This is one of the major reasons why the government wants to regulate cryptocurrency. Because if they do not regulate it, there will be a lot of money laundering and there won't be any traces. But the issue is that if cryptocurrency is regulated to a certain level, it would defeat the purpose of it.
I don't know , but I just believe that there will be a situation in the future in which cryptocurrency may completely be banned out of circulation because as more people invest , the government will believe that such money could have been used to develop each countries economy m.
Anything is possible but I don't think cryptocurrency can be completely banned to be honest. There are a lot of billionaire dollar businesses and individuals adopting bitcoin. Some countries have also adopted it as a legal tender.
Yes it may be true , cryptocurrency may not be completely eliminated. The reason why i said so is that it seems so many government of the world are not really comfortable with this cryptocurrency of a thing.
I think some government around the world are actually very much interested in cryptocurrency. There was a news that came out some time ago that Russia were storing their money in Bitcoin. Countries like El Salvador have actually accepted bitcoin as a legal tender and I think that is a welcome development.
I don't really know what the government of El Salvador are doing , do you really think that the masses and the citizen of the country really enjoys transacting with a highly volatile coin ?
It's a choice. there are people who are interested in transacting with bitcoin and there are some people who do not understand it and they are not interested. It is just a legal tender and it is not compulsory that you should transact with bitcoin. They are just trying to promote it in their country and I think that is actually a good move.
Oh , i was believing that if something is being made a legal tender , that it is compulsory for every citizen of that country to use it and no one should refuse it when being offered for exchange of goods and services.
They can also use their own local currency to make payments and that is why bitcoin is not compulsory. It is a legal tender in the sense that you can use it to receive payments and also make payments but it is not compulsory for someone to accept. Of course, there are people who do not understand how it works and this was put into consideration.
So what is the need of a cryptocurrency being made a legal tender in the country when it could have just be accepted as just a normal cryptocurrency since this is almost the same. I thought the legal tender would have made it compulsory.
There are many countries that have more than one Fiat currency as legal tender. In those countries, none of them compulsory. Imagine a young man going to buy something with bitcoin from an oldie, do you think such transaction will work?.
Thank you so much for the great enlightenment because I was just thinking how this could be done. I was considering the government of El Salvador to be so inhuman by making cryptocurrency as a legal tender , I was thinking that it is compulsory for every merchants to accept it.
Good you got my point. Making it a legal tender is just a way to make the transaction very official and approved by the government. if the both parties involved are knowledgeable about bitcoins they can agree to make the transaction with Bitcoin.
One thing about the trading in cryptocurency is hat the market cannot be predicted,because it is very volatile and can make someone to be very rich with no time,and you can loss your assets as well within a short time.
I don't think volatility is a major disadvantage of cryptocurrency because both in Forex and stocks there is also volatility. The thing is that you should invest in reasonable cryptocurrencies because there are many scam cryptocurrency on the market.