Which Crypto Project is Considered Threat by a Government

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10 months ago

Is Bitcoin a threat to the government-owned fiat banks?

Bitcoin is most probably the first real-world financial use case of blockchain technology. People didn't bother about Bitcoin until the price rose to near dollar twenty thousand in December 2017.

The scalability aspect of Bitcoin puts Bitcoin not a viable digital currency for online payments. The large transaction time and high fees for a single Bitcoin transaction posed a real challenge to adopting it as a tendering currency for micropayments for personal or business uses.

  • Bitcoin is not able to pose any challenge to traditional financial instruments, such as credit cards and RTGS payment systems. Thus, Bitcoin is not considered a threat by the government financial sectors.

Graphics: I created GIF animation using texts from the title of the article, Photos by Kanchanara and Sebastián León Prado on Unsplash.


Is Bitcoin Cash a threat to the government-owned financial sector?

Bitcoin Cash has created a ripple in the cryptocurrency arena since its inception as a hard fork cryptocurrency project from Bitcoin.

  • The larger block size of Bitcoin Cash is able to solve the scalability issues.

  • The Bitcoin Cash transactions are complete within seconds.

  • The fees per Bitcoin Cash transaction is as low as 0.01 dollar.

  • The carbon foot[print of Bitcoin Cash is much lower than that of Bitcoin.

  • Bitcoin Cash is feasible for adoption by global merchants for online payments.

So, Bitcoin Cash is a threat to Bitcoin as a payment instrument.

Many centralized cryptocurrency exchanges are "temporarily" blocking Bitcoin Cash trading and payouts.

  • Still, Bitcoin cash is not publicly considered a threat by the centralized fiat-based financial systems.

  • No government body has officially challenged the Bitcoin Cash project yet.

  • The Bitcoin and the Etherium projects also didn't receive any official challenge from the government bodies.


Then, which cryptocurrency project is officially considered a threat by a government or government regulatory bodies?

The cryptocurrency project that got a legal challenge by a government regulatory body is probably Ripple whose official cryptocurrency is called XRP.

  • XRP is a digital asset built on a new distributed ledger named XRP Ledger, which is open-source, permissionless, and of course decentralized.

  • XRP is built as a fast, green, less-fees cryptocurrency suitable for settling cross-border payments within seconds.

The Security and Exchange Commission (SEC) of the US government considered XRP as "unregistered security" and challenged it by law suits using a very old security law of the country.

Graphics: Screenshot from the press release on the SEC website.

  • Ripple Labs has been suffering due to the US SEC lawsuits and already incurred huge financial expenditure on legal proceedings.

  • The legal outcome of the lawsuits against Ripple Labs will determine the future of XRP as well as the entire cryptocurrency arena.

Graphics: Screenshot of XRP Logo.


Concluding thoughts

We know about Bitcoin, Ethereum, Bitcoin Cash, etc. cryptocurrency projects.

There are other cryptocurrency projects that already made a huge impact as a payment instrument.

XRP is one such cryptocurrency project, a decentralized digital asset

  • built on XRP Ledger, which is open-source, and permissionless.

  • fast, less-fees cryptocurrency suitable for settling cross-border payments within seconds, and producing low carbon footprints.

The Security and Exchange Commission (SEC) of the US government challenged XRP as a "unregistered security" and challenged it by law suits.

  • The future of the entire cryptocurrencies domain will be literally jeopardized if Ripple Labs lose the legal battle with the US SEC.

It is not only my opinion, it is a wide view of the cryptocurrency experts.


About me (author)

  • I am a "ReadCasher" and "LinkedIner" and publish blogs in other spaces, including Publish0x.

  • I like to contribute to the overlapping areas of STEAM or Science, Technology, Engineering, Arts, and Mathematics. I started to publish video podcasts in December 2022.

  • I have been creating solutions for password security and cybersecurity.

  • I want to thank all my sponsors here.

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Cheers!

Unity (Debesh Choudhury)

Text Copyright © 2022 Debesh Choudhury — All Rights Reserved

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Lead Image: I created a GIF animation using texts from the title of the article, Photos by Kanchanara and Sebastián León Prado on Unsplash.

All GIF animations are created by me using open-source software on a  GNU/Linux  computer. All other images and video sources are referred to just below it.

Disclaimer: All texts are mine and original. Any similarity and resemblance to any other content are purely accidental. The article is not advice for life, career, business, or investment. Do your research before adopting any options.

Unite and Empower Humanity.

May 26, 2022.

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10 months ago

Comments

Most banks are gov't owned? Mmm alright, I hope that XRP or Ripple find some ways on how to deal with this situation now. I wonder why they were found a "threat" and the projects under them.

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10 months ago

The US SEC acted with legal suits against Ripple because XRP has been getting global adoption.

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10 months ago

I see, widely known than bitcoin and bch I guess? Though other coins in my belief are going that way too... Globally adopted and accepted.

$ 0.01
10 months ago

That is why the US SEC is fast enough to try catching them through legal suits. Even if the government fails to stop the cryptocurrencies, they can harm the projects by forcing them with huge expenditures in legal proceedings.

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10 months ago

This is great, I think Bitcoin will rise in the coming days

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10 months ago

I can't say which cryptocurrency will rise and which one will fall.

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10 months ago

Is ripple really decentralized? I remember when I read about it.. XRP seems like a bridge only in the middle of banks and the person transacting..

$ 0.01
10 months ago

I know there were questions raised by the crypto community about the XRP ledger's functioning. However, Ripple CTO David Schwartz clarified that "by design, XRP is inherently decentralized." Thanks for your valid point.

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10 months ago

I don't know, since majority of their coins are held by them as well.. which is a red flag.

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10 months ago

Very good point. The red flag about cryptocurrencies is that more than 90 percent of the coins are owned by 0.1 percent of the holders.

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10 months ago

If XRP is decentralized and 90% of it is owned by 0.1 holders... They can still play such crypto and in a way that can favor them?

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10 months ago

@SuperJulalaine, You probably misread the comment. Almost 90 percent (or more) of all nicely adopted cryptocurrencies, including BTC, ETH, BCH, XRP, etc., are owned by the top 0.1 percent of the holders!

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10 months ago

Oh sorry I said it in a different way 😂. It should be the top 0.1% are the owners (I'm amazed). Then they can play it? Mmmm

It's not only XRP but many of them (this I didn't know). Thank you Unity.

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10 months ago