minor governmental control. Among the most common ones are the usual crackdowns whenever something terrible happens. It’s not that the respective governments don’t want this cryptocurrency. They’re just trying to make it a more reliable and safer transaction option. 

Surprisingly, BTC always received bad reviews anytime a government introduced some regulatory measures. While the primary intention was to cut off scammers, most users perceived the move as harmful and destructive. However, the negativity always went away shortly afterward, then a quick market recovery.

Future Regulation

The entire world is likely to switch to cryptocurrency-based operations soon. If this happens successfully, the demand for BTC will increase exponentially. The rise in demand will eventually make the prices skyrocket to greater heights. 

With the demand and value at the roof, governments worldwide exercise more control over Bitcoin to make it more secure. For instance, you may see your country introducing additional registration requirements on Bitcoin exchanges and other related platforms.

Government authorities may also design more stringent identity verification mechanisms to keep fraudulent activities out of the Bitcoin network. The other thing we’ll likely see in future BTC regulation efforts is reduced maximum transaction limits. Additionally, authorities may control the kind of devices allowed on cryptocurrency networks. 

Dictating the type of devices one can use may sound harsh but will ensure top-notch security standards on the Bitcoin blockchain platform. As explained below, future government policies on cryptocurrency will cause both positive and negative impacts. 

The Positive Side

By controlling the Bitcoin blockchain network, governments will ensure safety and make BTC more attractive to investors. And this will grow the cryptocurrency market and boost the global digital economy. Moreover, the low crime rates due to government regulation will minimize losses and increase the revenue generated. 

Another notable impact of regulating Bitcoin is its increased dominance in the financial services sector. And this is because introducing more control measures will make BTC safer. Therefore, people will abandon fiat currencies for Bitcoin to enjoy its numerous benefits. 

Everyone wants to pay less for transactions. We all want our payment requests to be processed faster. Most importantly, businesses want to use a financial system with no international boundaries. Luckily, BTC can facilitate all these good things, and that’s why regulation may make it more appealing to the extent of pushing conventional money out of operation. 

Final Thoughts 

Any future regulations in the cryptocurrency industry will not harm Bitcoin. It won’t be the first time governments take such actions. In the past, we’ve seen the relevant authorities impose various measures to weed out scammers from the Bitcoin network. According to available data, such moves never caused permanent damage. The drops in the associated crypto markets were only short-lived. Additionally, regulating Bitcoin will boost security and make it more attractive to investors.