Regulators from different jurisdictions are taking cautious steps to offer individuals and businesses rules and regulations on how to integrate the system with a formal and regulated financial system.
Possibilities of use for illegal activities.
Біткойн are money, and money is often used to facilitate legal and illegal transactions. However, cash, the current banking system and credit cards have surpassed the crime financing system. The system can bring important innovations in payment systems. As a result, the benefits of these innovations are considered far beyond the potential disadvantages. The system is designed in such a way that makes money safer. Thus, the system can act as an important defense against any form of financial crime. In addition, the system cannot be faked. In addition, users have full control over payments and cannot receive unapproved payments, as in the case of credit card fraud. Transactions in this system are irreversible and also not protected from fraudulent returns. The system allows you to adequately insure money against loss and theft with the help of useful and reliable mechanisms, such as backup, multiple signatures and encryption.
The protocol cannot be changed without the cooperation of all its users who choose the type of software to use. Any attempt to assign rights to a local government when considering network rules is not possible. A rich organization may decide to invest heavily in mining to control half the processing power of the system. This will lead the organization to a position in which it can cancel or block recent transactions. However, the organization cannot guarantee that it will be able to maintain the same power, because it will have to invest more than all the other miners in the world.