I would like to believe there will come a day when almost every country will adopt cryptocurrency or the technology of Blockchain! Although, it might not happen anytime soon but just thinking about it gives me chills through the spine.
A lot can happen if crypto gets to be legal in countries (those which have banned/made it illegal) across the world. People slowly gets to adopt it. Utilize it in everyday scenario and make it a part of their life. A whole new world would eventually open for us all! Come to think about it, my country is standing in such a position, where it is saying "No, NO" to crypto or anything related to it. I suppose plenty of ways would open up, to utilize crypto in governments favor.
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The misconceptions about crypto
Countless people who have not used crypto or never have been/hold in crypto have already gotten the idea that "crypto is a scam!" or "It's not approved by government, so it is considered to be bad!" A simple but yet a strong message can be delivered if only governments approve and clear the doubts about crypto towards the citizen. I must say, there are indeed pros and cons of crypto, which I will discuss later in the blog.
Without doing much of a research countless people usually just follow the crowd. No blame game is happening! Just saying the truth out loud here ;) Things needs to get out of the basket and people should get a clear idea how things are changing so fast and how technology can make a huge difference.
Implement Tax
Crypto can be used to become another finance giant for any given country! Implement tax to crypto! Well, whenever you are buying and selling crypto you are going to pay tax which would be directly added to the fund of the government. As a fellow crypto user, I am happy to pay tax as long as it is bear able. Now if you say pay 50% tax on every withdrawal and deposit, I would probably show the government any given finger of my hand ;) Just show crypto users that government is on their side. And if everything plays out this sector alone can really play a huge role in changing economy of my country or any given country.
Other gateways are taking the benefit
There are countless freelancers in my country! Most of them uses the usual gateway of payment such as Pioneer, Paypal and so many others which charges huge fees when it comes to withdrawal. But crypto payment could really eliminate those gateways and make these hard earned dollars get to the hand of those workers much more easily. In addition they do not have to pay any extra money to get their hard earned money. Crypto can really be the next big option for people like freelancers.
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Bad side
Everything has a good and bad side! So does crypto as well! Crypto being decentralized and anybody can literally do anything, so regulating it is possibly the most difficult part of it. Which is why fake Dapps, projects emerges and people just jump on it and end up loosing money. Well, one of the most important aspect here is the lack of knowledge! Without proper knowledge people just jump in on crypto thinking it is a quick rich scheme. So just invest on any altcoins and end up being rich. Well if only it was that easy.
Given the idea of implementing crypto or legalizing it in my country or any other country, people with black money (mostly politicians/people who avoid tax) would eventually get the most benefit out of it. Since we will not be able to say which account is which or whoever it belongs to this technology would be sort of a genie in a bottle to them. So just thinking about it is sort of giving me chills through the back of my spine. It would become just a gateway of hiding their unbelievable wealth which would be just in front of us and we or anybody from the world would not be able to do anything about it ;)
Which is why, I am indeed glad that my country is not in par with crypto or the technology behind it!
Best regards
Rehan
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