The Bittersweet Relationship Between Cryptocurrencies And Regulations

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30-01-2018 | CryptoFAN | 449


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The Bittersweet Relationship Between Cryptocurrencies And Regulations

The Basis of the Origin of Cryptocurrencies


When the first Cryptocurrency – Bitcoin , was introduced to the world, Satoshi Nakamoto, founder of Bitcoin and Blockchain, mentioned in the whitepaper that the aim was to launch a currency which was not controlled by a central authority.


Regulations limit the use of currencies freely across borders. The whole process of conducting international transactions with usual fiat currencies continues to be a somewhat tedious process. Cryptocurrencies at their core are meant to be decentralized and are not intended to be controlled or regulated by authorities. 


So far, Cryptocurrencies have enjoyed this as well. But gradually, government and law authorities are beginning to notice the impacts of the use of Cryptocurrencies on a larger scale than before. 2017 was a big year for Cryptocurrencies where they didn’t just grow in popularity but also in value. However, people are divided when it comes to the need for regulations in the more or less chaotic world of Cryptocurrencies. 

 

The need for regulations 

 

There are lots of ways in which Cryptocurrency investors have lost their money and were unable to claim it or fight for it because of lack of regulations.  
Many exchanges closed without returning any money to the people whose accounts had money with the exchange. Many ICOs were launched where scammers used big returns as a bait to have people invest in them and they later turned out to be a sham. Many hackers have hacked exchanges and on-going ICOs and investors who lost their money had no way of getting it back. 


 All of these incidents necessitate regulations in the currently unorganized Cryptocurrency market. While investors are being more careful by reading about exchanges before choosing the exchange for them and carefully researching ICOs, but regulations can ease the situation and make it easier for investors.


The disadvantage that regulations bring

 

Now   to   discuss   the   darker   side   of   regulations,   authorities   will   begin   to   control   the   use   of Cryptocurrencies which may in the end centralize it stripping it of its very essence. In a recent bid to protect investors, South Korea has already issued regulatory orders advising investors that local banks will cut the flow of money to Cryptocurrency exchanges and trading platforms. Eight Cryptocurrency   exchanges   in   South   Korea   were   also   fined   because   of   inadequate   security measures. 


To a certain extent these regulations can be helpful, but Cryptocurrency supporters may not like the clutch of regulations getting too tight on the market. As of now, a better way of ensuring that investors are careful with their investments is to go through reviews of exchanges before picking the right exchange. A good place for doing this is https://www.cryptocoinjudge.com/


How does all of this affect you as an investor?


Regulations, like we discussed will have a good and a bad side. Cryptocurrencies when regulated too much may lose their importance. But if ICOs and exchanges are regulated to an extent then it will save investors from scammers and may minimize the risks of losing money to a fraudulent ICO or exchange.


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