Let us know your favorite in the comments below! Hence, the authorities are sweating guts out to develop the regulatory framework and tighten their grip over the crypto economy. Over the years, the concept of a virtual, decentralized currency has gained some acceptance among regulators and government bodies. It is a cryptocurrency which places the emphasis on security, privacy, and the fact that it is supposedly untraceable. Once they succeed, Bitcoin can go two ways — either towards prosperity or destruction.