What regulations does crypto need?
These days nearly everyone is waiting for regulations,
hoping that it will increase both adoption and price levels. The belief about institutions waiting for
clarified laws to enter the crypto sphere is powerful.
People already involved are dreaming, after it happens, cryptocurrencies will gain other people trust.
First of all, cryptocurrencies were born to resist any kind of regulations. They are a powerful tool, which allows us to achieve freedom in the financial sphere. As long as they are out of the law, we do not need to report our incomes, pay fees just for keeping our own money and care about banks. It is an only existing way of passing value anonymously (besides cash, but it's not practical at all). Crypto even allows avoiding taxes (which shouldn't be done if the taxes are fair). It is the essence of money: you store it, you spend it, no-one tells you what to do with them and no-one is able to take/steal them.
Now think of the regulated financial system (#banks). You need to reveal all your personal data to be part of it, if you get accepted of course. More than 2 billions of adult people are not able to access that system, and yes they do have an internet connection.[Compare it to crypto: I know a guy whos fridge has it's own BTC wallet and orders milk whenever he drinks all of it.] In low-developed countries, banking is expensive and brings only restrictions plus enormous fees. As long as you keep money in the bank, someone is always watching them. There is no possibility to deposit or withdraw a bigger amount without questions and taxes. When it comes to transferring it gets even worse. Most money exists only virtually, yet the process takes at least a few hours ( assuming it's not weekend/feast or even evening/night). International transfers are ridiculous, few days at least and $20 fees.
Does all of this grant safety?
(Let's ignore the fact that financial institutions caused the last recession and they are the reason behind increasing inflation)
Banks do not underlie their clients, they underlie governments. This means that money kept there are not yours.
Can you withdraw all your money whenever you wish? NO
Can the government take them whenever they wish? YES
Must they ask for your permission? NO
Can you deposit 10,000 $ without revealing the source? NO
Can the government do it? YES
When you make a debt, can you just create some money to cover it? NO
Can the government do it? YES
Is it possible to steal properly stored BTC? NO
Is it possible to steal money kept in a bank? YES
Bitcoin exists since 2008, for ten years it was not once hacked. The bounty for successfully breaking BTC is constantly increasing, currently it is 112,643,248,314 USD. The code is open source so anyone can read it.
Bitcoin allows merchants to accept cashless payments without any requirements.
Bitcoin allows anyone to transfer value regardless of any borders and institutions, for a few cents fee.
Bitcoin gives everyone equal possibilities (what I mean by everyone is every not only every human being, but far more #fridge).
Bitcoin won't suspend your account even if you use it for immoral purposes.
BITCOIN MEANS FREEDOM.