Cryptos: Regulation Incoming?

For a while now it has seemed that a major problem surrounding crypto-currencies is the image problem that surrounds them in the mainstream financial and political circles.

Often, biased media outlets such as the Financial Times and countless newspapers will come out with the old classic "they're used by drug dealers and gangsters" (although they conveniently forget that the most widely used form of transaction for criminals is cash) or that "you would only use them if you've got something to hide".

With regards to the first accusation, the fact that a small minority of the transactions in crypto-currencies are used for illicit means only proves to confirm the effectiveness, power and world changing potential that crypto currencies hold. It is well known in the crypto community that annonymity amongst parties is the tip of the iceberg when it comes to usage potential (but that is a different article altogether). With regards to the second accusation, as a matter of fact, yes, many of us do have something to hide, and it comes in the form of a £30 bank transaction fee that we would rather keep in our own pockets that add to the bonus of an incompetent banker who feels that we are privelleged to be at his service. Also, we would rather not wait a number of days to make foreign transactions; it seems that many of us actually have things to be doing in this time. Anyone who has read George Orwell's "1984" will also see the appeal of crypto-currencies.

My point though, is that the potential of crypto-currencies to change the world is clear, most of all to banks and to the govenment. While crypto-enthusiasts are a minority, I suspect that the government will try to enforce some sort of regulation upon crypto-currencies to meet their own finanical agenda. The threat of banning crypto-currencies is non-existent however, as the only way to do this would be to shut down the internet, and they certainly wouldnt want that.

At the current time with many ransom-ware attacks and criminals demanding Bitcoin, it is easy for the government and mainstream to tarnish the image of crypto-currencies considerably, and this worries me. It worries me because of the huge potential that these currencies have to change the world for the better when they hit the mainstream, and it would be a travesty to see that potential go to waste due to a minority using the currencies irresponsibly and tarnishing the reputation of crypto-currencies, making the mainstream ever harder to reach. What is most annoying is that these scams usually have nothing to do with bitcoin other that the method of payment, which could easily have been cash.

I suspect that the government will try to enforce some sort of regulation not only on the usage of cryptos but also on trading as such vast amounts of money are being made, which serves only to boost the growth and hype of cryptos ever further. How they will do this I do not know, which makes me think a rash and unfair decision may be made.

I would hate to see the potential of cryptos go to waste due to the personal agendas of a minority of very powerful parties.