The Reason Why the Government is Trying To Regulate the crypto-currencies "(Leave Crypto Alone Government)"
In the past couple of weeks the government has really cracked down on crypto-currencies and has made them fall in the market caps.In the past week china and some of east Asia announced that they were going to shut down bitcoin transaction. According to research 80% of bitcoin mining and transactions take place in china so this could kill bitcoin. The price of one bitcoin is 11,081 at the moment I am making this article. The price of bitcoin 1 month ago soared as high as 21,000. These price drops are due to inflation, regulation, and constant selling of bitcoin.
As stated by, "LONDON — The CEO of one of China's biggest bitcoin companies says Beijing's decision to crackdown on bitcoin trading in the country lost his businesses tens of millions in revenue". So you can obviously see that the government is cracking down but Why? The reason they are cracking down on crypto-currencies is because they know with the block-chain technology we control our own wallets. They also know that we could become rich and powerful and most importantly have power over ourselves.
The government is a bad entity but we need them for law, judgement, and order but they abuse the people too. They don't want us to have freedom have you ever noticed the government how they watch's our social media, bank transaction history, and even browser history and the list goes on. The article also states,"BTCC founder and CEO Bobby Lee told Business Insider: "We always knew it was a risk that the Chinese government would look unfavorably on bitcoin and put some strong rules around it". So you can see how china wants bitcoin out of the ball game.
This is a worrisome sign because if they kill bitcoin they kill all of the coins even steemit can be affected by this regulation or ban. The article also states, "It has a huge effect on revenues so as a company we have to pivot," Lee said. "We’re doing the mining pool and we’re also doing the Mobi wallet." Lee also states,BTCC is interested in raising money, saying: "We’re constantly working with investors on how to upgrade our company to the next level." This could be the end of crypto currency as we know it.
Texas is also regulating bitcoin
well bye guys hope you learned something on the crypto-currency topic.
Please government leave crypto alone and let us have freedom