The United States is the first stop for all cryptocurrency investments. In this country, all the cryptocurrencies are accepted. Investors residing in the US are highly interested in Blockchain Funds and startups. There is a high influence of US investors over crypto-exchanges such as China’s Binance.
Read Also – Why America Can’t regulate bitcoin?
Although Cryptocurrencies are highly secured digital asset which can be used to secure pays but these assets have no authority and are out of governments control. Cryptocurrencies could become an instrument for drug dealing, outflow, and terrorist attacks. Governments are not against the development of blockchain technology but the illegal use of these networks.
However, We need a Government manageable cryptocurrency which should be scalable and reliable enough to replace our currency.
What is Bitcoin?
Bitcoin is an open-source ledger of transactions held on a decentralized network. It enables a user to perform transactions securely without any central authority as we discussed earlier. Tokens are not printed as dollars or euros but they are a digital signature which is produced by computers. The verification and security are provided by cryptographic functions.
Read Also – What is Ethereum Blockchain?
Why Bitcoin is banned in many Countries?
Bitcoin is banned in many countries because of the following reasons,
- It has no central authority due to which it is out of the control of the Government.
- Also, It is used to perform illegal transactions such as for human trafficking, child pornography, purchasing drugs and other illegal activities.
- Also, It is used for money laundering purposes as bitcoin is a node-to-node network service to perform transactions.
- In addition, Other factors are financial institutions such as Bank don’t need a competitor and using Bitcoin will reduce the dominance of banks.