Ban bitcoin? Manchin says yes
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Senator Joe Manchin D-W. I write today to express my concerns about Bitcoin. This senator joe manchin bitcoin currency is currently unregulated and has allowed users to participate in illicit activity, while also being highly unstable senator joe manchin bitcoin disruptive to our economy. For the reasons outlined below, I urge regulators to take appropriate action to limit the abilities of this highly unstable currency.
By way of background, Bitcoin is a crypto-currency that has gained notoriety in recent months due to its rising exchange value and relation to illegal transactions. Each Bitcoin is defined by a public address and a private key, thus Bitcoin is not only a token of value but also a method for transferring that value.
It also means that Bitcoin provides a unique digital fingerprint, which allows for anonymous and irreversible transactions. The very features that make Bitcoin attractive to some also attract criminals who are able to disguise their senator joe manchin bitcoin from law enforcement. Bitcoin has also become a haven for individuals to senator joe manchin bitcoin black market items. Individuals are able to anonymously purchase items such as drugs and weapons senator joe manchin bitcoin. I have already written to regulators once on the now-closed Silkroad, which operated for years in supplying drugs and other black market items to criminals, thanks in large part to the creation of Bitcoin.
That is why more than a handful of countries, and their banking systems, have cautioned against the use of Bitcoin. Indeed, it has been banned in two different countries—Thailand and China—and South Korea stated that it will not recognize Bitcoin as a legitimate currency.
Several other countries, including the European Union, have issued warnings to Bitcoin users as their respective governments consider options for regulating or banning its use entirely. I am most concerned that as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency.
Gox, experienced technical issues. Two days ago, this exchange took its senator joe manchin bitcoin down and is no longer even accessible. This was not a unique event; news of plummeting or skyrocketing Bitcoin prices is almost a weekly occurrence. There is no doubt average American consumers stand to lose by transacting in Bitcoin. In other words, spending Bitcoin now will cost you many orders of wealth in the future. The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use.
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