Myth, Bitcoin can, and will be shut down by government

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3 years ago (Last updated: 2 years ago)

Bitcoin is a digital currency that operates on a peer-to-peer basis without any central authority, converting ones and zeros into the proper currency. While the concept of a decentralized digital currency is difficult to wrap our heads around, a few of the primary reasons why governments cannot ban bitcoin are quite valid, despite being extreme. With a world full of innovation and progress, embracing a cryptocurrency is just another step towards a world where money is no more valuable.

Going by the recent Chinese government crackdown on Bitcoin and everything about cryptocurrency one would think that the end of Bitcoin is finally here. But it seems the more Bitcoin is persecuted the stronger it becomes.

Bitcoin has become the technology that the world cannot live without. The reason for this is simple: Bitcoin is an open-source and decentralized technology that allows for the peer-to-peer transfer of value on the internet. This means that it can be used as an alternative to centralized institutions such as banks. This is why they want to ban bitcoin because it is a threat to the banking industry and to their ability to print money out of thin air. Their idea of a state-run economy does not include freedom and freedom of choice.

It is impossible to stop the advancement of technology. The world governments are still far behind in the understanding of the technology that power Bitcoin. Blockchain technology will be used for everyday things such as voting, banking, and more. Even if any government entity tried to ban bitcoin, its network would continue to ripple across the globe. Because it would be impossible to stop the world from using bitcoin, any action taken against it will only be temporary and ineffective.

No government has successfully banned Bitcoin yet and more and more people are learning about its existence every day. There is no way to ban bitcoin or digital currencies because they are all peer-to-peer. The only way to stop the transactions is to shut down the internet. And that's scary and that's what it would take to stop it. So there's no way that they could ever ban it completely.

Blockchain technology has the potential to disrupt many industries. It will create new business models, change the way services are delivered, and perhaps even topple entire companies. But the governments are not so happy about this. Bitcoin is threatening their monopoly on money supply and is threatening their power to control people’s lives.

Countries like China, Russia, Zimbabwe, Bolivia, etc. have all tried to ban bitcoin. Some have gone as far as to close down exchanges, mine operations, and force crypto enthusiasts to declare their crypto capital gains. Despite all that, Bitcoin continues to spread its tentacles across the globe. The government cannot ban it. If they ban bitcoin in the United States then someone in China can still access bitcoin and send funds here. The recent shutdown of mining companies doesn't mean that they can stop bitcoin. People in China are still using it even though the government there wants to ban it.

Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your bank.

I believe bitcoin is the future. I'm confident that the world will eventually adopt a form of electronic cash, and if we're going to do that, we might as well have a decentralized one not controlled by any government or a third party. BCH fits in this narrative perfectly.

The way I see it, bitcoin is just money, and no one can ban money. Banning bitcoin would be like banning the internet. Just because governments don't like something doesn't mean they can ban it. Banning bitcoin would be the same as banning the internet, which many countries have tried to do, unsuccessfully.

The digital currency market is growing at a rapid pace. By 2025, there will be approximately 30.9 billion devices connected to the internet, most of which will not use fiat currency. It's becoming apparent that people are realizing that using fiat currency has its limitations. The wave of the future is here and the government cannot stop change. It can only choose how to react to it, and the bigger the change the more proactive it needs to be. This is not a matter of opinion, but a matter of understanding the laws of physics and the necessity for social change.

The Internet is an example of a disruptive technology: one that facilitated an explosion in technological innovation and entrepreneurship. It isn’t a surprise that its ability to connect anyone from anywhere has been a fundamental catalyst for social change. One such change is how people exchange value, now referred to as e-commerce. Approximately 13.8 billion people are now connected online, and over 1.7 billion people have smartphones.

This is too huge for the government to deal with, and the only thing they can do is to find a way to regulate bitcoin. Right now, the financial regulatory agencies are too far removed from the technology to have any kind of impact. The case is continuing to advance. The decentralized nature of bitcoin will eventually give the government some control, but that control is still some way off.

Of course what they want to regulate will be the bitcoin itself, the technology that operates bitcoin. That's a red herring. Bitcoin is a decentralized cryptocurrency system. Want to regulate the digital aspect of the system, fine. But regulating the blockchain technology which underlies it will undermine its very foundations. Governments must tread carefully when giving the green light to such plans, not only for both investors and just about anyone else worried about tokenization, but also avoid scaring potential blockchain-based services away from the emerging financial system.

We cannot talk about Bitcoin without the blockchain that powers it. More so than ever, the success of the 21st-century emerging industry rests heavily on blockchain technology. Blockchain is the revolutionary new technology underpinning the future of finance. It’s a decentralized, distributed ledger that stores digital records. As long as blockchain is with us, it will be impossible for any government to ban bitcoin - no matter how much they try. This is why any attempt to annihilate bitcoin is a direct attack on such industries.

The people who use Bitcoin are the forces behind its strength. The government can only succeed in banning their institutions from dealing in Bitcoin, but not the people. The only way the government can stop Bitcoin’s growth is if it had the power to destroy the human race. But since the people were the ones who began utilizing and building this network, it is almost impossible to stop it.

The bottom line of everything will be that the government will eventually cave into the will of the people and find a way to integrate Bitcoin into their system. Ever since Bitcoin came into the mainstream, more people are thinking about how it can be integrated into our society. Fighting for more mainstream acceptance of Bitcoin will be an uphill battle, but the recent comments of the U.S. government are an indication that Bitcoin has already pushed past some of the final limitations. With the recent announcements of Bitcoin futures trading ETF, there may be no stopping Bitcoin's push into the mainstream.

I have written in a similar article a detailed report on the plan of the world governments union to integrate Bitcoin into the system by way of regulation which you can read here. The world governments union to cooperate to integrate Bitcoin with the global system without disrupting the current market. Some processes need to be put in place before the integration with this plan.

Conclusion

Bitcoin will remain popular more than ever and it will continue to be accepted for commercial transactions in more countries going forward. Therefore, governments will not be able to ban Bitcoin even if they have a great deal of knowledge of blockchain technology and its implications. For the time being, there is nothing stopping Bitcoin from being accepted. Sooner or later, it will find its way into every aspect of society. All governments around the world are going to have to come to terms with the fact that they cannot outlaw Bitcoin and digital coins. Even If they wanted to, it's not going anywhere. It will continue on its merry way. Governments can't ban Bitcoin because they can't stop it.

One more entry for the @SofiaCBCH myth-busting writing competition.

BCH address:

bitcoincash:qqrcu5zjmp5wvspxc5tc9glltfe4geru2c65gvtmw4

SBCH address:

0xc0Adae24dF3De996E2EABB775A965e145D57D77B

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3 years ago (Last updated: 2 years ago)
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Comments

Good to know about Bitcoin and I like the fact that it's unbannable for the government.

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2 years ago

Good thing to know that those countries to have tried to ban bitcoin had failed. Bitcoin has a widespread advantage to the people all over the world esp now that more and more people to are came to know crypto currency. Hopefully, bitcoin wouldn't be banned. My heart will bleed if that will happen.

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2 years ago

I am just scared of how each time I go to an exchange of any type I have to input my ID, home address, contact details etc. The government knows who I am and if the place I have my crypto on (take any of them, Luno, Altcointrader, Coinbase, Binance, any of them) if South Africa says we can't have it anymore I don't know what to do. They are already closing in on transactions from people here...it's really scary.

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3 years ago

My country ban the banks and cryptocurrency exchanges yet we still trade cryptocurrency. It's a Peer-to-Peer electronic cash. There's something you should do, don't use your real identity for your cryptocurrency exchanges.

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3 years ago

I wish I knew how to do it without using my real identity 🤦‍♀️

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3 years ago

KYC have different levels, when you use your phone number to verify yourself you don't need to provide more details about yourself

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3 years ago

Thank you! I will look into it for sure much appreciated 🌻

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3 years ago

Please add "Myth:" to the title of your article.

Governments can't ban Bitcoin Cash. They can make it illegal for their citizens to use it. That would be bad.

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3 years ago

Thank you for the contribution, I will effect the change in the article.

$ 0.06
3 years ago

Yes, I agree... I clicked on your article Because it did not contain the word "Myth". I thought you were making the argument that Bitcoin was going to be banned by all governments, etc. The word Myth in the title changes the entire perspective. Thanks.

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2 years ago

There is an artificial intelligence software that many people in the world use. A friend of mine is using it. A fee is charged per word. You can chat with him. This artificial intelligence made a comment for Bitcoin; “If Bitcoin grows too fast, governments will intervene. Because if BTC grows too fast, it will cause the current economic system to collapse suddenly. However, if it grows slowly, governments will not have a chance to intervene.” Artificial intelligence said, not me.

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3 years ago

Erdov then what should we do now? This comment is deep and makes a lot of sense. I am wondering how wise is that AI is, how fast he can think too. Him saying "not me" is like, wow that AI can really think.

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2 years ago

Hmm, you mean someone paying a fee per word to make a comment or do any writing? There is some senses in the comment made by the AI, however, it's not a prediction to say that government will intervene in Bitcoin, they are already intervening, but at the end the people will win.

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3 years ago

The software is called GPT-3. The company that published this software sent it to a certain number of users. You pay per word as you use it. Chatting by messaging. By intervention, he means destroying.

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3 years ago

Ok, I got it

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3 years ago

Destroying! Where and how? What you cannot see how will you destroy it. Except they destroy the human race.

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3 years ago

GPT-3 says that sudden growth will collapse the current economic system uncontrollably. This can lead to chaos. So governments will want to intervene. It will ban it completely. Imagine being banned all over the world. What would be the price of Bitcoin then? However, if growth is slow, governments can't do anything about it, says GPT-3.

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3 years ago

Government can never ban Bitcoin but they will use it for their advantages by regulations.

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3 years ago

Gratitude to the World of technology and well done to the friends who are supporting and exploring the domain of Bitcoin.

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3 years ago

Yeah, grateful to be born in this period of time.

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3 years ago

Cryptocurrency is a phenomenon that has come to stay. There is no way a government can single handedly put a stop to it except it is tackled from the end of the UN, IMF and the likes. This agenda has drawn many from the forest of poverty and I think government of developed nations have seen the merit in it.

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3 years ago

The UN or IMF can only try to regulate Bitcoin, but to ban it will be too hard except they shot down the internet.

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3 years ago

in our country, the government is trying to impose some taxes on those who are earning from cryptos... it's pathetic

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3 years ago

Taxes on crypto! how do they know those who are earning from cryptocurrency?

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3 years ago

coinsph is a crypto wallet here in the country and whenever funds come in, they ask for the source... I stopped using it actually....

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3 years ago

Don't you have a Peer-to-Peer cryptocurrency exchanges in your country? Crypto exchanges are ban in my country but we still uses Peer-to-Peer exchanges to sell cryptocurrency.

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3 years ago

there are p2p that's the escape...

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3 years ago

What is P2Ps wallet in Ph?

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2 years ago

That is its general purpose being decentralized. Digital money can't be constrained By the public authority, that way it can't be restricted all things considered. I've heard bits of gossip about nations restricting cryptographic money, everything is obviously false. No nation can boycott digital money

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3 years ago

Although several nations have tried to put a ban on cryptocurrency trading, but it has never work for them. What we have now is that those nations are trying to create a national digital Currencies.

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3 years ago

That's the whole point of it being decentralized. Cryptocurrency can't be controlled By the government, that way it can't be banned either. Interesting read here m

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3 years ago

Thank you for your visit and comment

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3 years ago

Oh my God, something's crashing down... The Bible and St. John The Beloved saw it even before we know it now. Cryptos go! We are not limited by physics, we govern it as Sons.

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3 years ago

I've heard rumors about countries banning cryptocurrency, all is a lie. No country can ban cryptocurrency

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3 years ago

They have tried banning it several times but it all failed. China is the chief in this.

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3 years ago