At press time, bitcoin is trading for just shy of $9,700. While this is small beans in comparison to where it stood during early and mid-June, the currency is slowly beginning its ascension back to the top of the financial ladder.
Bitcoin Is About to Get a Whole New Following
Recently, the currency fell to as low as $9,400, largely in part to President Donald Trumpâ€™s negative tweets regarding cryptocurrencies and the ongoing congressional hearing involving David Marcus and Libra. The fact that itâ€™s already risen another $300 is a good sign, though itâ€™s clearly taking its time. The currency isnâ€™t spiking as quickly as it was last month, suggesting that the currency may have potentially undergone a serious correction and that it is no longer being subjected to the same market trends or speculation.
At the same time, we may continue to witness more rises in the coming weeks and months, with countries like Australia remaining indirectly bullish about the currency and what it can do. The Australian government recently issued new draft legislation that would only allow transactions of up to 10,000 in AUD to occur without their being reported to the countryâ€™s tax authorities. The move is designed to prevent tax evasion and other illicit activity within the country.
In many ways, rules like these could potentially lead Australia - and other countries that follow similar rules - to become “cashless” societies. In Australia, 10,000 AUD is only equal to about $6,900 USD. When you think about it, thatâ€™s not much money. Every time a car is purchased, or a home, or maybe a motorbike or even a nice mattress to improve oneâ€™s sleeping patterns, that personâ€™s financial data is likely to be intercepted.
Is that fair? Who knows, but the idea of consistently being spied upon for using oneâ€™s national currency could stir a lot of people in a different direction. No one wants to be spied upon; in addition, no one wants their privacy violated. Thus, we could potentially see a lot more Australians turning to bitcoin and general cryptocurrencies to get what they want and need.
Weâ€™re Likely to See Cashless Places Pop Up Everywhere
Australia is also not initiating anything new. Many other countries within Europe, for example - such as France, Portugal and Spain - have enforced heavy limits on using cash when one is purchasing goods or services. With so many countries seeking to prevent the use of cash, is it possible that bitcoin and other altcoins are about to surge in popularity?
CEO of Abra Bill Barhydt also explains that many countries are going to have a difficult time banning bitcoin or limiting its use if theyâ€™re potentially planning to tackle it next. Bitcoinâ€™s properties are designed to thwart government takedowns, and many regulators do not have any kind of authority over bitcoin in the first place.
Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.
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