Bitcoin and other cryptocurrencies purpose of existence are threatened by recent Chinese government crackdown in May and FBI tracking and retrieving some crypto assets in June. Will Bitcoin survive after China's ban, US Tracking and new calls for Regulations.
Consider the purpose of bitcoin and other decentralised cryptocurrencies is to facilitate anonymous transaction. When bitcoin was launched, folks could buy online drugs withing the neighborhood without getting tracked by city officials in the United States. This got the attention of the world and quickly became a new norm of transactions.
However, the potency of the black market to utilise bitcoin is huge making it necessary for governments to start tracking transactions with the identity of the user which are nearly impossibles. Except for phoney crypto wallets created by security organizations for the purpose of tracking and identifying its users.
As a result, so far as there is peer-2-peer transaction between buyer and seller, remaining anonymous and untraceable will not be a problem. Once this can be achieved, no amount of regulations or crackdowns can stop cryptocurrencies especially the fully decentralized assets such as bitcoin.
Its necessary to know that though information on government's crackdowns will always trigger panic selling driving prices down, it will surely rise angain and again.
Its not the first time China announced crackdown on cryptocurrencies and not the first time US FBI tracked dark web crypt I currencies and will not be the last.
China crackdown on cryptocurrencies
The only people that get to lose are the citizens of the coutries whose governments are trying to crackdown cryptocurrecies.
But before we end with this article, let us remind newbies that not all cryptocurrencies are decentralised, find more more about those decentralised and those that are not here and becareful out there. Bitcoin, Ether, dogecoin, etc are here to stay.
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Disclaimer: Note that Cryptocurrencies are not stable and can cause massive loss or gain in any period. This is not a financial advice and we will not be liable for any loss of assets from decisions taken after reading this article.