Quote from: RodeoX on August 14, 2018, 02:57:05 PM

If bicoin could be controlled I should be destroyed. We have regulation and the government gets it's cut. But that's done and over. There will be no identity tied to bitcoin or any declaring of bitcoin.
We are not asking the government for permission, we are telling them that this is how it is.

Here is a briefly story which I have found on medium (https://medium.com/swlh/should-bitcoin-be-regulated-9e1155c1d56e) First created in 2009 by a person with the alias Satoshi Nakamoto, Bitcoin became the pioneer of cryptocurrency and Blockchain technology. Bitcoin is a digital currency in which encryption and cryptography are used to control the value and verify the transactions. While traditional currency goes to central payment processors, such as Visa and MasterCard, Bitcoin transactions are processed by computers running special software. Every time a transaction occurs, the network records both the senders and the receivers Bitcoin addresses, and the amount of money into the end of a Ledger or a record called Blockchain. After nearly a decade since its invention, Blockchain has not yet reached to its full potential. Billions of dollars of investments are made every day, but none of the great potentials come to reality, despite only serving Bitcoin for its payment system and allows illegal payments to occur in the Dark Web. The government has started to underestimate the value of Bitcoin and thinks that regulation is the best way to solve its issue. On the other side, the majority Blockchain developers do not approve the regulatory framework proposed by the government, as they think Blockchain will still reach to something significant in the long run. Many tech investors view the Blockchain in the future as a host for applications, such as crowdfunding and online voting. Although cryptocurrencies have several downsides, strict regulations from the government are not the right solution as they would decrease the market value and prevent the Blockchain from reaching its full potential, such as managing personal identity and improving representative democracy.

The core technology in Bitcoin which is called Blockchain is what makes Bitcoin special as many tech experts claim it to be hacker proof. Back when Bitcoin and computers have were not yet invented, the most popular way for people to keep their secret documents is by keeping them in a vault and making a lot of copies. Thus, when someone else stole the persons document without breaking into the vault, the victim would still have other copies in different locations. Similar to Blockchain, files or any pieces of information are encrypted so that only a specific person could read or write the file, which are stored in thousands of computers but still linked together with the internet. The computers combine which store all the files are called node-blocks and the network connecting all the files are called chain. The encrypted code will get updated every several hours which makes the entire system almost impossible for a hacker to break in.