Topic: The Need for Bitcoin and an Argument Against Regulation - page 2. (Read 416 times)
It is I think what you use for, some call it currency, some store of value like gold but it seems no matter whatever happens, as total market cap increases, it will increase too.
It's essential to get rid of Physical barriers to exchange, but it becomes possible only if regulatory bodies agree or accept for such a free market to co-exist with the existing banking systems. The true test of strength for Bitcoin would be its cross border transferability without having to worry about the TSA at the airport checking your luggage and laptops for any hidden paper money that you're carrying over a limit that has been specified or allowed. Also most of those companies are setting up blockchains to privately benefit themselves and only their customers, not necesarily a large proportion of the population. Like for example, Starbucks has its own cryptocurrency and this is okay for coffee buyers, and it kind of acts as a replacement for tokens or coupons that people buy to purchase coffee, but I'm not sure if people would exchange this token as much like Bitcoins would be exchange between people. These token based blockchain currencies are just similar to exchanging Amazon gift cards which is done is small amounts.
Mostly the need is felt for regulation of cryptocurrencies so that it can be continued to be freely used without having to worry about legal issues or jail terms. There needs to be a free market for crypto enthusiasts as this would help people maintain their personal privacy for the transactions that they make, as compared to making payments using their credit cards or the traditional banking system. Lets hope that regulation happens in a way that doesn't put barriers or extreme limits on crypto trades, and allows for a free market to prevail and traditional banks to realize its potential and to value peoples privacy.
Mostly the need is felt for regulation of cryptocurrencies so that it can be continued to be freely used without having to worry about legal issues or jail terms. There needs to be a free market for crypto enthusiasts as this would help people maintain their personal privacy for the transactions that they make, as compared to making payments using their credit cards or the traditional banking system. Lets hope that regulation happens in a way that doesn't put barriers or extreme limits on crypto trades, and allows for a free market to prevail and traditional banks to realize its potential and to value peoples privacy.
Great point. I hope the United States takes the lead on any regulations and remembers to value free market enterprise! After all, we were founded on capitalism and commerce.
As always, it's crucial to distinguish between regulation of the Bitcoin protocol itself and regulation of third party services that store peoples' bitcoins. The protocol doesn't need regulation, but the services invariably do. You don't achieve financial inclusion by exchanges and webwallets getting hacked and losing everyone's money. As such, some regulation is unavoidable. Exchanges, in a similar vein to banks, simply can't be trusted to operate without any fiduciary oversight.
On the one hand, we don't want regulation that's too restrictive, but on the other, services can't be left completely unsupervised if they act as custodians for any funds. At least until further advancements are made with things like smart contracts, which, theoretically, may eventually negate the need for regulation if they prove to be sufficiently robust. The key for now is finding a reasonable compromise.
And the good news is, it's incredibly difficult for anyone to apply regulations to the Bitcoin protocol itself. That's not something we need to be overly concerned with. Plus, any sensible government will know that criminalising its usage would only drive it underground, creating an even bigger problem for them. It's in their best interests to play nice. They definitely don't want us as an enemy.
Lastly, while it's true that we can clearly see the advantages for the unbanked/underbanked, it's worth remembering that they may not see things the same way yet. Even if we're ready for them, that doesn't necessarily mean they're ready for us. It may take some time for them to make the necessary adjustments in mindset. Change on this scale isn't always as fast as we'd ideally like. All we can really do is make it as simple and user-friendly as we can and let them come to us in their own time.
On the one hand, we don't want regulation that's too restrictive, but on the other, services can't be left completely unsupervised if they act as custodians for any funds. At least until further advancements are made with things like smart contracts, which, theoretically, may eventually negate the need for regulation if they prove to be sufficiently robust. The key for now is finding a reasonable compromise.
And the good news is, it's incredibly difficult for anyone to apply regulations to the Bitcoin protocol itself. That's not something we need to be overly concerned with. Plus, any sensible government will know that criminalising its usage would only drive it underground, creating an even bigger problem for them. It's in their best interests to play nice. They definitely don't want us as an enemy.
Lastly, while it's true that we can clearly see the advantages for the unbanked/underbanked, it's worth remembering that they may not see things the same way yet. Even if we're ready for them, that doesn't necessarily mean they're ready for us. It may take some time for them to make the necessary adjustments in mindset. Change on this scale isn't always as fast as we'd ideally like. All we can really do is make it as simple and user-friendly as we can and let them come to us in their own time.
I agree. My concern is too is overregulation rather than common sense regulation. There are unsavory elements such as money laundering and terrorism that must be addressed.
Also many of those people that are unbanked, are so because of choice. However, the price they pay to do so is high.
It's essential to get rid of Physical barriers to exchange, but it becomes possible only if regulatory bodies agree or accept for such a free market to co-exist with the existing banking systems. The true test of strength for Bitcoin would be its cross border transferability without having to worry about the TSA at the airport checking your luggage and laptops for any hidden paper money that you're carrying over a limit that has been specified or allowed. Also most of those companies are setting up blockchains to privately benefit themselves and only their customers, not necesarily a large proportion of the population. Like for example, Starbucks has its own cryptocurrency and this is okay for coffee buyers, and it kind of acts as a replacement for tokens or coupons that people buy to purchase coffee, but I'm not sure if people would exchange this token as much like Bitcoins would be exchange between people. These token based blockchain currencies are just similar to exchanging Amazon gift cards which is done is small amounts.
Mostly the need is felt for regulation of cryptocurrencies so that it can be continued to be freely used without having to worry about legal issues or jail terms. There needs to be a free market for crypto enthusiasts as this would help people maintain their personal privacy for the transactions that they make, as compared to making payments using their credit cards or the traditional banking system. Lets hope that regulation happens in a way that doesn't put barriers or extreme limits on crypto trades, and allows for a free market to prevail and traditional banks to realize its potential and to value peoples privacy.
Mostly the need is felt for regulation of cryptocurrencies so that it can be continued to be freely used without having to worry about legal issues or jail terms. There needs to be a free market for crypto enthusiasts as this would help people maintain their personal privacy for the transactions that they make, as compared to making payments using their credit cards or the traditional banking system. Lets hope that regulation happens in a way that doesn't put barriers or extreme limits on crypto trades, and allows for a free market to prevail and traditional banks to realize its potential and to value peoples privacy.
As always, it's crucial to distinguish between regulation of the Bitcoin protocol itself and regulation of third party services that store peoples' bitcoins. The protocol doesn't need regulation, but the services invariably do. You don't achieve financial inclusion by exchanges and webwallets getting hacked and losing everyone's money. As such, some regulation is unavoidable. Exchanges, in a similar vein to banks, simply can't be trusted to operate without any fiduciary oversight.
On the one hand, we don't want regulation that's too restrictive, but on the other, services can't be left completely unsupervised if they act as custodians for any funds. At least until further advancements are made with things like smart contracts, which, theoretically, may eventually negate the need for regulation if they prove to be sufficiently robust. The key for now is finding a reasonable compromise.
And the good news is, it's incredibly difficult for anyone to apply regulations to the Bitcoin protocol itself. That's not something we need to be overly concerned with. Plus, any sensible government will know that criminalising its usage would only drive it underground, creating an even bigger problem for them. It's in their best interests to play nice. They definitely don't want us as an enemy.
Lastly, while it's true that we can clearly see the advantages for the unbanked/underbanked, it's worth remembering that they may not see things the same way yet. Even if we're ready for them, that doesn't necessarily mean they're ready for us. It may take some time for them to make the necessary adjustments in mindset. Change on this scale isn't always as fast as we'd ideally like. All we can really do is make it as simple and user-friendly as we can and let them come to us in their own time.
On the one hand, we don't want regulation that's too restrictive, but on the other, services can't be left completely unsupervised if they act as custodians for any funds. At least until further advancements are made with things like smart contracts, which, theoretically, may eventually negate the need for regulation if they prove to be sufficiently robust. The key for now is finding a reasonable compromise.
And the good news is, it's incredibly difficult for anyone to apply regulations to the Bitcoin protocol itself. That's not something we need to be overly concerned with. Plus, any sensible government will know that criminalising its usage would only drive it underground, creating an even bigger problem for them. It's in their best interests to play nice. They definitely don't want us as an enemy.
Lastly, while it's true that we can clearly see the advantages for the unbanked/underbanked, it's worth remembering that they may not see things the same way yet. Even if we're ready for them, that doesn't necessarily mean they're ready for us. It may take some time for them to make the necessary adjustments in mindset. Change on this scale isn't always as fast as we'd ideally like. All we can really do is make it as simple and user-friendly as we can and let them come to us in their own time.
People argue about bitcoin. Is it a currency, or an investment? Is it a speculative bubble, or is it here for the long run? What about Blockchain technology? One thing is certain. Bitcoin is plugging the holes of the archaic financial system and providing real solutions for current problems. One problem it solves is the banking of the unbanked.
Global leaders everywhere call for the pursuit of sustainable growth. Financial inclusion is critical to any effort raise people out of poverty. The poorest countries in world are severely underbanked. However, we are now seeing 90 percent digital mobile penetration in these unbanked areas. While these spots may not be able to access traditional banks, they can access the blockchain from their phones. We see the decentralized dawning of a new era in financial systems.
You don’t have to look halfway around the world to see the effects of under-inclusion. In the United States, the FDIC recently found that 27 percent of US households were unbanked or underbanked. After the 2008 recession, banks closed the least profitable branches across the country. This left gaps for rural Americans without access. Online banking was supposed to fill some of these gaps, but the high number of unbanked families persists. Internet connectivity in rural homes in difficult.
The biggest banks globally are beginning to cite cryptocurrency as risk factors to their profit-driven business model. JPMorgan Chase stated that, “…financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.” Right now, banks worldwide are racing to implement blockchain in attempts to stay competitive. JPMorgan Chase is also saying, “Opportunities for banks to utilize blockchain technologies for conducting business could have far-reaching implications for the sector in our view.”
The unbanked both in the U.S. and globally face high fees that destroy their ability to save money. Have you ever tried to cash a check at these so called “Check Cashing” businesses? It is legalized highway robbery. Additionally, these poor folks often face insurmountable obstacles to obtain the credit that is needed to buy a home or start a business.
Bitcoin and other cryptocurrencies are the solution! Because of distributed ledger technology known as the blockchain, digital currencies require no trust between parties. They cannot be counterfeited. The entire transaction history is completely transparent and mathematically proven. Bitcoin and other cryptocurrencies are a way for people and businesses to bypass the traditional banks and engage in direct commerce. Any unbanked person with a computer or a smartphone now has the opportunity for greater financial inclusion!
Compared with the old archaic financial system, there are numerous advantages in cost and security. There are no fees to store wealth via bitcoin. It takes very little time for funds to clear. The already low transfer fees for crypto continue to drop as the network protocols become more efficient, and the flat fees are the same regardless of the amount transacted or location of the recipient. Instead of waiting days for transferred money or paying high fees to cash checks, blockchain allow for the seamless flow of payments. This creates tremendous opportunities for people to access micro-lending.
The internet is a $4.2 trillion global economy. If it were a country, it would be one of the five largest economies in the world. Doesn’t it make sense that the digital economy would have its own currency? Shouldn’t we remove physical barriers of exchange? Companies like Walmart, Amazon, Kodak and Starbucks are set to explore blockchain payment systems. It seems that no company in the world want to be left out of this growing opportunity.
America is at the crossroads, and hopefully the world stands with us. Some feel that we must regulate cryptocurrency, this could stifle innovation and slow growth. Many regulatory bureaucracies are products of the existing archaic system and fear they will be replaced by the new blockchain technology. The U.S. guides the financial markets. Regulatory harmony is extremely important.
Archaic banking systems have served us for decades, but they fail to include many people. We must stand for innovation and freedom! Bitcoin must work without excessive government interference! We are obligated to help the unbanked and the poor around the world. They should be allowed the inclusion Bitcoin and crypto provide.
Global leaders everywhere call for the pursuit of sustainable growth. Financial inclusion is critical to any effort raise people out of poverty. The poorest countries in world are severely underbanked. However, we are now seeing 90 percent digital mobile penetration in these unbanked areas. While these spots may not be able to access traditional banks, they can access the blockchain from their phones. We see the decentralized dawning of a new era in financial systems.
You don’t have to look halfway around the world to see the effects of under-inclusion. In the United States, the FDIC recently found that 27 percent of US households were unbanked or underbanked. After the 2008 recession, banks closed the least profitable branches across the country. This left gaps for rural Americans without access. Online banking was supposed to fill some of these gaps, but the high number of unbanked families persists. Internet connectivity in rural homes in difficult.
The biggest banks globally are beginning to cite cryptocurrency as risk factors to their profit-driven business model. JPMorgan Chase stated that, “…financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.” Right now, banks worldwide are racing to implement blockchain in attempts to stay competitive. JPMorgan Chase is also saying, “Opportunities for banks to utilize blockchain technologies for conducting business could have far-reaching implications for the sector in our view.”
The unbanked both in the U.S. and globally face high fees that destroy their ability to save money. Have you ever tried to cash a check at these so called “Check Cashing” businesses? It is legalized highway robbery. Additionally, these poor folks often face insurmountable obstacles to obtain the credit that is needed to buy a home or start a business.
Bitcoin and other cryptocurrencies are the solution! Because of distributed ledger technology known as the blockchain, digital currencies require no trust between parties. They cannot be counterfeited. The entire transaction history is completely transparent and mathematically proven. Bitcoin and other cryptocurrencies are a way for people and businesses to bypass the traditional banks and engage in direct commerce. Any unbanked person with a computer or a smartphone now has the opportunity for greater financial inclusion!
Compared with the old archaic financial system, there are numerous advantages in cost and security. There are no fees to store wealth via bitcoin. It takes very little time for funds to clear. The already low transfer fees for crypto continue to drop as the network protocols become more efficient, and the flat fees are the same regardless of the amount transacted or location of the recipient. Instead of waiting days for transferred money or paying high fees to cash checks, blockchain allow for the seamless flow of payments. This creates tremendous opportunities for people to access micro-lending.
The internet is a $4.2 trillion global economy. If it were a country, it would be one of the five largest economies in the world. Doesn’t it make sense that the digital economy would have its own currency? Shouldn’t we remove physical barriers of exchange? Companies like Walmart, Amazon, Kodak and Starbucks are set to explore blockchain payment systems. It seems that no company in the world want to be left out of this growing opportunity.
America is at the crossroads, and hopefully the world stands with us. Some feel that we must regulate cryptocurrency, this could stifle innovation and slow growth. Many regulatory bureaucracies are products of the existing archaic system and fear they will be replaced by the new blockchain technology. The U.S. guides the financial markets. Regulatory harmony is extremely important.
Archaic banking systems have served us for decades, but they fail to include many people. We must stand for innovation and freedom! Bitcoin must work without excessive government interference! We are obligated to help the unbanked and the poor around the world. They should be allowed the inclusion Bitcoin and crypto provide.
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