Bitcoin cannot be banned

[satb]

An interesting read on the economics of Bitcoin:

https://www.unchained-capital.com/blog/bitcoin-cannot-be-banned

Excerpt.

The Progression of Denial & Stages of Grief

The skeptic’s narrative consistently shifts over time. Stage one of grief: bitcoin could never work – it is backed by nothing. It is nothing more than a present-day tulip mania.  With each hype cycle, the value of bitcoin rises dramatically and is then followed by a correction. Often extolled as a crash by skeptics, bitcoin fails to die and in each instance, it finds support at levels higher than prior adoption waves. The tulip narrative becomes tired and the skeptics move on to more nuanced issues, re-anchoring the debate.  Stage two of grief follows: bitcoin is flawed as a currency. It is too volatile to be money, or it is too slow to be a payments system, or it cannot scale to satisfy all the payments in the world, or it wastes energy. The list goes on. This second step is a progression of denial and it is a significant departure from the idea that bitcoin is nothing more than nothingness.

[romero121]

People have difference of opinion regarding the same. Bitcoin can't be compared with tulipmania which is just a hype, but bitcoin isn't a hype. It is a technology backed asset that works on the supply to the demand availability. As it is manipulative whales always try to get the best out of the same through the price fluctuation happening with time. This at times show large scale growth and undergoes correction. For this reason it can't be said as a bubble. The price grows as a wave, and the grief is being experienced by the users who doesn't believe upon the growth of the market, but with panic invest for profit.

[cryptoangel]

Bitcoin is a decentralized cryptocurrency, so it will never banned in this world. May be some countries are stop the crypto transaction because of some regulations and bad news on spam. But every investors are know the Bitcoin potential so it will always raise on further years and one day it will be globalized. May be this statement is useful to understand the crypto hunters.

[Naida_BR]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

[YuginKadoya]

This is what I liked about Bitcoin even if other countries would have a way to stop transaction with cryptocurrency we can still hold and invest through it and let the cash flow in your wallet, I think many investors really keeps on coming back if Bitcoin price would suddenly make another jump with its price,

I think many Bitcoin enthusiasts really understand that Bitcoin cannot be taken down by just cutting all processes of the transaction and they can still find ways in making transactions in a more Annonymous way.

[1Referee]

They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

It would suck initially, but considering that there are thousands upon thousands of individual miners distributed globally, it's extremely hard for one single government ban to affect Bitcoin seriously long term speaking. In fact, it will make people more aware of the importance of decentralization. It's one thing to visualize theoretical attacks on Bitcoin, but it's a whole new thing to see governments actually employ an attack.

That's also why running a full node shouldn't cost too much. How do you prevent it from costing too much? By not letting the blockchain grow unnecessarily fast, hence the reason the scaling roadmap of Bitcoin is very conservative. It's more about using the existing block space more efficiently, which is what upgrades such as Schnorr allow you to do.

[khaled0111]

I can't understand why some people are still arguing about the same subjects over and over again. All these questions were answered hundreds of times but it seems that those people can't accept the fact that Bitcoin is here to stay.
Even governments can't ban it because of the simple fact that it is decentralized. (They would if they could)

I didn't like the comparison of Bitcoin with alcohol and drugs though, it is completely irrelevant.

Governments could not successfully ban the consumption of alcohol, the use of drugs

[Febo]

Bitcoin cannot be banned

You also cant ban anyone to use it. It is permisionless and no one need to ask anyone for permission to use. it.

[realr0ach]

(((Government))) doesn't want to ban Bitcoin.  The only possible endgame evolution of all non-fungible, digital shitcoins is a permissioned ledger, Chinese social credit score surveillance system where all it's users are monitored in real-time like cattle.  Use an actual fungible monetary unit if you don't want to empower the state like physical metals.  Anything non-fungible is garbage and by every single dictionary defintion doesn't even qualify as money in the first place.

[blckhawk]

At this point in time, total ban is near impossible to implement. Its decentralized nature works like the internet does, it already established a mesh of interconnected nodes that power up the network, and censorship is too difficult now to conduct. Government can just accept cyrptocurrencies now and the only thing they could do to stop people from using it is doing a national internet ban, which is impossible and would certainly break their economy.

[Wexnident]

BTC has already entered the market and much supply has already been spread out to various people, so I'd suppose it's possibility of being banned is already at a minimal. Addressing the issues of volatility, it is volatile because supply is still being increased by miners, and in the past years, it has increased by a lot. Once more halvings pass, BTC release would be pushed into a minimal amount, which should make its volatility disappear, or at the very least, reduce it to minimal effects.

Plus, with how the demand of BTC is now, with it growing based on supply and demand, I doubt BTC would die off anytime.

[LogitechMouse]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

[TGD]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

The more they put restrictions, the more people get curious about it, as many countries already said they were alarmed in popularity of bitcoin but they can't stop it's spread in their countries as many investors were smart enough to see it's ability to increase in future. Technology have created ways to create systems that will put there limits no use like in China even they ban exchanges, many chinese were still able to use exchanges every now and then thru VPN, going in other countries etc.

[barabarian1]

Bitcoin is a decentralized cryptocurrency, so it will never banned in this world. May be some countries are stop the crypto transaction because of some regulations and bad news on spam. But every investors are know the Bitcoin potential so it will always raise on further years and one day it will be globalized. May be this statement is useful to understand the crypto hunters.

yes i agree with you. no one can stop bitcoin because bitcoin is decentralized and moves freely. bitcoin will continue to grow even though there are some countries that refuse and ban bitcoin I think it's no big deal and can't stop bitcoin. in fact, I see that every year the number of countries receiving and bitcoin users is increasing. because they are aware of the potential of bitcoin which can provide huge benefits for humans. and I am optimistic that as more countries and companies adopt blockchain, then they will also adopt bitcoin.

[oktana]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

many countries are friendly to mining activities, China has even become responsive to prohibitions they have ever done, this is also always related to business, the fact is like that. Bitcoin moves decentralized and does not depend on reserves of certain fiat, impulsive restrictions only have an unstable effect on their own fiat, many people will choose bitcoin as a companion currency.

[Yaunfitda]

Exactly, and the attack vector of those skeptics doesn't hold grounds long term. That's why bitcoin still survives this day. It is so resilient that critics will have to evolve as well, otherwise their whole argument won't take effect anymore.

And we might find skeptics turns into believers for all we know because they know that bitcoin is the future no matter what kind of attacks they're going to throw in our direction.

[Wind_FURY]

^^ Bitcoin is decentralized and it can never be ceased.

Because why? In a Bitcoin with cartelized mining, who actually secures the network?

However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

Ban all mining all at once? That's not very realistic.

[Wysi]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

many countries are friendly to mining activities, China has even become responsive to prohibitions they have ever done, this is also always related to business, the fact is like that. Bitcoin moves decentralized and does not depend on reserves of certain fiat, impulsive restrictions only have an unstable effect on their own fiat, many people will choose bitcoin as a companion currency.

Yes no one can Bitcoin as its not centralized and moreover how can a government ban something which they don't have control over all they can do is just threaten and warn people to avoid bitcoin and as far as Chinese influence is concerned whatever they do has a hidden business motto so we cannot consider them serious when it comes to crypto.

[Oceat]

It would take an entire country worldwide to effectively ban Bitcoin and it's Bitcoin mining industry but that's just too impossible to happen, not in a million years would happen. Therefore, the government cannot ban Bitcoin and that's what makes it unique up to this day. The government can make a lot of regulations but they can't effectively ban Bitcoin alone.

[Hippocrypto]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

The more they put restrictions, the more people get curious about it, as many countries already said they were alarmed in popularity of bitcoin but they can't stop it's spread in their countries as many investors were smart enough to see it's ability to increase in future. Technology have created ways to create systems that will put there limits no use like in China even they ban exchanges, many chinese were still able to use exchanges every now and then thru VPN, going in other countries etc.

But behind all the curiosity of people, bitcoin continued to catches the attention of many new users. Unlike the old days, we can't hear any good news about crypto due to it wasn't popular that time. Banning issues only erradicates when FUD spreaders tried to create chaos, because they thought that would divert everybodys mindset on holding bitcoin as a strong asset.
For now, adoption grows heavily despite of market value declination which was considered as stable price fluctuations.