During conversation, House Committee shows two aspects of the bit-coins: strong advantages and disadvantages. Strong advantages of the bit-coins are following; the bit-coins have lower commission and lower implementation costs for business owners compare to credit or debit cards. This is a tremendous merit for founders of firms since most considered factor for business is profit. Not only the financial part, there are some advantages of bit-coins. Since they are web-based and transaction occurs without intermediaries like bank, trades are simple and quick that both the firms and individuals would satisfy. However, House of Representatives concern about disadvantages of the bit-coins, which are potential dangerousness cyber currency. They claim that wealthy business owners have done money laundering with the bit-coins that only 10% of the bit-coins are available to trade and other 90% of them are hoarded. In addition, the value of the bit-coins is unpredictable and variable compare to the U.S. dollars; the riskiness of the bit-coins is approximately fifteen times riskier than the official currency. House of Representatives propose a solution by emphasizing that the current regulations of the bit-coins are uncertain, including the U.S. laws. It doesn’t include the articles of regulations of bit-coins’ illegal financial activities and specific punishments for criminals who did money laundering or tax evasion with the bit-coins; actually, references of money laundering and tax evasion with the real currency, U.S. dollars, only exist in the current laws. In addition, House Committee proposes adding another clause of bit-coins for business owners who use the bit-coins as trading currency (House Committee on Small Business, 2014). Many people will argue with this solution by saying just adding few clauses related to bit-coins doesn’t solve the original problem and
During conversation, House Committee shows two aspects of the bit-coins: strong advantages and disadvantages. Strong advantages of the bit-coins are following; the bit-coins have lower commission and lower implementation costs for business owners compare to credit or debit cards. This is a tremendous merit for founders of firms since most considered factor for business is profit. Not only the financial part, there are some advantages of bit-coins. Since they are web-based and transaction occurs without intermediaries like bank, trades are simple and quick that both the firms and individuals would satisfy. However, House of Representatives concern about disadvantages of the bit-coins, which are potential dangerousness cyber currency. They claim that wealthy business owners have done money laundering with the bit-coins that only 10% of the bit-coins are available to trade and other 90% of them are hoarded. In addition, the value of the bit-coins is unpredictable and variable compare to the U.S. dollars; the riskiness of the bit-coins is approximately fifteen times riskier than the official currency. House of Representatives propose a solution by emphasizing that the current regulations of the bit-coins are uncertain, including the U.S. laws. It doesn’t include the articles of regulations of bit-coins’ illegal financial activities and specific punishments for criminals who did money laundering or tax evasion with the bit-coins; actually, references of money laundering and tax evasion with the real currency, U.S. dollars, only exist in the current laws. In addition, House Committee proposes adding another clause of bit-coins for business owners who use the bit-coins as trading currency (House Committee on Small Business, 2014). Many people will argue with this solution by saying just adding few clauses related to bit-coins doesn’t solve the original problem and