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Sample Crypto Article

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TITLE: Understanding potential misuses of bitcoins and ways to tackle it

One of the major impacts of Bitcoins is that it led to the mushrooming of hundreds of new cryptocurrencies. There have been some cases of cryptocurrency scams lately which have created doubts regarding many newly launched cryptocurrencies. It was obvious that any payment system with high anonymity factor would likely be exploited by money launderers, tax evaders and cyber-criminals. This is one of the key reasons that governments are trying to analyze the effect of cryptocurrency on the economy and the financial risks associated with it.

For any payment system which is made by the support of any regulating institution, it becomes easier to deal with fraud cases and chargebacks. However, this is not the case with cryptocurrencies as the real identity of the person transacting within the crypto network remains hidden. Chargebacks are not possible within the cryptocurrency system and hence the money flow taking place is irreversible. This is one of the common reasons that Bitcoin exchanges exist. Almost all the popular Bitcoin exchanges have a different set of formalities in place to make sure that people joining these exchanges do not misuse the payment system.

Not only the Bitcoin exchanges have regulations related to identification, but they also set different deposit and withdrawal limits to comply with money laundering issues. Therefore even though setting up a Bitcoin exchange seems to be profitable, but it also involves tedious work to make sure that they are not used as a medium for money laundering or any other illegal purpose.

The issue of China banning its cryptocurrency exchanges had a deep impact on the price of Bitcoins. This entire issue stimulated a debate regarding the role of government and its vision for regulating cryptocurrency. However, most of the experts argued that since China is a communist country, hence it must be taken as an exception rather than a generalization. Though there is no denial to the fact that cryptocurrencies can be misused, but this does not imply that it must be out rightly rejected. Some precautions and modifications can be brought in to reduce the number of illegal or fraud cases involving cryptocurrency.

It will be interesting to watch what regulations and framework would come up in order to reduce the possible misuses of cryptocurrencies. The percentage of users of cryptocurrencies is still way lower to even compare with the users of fiat money. If the prices of Bitcoins would maintain a constant rise for some time, then the number of cryptocurrency users would see a positive movement.

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