Introduction
Bitcoins were born in 2008 causing surprise and disbelief to many. Bitcoin is the first open-source and it is widely famous all across the world. Many might be aware of the California Gold Rush which has some similar stories like the bitcoins. The California Gold Rush took place in the 1840s and more than three lakh people participated in this event.
Three lakh people from all over the USA gathered in California in the search of then recently discovered a gold mine. But unlike the USA many countries do not like the idea of cryptocurrencies in the economic cycle. The Indian Government has been very harsh and tough to cryptocurrency usage. The Reserve bank of India has seized and sealed many banks and financial institutes that have been found to deal with a cryptocurrency like bitcoins.
Some applications have hit loss in India such as the Bitcoin Profit, which is one of the best bitcoin trading applications. This step of the Indian Government has brought a major setback for the various bitcoin traders in the virtual currency market.
Awkwardness for Government of Various Countries
Not only India, there are many other countries who have failed to understand the advantage of virtual currency, as a result, they fail to appreciate it. Such critical behaviour on the part of the Government is quite common or expected as they are afraid of the digital asset. Many have failed to instil their belief in the virtual currency. This fear or disbelief is due to the lack of understanding of the latest technology.
Many nations such as the USA, European States, and Canada have legalized the use of cryptocurrency with or without the intervention of the government. They have gladly accepted the system and have formulated rules and regulations pertaining to the circulation and usage of the virtual currency. The above-mentioned states of the world strongly believe that outrageously banning cryptocurrencies neither stops the crypto dealers nor does the system stops. Hence, they decided to go on with the convenient way of bitcoin trading.
Banning Cryptocurrency is a Myth
It is a myth or a misbelieve that banning cryptocurrency could completely ridicule the people using it in the nations where it is banned. Several governments of the nations have failed to understand that banning will not help. What all banning does is it makes cryptocurrencies punishable, but it can not stop people from trading it.
There are some qualities of cryptocurrency which will unknowingly drag the crowd towards it. Here are the qualities of the bitcoin which make up the mind of the people to make punishable offense. Again these are the qualities for which many nations have thoughtfully legalized cryptocurrency trading.
- The technical know-how of Crypto coins
- Availability of skilled crypto-miners in the market
- The unimaginable profit of bitcoin trading
- Volatile nature of Cryptocurrency
- Decentralized behavior of bitcoins
The cryptomarket is called a grey market and the existence of bitcoins from this grey market is not possible in the near future or in the long term.
Change in Business Model
The major owners or players of cryptocurrency or virtual currency have changed their business model due to the strong fists of the government. Now there are several wallet-like crypto traders, KoineX and WazirX are some of them. Customers can trade one crypto to the crypto wallet at some pre-decided rates.
Conclusion
During the great financial loss due to COVID-19 where more than 7 million people across the world have lost their job. Some have revived and refilled themselves only with the profits of cryptocurrency and many believe it to be the best threshold to respite now.
