“Bitcoin is still doomed” – Bloomberg | $641.23

In Senate hearings Monday and Tuesday, an all-star roster of conscientious public servants — from the Treasury Department, Justice Department, Secret Service, Federal Reserve, Homeland Security, Securities and Exchange Commission and so on — all offered very respectful remarks about virtual currencies and their innovative potential.

Yet a common theme they all expressed was that such currencies were something they’ll be able to control — something that can be monitored and policed — and not an anarchic and impenetrable system that drug dealers and money launderers and tax evaders can hide behind. So: The feds are paying attention.

For future users of virtual currencies, that’s a good thing. It’ll offer consumer protections and predictability. For Bitcoin, it’s a problem.

To the extent using Bitcoin has any benefits now — convenience, cost-efficiency, putative anonymity — it’s because authorities haven’t been taking it very seriously. As officialdom becomes more assertive, Bitcoin will become more difficult and expensive to use, and less anonymous.

Eulogy made by Timothy Lavin

Source

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Read more

Follow 99Bitcoins on your Google News Feed

Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!

Subscribe now

Alexander Reed

Editor

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including... Read More

Read Alexander Reed Articles