Should Bitcoin be regulated? Here is what BigONE thinks
Bitcoin regulation has a significant impact on market prices. Various regulators have attempted different approaches to regulating the bitcoin market. Still, bitcoin enthusiasts have raised concerns about how regulation will harm the industry and, like traditional finance, give central authority influence over cryptocurrency. BigONE would like to offer our views on bitcoin regulation to our users, whether it is for the greater benefit or the bitcoin market’s detriment.
● Will Bitcoin Regulation Make the Market Safer?
BigONE believes that the regulation of Bitcoin would restore public confidence in the crypto asset. Regulation would protect bitcoin against powerful individuals and crypto whales manipulating it from the outside. While crypto is still in its early years, BigONE feels that public trust is a key element in its development. Thanks to Elon Musk's words, we’ve seen the impact of outside manipulation on the “volatile” bitcoin over the last few months. BigONE feels that these statements lowered public confidence, which influenced market prices. As a result, bitcoin’s price will almost certainly rise over time if it is regulated.
● How should Bitcoin and Cryptocurrencies be regulated?
Bitcoin and most other cryptocurrencies, as our users are aware, are decentralized. This means that no central authority or regulation controls the token supply. BigONE wants to remind users that one way regulators can regulate bitcoin is by taxing the fiat currency obtained from selling or converting bitcoin and other cryptocurrencies. Still, the big drawback is that a user can choose to transact directly with another user’s bitcoin wallet. BigONE believes that authorities are currently focused on initial coin offerings (ICOs). The SEC considers new cryptocurrencies to be securities and works to classify bitcoin and other cryptocurrencies.
● Positive Impacts of regulating bitcoin
-BigONE believes that if bitcoin is regulated, cryptocurrencies will be easier to categorize and understand. We anticipate that regulatory guidelines will clarify the misconceptions surrounding cryptocurrency.
Most cryptocurrencies’ use cases are limited due to a lack of suitable regulatory guidelines.-BigONE believes that regulation will aid in the transformation of bitcoin from a speculative asset to a practical transaction method. We anticipate that legislation will enable large organizations and merchants to incorporate cryptocurrencies into their operations and accept them as a payment option.
BigONE feels that regulations would make crypto assets more secure. The bitcoin regulation, we believe, will build a strong control layer over digital assets. Bad actors would be aware that committing a crime on the blockchain leaves a trail, and they could be prosecuted as a result. BigONE believes that this will improve the security of the crypto asset layer.
What Should Investors Know Before Investing in Cryptocurrency?
BigONE suggests investors be aware of the bitcoin market’s volatility. Because the crypto market is unregulated, investors are exposed to dangers, and BigONE wants them to know that it is best to trade on a safe and secure exchange like BigONE. We’ve put in place steps that will assist you in trading more effectively and price indicators to help you navigate the “dynamic” market.
BigONE, formerly Yunbi.com, is a cryptocurrency exchange that has been around for a while and can boast substantial operational and technological expertise, making us one of the world’s top cryptocurrency exchanges. We are a cryptocurrency exchange platform dedicated to helping our users maximize profits while maintaining the highest level of asset security and having a great trading experience. With BigONE, all you do is win. We discussed our thoughts on bitcoin regulations in this post.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.