Well you can’t lend or borrow BTC because of the wild volatility so there’s no real banking possible, but I can see usefulness as a cross-border payments system or a store of wealth if you’re in a place with broken currency and/or financial institutions. So maybe if I were in Venezuela I’d love BTC?
A nice Dorgan! It’s good to hear about its practical uses
I m guessing it will only be a matter of time before govts begins regulating it like standard currencies…
This document represents the first stage in the government’s consultative process with industry and stakeholders on the broader regulatory approach to cryptoassets and stablecoins. It seeks views on how the UK can ensure its regulatory framework is equipped to harness the benefits of new technologies, supporting innovation and competition, while mitigating risks to consumers and stability. Additionally, this document includes a call for evidence on investment and wholesale uses of cryptoassets, and the broader use of DLT in financial markets. The government invites views from a wide range of stakeholders, and particularly firms engaged in cryptoasset or DLT activities.
It’s possible, it’s always a cat and mouse game, but since no one actually owns the currency, tracking who paid who is still a challenge for them.
They can track exchanges or cloud wallets for instance, but I’m not so sure about peer to peer trading, and I’m not sure they would consider it worth it for low volume trading.
UK has quite a lot of freedom comparing it with many other countries, so even if they manage to enforce those regulations, I don’t expect them to be too much of a hassle(even if in principle I’m against it). That kind of country doesn’t seem to have the kind of restrictions that makes you want to actually use bitcoin. In that regard I guess most people buy bitcoin because the price always goes up and they want some quick money, not trading.
But countries with more restrictions to foreign trading and currencies are less likely to have the resources to enforce regulations on crypto currencies, even if they pass a law(pretty much all of Latin America). Their incompetence is what drives them to restrict foreign currencies so people don’t run away from their debased currency in the first place
They don’t care. They are VERY aware they don’t have a good paper-trail so they just need plausible circumstantial evidence that part of your income comes from cryptocurrencies. Even my backwater country – Bulgaria – is already starting to actively work on regulation.
Not saying the BTC heaven ends next month or even after 2 years. But I am saying that the writing is on the wall.
I hope you continue using it in this way so you don’t get screwed over by banks! But maybe it’s time to start looking around to diversify your cryptocurrency portfolio, I suppose.
I do that already with the top 10 alt coins, mainly to avoid getting hit too hard by the occasional increase on the trade fees(like in 2017, lessons learned). Also BAT from Brave rewards.
A good chunk is in btc though, it’s what most people use to donate and also some services like Namecheap accept it.
The UK now has UWOs - so for the largest cases (they probably don’t care so much about smaller transactions) they could probably find out through serving a UWO:
An unexplained wealth order (UWO) is a type of court order issued by a British court to compel the target to reveal the sources of their unexplained wealth. UWOs were introduced by sections 1–2 of the Criminal Finances Act 2017 and are governed by sections 362A–362T of Part 8 of the Proceeds of Crime Act 2002. Persons who fail to account are liable to have assets seized after an enforcement authority, such as the National Crime Agency (NCA), makes a successful appeal to the High Court.