Title: 5 Ways Bitcoin affects the economy | TechnoBuffalo
Headings: 5 Ways Bitcoin affects the economy
5 Ways Bitcoin affects the economy
1. Eliminating the need for middlemen in financial transactions
2. Separating transactions from the dollar
3. Removing barriers to entry
4. Complicating regulation
5. Enabling more international transactions
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Content: In an ICO, however, a startup sells a portion of a cryptocurrency to backers to fund the project. Many countries have started placing restrictions on ICOs, and the People's Bank of China has banned them. The Securities Exchange Commission does not regulate ICOs and none have registered with the agency, prompting the SEC to issue a warning about potential risks to investors considering ICOs. The fact that this fundraising approach has gotten so much attention indicates that it's disruptive. 4. Complicating regulation
As we briefly touched on earlier, one potential challenge related to cryptocurrency transactions is that they're hard to regulate due to their anonymous nature. It's what facilitated the growth of the Silk Road, the massive anonymous online marketplace where users could buy illegal items without consequence until the FBI shut it down. This anonymity also enabled various scams. Another reason governments are concerned about cryptocurrency is that it makes it easy for people to avoid paying taxes. This fact has caused various countries to consider stricter regulations on crypto and even develop their own government-sponsored cryptocurrencies.