TrueNorthBit Reports- How Damaging Can The Bipartisan Senate Bill Be For The Already Struggling US Crypto Beneficiaries

London, UK, 10 Aug 2021, ZEXPRWIRE, Crypto Everywhere

Cryptocurrency is very much everywhere these days.  From the “craze” of Bitcoin to its cousin cryptocurrency Ethereum, the crypto market is getting bigger by the day.  And why wouldn’t it? With more and more people seeing cryptocurrencies as an investment opportunity, there will inevitably be a rise in demand for this new market. We can already see this taking place.  But how do you get involved?

The world of cryptocurrency is made up of two parts: the technology that makes it possible, and the actual currency itself. Anyone can become a Bitcoin miner or just mine Litecoin as a hobby.  However, most people who want to play with cryptocurrency will probably become users instead of miners.  Cryptocurrencies are created through mining processes in which computers solve cryptographic problems to verify transactions and generate new units. Through trial-and-error (i.e., randomly guessing), mining software written by innovators solves these mathematical puzzles (known as ‘Proof of Work”) and cryptographically seals off (“hashes,” or protected) “new blocks,” which are then added to the blockchain.

For those who are simply interested in cryptocurrency as an investment, then you might not need to know how mining functions.  All that matters is understanding how transactions work and how it’s good for your portfolio. But if you’re determined to learn about everything this new currency has to offer, then there will be a lot of information at your disposal including how bitcoin works, what the blockchain does and why it is considered “trustworthy” by enthusiasts, etc.

This adds a whole new layer of “fun” to studying cryptocurrency.  It might sound funny, but there’s a lot of things you can do with this new currency!

The TrueNorthBit Broker,  Albert Goldman says that the major reason for all the hype is that blockchain technology has the potential to reshape many industries such as finance, banking, and even real estate. It would be foolish not to invest in cryptocurrencies when you have access to an entirely new market that will inevitably shape the future.  You don’t want to be left behind once bitcoin becomes old news – or worse – completely obsolete!

As far as investing goes, digital currencies offer much more flexibility than traditional investments and are definitely worth a look if you’re looking for some fresh returns on your portfolio.  But it’s important to understand that cryptocurrency investing is a risky investment, and if you’re not careful, you can easily lose your shirt.  

Internationally Mixed Reactions

Cryptos have met mixed reactions on an international level ever since it came forward. Some countries like Japan have completely accepted it and the same goes for Venezuela.  Other nations are still in two minds about whether to accept it or not, such as India. And others have banned cryptocurrency altogether – which include (but are not limited to) China and Iran.

Mr Goldman says that none of the parties can be regarded as absolutely wrong at this point in time because of the associated problems that cause a lot of damage on a national level. He thinks that rules and regulations are imperative before wide use is possible. However, crypto experts say that rules should not “kill” the purpose of the currency.

One of the major reasons why Crypto is appreciated is the anonymity and the decentralized nature. The regulations that aim to make it centralized and decrease anonymity are largely opposed by beneficiaries.

Bipartisan Senate Bill

The US is heading to a new era of crypto regulation and they have come up with a crypto tax which is being highly criticized. Senator Ted Cruz says that provisions are enough to destroy the crypto and blockchain altogether. Elon Musk, one of the most relevant people in the crypto world, says that these measures to tax crypto are nothing but “hasty”.

All this criticism came after the Bipartisan Senate Bill which says that crypto incomes should be taxed on a federal scale. The bill came out last week. It included new tax rules for cryptocurrency trading firms and brokers. Financial experts say that the move is expected to raise about $28 billion in taxes over the next decade and it says that the bill will be targeting a group of crypto companies that is larger than expected. Critics say that it should be kept in mind that not all of them are stable enough to meet the laid out requirements.

Concluding Remarks

The rising resentment against the bill is not entirely wrong. If cryptocurrencies are to become acceptable currencies around the world, then they should be subject to any regulations and taxes but these rules should not take away the true essence of the currency. However, the crypto community has been quite vocal about its opinions on taxes and regulations. Many of them still believe that cryptocurrency is not a threat to any economy or country but many nations are not ready to buy this.

Disclaimer: Our content is intended to be used for informational purposes only. It is very important to do your own research before making any investment based on your own personal circumstances. You should take independent financial advice from a professional in connection with, or independently research and verify, any information that you find on this article and wish to rely upon, whether for the purpose of making an investment decision or otherwise.