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

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