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Why governments won’t make Bitcoin illegal

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Bitcoin may have been received by politians with a frown, but the game is changing. And although the United States government is making everything it can to chase down the companies and platforms that are making dirty jobs, no government will ever consider Bitcoin illegal, according to Tom Geller.

The experienced technology commentator claims that the currency isn’t to blame, like Craigslist isn’t guilty for crimes organized through its ads. Just imagine if governments tried to blame common Bitcoin users for crimes of any sort linked to the digital currency… Good luck!

And, yet, if some day Bitcoin turns out to be really successful, even more than now, Tom Geller’s forecast is that governments will want a piece of it. Regulation is a probable future for the cryptocurrency, as more and more users join the pack.

It may not seem positive at the beginning, but if you think about the consequences of regulation, they’re not so bad. A central authority controlling Bitcoin would make sure no coins are destroyed by mistake, like already happened before, creating new ways of recovery or restitution. And, then, the entire system will be more protected from a big attack, like a 51% attack we explained here.

So, overall, Bitcoin would be more protected, but also under surveillance like never before and this can go both ways, since Bitcoin will only exist and persevere as long as there are people trading and exchanging it. When the time comes, how will the digital coin users feel about this?

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.

View all Posts by Maria Santos

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