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October 08, 2018, 09:27:06 AM Merited by letyouearn (2) |
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Initially, the cryptocurrency was conceived as a protest: against banks, against politics, against the territorial separation of people. Today, the idea of an alternative economy is alive, because most countries in the world have not begun to fully regulate crypturnover. But what awaits us in the coming years?
DANGER OR GOOD?
The first mass reaction of most countries to bitcoin was extremely negative. However, a direct ban in most countries did not follow. Why the majority of countries in the world did not approve the unambiguous status of cryptocurrency? Let's see.
On the one hand, the idea of crypto-finance is truly revolutionary. The main advantages are anonymity, speed and low transaction costs. The income from cryptocurrency manipulations is almost unlimited, since it is not taxed, and it is difficult to track. But the advantages in these factors can be seen by the user, and not by the state and the banks. Large banking systems would borrow the mechanism of action of cryptocurrency with its transfer rate, ease of conversion, but not anonymity and decentralization. States see a financial security threat in these “benefits”.
The first thing that strikes the state budget is the absence of taxation of cryptocurrency operations. Naturally, this situation does not suit any country.
The next danger is the prosperity of trafficking in illegal goods. Weapons, drugs and many other illegal goods can be paid for with cryptocurrency. Such a payment can not be traced, therefore, it is difficult to catch the offender.
In addition, huge sums of money are withdrawn from the country in the form of cryptocurrency. Traditional currencies are losing popularity and becoming cheaper. This can undermine the economy of any country.
DIFFICULT RELATIONS
All these problems can be solved by prohibiting the circulation of cryptocurrency. But many states understand that it is better not to fight innovative technologies, but to support them.
The most technically advanced countries in the world are friendly to cryptocurrency. For example, in Japan, the largest coins are officially recognized as means of payment with a purchase tax. In the US, bitcoin was offered as a cheaper alternative to the current international money transfer system. This sharply raised its value. In Croatia, cryptocurrencies can be legally used, although they cannot be considered legal tender. The European Court recommended that all EU member countries exclude cryptocurrencies from the number of assets subject to taxation.
However, many states tried to create a negative image of cryptocurrency.
China imposed a ban on trading on the world's largest cryptocurrency exchange BTCChina. The authorities of Ukraine consider Bitcoin to be a cash surrogate, which does not have real value and cannot be used by individuals and legal entities on the territory of Ukraine as a means of payment, since this contradicts the norms of Ukrainian legislation.
Nevertheless, most countries gradually change their negative attitude to cryptocurrency to a more loyal one. Most likely, the recognition of cryptocurrency by all countries is just a matter of time.
WHAT WILL HAPPEN NEXT?
Analysts predict different ways of cryptocurrency development. Consider three of the possible events.
1. The collapse of cryptocurrency. The most skeptical users and opponents of cryptocurrency believe in this option. In this case, the whole world will experience a major financial crisis, because a lot of “real” currency has been invested in the cryptocurrency. But over time, national currencies will strengthen its rate. Despite the possible collapse, world banks will adopt the blockchain system and adapt it for paper money.
2. Combined use of real and virtual currency. In this case, the cryptocurrency will finally cease to be independent and fully submit to the world banks. Its rate will depend on the rate of the real currency and vice versa.
3. Complete replacement of the real currency. Now the economic world, living only cryptocurrency, seems like a fantastic movie script. But it is possible, just as cars once replaced carriages. In this case, all financial transactions will become non-anonymous and centralized. Virtual coins will almost not differ from the current real money.
Be that as it may, it is most profitable for users to perform operations with cryptocurrency right now, as long as there is an opportunity to do this anonymously and with great profit. After all, no one knows what will happen tomorrow.
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