Post
Topic
Board Bitcoin Discussion
Re: Will Bitcoin mixers be considered illegal by worldwide governments?
by
Abiky
on 05/10/2019, 01:51:27 UTC
Governments are intending to ban crypto themselves not only only mixers. Yes mixers do encourage money laundering as they mix up any trail of btc whatsoever so may it be hacker's money all of them do go through a mixer once before they come out clean. If government comes on banning things then cryptocurrencies at a whole would definitely be the first thing they would be banning.

That's certainly true, mate. The main intent of governments worldwide is not to stop mixers, but the whole crypto ecosystem in its entirely. This specifically applies to privacy-oriented solutions, as they tend to be much more difficult to track or trace for taxation purposes. Cryptocurrencies like Monero, Grin, and other privacy-oriented ones are at high risk from being attacked massively by worldwide governments. The same thing applies to Bitcoin mixers, and non-custodial mixing services. Believe me, the only reason why most governments have been legalizing Bitcoin is because of its transparency. With this, governments will be able to effectively tax every transaction made on the Blockchain with ease. As long as crypto can be taxed, it'll see the green light from worldwide governments.

Now, imagine if Bitcoin would've been an entirely anonymous cryptocurrency. It could become a threat against governments and central banks for the mere reason that it cannot be taxed with ease. Their excuse will be that they're trying to prevent money laundering and other criminal activities when that's not the case. Hopefully, as the crypto ecosystem becomes bigger and stronger over time, governments would be unable to effectively destroy it in its entirety.

Nonetheless, I wouldn't worry too much about Bitcoin mixers since they only represent a fraction of the blockchain network's value. The real deal would be privacy-oriented cryptocurrencies like Monero and Grin with a large number of people using them. If governments decide to ban the exchange from Fiat to a privacy coin, then the previously mentioned cryptocurrencies would become completely worthless within the mainstream world. Just my opinion Smiley