In a blog post titled “Is 2016 the year that electronic currency challenges government?” on SiliconAngle, ace software personality Dr. John McAfee has said that governments have a strong interest in controlling digital currencies.
“These governments are certainly interested in regulating and controlling the smallest things in our lives, and there is little doubt that its interests in digital currencies are going to be the same.”
He gave a strong vote of confidence to the possibility that digital currencies (such as Bitcoin) are an unavoidable reality for us. Central banks have also been experimenting with the idea of launching their own digital currency; however, their intent could be to keep control over the money flow. Bitcoin is instead the complete opposite of this same ideology: it is a free, unrestricted cryptocurrency governed by the solution to tough mathematical calculations. And the same theory was referred to by the author of this post as well.
“Such a system, or one that resembles what I just described, will not stop cryptocurrency. There will always be an underground. Digital currencies are a representation of freedom, and it needs to stay free of government control and excessive purview. I respect the digital currency community and wholeheartedly embrace it.”
The iconic figure also said that all the cryptocurrencies except Bitcoin are an attempt to improve or replace a component of Bitcoin. It is an ultimate expression of freedom that is enabled by the Internet, technology, and the minds of free people.
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Dr. John has said that imposing regulations on Bitcoin businesses is an attempt by the government and security agencies to pry on the people and their businesses. Such regulations demand personal details such as email, license or a credit card, and often lead to stifling innovation.