India Bans Cryptocurrency – My reasoning on why countries shouldn’t ban crypto

There are a few reasons why I think this crypto ban is an unadvantageous one.

REASONS:

  • Firstly, by investing in anything like stocks, forex, commodities and crypto, you agree that there is a risk in it. People invest knowing that there is a risk and smart traders put only as much as they would be OK with losing.
  • Second, people mention that it is used for fraud when the US Dollar and Indian Rupees and all other currencies are used for so much more fraud. They are instigating fear, uncertainty and doubt for no reason.
  • Third, you may say Bitcoin transactions are slow, but that was true in 2010. Now, it's much faster than bank transfers and wire transfers.
  • Lastly, you may say that it is unsecure, but that is because people use an unsecure platform to store their crypto. The best way is to do it is on a hard drive.

MISCONCEPTIONS:

You may say its volatile, but the value of normal currencies is decreasing due to inflation. On the other hand, Bitcoin and Ethereum are growing rapidly.

You may also say it cannot be regulated, but it is easy for anyone to choose to monitor the blockchain for any illegal activity.

CONCLUSION:

Banning cryptocurrency is as stupid as banning the stock market because there is "risk". It's as stupid as banning your countries currency because there is illegal activity. I think all countries should unban it.

submitted by /u/TitanElectrons
[link] [comments]

Leave a Reply

Your email address will not be published. Required fields are marked *