The biggest advantage of bitcoin & co is anonymity, speed and evasion of traditional payment methods such as wire or credit card transfer. Advantage not only for the good people but for the evil ones as well. Homeland and Secuity Department is concerned about the possibilities offered by cryptocurrencies. Regulation is needed.
Why would someone pay fees to transfer money from europe to the US or vice versa if you could just do this for free? With the help of cryptocurrencies traditional bank services have become dispensable. No clerks needed, just send me your f**** money over. Unfortunately this world does not only consit of good people who want to book their next holiday. Bitcoin and other cryptocurrencies can easily be abused for
- tax evasion
- money laundering
- terrorism financing and other evil things.
Regulation is needed
It is rare that democrats and conservatives share the same opinion but when it comes to bitcoin and other cryptocurrencies they are unanimous: Regulation is needed in order to tackle criminal activities executed with help of bitcoin and other cryptocurrencies. Why put sanctions on Iran or Noth Corea if these countries can simply outwit the system by using cryptocurrencies.
Cryptotrading is not as anonymous as you might think
Not long time ago the cryptomarket Coinbase lost an appeal and was obligated to provide investigators with data from approx. 20.000 accounts. These investigators are hunting down criminals all over the world and they won’t stop at some silly coinbase.
Trump will jump in
Although there are still some coins by means of which you can transfer money from to another almost anonymously the Trump administration is already alerted. Probably they will find one way or another to tax cryptocurrency transactions and drag cryptos out of anonymity into the light. Some kind of crypto legislation is in work.