As communities around the world continue to develop cryotocurrencies, the industry is subject to heavy opposition. The utilization of cryptocurrencies allows some degree of economic freedom. That freedom provides an alternative method of laundering assets. Governments across the globe are racing to regulate peoples usage of cryptocurrency technology.
Transactions of an illegal and illicit nature may be carried out with cryptocurrencies. The fact often distracts people from the more liberating possibilities of the technology. Users of cryptocurrencies may choose from any number of competing currencies for there transactions. There's no limit to how many currencies may be at competition with each other.
The cryptocurrency exchange service LocalBitcoins is an example of how government regulations cause economic turmoil. LocalBitcins was founded in 2012. They facilitated trading cryptocurrency for government issued and regulated currencies. Local cash payments, bank wires, paypal, and more were possible methods to trade cryptourrency for "cash." They recently disabled all currencies except cryptocurrencies on their platform. We already are required to pay taxes, but governments also want more control on transactions. They wish to surveil our spending. Due to this surveillance, LocalBitcoins decided to abandon regulated currencies.
Government regulations historically are the enemy of the free market. Cryptocurrencies are a free market by nature, but exist at the mercy of governments. Without an internet connection, virtually all existing currencies would pop like a bubble in value. It is possible for anyone to make innovations in cryptourrency technology and industries, but not without opposition from government organizations such as the FCC.