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As Bitcoin
is controlled by its users through peer to peer technology, no government body
or central bank can have regulation on it. This was part of its appeal and essential
for the success of Bitcoin as a first mover in the market; one of its core competencies
was the community aspect, of working together without any regulated body (Ma, 2017). However, Sas (2017) explains that ‘many
traders want to address the challenge of dishonest traders and would prefer if
Bitcoin became regulated, addressing the unregulated nature of Blockchain
technology and not the trading itself’ contrasting the most attractive factor
of Bitcoin.

Transaction fees locally or globally are
lower when using bitcoins then a traditional banking system, making it a very interesting
market for people to invest in (Tan and Low, 2017). In contrast to low transaction
fees, traditional banking
system, can charge quite high transaction fees (Bershidsky,

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