29 Mar '15, 2pm

Why Bitcoin Regulation Will Never Help Consumers

Why Bitcoin Regulation Will Never Help Consumers

For example, it seems that regulators big idea on how to improve security for Bitcoin users is for Bitcoin users to add their identity to every transaction. This is so pathetic that it is laughable. One, this introduces identity theft into the equation where it does not exist. Two, it makes Bitcoin harder and more inconvenient to use. Three, it doesn’t solve any known problem with Bitcoin transactions. Bitcoin current problems may include sending Bitcoin to the wrong address by mistake, or not getting a product after sending a payment. These problems can be solved without compromising user security with every online transaction. That hasn’t worked with debit card transactions, so why would it work with digital currency transactions? This goes back to my point about are regulators trust-worthy. This would help regulators be regulators, but it wouldn’t help consumers at all....

Full article: https://www.cryptocoinsnews.com/bitcoin-regulation-will-n...

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