While many governments around the world are banning or regulating bitcoin and other cryptocurrencies, I would like to offer why the government should regulate and not ban this technology. There are several reasons why I believe this is the right way to handle this issue. So, if you care about this issue, read on. I’ll go into more detail on why the government should regulate and not ban.
One: Bitcoin is an asset rather than a currency. So, its growth and use are very limited and subject to changes based on government regulation. On the other hand, gold is a more stable asset, and it has increased in value since the government began regulating and banning gold purchases. Therefore, regulating and banning gold is good for the economy, as the US Dollar will be worth more than it is now. However, gold can be purchased through private mints, and so, is not entirely subject to the state or central bank.
Two: It is very easy for the government to determine if a person is using something illegal or what they are doing that is wrong. In addition, you can have a sting operation with the IRS. If they find out you are not paying taxes or are operating illegally, you will be arrested. This is much different than if they knew that they could not arrest people with the ability to manipulate gold.
Three: Gold is a precious metal and is used for currency to regulate supply and demand. This is the reason why the US has the gold standard. If you don’t have any, then you will be controlled by the supply and demand of gold, rather than by the government.
Four: All governments worldwide use the dollar as their fiat currency. If you are operating outside of the dollar, you will be subject to those laws as well.
Five: Israel recently issued a study stating that over 80% of the population does not have access to capital. This is a problem because they lack a central bank. Therefore, it’s not uncommon for a person to store money worth more than what they have.
Six: The reason most countries around the world do not care is because they fear government’s regulations and bans. Therefore, this is the reason why the US government should regulate and not ban.
Today, there are several ways to trade and buy gold. I suggest you look into the best of these methods for the best returns.