November 14, 2021. No. 66
“The only way to ‘shut down’ cryptocurrency is to disconnect the Internet” Professor David L. Yermack.
Imagine unplugging the entire internet so you can make BTC and the crypto world crash completely. It does not make sense that after several years of making technology advance at an accelerated rate and we have the future one click away, by governments wanting to make BTC fall, they have to go to that extreme. So I don't think it will happen.
What they can do is regulate it. When I say regulate it, it is about income and economic issues that as a natural person you have to pay taxes or declare the cryptocurrencies that you have in your wallet to the State. Laws in different countries vary, so there is no standard. Each one goes to his own thing and makes his own rules of the game.
In Spain for example, I was looking for information the other days, and if you do not declare your crypto to the Treasury, you can be fined up to 5000 Euros. It is not negligible money at all, so you have to take into account what you do.
The beauty of it all is that it is decentralized. No one is in absolute control and we are all its owners. Even the most insignificant person on the face of the earth, even with a first-generation Rasberry Pi, if you find yourself mining BTC, that person is part of the community and is part of this crypto world.
Most governments even allow Exchanges to operate, as long as they do the Know Your Customer (KYC) procedure and also bear in mind the Anti-Money Laundering (AML) laws. Surely we have all gone through a KYC in more than one place. It is something extremely well known, which even prevents money laundering, that cryptos are used for purposes other than lawful, and for terrorism itself. When an Exchange or some other site asks me for a KYC, I do it with pleasure, because it shows me seriousness and generates confidence.
All of us who have had cryptocurrencies in our wallets, have had the fear at the beginning that our country, and others following in its footsteps, try to attack crypto and want to “shut down”. When Satoshi Nakamoto created BTC, it was based on previous experiences, such as the Liberty Dollar or E-Gold itself. They realized that these had a vulnerability that governments could attack. If the currency boomed, the CEO would end up imprisoned and all the development obtained, present in some computers, would be closed to him. It was then that the word "decentralized" came, the one that allows no one to have absolute control, and that we all participate in history.
Main aspects that make it impossible to silence the BTC:
There is no one who has absolute control.
There is no CEO.
There is no building where all the assets are stored.
It exists in the heart of thousands of computers connected to each other, in what is called the internet.
Governments can tell you that selling or buying BTC is a crime. And then you get into legal matters. They do not limit you to having them, but if you sell or buy them, you are playing with the weight of the law. In El Salvador, BTC has already been adopted as legal tender. In China, they have waged war on BTC miners. In the US, they also do not want to recognize BTC or anything to do with the crypto world. They are simply afraid that the FIAT money will disappear when the world population discovers that there is a universe parallel to their reality.
Another issue for which they try to prevent everyone from knowing the benefits of cryptos on FIAT money is that BTC or other cryptos are being used for criminal activities. Further from the truth impossible. There are even statistics and studies that show that this is completely false. A% is used for this type of question. Perhaps in many cases on the Dark Web, which, as we all know, can be found there very strong issues in every way. Being almost anonymous, how many operations for illegal purposes could not be carried out? BTC attached to the Dark Web is a huge problem.
Do not worry, we have a parallel universe, where all cryptos coexist, there is no possible way to destroy it.
When in doubt, and no matter how much your government says it is going to do the impossible to ban cryptocurrencies, remember that it is IMPOSSIBLE. It only remains for him to regulate financial issues such as the society in which we live. There is little else it can do.
This is my 4th entry for "2021 Bursting the Myth Around Bitcoin writing competition" organized by @SofiaCBCH. You can also participate if you wish. The deadline is approaching!
Ps (update from the future):
Friends. This article has suffered the hatred of a hater. He has dislike or downvote all the comments that other users have made me. I have no idea who it was, and why so much evil towards me. I never thought to live this in read.cash. I had to correct the -1, giving upvote to all the comments. If the one who downvote was reading this update, please stop hate, love always comes first.
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They will try.
Long live DeFi