Chances are that one of the best things about Bitcoin refers to the fact that it is currently not governed by any laws and that governments do not have the possibility of influencing what happens next with the cryptocurrency.
This idea brings up a couple of questions that we need to find answers to as soon as possible. Will it always be this way? What if a government considers that because more and more people are picking up Bitcoin, the actual value of the national currency will decrease and ban the coin as a result of this presumption? However, can they really do something like this when it isn’t even recognized as an official currency?
Well, the practical answer would be no, but there’s always a possibility which is a good enough reason for Bitcoin users from all around the world to fight against all government imposed regulation. Not long ago, the European Union has begun debating different acts, some of which involve Bitcoin directly, even if not clearly specified. One of these legislation acts includes the idea that companies are susceptible to paying taxes regardless of the form of payment and that they need to provide a form of proof related to where people that have made transactions with them come from.
However, is this really right? Does anyone believe that the thought of this law not breaking the anonymity provided by Bitcoin didn’t cross their minds? Things are a bit more complicated than this, but as an effort to ensure that the cryptocurrency gets more and more popular, governments would need to start fighting the second biggest authority in the world, which is basically the one that they depend on- corporations, which, of course, have money.
By trying to reach mass adoption and getting more and more companies involved in the trading of Bitcoin, countries and organizations which may want to make the coin obsolete for their own profit will have a harder time doing so. By keeping these factors in mind and coming up with more and more ways to promote the coin, the organizations which are against it will have less to do, which is exactly what is needed to make its value increase and transform it into the universal currency of the Internet and why not, of the offline environment as well.
Based on everything that has been outlined so far, the fact that legislation has the possibility of influencing Bitcoin is really something that both individuals using the coin, but also companies that have adopted it have to keep an eye on to ensure that it will remain ungoverned and that it will continue to become better and better later down the road.
What do you personally think about the influence that the legislative apparatus can have over the coin? Do you think that a point will be reached when Bitcoin fans will have to fight against the laws to help the cryptocurrency keep the autonomy that it is famous for? Let us know your thoughts in the comment section below.
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