Bitcoin, which is the de-facto digital currency is being talked about as being a one world currency. Talks of Illuminati have been brought up ever since people think that a group of people all over the world want to create a one world currency. Well the good part is, Bitcoin isn’t going to be the only cryptocurrency so Bitcoin can’t be the only one. Bitcoin is actually better off as a store of value. A one world currency is good but can also have its disadvantages. Here are our reasons why Bitcoin will not be the one world currency everyone is scared of.
- No Regulations: Bitcoins do not have any backing authority for its operation nor is it backed by any country. It does not have any regulations. People already don’t trust it by nature but no country would be for a currency that can’t be backed by anything. They also won’t allow a currency without a central bank.
- Illegal Purchase: Lots of illegal purchases can be possible with Bitcoin transaction. Drugs, chemical, radioactive materials cannot be easy to purchase in normal transaction methods. Many illegal purchases are done with cash but it’s easier to transfer $50 million to someone through Bitcoin than it is with cash.
- Not the Only Currency Crypto: Bitcoin isn’t the only digital currency being used as a currency. With over 1200 altcoins, many of them have different use-cases like privacy coins, supply chain operations, enterprise solutions and more. Litecoin and Vertcoin will join Bitcoin as an everyday currency.
- No Trust: Since it doesn’t have headquarters, it doesn’t have any customer care. It is difficult for a normal person to grasp the idea of Bitcoins. Because of this problem, people won’t trust to join Bitcoin. The fact that you can’t touch it, smell it or hold it also makes people not trust it.
- Lack of Awareness: Awareness about Bitcoin is much lower than most people think. Less than 1 in 10,000 people own cryptocurrencies. This also aids the trust issue.
- High Fluctuations: Day by day, the value of Bitcoin is increasing. As good as this sounds, there are many more days when the price of Bitcoin drops and this creates a volatile market. This is one of the reasons that big corporations like Amazon and Uber are not adopting Bitcoin as a form of currency to accept.A new Department of Justice (DOJ) directive from Attorney General Jeff Sessions makes it more important than ever to own cryptocurrency and to do so outside of digital exchanges which function like traditional banks; translation, they will rush to obey law enforcement agencies. The new directive expands the power of civil asset forfeiture for federal agents, allowing them to sidestep laws in the 20 states that currently restrict the practice.Civil asset forfeiture allows federal or local law enforcement to confiscate property and wealth from anyone suspected of committing a crime or of being connected to one. The targeted person doesn’t need to be charged or arrested. No crime needs to be proven.Even in the presence of a crime, the person’s property may have been used without their knowledge. For example, Russ Caswell fought for years to retain ownership of his motel in Massachusetts which was worth $2 million. Federal and local law enforcement claimed the motel was theirs because drug deals had happened without Caswell’s knowledge. He ultimately prevailed but it required backing from the powerful Institute for Justice and an intense media campaign. Success in contesting the seizures is rare.Because the process is a civil and not a criminal one, there are no due process protections and law enforcement has a free hand. The evidentiary standard reduces to a police officer’s alleged suspicions; for example, cash is always suspected drug money.
Conclusion: Own Cryptocurrency like Bitcoin
Sessions’ letter rings the dinner bell for federal, state and local thieves. You are the dinner.
Civil asset forfeiture is here to stay. As economic times get tougher, the practice will only accelerate. It is the main method by which law enforcement self-financewithout needing the approval of taxpayers or officials on budgets. Many police departments could not sustain themselves without the thievery of civil asset forfeiture.
As a huge fan of cash, I advise you not to carry much more than you immediately need. The only portable wealth you can depend upon keeping is cryptocurrency maintained in a private wallet under a key you control. Avoid “policing for profit,” avoid “theft by cop.” It is about to become much more common.