Introduction
It is often something natural that the government hates what the people love, which means that the regulation of the government always stops people from using the easy ways. They try to convince people to take some difficult ways. According to the government, the bitcoin has spoiled the mentality of working in the people of many countries, hence they do not want to legalize it in many parts of the world.
Bitcoin And Taxes
Another reason could be that the government does not incur any tax from the cryptocurrency, and the second denial happens because there is anonymity in bitcoin or any cryptocurrency. Hence the government does not believe in the people who do use bitcoin, every country has its own fiat currency, the value of the currency depends on the state’s import and export value. If the export of the country is well then the value of the currency rises, well the logic behind the rise and fall of the value of the cryptocurrencies is also the same but it depends on the export value of the entire world, it does not depend on any one of them. The global money export is a result of the value of the cryptocurrencies, hence if the government tries to embrace the cryptocurrency then they will have to change and bend a lot of rules against the existing government or constitution.
Bitcoin Vs Fiat Money
● Bitcoin gives power to every single man to control their own money.
● Bitcoin is certainly not affected by inflation; hence it is easily moveable.
● It can’t be lost just like that; you have the full control of the coin.
● Bitcoins are not controlled by any authority, it will also help to rebuild some spaces
● Such digital currency does not face a very long-term loss or obstruction.
If you know of Venezuela then you must be aware that after facing all ups and down with all political and economic crises. Venezuela has now confirmed bitcoin as a primary fiat currency which is no less than the traditional Venezuela money. This of course does not mean that all the states will have some similar fate, it could be different for many. In Venezuela the bitcoin trade increased by at least 30% after the errors than before. If you are looking for trading in crypto then try bitxt app.
We are just trying to say that if no other currency works, then bitcoin is the next trusted form of money. It will be able to serve in the crisis period better than any other currency. But it is unfair if we just talk about the upside of the bitcoin, we must also know the negative or the downside of the bitcoin community. You might of course think that how is it possible that there is no drawback in bitcoin. Let me tell you there is some major drawback.
The Downside Of Bitcoin
● Let us now focus on the downside of the bitcoin
● There is zero regulatory, so it might go out of control just all of a sudden.
● Any bitcoin activity is largely depended on internet availability.
● If there is a lot of payment in the same address during the same time then the transaction speed may lower down.
The conversion of the bitcoin to fiat money is very difficult and it is extremely costly. Even now, not all traders use bitcoin, nor everyone understands the use of bitcoin.
Crypto Currency Conclusion
Although bitcoin cryptocurrency has no physical look or existence, the bitcoin has to be saved in a safe locker so that it is not stolen by the cyber thief or the cybercriminals who are awake to steal when you sleep.
