Bitcoin: Legal/Illegal?
.jpeg)
My name is Shariq and I am the student of Business Administration. I came to know about BITCOIN last year in January and honestly speaking it didn't excited me because I thought I would be scam or something like fraud.
But after a few months I started seeing posts about bitcoin and its popularity. It was getting popular because of its rising market value. Every one was talking about BITCOIN.
So I started to know about what it is and why it is being popular in no time.
I started to learn about cryptocurrency. It was astonishing for me that the thing for which I was researching actually tops the list among all cryptocurrencies.
When I started searching about bitcoin it had reached to a whooping price of $4400 on 14 August 2017.
Then on 12 Sep dipped harshly from China bitcoin ICO & exchange crackdown and price came down to 2900.
On 13 Oct price shot back up as the world moves on past the incident following China crackdown and reached to a price of $5600.
It was 15 December 2017 when its price reached to a historical price of $17900. It was the first highest price bitcoin ever reached. Then 2 days later it dropped to $13800. Today when I checked it last time it was on depressing price of $9146.
The discussion is not how and why its price increases or decreases . The discussion is it should be legal or not?
.jpeg)
I think it should not be legal because it helps the people to white their black money and also it can be used in money laundering. You can transfer your money to any country without paying taxes which is illegal.
It is decentralized currency so anyone can produce and trade it for real money. You just need a mining machine and a software for mining. Mine it in pool or Individually it's up to you.
As it is decentralized currency so government have no interference in it. It is supporting money laundering and tax evasion.
So I think Bitcoin is should be declared Illegal because it is a threat for every government.
Hi there. I somehow got your point but how I see it won't make it illegal in terms of government not having interference on it it's just that they might not have any Law available yet that governs cryptocurrency. For example, is using marijuana Illegal? In some country "NO" in our country, "YES". So being legal or not depends whether there's a certain Law that was created for it. Well this is entirely based on my opinion.
Hey. You are right. But for making a law for it means it would come under govrnment and people would buy,sell or trade cryptocurrency through a proper channel which would be against the rules of bitcoin as it is a decentralized currency.
Exactly. For me the only thing that they can regulate are the exchanges but not cryptocurrency itself. This might not be a perfect example but let's put Gold as an example, Gold itself can't be regulated but those miners, jewelry companies, etc are the things that they can regular by either putting tax on it or providing set of rules but for Gold itself, a big NO :)
Agree with you. But it should be made quick unless maximum people use it in illicit use and as a result gov have to ban it for life time.