1. QiAi QuestsHome
  2. Metaverse & Beyond

Why Can’t Bitcoin Be Regulated? (Why Can’t Bitcoin Be Traded in China?)

• Metaverse & Beyond • 62 views

Why Can\’t Bitcoin Be Regulated? Editor\’s Note: This article is from Xcongapp(ID:

Why Cant Bitcoin Be Regulated? (Why Cant Bitcoin Be Traded in China?)

Why Can’t Bitcoin Be Regulated? Editor’s Note: This article is from Xcongapp(ID:xcongapp), written by Wang Ye, authorized by Odaily Planet Daily.

Why can’t Bitcoin be regulated? From an economic perspective, the concept of “currency” cannot be completely banned because it is not widely used. However, if there are laws that force people to hold Bitcoin and digital assets, then this “currency” and “electronic cash system” must be restricted. So why shouldn’t Bitcoin be regulated by law? The following picture tells us the answer:

1. Bitcoin itself is decentralized, but its transactions are also operated by computer networks, with the sole purpose of making it more convenient for users to receive funds.

2. “Cryptographic payment technology” can be used to promote the adoption of blockchain technology.

3. “Privacy protection,” Bitcoin is a solution that ensures anonymity on the Internet in a special way, rather than as a medium of exchange.

4. “Security” means that anyone can control their own identity or personal information, such as whether your bank account belongs to someone or what passwords or wallets you have.

1. Unlike other virtual commodities, Bitcoin is not a publicly usable store of value, so it is not a legitimate investment tool. Since Bitcoin is a privately issued technological product, it cannot be used as a source of demand for the country’s legal tender.

2. $20,000 is a huge investment target, and the rise in the price of Bitcoin has led many investors to see it as a speculative asset rather than proof of actual income or profit.

5. $1 is not the main factor affecting Bitcoin price fluctuations.

6. Equivalent to 10 times the currency may affect market demand and increase prices, thus creating new purchasing power.

7. Bitcoin lacks built-in security features, which makes it easy for consumers to accept this product.

Why Can’t Bitcoin Be Traded in China

According to CCN, after banning Bitcoin trading in countries such as the United Kingdom and the United States, Chinese investors have had a huge controversy over these digital currencies.

According to a report from the Financial Conduct Authority of the United Kingdom, although most people have purchased cryptocurrencies and have not been authorized to trade in China (such as using PayPal or Square), they do not believe that this is related to their legality. Despite these concerns, some experts still advise against placing these assets anywhere in China.

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/24698.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/17/2023 10:19
Next 08/17/2023 10:41

Related recommendations