Bitcoin is in a much better position in the year 2019. Before the repute inflation, people were still slightly scared of what bitcoin was. They didn’t understand if it was a Ponzi scheme, a bubble, or something that could really be accepted. The fact is, people were worried that if they invest or mine bitcoin, they were either going into a dangerous investment or they were doing something unlawful. What they didn’t understand back then is that bitcoin can’t even be banned at all.
Why would governments ban bitcoin?
Banning Bitcoin is really almost difficult. Bitcoin is an open-source platform and it is not presented to be monitored and is the user’s preference and practice to use it. However, banning it with the piece that halting and not permitting people to accept it and accept it as a payment method is the thing to examine. You may have a collection of bitcoin. But what would be the reason for it if the government already declared a law for the people not to accept it and not to recognize the value of it? The government has the authority to stop people from using it and view it as an illegal act.
Governments are scared of cryptocurrency because there have been many tales of bitcoin being utilized for the wicked purpose. This involves drugs, adultery, and even terrorism. From this point, it’s reasonable that the government would want to leave this out. Since bitcoin is essentially untraceable, then it postures a great warning to the country if it’s being practiced to support criminal or malicious acts.
Why Bitcoin Can’t be Banned?
Bitcoin works in a peer-to-peer mode, it is very tough to ban such a system. Even if governments were to declare it unconstitutional, there will still be people using bitcoin because of its peer-to-peer character. It’s difficult to block people from using bitcoin when people are peer-to-peer bitcoin trading.
Validity has been a concern for bitcoin since the very inception whether it be people questioning if utilizing it was constitutional or governments discovering its legality. It has come a long way and bitcoin is a more reliable thing now. Not only is a financial system developing but bitcoin and peer-to-peer investment is being utilized to support countries with fighting economies. As long as there are people who profit from bitcoin, there will always be users. As long as there are people who use bitcoin, it’s not going anywhere.
The internet can be controlled, somewhat. Sites can be halted, and governments in authoritarian countries can even block entrance to the internet for all. That’s because the internet still depends on centralized servers that ISP providers and regulations can control. Bitcoin can’t be banned because it depends on node decentralization. Its distributed software has developed large enough worldwide that it is difficult to shut down.
Bitcoin can’t be banned as a technology because you can’t stop people from using it, it’s open for all. But the other thing is that governments could introduce a law for Bitcoin so that it becomes unconstitutional. So, primarily you could always use Bitcoin because all technologies, software, and tools are available to you but you will be using an illegal way if some governments adopt the law against Bitcoin. We can say that there is no fear of outlawing Bitcoin because most governments, at least in advanced countries, are knowledgeable that Bitcoin and cryptocurrencies can’t be banned anymore.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.