Why Bitcoin cannot be traced back (why Bitcoin continues to be banned repeatedly)
Why can’t Bitcoin be traced back? According to CCN, Bitcoin was defined as a “derivative of a currency” at the beginning of its birth, and as an emerging asset class in the Cryptocurrency market, it is also popular. However, due to its long trading history and involving a large number of complex mathematical and statistical problems, it has not become a fully transparent and auditable market system, as most blockchain networks follow However, why can’t Bitcoin be traced back? Because it is inferred based on temporal order rather than random numbers, it is not suitable as a reference. If there is no such method, then it is not suitable for investing using this technology
Why Bitcoin has been repeatedly banned
According to reports, on April 15, 2018, the price of Bitcoin fell below $8000 in a short period of time, and then rebounded back into the range of $9000- $10000.
Although there has been a significant increase in the market and the reason behind the surge is that some investors have already converted their digital currency holdings into cash and invested in leveraged trading to cash out or short in exchange for higher returns. But that’s not the case
In December 2017, the U.S. Securities and Exchange Commission (SEC) fined BitMEX, the crypto asset platform, and its parent iFinex Inc. more than 70000 pounds, because the company failed to comply with anti money laundering regulations and undisclosed sources of funds. Afterwards, the US Financial Industry Regulatory Authority announced plans to begin investigating activities related to encryption and publish information notices about its business to the public by 2020, while requiring all affected users to provide relevant principal information However, in the long run, although the US government may not allow people to purchase, sell, or even use encrypted assets, if there is sufficient capital to support the continuation of these activities, this risk may be greatly reduced; And since there is no need to establish appropriate insurance funds or other related service institutions, the US Congress should consider whether to prohibit Bitcoin and other virtual currencies as a means of payment Since early March this year, GrayscaleTrust, a subsidiary of GrayscaleInvestment, has been rejected from Bitcoin trust products for three consecutive years, which means that Grayscale’s stock price has fallen by more than 50%. In addition, according to CoinMarketCap data, since 2013, the cumulative inflow of grayscale GBTC has reached $576 million. At the end of October 2017, GBTC had a total outflow of 289 million ETHs, worth approximately $947 million. From August 22, 2018 to the end of January 2019, this number increased to $1.368 billion. At the end of 2020, this value was $1.693 billion. In the more than three weeks since the end of the first quarter of 2019, Gray has conducted a total of 17 large transactions. “Bitcoin halving” has led to a decline in the price of bitcoin. As of the press release, only Russia, one of the world’s major economies, had two large-scale mining events: “Last November, Iran burned 150 million dollars worth of bitcoin through power system power plants.”
However, for the current market, bitcoin is still a “foam”, and it has not become a speculative asset as many people imagine. Compared to other mainstream currencies, Bitcoin still has enormous potential, but with the development and maturity of blockchain technology and the widespread application of Bitcoin, its volatility and security will become increasingly high Original link
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