The idea of bitcoin and other cryptocurrencies is relatively a new one in today’s world. But this should not come as a surprise since we are in a tech age or era where innovation is thriving.
So, Bitcoin is an innovation that cannot be overlooked or sidelined when talking about finance or legal tenders. It must be counted as one because many organisations and individuals now see it as a means of exchange for good and services. As well as a means of payment
As the Bitcoin craze spreads globally, governments of different countries have strongly advised against investing in cryptocurrencies especially Bitcoin. Meanwhile, the nations that have not given this directive have evolved different policies to regulate Bitcoin.
Truth be told, you cannot blame the government for being skeptical or concerned about Bitcoin. This is because bitcoin transactions are difficult to track and can provide acceptable levels of privacy when used correctly-you know anything that is not fully under the control of the government always concerns or worries them.
In other cases, criminal-minded elements have used Bitcoin and other cryptocurrencies to commit various crimes which the security agencies find difficult to resolve. Additionally, the Bitcoin price fluctuation is another reason because it may be $10,000 today and fall to $1,000 tomorrow.
This is why in Asian countries like Bangladesh, Nepal, and Kyrgyzstan, using or trading in virtual currencies is highly illegal and comes with harsh punishments.
Regardless of the race to regulate Bitcoin, the government cannot stop it from making a headway. This is due to the fact that it has become a worldwide phenomenon that any form of regulation will probably fail.
Presently, people buy bitcoin as a form of investment and it has made many of them billionaires.
This is not to say that no sort of control should be implemented but the government must not regulate it like they do with the paper currency. Why? Anyone who has the knowledge can actually mine a bitcoin.
The only advice or admonition any government can give persons who want to invest in bitcoin is to understand everything about Bitcoin before they put there in it. They can use a Bitcoin wallet like Paxful which is safe and secured for their transactions. After this, there is nothing to worry about.