Benefits of Crypto Being Unregulated

What’s the first thing you think of when someone says “crypto” to you? Is it Bitcoin, Litecoin, Dogecoin? Or something like that. Crypto gets a bad rep because all we hear about on the news is how it’s used for illicit purposes and is an unregulated market. We don’t hear about everyday things that are done with crypto though, like how it can actually do some good.

There are several benefits that come with cryptocurrencies being unregulated. Let us look at some of these benefits:

Anonymity

One benefit is the association of anonymity and safety. When you have something not being regulated there’s no telling what could happen to your money if you send it to someone or spend it on something illegal or even just embarrassing. 

For example, if I were to send a few thousand dollars in Bitcoin anonymously to someone that I didn’t like for some reason or even hundreds of Bitcoins, there’s nothing anyone could do about it without catching me first on the act. 

This is an advantage because you can get away with things like money laundering, accepting bribes (although this is still illegal), or even paying people to do illegal things for you (which is the worst crime of all).

Safety

Crypto is also very safe. One of the most secure ways to pay online is through something like Bitcoin. With things like credit card numbers being stolen sometimes, destroying your credit score which can take months or years to fix, it’s important to be able to protect yourself at every angle in order for you to keep your money secure even when trading on Bitcoin Trader.

By being unregulated, it means that no one can track you when you send or receive Bitcoins. There are some wallet addresses that have been known to be used in the past for illegal purposes simply because they’re untraceable with Bitcoin and other currencies like it. 

This is a huge benefit for people living under totalitarian regimes, people looking to protect themselves from identity theft, and even just regular people that don’t want their activity online being public knowledge.

Upsides for Businesses

Along with benefits that can be had for regular people like you and me buying things on the internet or keeping our money safe, there are also upsides for businesses accepting cryptocurrency. 

Since cryptocurrency is unregulated, it means that businesses cannot be cheated by malicious customers. For example, if I were to pay for something with Bitcoin and the merchant wasn’t really expecting me to send Bitcoins but regular currency instead or didn’t account for the fees associated with converting my Bitcoin into cash, they might charge me extra money. This is unfair because I’m not really at fault for that.

But with cryptocurrency, the money situation is taken care of straight away and because it’s unregulated, there’s no way for businesses to charge you extra without you noticing and saying something about it. 

Another upside for businesses is the fact that they don’t have to answer to any authority when they have something being unregulated. For example, if you run a business in the US and decide to pay your employees exclusively in Bitcoin or just use that as one of your payment methods, you don’t have to worry about Uncle Sam walking into your office demanding information on it.

Conclusion

As you can see, there are definitely more upsides than downsides to having something like cryptocurrency not being regulated. It’s a great way for both regular consumers and businesses to get what they want without having to abide by unnecessary rules and regulations that will only get in the way of what they’re trying to accomplish.