The cryptocurrency market cap is worth more than $300 billion, but what if the governments decide to ban Bitcoin and all cryptocurrency.
In early 2018 India Bank banned the selling and purchasing of cryptocurrency. India is not only the cryptocurrency to Ban the use of cryptocurrency even Iran also Banned the use of cryptocurrency.
It's a regular day, you're sitting on your couch and scrolling through YouTube, you see a video talking about Bitcoin hackers, but this time is more serious. The lady at your screen is saying "A group of Bitcoin hackers has succeeded in hacking Nasa and is asking for $1 billion worth of Monero for ransom or the files would be sold on the black market for a cheaper price"
In case you don't know Monero is a privacy cryptocurrency, it is fully anonymous and can't be traced. Monero has been used for Many Ransom case in the past, Unlike Bitcoin, all information is stored on the Blockchain and can be seen by anyone.
It becomes very alarming for the United States because the Information is private.
The United States governments now decide to pay for the amount of Monero hoping that the files don't get leaked but it later does. It gets sold on the Black Market for a cheaper price, now the governments are angry and want to track down the hackers, but nothing can be done.
This adds to the "bad name" of Cryptocurrency, although cash has been used in cases like this. As they would say "Bitcoin is used for scammers and it's also used to buy illegal items on the dark web." Even though a huge percentage of Bitcoin supporters take it as a form of investment.
The government now tries to regulate Bitcoin and all other cryptocurrencies. But can it even be possible? All Cryptocurrency wallets and exchanges would now require an ID card as a way to prove the identity of the users. They believe if this was put in place from the start cybercrime with Bitcoin would decrease by a huge rate.
According to expert Bitcoin, scams are worth more than $15 Billion in 2020, (I mean this is even richer than some countries around the world.)
Cryptocurrency users rage in anger after the rule is strictly imposed and the word decentralized is no longer a thing of Bitcoin is now fully regulated by the government.
Day 100 of strict regulations around the World, Bitcoin users generate a Bitcoin wallet the old way you know with Private key, they begin to visit sites like bit address.org. Decentralized wallets get banned from popular app stores: Playstore and Appstore. DEFI platforms begin to pay tax! The worst has happened and you can't even survive being decentralized. The point of cryptocurrency is ruined and Satoshi is somewhere shaking his head.
Day 250 of strict regulation, Cryptocurrency users have had enough, people now find a way to use a decentralized wallet without getting caught. Also, the government has had more than enough cryptocurrency gets banned worldwide and it doesn't look real to you!
They give cryptocurrency users 30 days to sell their cryptocurrency assets, crypto companyand Mining farms to shut down. This is where things get frustrating for cryptocurrency users around the world, YouTubers begins to talk about the situation but nothing can be done about it. But sometimes in you says "why not buy more cryptocurrency" you shake your head with doubt and you take your credit card to buy cryptocurrency and store in a wallet as the market is looking very bearish.
Day 365 of the ban of cryptocurrency, people are now getting arrested for using cryptocurrency. They are now put in prison for specific years for breaking the law. Cryptocurrency is now sold like drugs people now hide to do. You try to keep your hands clean as you try to do anything bad for the main time. Let's hope if everything gets back to normal because if it does, you are now a cryptocurrency Millionaire for buying at a low price.
This story/article was inspired by a thread of what if Bitcoin was banned. I think that the chance of a strict regulation happening is about %10 in the tier one countries, but banning Bitcoin is something that might not be fully achieved by any country because Bitcoin is decentralized and can't be controlled by anyone!
Do you think any of this is possible? Drop your opinions below
Good article, keep it up