US to turn Bitcoin operators into "banks" - what you should know
According to the Coin Telegraph, the US government is ready to integrate crypto-currency exchanges and trading platforms into the banking industry.
What is the positive side?
Institutionalizing Bitcoin
Giving Bitcoins operators the status of banks will provide Bitcoin the necessary legal footstool to further establish it into society and economy.
Doubling our investments
Such a move will surely set Bitcoin prices to over $10,000 in just about a year. The US is the most innovation and capitalist nation in the world and if Bitcoins is "legalized" there, then we can only expert a boom in Bitcoin products and developments.
What could be the negative side?
Stripping Bitcoin's values
Features of Bitcoin such as anonymity, autonomy and decentralization will be under threat as legal complaince policies will undo most of them.
What will be the overall effect?
Overall, it will be good for Bitcoins. Yes, Bitcoin may lose its autonomy and anonymity, but such a move will also legitimize Bitcoin in the government sector.
Investors and mainstream businesses will now be free to adopt Bitcoins and this will lead to a huge growth of Bitcoins.
This will move will however not cause alt coins to increase in value - once governments put up a framework for crypto-currencies they will all be made to comply with it.
ZCash and Dash will either have to comply or find themselves on the watchlist of the CIA. The result is that no crypto-currency will be able to retain the advantage of being anonymous or autonomous.
With all crypto-currencies being forced to become complaint or face legal suits, the playing field will be equal for Bitcoin and all holders.
Overall it would be bad for the crypto industry, but there is no other way. Atleast we still get to work with Bitcoins and cryptos, unlike China where you cannot.
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This is bad not good. If the majority of holders don't fight this another Crypto will take bitcoins market share
unfortunately it will not change, any new crypto which comes will also be forced to comply or get banned
At any rate upvoted indeed! I thank you for reporting on this! Just cause we might not agree on certain aspects doesn't mean we can't have a good friendly debate. It's stupid when people don't upvote good work just for not agreeing with it 100%
There is no way to ban cryptos
Only exchanges. If bitcoin loses its purpose it will loose its value
Meaning if it becomes a tool controlled by banks it will fail
I don't trust these attempts of taking the crypto-movement within the binaries of traditional institutions. It's like betraying the true nature of this technology. I wish mass adoption could happen due to a massive movement from the people, and not from the same elites that ruined this world. What is going to happen with Ethereum? What would Satoshi say about this? Ok you regulate an operator, as it happened in new york with the bitlicense, but then what about the freedom of transfering and keeping your wallet? I hope these latter will never be monitored or touched.
Exactly!!!!!!
It's up to the big holders as much as to everyone of us. it's because of the mass that bitcoin is not shaken from the ban of ICOs and other attempts to neutralise this progress. We need to stay firm and keep our position, defending the freedom of bitcoin and altcoins. It's not only about a currency..don't you agree? :-)
It's up to the big holders to fight this! If they try to destroy bitcoin we need to fight back. Even if that means dumping it for another Crypto
@f3nix and @geneeverett, i do understand your concerns but we have to acknowledge the fact that institutions are what currently hold our society together and they will not simply ignore Bitcoins and cryptos.
also, Bitcoin will NOT become a tool for banks, and even if that happened it will not destroy Bitcoins. Bitcoin is the very first cryptocurrency, the creators of Blockchain and Cryptocurrency technology.
all other cryptos will come and but Bitcoin will always be Bitcoins. there could be a million altcoins, but there will only be one Bitcoin.
There entire purpose of bitcoin was to be outside of this system not join it. Read the white paper and Satoshi's other writings. You are missing the entire point
Snd no there might not be only one bitcoin. My friend your speaking with emotion not evidence. Bitcoin has lost more then half its market cap in crypto space this past year
That's a very very bad sign.
I'm
The first to cell out 99% of alt coins are scams. But I'm telling u now if bitcoin doesn't keep to its original purpose the amount of people that dump it for another choice will destroy it.
Respectfully my friend you don't seem to understand how much bitcoin has lost in market share just this last year during these heated Fork discussions. I love Bitcoin , that doesn't change the fact the battle is not close to being won. It's not even been around a decade and has been loosing share. It could easily become the MySpace of cryptos