Estimated reading time: 1 minute, 34 seconds
Government and Bitcoin Understanding: A Constant Battle
Government and Bitcoin are head-butting in a few places around the world. Belgium is just one of the many governments around the world that struggles to understand Bitcoin. So, it comes as no surprise the Minister of Justice is in cahoots over the potential use of cryptocurrency in the country. He is currently attempting to collect all currently circulating currency. Unfortunately what he and others fail to realize, is the fact that you can’t just force people to hand over their cryptocurrency. Whoever has possession of the key to a wallet has access to it. So, why would someone just willingly hand that over? Learn more about hardware wallets here.
Because Government exists in such a way that it desires control, Bitcoin and other cryptocurrencies inherently are “bad”. Now, this “bad” stigma really only stems from the fact that users are not required to go through a centralized point to transmit data in the system. Centralized platforms require just this, and is the reason why government entities love them! They make combing through data for more manageable and simplified.
Even With Crack Down From Belgian Government, Bitcoin Activity Continues (Duh!)
What governments fail to understand is that no matter how much legislation they pass, how many demands they make, cryptocurrency cannot be regulated the way they’d like. Since no specific entity backs the currency, instead relying on a purely market-driven price, governments have no way to regulate it! Of course, Bitcoin is not the only cryptocurrency to experience this silly attempt. Altcoins definitely experience the same stigma.
This article does a phenomenal job of shedding light onto the thought processes of government officials and cryptocurrency! Read it at your leisure and share with your friends!
(As first posted by The Merkle)