Worried About Regulations’ Impact on Bitcoin? You May Not Really Understand What Bitcoin Is.
The current authoritarian excesses of Western governments will help bring to light what Bitcoin really is.
Bitcoin is a leaderless P2P payment system. As such, no one can claim to control Bitcoin. Bitcoin is decentralized, permissionless, and trustless. Anyone can become a node on the Bitcoin network if they want to. This is a great strength of Bitcoin that many people have difficulty perceiving.
Indeed, the majority of people who buy Bitcoin focus mainly on the hedge against inflation that Bitcoin represents. They are only interested in the financial investment side. When you talk to these people about the absolute necessity of having the private keys to their Bitcoin, they will tell you that they are not interested.
They will tell you that they have nothing to hide and therefore have no interest in the security of their wealth. They will also tell you that it is too complicated. They, therefore, prefer to trust the exchange platforms to store their BTC.
What is currently happening in Canada with the authoritarian excesses of Justin Trudeau's government seems to me to seriously reshuffle the deck by showing just why it is necessary to make the effort to take responsibility for securing your Bitcoin.
The Canadian government is addressing the weakest point in the Bitcoin ecosystem when it comes to censorship: the exchange platforms. I'm talking about the Bitcoin ecosystem, not the Bitcoin system. You will understand why later. The government of Canada has sent requests to block cryptocurrency accounts on exchange platforms concerning Freedom Convoy protesters in Canada.
To continue operating in Canada, these exchange platforms have or will have no choice but to comply. This is where the Kraken CEO's testimony is exemplary in its honesty:
When asked by an Internet user if Kraken will be forced to comply with any government requests from a jurisdiction in which the exchange operates, Jesse Powell said that Kraken will have no choice but to comply.
This confirms, if anything, that your Bitcoin and Altcoins are at risk on the exchange platforms. Even if they wanted to, these platforms would not be able to go against the will of the governments, under penalty of losing their licenses to operate.
So the best solution is always the same: take full possession of your Bitcoin by recovering your private keys. Then you can use your Bitcoin to make P2P trades. To take it a step further, I invite you to even consider solutions for buying Bitcoin in no-KYC mode. This is not a requirement, but it is probably the only way to be truly protected from any form of censorship by the powerful people of the current monetary and financial system.
All of this brings to light what Bitcoin fundamentally is: a global and open decentralized payment system. This helps answer a question that many people are currently asking about the impact of future regulations in America and elsewhere in the world on Bitcoin.
I don't know what the nature of the coming regulations in America or elsewhere will be, but you have to understand that the impacts will be that much greater for you if you don't use Bitcoin as it was designed. Bitcoin was designed as a P2P payment system. If you use Bitcoin exclusively via exchange platforms, then you will be at risk just as you were with the current banking system.
If you have fully embraced the liberating power of the Bitcoin revolution, then you will not be impacted by these regulations even though they will be perceived as negative for the development of the industry. The key is the users, not the technology itself. Bitcoin technology already gives you everything you need to take back the power over your wealth. It's up to you to make the effort to take full advantage of it.
Extrapolating, I even have a feeling that what is happening in Canada now, and will inevitably happen elsewhere in the future, will accelerate awareness of what Bitcoin is, and how you should use it to take full advantage of it.
Final Thoughts
The more authoritarian measures the powerful people in the current system take, the more the very existence of Bitcoin will be legitimized, and the more the number of Bitcoin users will increase. People in the West who thought they were safe from authoritarian decisions will increasingly open their eyes to the absolute necessity of protecting themselves just in case.
This realization will boost Bitcoin's adoption in the future and put the spotlight back on what it is: the only global P2P payment system that allows you to make transactions that can't be censored. An absolute necessity for the world of the future.
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Bitcoin is future, no need to worry.
Thinking about all these regulations pointed to Russia, yeah it was right think to do to stop their aggro. However, it's really sad the innocent people in Russia gets affected by this, and the people over there tend to head to crypto. To be subjective I can't really say if it's either good or bad considering every aspect.
Ps. I hope Russia ends this suffer asap