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Would Transparency Help Crypto?

Currencies / cryptocurrency Jul 21, 2021 - 05:21 PM GMT

By: Adam_Walker

Currencies Throughout 2021, the prices of different cryptocurrency options have changed quite a lot with bitcoin going through the biggest swing of hitting a height of $60,000 a couple of times through the year before dropping to below $30,000 recently. Having been picked up for usage by multiple online sources as this is a good resource of the gaming options that use Bitcoin, it still holds a bit of a negative view from some as a history of being attached to less than legitimate sales and offerings – but would more transparency help crypto as a whole?

Recently there had been pressure from European regulators as well as some within the us too with plans to make crypto currencies more traceable as part of a crackdown on the more negative view of crypto particularly from money laundering and similar. If banks were to pick up crypto the common thought is that a client would need all of the regular information like name, address, date of birth, and other information too with anonymity being removed completely – it would certainly help with the stigma attached that the majority of crypto usage particularly for bitcoin is for less than legitimate purposes.

Part of the problem here however is that much of the success of crypto came from this very feature – being untraceable and being something that didn’t require personal information is what made many uses attracted to the different coins and taking them away could alienate the core audience, whilst it would work to lend more legitimacy to different coins, the impact that has is questionable since those most likely to use the different coins would stop using them.

The crackdown in China on bitcoin has certainly already had an impact as well as announcements from the likes of Tesla earlier in the year too, so many coins aren’t in their strongest position, and this big push to potentially see change many wouldn’t want to crypto too it could cause things to fall further yet – with some experts already saying that this could have a potentially overwhelming impact on bitcoin too, with signs of that already being seen. Other options like Ethereum could certainly fill the space but would fall under the same scrutiny too, with many putting nods instead towards other “stablecoins” which may fair a little if changes do come in.

It’s certainly an interesting period of time, and with big figures like the co-founder of Ethereum quitting due to the risks involved, there’s probably more uncertainty and volatility than ever before, and the next few months will be telling on whether or not there will be a lot of change, or if crypto options will begin to fall more flat.

By Adam Walker

© 2021 Copyright Adam Walker - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

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