Bitcoin Global News (BGN)
August 06, 2018 -- ADVFN Crypto NewsWire -- As most of you are most
likely already aware, what is perhaps the biggest issue in the
Cryptocurrency space today is the question of defining all
Blockchain-based projects that seek investors in regulatory
terms.
On Sunday,
Contelegraph published an analysis which
attempts to examine this problem as it stands now,
globally.
While Cointelegraph ended up
arguing that defining Blockchain projects in existing terms is
almost impossible, the opposite can also be true. What is most
important is to refrain from thinking in extremes on either side of
this debate.
To attempt to solely define all
Blockchain projects that fit this previously mentioned definition
under existing terms is a fallacy. To do the opposite and suggest
that this cannot happen at all, is also a fallacy.
In taking into account this
suggestion, you may find yourself wanting to ask: okay, but
if this is true, what is the best course of action
here?
Because of how the space is now as
well as how regulators have been
historically with regards to it, the answer could be said
to lie in a combination of these two directions. Yes,
Cryptocurrencies and all alike projects cannot be defined simply
under existing terms like “assets” and “commodities.” On the other hand,
these terms do, at least, partially define them.
To fully jump into this discussion
would call for a series of pieces. Given that we are just trying to
provide an introduction here, we will stick to simplifications for
now.
Cryptocurrencies, given what they
are and what they do, can be said to be assets, at a basic level.
By definition, an asset is property which has value and can be used
to transact to make a profit or even simply meet debts. The trouble
begins when you try to say that Cryptocurrencies are
property.
If this is true, then is money
property? In truth, it depends on where you live. On a country by
country basis, sometimes money is defined as tangible or intangible property.
If money is tangible property, then you can theoretically exchange
it for some kind of hard asset like gold or silver. If it is not
tangible property, then you cannot do this.
Because Cryptocurrencies are a form
of money, by definition, they can be put into the same mold. Still,
should we do so?
That remains to be seen.
Until one country proposes and
passes comprehensive regulations of the Cryptocurrency space,
including all Blockchain projects that claim to have monetary
value, then none of this defining will be possible.
Until this defining happens, the
consumer will not adequately be protected.
In conclusion, now more than ever,
treat yourself to the highest possible security measures available
related to your Cryptocurrencies and consider becoming
a long term HODLer.
By: BGN Editorial Staff
News:
Bitcoin
(BTC)
Cryptocurrencies
US Cryptocurrency
Regulation
Blockchain