One of the things that many adopters of cryptocurrency point to as an attractive quality is the fact that crypto is unregulated. Many people feel that regulatory bodies overstep their bounds and place restrictions on what should really be unhindered activities. The relationship between a person and their own money is one of the things these people feel shouldn’t be touched by any kind of regulation, which is why they are then drawn to cryptocurrencies like Bitcoin and the like. Yet many within the cryptocurrency industry think that coming to terms on some sort of regulation will provide great benefit in the long run for the future of the various coins. They also hope that regulation may be the thing that puts crypto over the hump in terms of being ingrained as the dominant means of financial activity.
It is a fine line that crypto professionals will have to walk to finesse this crucial next step. On the one hand, they need to assuage early adopters that such a move will not rob cryptocurrencies of qualities that made it special. On the other hand, the idea of attracting new investors is always foremost in the minds of the crypto community as well. For those who are interested in trading cryptocurrency, a trading robot in the manner of Bitcoin Trader can be the ideal way to proceed. In the meantime, the argument rages on about what the crypto industry should do next about the regulation question.
- Better the Devil You Know
A chief argument for the crypto industry to self-regulate posits that such a move would preempt regulation by governments or financial institutions that might not have the best interests of cryptocurrency at heart. By regulating and coming to some sort of agreement between all the different coins on some sort of overseeing body, the crypto industry can say to those third parties, essentially, that they have it under control and there is no need for them to step in.
- A United Voice
What makes it difficult for cryptocurrencies to gain much of a foothold in their battle with ingrained financial institutions is the lack of one voice speaking on behalf of all. By gathering all of the disparate coins together less than one unified banner, a show of strength could be made which might impress these long-standing institutions and make positive change more realistic.
- The Holdouts
The problem with this idea is that there will always be true believers who think that crypto is just fine the way it is and a centralized body, even one that comes from within, will rob it of the qualities that separated crypto from the pack in the first place. Until these dissenters can be assuaged in some manner, it’s difficult to imagine self-regulation happening soon for the cryptocurrency industry.
Time will tell how the crypto industry acts in terms of self-regulation. It will be crucial to the future of this fascinating and potentially world-changing technology.