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The Reason Governments Are Limiting Access To Cryptocurrencies

December 4, 2017

This is a guest post by Chris San Filippo

Cryptocurrency use is exploding all over the world. It is seeing rapid growth for a number of reasons, but the biggest is that it provides a level of privacy that can’t be matched. Current financial transactions track a wide range of data about you. This data can be viewed by financial institutions, third parties, and even government agents. The data from your financial transactions can be used to identify you, embarrass you, or for other nefarious purposes. Governments want to have this information so that they can make sure that their tax base remains stable and certain individuals are always identifiable. That’s why they are so worked up about cryptocurrencies.

Cryptocurrencies flip the entire system on its head. They allow users to make anonymous transactions, where they are unable to be tracked or identified by financial institutions, third parties, or government actors. Cryptocurrencies have become infamous for financial speculation, but their true value is in the anonymity they provide with transactions. That is why governments around the world have begun to use geo-location restrictions to block access to forums, exchanges, and other cryptocurrency related sites. The good news is that there is an easy way around these restrictions.

How Internet Users Are Avoiding Content Restrictions

To avoid cryptocurrency geo-location restrictions imposed by governments, you can use a VPN. A VPN, or virtual private network, works by creating a tunnel between a device connected to the internet and a server located somewhere else around the world. All of the information that travels inside that tunnel is encrypted, and the user is given a new IP address separate from the one provided by their ISP. This means that anyone using a VPN can access sites that have been blocked by geo-location, and they can do so without their online activity being tracked or monitored by an ISP, government actor, or third party. More cryptocurrency users are using VPNs to ensure that they’ll always have access to an exchange regardless of what country they might be located in.

What’s Next For Virtual Currencies?

Unfortunately, cryptocurrencies are likely to see a surge in government restrictions around the world. As the currencies become more popular and more users look to buy, governments are likely to use geo-restrictions on exchanges, forums, and other sites associated with virtual currencies. That’s why VPNs are so valuable. They offer a way for cryptocurrency enthusiasts to access the web freely without fear of government tracking. For those living in countries that are known for content restrictions, like China, VPNs are a must. And even for those living in the west, VPNsare becoming critical, especially for those who travel or want a completely anonymous web experience.

About the Author

Chris San Filippo is a part of the marketing team at Hotspot Shield, one of the top ranked VPNs in the world. Hotspot Shield has over 500 million downloads and has helped users from over 200 countries fight for net neutrality and against censorship. Chris’s work has helped Hotspot Shield earn features in publications like Forbes, Bloomberg, and The Wall Street Journal. In addition to his job with Hotspot Shield, Chris also blogs about web security, cryptocurrencies, and social media trends.

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