The anonymity does make it very hard to try and regulate bitcoin as a currency, however the question or idea that i always had is that why can't they instead track the IP address of the person in question who has accessed the wallet and therefore they can track the person using the crypto? Would that not be possible?
Maybe they can track. In fact every bitcoin transaction made is stored on blockchain ledger which can be accessed by everyone. I believe there is some way to track that transaction and find who actually sent and received those bitcoins. Perhaps this is not the reason why governments are suspicious, maybe they think money which is in their control will go into the hands of common people.
Yes transactions are public on blockchain, however perhaps the information needed to access the IP that has access to that wallet is not readily available. Either way, governments are becoming more cautious with crypto usage in order to try and regulate the currencies. After all the only way for a government to benefit from such a currency is to legalize its use.
This is a very good point, as there are quite long confirmation times that are required for transactions that take place in bitcoin, however these are not evident when it comes to the coins like ripple, litecoin and even dogecoin. Therefore i think that in the future this is likely to be addressed, however at the moment the long confirmation times coupled with the excessive transaction costs are a definite hinderance,
PayPal was a very large and contributing factor for the rise in bitcoin price, and in my opinion it is one of the factors that provided larger investors with the confidence to venture into the crypto world, especially with a payment giant such as PayPal being willing to accept it as well.
Yeah I really appreciate paypal's such step towards our future currency. I hope they launch globally the buy & sell of cryptocurrencies directly through paypal. Most of the countries are not yet supported with such beneficial program of paypal. If paypal launches this option globally, the price of bitcoin will rise to about 50k to 100k .
This is entirely possible. And with global adoption there will be a major increase in its reach and usage as well. Based on what has already been released by PayPal it is in their future to expand this reach to various other regions throughout the course of the 2021 year. However, we also need to remember that with a payment giant like PayPal getting involved here this could lead to regulations being imposed on crypto in order for it to be supported to a larger extent. Do you think global regulations may soon be imposed?
Which country are you living in where you are able to use bitcoin as a main form of payment? This is very interesting as I don't think that there has ever been the case with any of the countries that I have seen apart from Venezuela.
