Government and banks are trying to limit the use of cryptocurrency around the world.

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The first digital cryptocurrency which was first launched was called (Bitcoin),due to further analysis about the fee paid to send little Bitcoin peer-to-peer to our families and friends,some developers created so many coins later on to take care of those fees.

Bitcoin cash was launched in August 2017,it was created to provide people with some alternative payment method online which is secure and protect the privacy of the user.

Keeping our money in our crypto wallet doesn't takes any fee rather than banks that you entrust to keep your money for you by paying some amount of fees.

In the theory aspect the only fee we pay is when we want to send funds to another user,which makes it more convenient and user friendly to people.

This sounds preferable compared to banks but also there are some challenges hindering the way for crypto to become globally accepted.

Every country has their own rules and regulations which are governing the citizens,one of the most popular rule for the citizen is to pay some tax fee according to their income.

Cryptocurrency uses a decentralized ledger called Blockchain to store any incoming and outgoing transaction which makes is hard for government to track any activities by its citizens.

The use of cryptocurrency gives it's user some privacy which can be used to avoid paying tax every month,for this reason several countries have banned the use of cryptocurrency.

More than 42 countries have banned the use of cryptocurrency and any activities related to it.

Even in countries where cryptocurrency isn't banned there are some few banks that has some restrictions to it's user for one reason or the other.

In most countries the government have made some alternative while banning cryptocurrency,take for instance in the country where i live the government have launched the E-naira which many citizens weren't in support of it since transactions can be tracked and monitored.

One of the most important reason why government had to ban crypto is due to the fact that they wouldn't be able to track any transactions by its citizens and can control us over our money.

With the growth in the DeFi (decentralized Finance) everyone is anonymous there due to it's security and privacy features,users can make transactions without leaving any of their details.

Many new projects are launched daily where people are investing their money into, instead of just leaving it in the banks and paying some fees for keeping our money for us.

SmartBCH is one of the project launched which also gives it's user some privacy interface so it can't be tracked easily by anyone,so many Dex are launched on a daily basis where people are given the opportunity to invest their BCH and let it work for them.

That's all for today.

Author's message

BCH is souring high today, let's hope for better outcome from it this year to reach its ATH in history since it's launch in 2017, it's current price while writing this is 385$ which is a good start for it though, let's hope it goes to the moon 🚀.

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Comments

I can remember the Nigeria government banning the use of crypto in 2020 because of what happened during the end sars protest, they are angry because crypto isn't under their control but the worst thing they can do is to ban banks from carrying out crypto transactions

$ 0.03
2 years ago

You're right... they can't stop the use of cryptocurrency but can only stop banks for carrying out transactions made with crypto.

$ 0.00
2 years ago

They are thinking it as a threat. They can't match the pace of crypto.

$ 0.03
2 years ago

That's right..they can't ban crypto totally in the country

$ 0.00
2 years ago

There have been efforts to ban and stop crypto for years behind the scenes and front of the scenes, and these efforts will continue. I'm sure they know they won't be successful.

$ 0.02
2 years ago

You're right...the government have been making many efforts to stop the use of crypto but their efforts seems useless.

$ 0.00
2 years ago

Nigeria government are really trying to stop crypto in all ways but I believe they can't stop it totally.

$ 0.02
2 years ago

You're right..the government of Nigeria are trying to ban crypto totally but they can't stop it totally as people are wise.

$ 0.00
2 years ago

I heard south Africa just stared accepting BTC and there are now using it as digital currency

$ 0.02
2 years ago

The e-naira is a useless crypto currency. The government use as a source of tracking people's transaction

$ 0.02
2 years ago

You're right buddy,the E-naira was just worthless, government can still track and record any transactions we make.

$ 0.00
2 years ago