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Here is why many governments are very afraid of bitcoins

Introduction

According to many people and investors, bitcoins or the cryptocurrency is the first peer to peer network that is decentralized. When you pay through bitcoins or any other cryptocurrency, you should never expect to get any interference from the bank or the financial institution. The trade or the transactions are always done directly from the client to the client without interference. According to many governments, bitcoins world is going to be a threatful world. So, what is there for the government to fear the digital currency?

They cannot be able to control it

Many people in power fear that the introduction of the fiat currency to the world is outrageous because the government cannot be able to control it or regulate it. As compared to the traditional way of tracking currency, you cannot be able to track the bitcoin currency or be able to track its movements. For the first time, the government has no control over the profits and the currency movement. If the government has no control over the bitcoin currency, it means that it is unable to tax the transactions and the currency movements. That means the government will never benefit from it even when the transactions are done right in their countries. To understand about bitcoin control, click here

The crime concern

Another thing that worries many governments is the rise of the crime rate due to the digital currency. It all starts with the hacking of transactions, not being able to trace the financial transactions and using the currency to facilitate crime. Many governments worry that the currency might be used in the future to facilitate crimes such as prostitution, drug trafficking, terrorism among others. In simple terms, the main concern is, there might be legal activities that can be funded using the digital currencies under the government noses. To know more about bitcoin concerns, click here.

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