Topic: Why bitcoin can not become a global currency - page 10. (Read 1928 times)
This is the problem with the current system. There must be sacrifices. If you want privacy, then money laundering cannot be solved. If you want insurance when something happens to your wallet, then you must sacrifice your KYC information. As of now, some exchanges and platform crypto-related require KYC. The question is if they provide insurance if something happened. If we provide identification for each addresses, we need to have a regulatory board so that these platforms conform to the standards in terms of privacy, security and insurance policies.
A bitcoin address provided by authorities and traced by authorities only. There should not be a blockchain explorer for it. I believe that this will be the implementation of the cryptocurrency. How could this be is a question for another decade maybe?
This can be (a bad) replacement for fiat. Something centralized and handled by the authorities and central banks. It will be almost no different from how fiat is now handled by the banks.
But it's bad version of fiat: fiat as paper money is still anonymous and untraceable. If replaced by this proposal it'll be a big step in the wrong direction.
And Bitcoin is meant to be something else: a currency NOT controlled by the authorities. And this is part of its success. And your proposal negates all that. So no. Really no.
Hi, Gents,
I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
Lol what I understand is IDK and not IDS 😂,anyway what does it mean?sorry for being innocent..I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
But if your concern is LAUNDERING i think it has been settled because KYC implementations preventing this laundering to be abused
Like me I need to prepare proper documentation’s before I can cash out my money in any remittances or banks,that’s what you want to be implemented right?but it’s already in progress and now sending money is not that easy thru cryptocurrency specially Bitcoin
There is always a side effect do not except bitcoin to be without blemish, the global currency that is traceable there still tales of money laundering, theft and so much more financial crimes.
You are right my friend! All the negative things that are said about Bitcoin should be calculated as an artificial price reduction in fact or in the future. Bitcoin is in any case better than even fiat money from the government.
There is always a side effect do not except bitcoin to be without blemish, the global currency that is traceable there still tales of money laundering, theft and so much more financial crimes.
Bitcoin will never be a widely used currency for one reason, you would rarely buy goods and services with something you think is going to go up in value. This is basic economics and the major crux of a deflationary currency. but I’m not too concerned about BTC becoming a world currency. It’s a new type of bankless credit card but it is still only valuable when it exchanges for fiat. At the end of the day you are spending electricity to hash a code and you can’t force the rest of the world’s population to take your code and give you food and gasoline if they don’t want to.
Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.
This is a different mindset to have - your looking at Bitcoin as an investment option only, expecting it to only be used to profit off the markets.Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.
Bitcoin we never meant to just be an investment option, it was also meant to be used by people for everyday transactions.
People always go on about money laundry. Do they actually ever really know what they are talking about? I dont think criminals launder using bitcoin very often. Even if you use bitcoin you still have to somehow make dirty money suddenly vanish and then explain that. After you launder the money and eant to convert it you still need a bank account and you will be asked a few questions moving that kind of money around.
No, they don't usually use crypto-currencies to money launder. There are lots of other ways, and probably easier ways to do those things, crypto-currencies are being used as a scape goat here. 
Any altcoin that will emerge with these features you mentioned will only be used for wealth accumulation during ICO and not for a long time usage not to talk of currency.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.
yes, money laundering has always existed and certainly not started with bitcoin. every person who does a transaction using bitcoin certainly has a public record or called a blockchain, so there is no reason if a bitcoin user does not have a transaction ID that can be tracked
People always go on about money laundry. Do they actually ever really know what they are talking about? I dont think criminals launder using bitcoin very often. Even if you use bitcoin you still have to somehow make dirty money suddenly vanish and then explain that. After you launder the money and eant to convert it you still need a bank account and you will be asked a few questions moving that kind of money around.
Bitcoin will never be a widely used currency for one reason, you would rarely buy goods and services with something you think is going to go up in value. This is basic economics and the major crux of a deflationary currency. but I’m not too concerned about BTC becoming a world currency. It’s a new type of bankless credit card but it is still only valuable when it exchanges for fiat. At the end of the day you are spending electricity to hash a code and you can’t force the rest of the world’s population to take your code and give you food and gasoline if they don’t want to.
Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.
Also, guess what happens when people feel excluded or controlled by a system. they break out and create a new one. Just the same way you are challenging the banks and stock market built over the last hundred years. your kids will ignore your bitcoin wealth and create some other stupid new fad to evade your outdated system.
Any altcoin that will emerge with these features you mentioned will only be used for wealth accumulation during ICO and not for a long time usage not to talk of currency.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.
Bitcoin signify decentralisation and that's what drew people to it and is still drawing.
Money laundering has always been there since the history of cash flow, so it didn't start from Bitcoin and won't stop with it.
Moreover, so you should know, every Bitcoin transactions is not hidden but explicit.
Hi, Gents,
I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
I think Bitcoin and the Blockchain are the archetype in which a global cryptocurrency may spring from. A few years ago it was just Bitcoin, Litecoin and a few others. Now we have Ethereum, Neo, Eos etc. All of these projects came about from the work and brainstorming of ideas inspired by Blockchain and Bitcoin. In the future, who is to say what new coin or token may arise to be the world currency, it might not even be a coin or token? I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
Only time will tell, I hope that what ever it is, it's digital!
A lot of stuff that OP is advocating for sounds completely antithetical to the whole spirit of Bitcoin. I'm sorry, but this simply doesn't make any sense.
In the very near future, bitcoin would widely be used for various transactions. People who involve in money laundry would always find means to go about their nefarious activity. Money laundry has always been with almost every economy in the world but most people assume that bitcoin can easily used since it's mode of transaction is very anonymous.
Why not?? Bitcoin can become a global cryptocurrency, this is prevented only by banking systems
How it’s possible if the government is against with Bitcoin? I think btc wil never global currency for those some reasons. You know money laundering is happen by using Bitcoin it’s one of the main factor. Even without legalization there are no way to btc will become global currency. Banking system is highly affected by btc another reason claimed from central banks. Also government thinking BTC is the big opponent in the bank and economy.
neither bitcoin nor altcoin will be a global currency. We all know this has become the lies those project dev cook up to make a whitepaper. Even though there has been an increased rate at which people are using the underlying technology which is the blockchain while trading of crypto has been affected by volatility. The global rise against crypto by so many countries by banning the use and trying to regulate it is another indication that crypto will not become a global currency.
~snip~
Hi. There is already a tracking system for Bitcoin, and it's called 'blockchain'. Some argue, that because of this Bitcoin can actually better for fighting money laundering than fiat because fiat can go without traces (cash), whereas Bitcoin cannot. As for money laundering in general, all types of money can be used for it, so we should not blame Bitcoin for it. Moreover, it's debatable whether Bitcoin is even used for financial crimes more often than fiat. If you are talking about IDs as in government IDs, then you'll find a lot of people being rightfully against it, because such a system could be easily abused and violated privacy even more than it's violated these days.
Hi, Gents,
I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
Hi. There is already a tracking system for Bitcoin, and it's called 'blockchain'. Some argue, that because of this Bitcoin can actually better for fighting money laundering than fiat because fiat can go without traces (cash), whereas Bitcoin cannot. As for money laundering in general, all types of money can be used for it, so we should not blame Bitcoin for it. Moreover, it's debatable whether Bitcoin is even used for financial crimes more often than fiat. If you are talking about IDs as in government IDs, then you'll find a lot of people being rightfully against it, because such a system could be easily abused and violated privacy even more than it's violated these days. I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
If they can track your BTC funds thats no longer called bitcoin, it's called dollars in a digital currency coat. Everything is decentralized about bitcoin the only things that matter are when you put your BTC on some centralized exchanges. If it is huge money, then you will need to make an excuse about it or you need to provide a reason which is hard to find if you want to tell a lie. The good thing about bitcoin id, you can put it on hard wallets like trezor where you don't need to worry about being asked by the bank or the exchange's representatives. you can hold it there as long as you want without someone to know how much huge you got there.
Hi, Gents,
I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
I disagree with your point of view, money laundering is not the reason why bitcoin cannot become a global currency, simply because people can still launder money with dollars, pounds sterling and other currencies. other currencies, and they are still used in international payments.I think there has to be a way to create a tracking system for bitcoin. Every wallet must contain ids. Otherwise, bitcoin can be always used for money laundering. If you want to launder money, you can find a cash seller everywhere. After bitcoin is bought, noone can prove whose bitcoin it is. I think this is the only think that preventing bitcoin to become a global currency. Do you think it would worth this much if it is trackable. I dont think so. There will be altcoins that work with tracking system and ids. They will become a global currency. Bitcoin? I think never. What do you think?
The biggest cause lies in the core characteristics of bitcoin that is decentralized, the current world cannot accept a currency that cannot be controlled like bitcoin.
Wasn't the Bitcoin at first place created to be anonymous and untraceable? It can become global currency without needing to expose anyone's identity. Furthermore, it is already somehow global currency and it's expanding. And yes, money laundering can be easily done with fiat currencies as well.
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