Bitcoin was designed as a peer-peer transaction system. It is a decentralized system whose data is stored in public ledgers in various computers globally. Therefore, even there is a lack of clarity regarding crypto regulation in many countries, investors should not be much worried about the same. This is because no one can shut down Bitcoin, says Binance CEO. Hence, instead of creating hurdles for the same, they should embrace the technology and have favorable laws in place.
Bitcoin can’t be shut down
Shutting down Bitcoin will be similar to stopping the internet in today’s era, which is next to impossible. For this to happen, the entire world has to act in unison to erase the existence of Bitcoin from the public ledger, which isn’t going to happen. Government’s fear it because it brings power to the hands of the public. Now they know that inflation won’t affect the public anymore, and we will have the “freedom of money.” Even regulators should also stop considering crypto as an enemy and treat it as an innovation.
Exchanges, on the other hand, are something that can be scrutinized and even shut down by the governments, but even for that, we have decentralized exchanges. Binance, the largest crypto exchange globally, also has faced a lot of scrutiny in the past few months. The exchange says that they don’t have headquarters in a specific country or region so as to prevent from being shut down by the government.
What makes crypto so appealing?
Everyone wants to be rich, get good returns on their money, or at least preserve the value of their money. But the pace at which governments are printing money during the pandemic has made everyone believe that dollar is not sustainable. Inflation rates are skyrocketing, and the value of the dollar is falling faster than before. This is why crypto is important.
On one hand it is protecting the value of your money, and on the other hand, it will also increase it. In the last 10 years, Bitcoin’s average yearly growth rate was 250% which is the most for any asset. Such rates make people want to keep their money in the form of Bitcoin rather than dollars.
Are you a crypto investor? And if yes, what makes you invest in it, the returns or the idea? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.