BTC will always prevail

[Outhue]

I have heard on this forum that BTC can be stopped if the government want to, my question is how? I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

I think BTC is too lucrative, and the tech is still in an early stage and all the govt can do is find a way to be in control.

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[mk4]

What they can only do is to make access to it very difficult — like banning fiat off-ramp centralized exchanges and such(or banning ownership of bitcoin in itself), so people would be stuck with doing it secretly through peer-to-peer. The government can't stop the protocol from running, as it's already too decentralized to control.

[BlackBoss_]

The USA is the leader of world. If USA ban Bitcoin, other governments will join and ban Bitcoin too.

Very lucky, very minority of USA senators want to ban Bitcoin. Most of them support Bitcoin, cryptocurrency and want to legislate it better.

They want more legislation, they want more tax from Bitfoin and cryptocurrency.

They don't want to ban it and we know as a rule of thumbs, if majority of senators don't want to ban it, no ban after all.

Senate FTX hearing: calls for regulation and crypto criticisms aplenty

“The 2008 financial crisis involved obvious misuse of products related to mortgages — did we decide to ban mortgages?” said Toomey. “With FTX, the product is not the instruments that were used, the problem was the misuse of customer funds, gross mismanagement, and likely illegal behavior.”

The senator added:

“Some of my colleagues have suggested somehow pausing cryptocurrency before we pass legislation. This is a profoundly misguided not to mention impossible idea. Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped.”

[_act_]

I have heard on this forum that BTC can be stopped if the government want to, my question is how?

If the government all over the world come together to stop bitcoin, they are going to succeed more than 50%, but are they going to do that? No good reason. In reality, the government people also like bitcoin, some speak of bitcoin bad while some speak of it good which is the reason bitcoin would be hard to ban. Anything decentralized like bitcoin is hard to stop.

What they can only do is to make access to it very difficult — like banning fiat off-ramp centralized exchanges and such(or banning ownership of bitcoin in itself), so people would be stuck with doing it secretly through peer-to-peer. The government can't stop the protocol from running, as it's already too decentralized to control.

Government can ban centralized exchanges too, but not possible as they are getting tax from there, no good reason to stop crypto than to increase unemployment and poverty.

[Pandu Geddon]

all the government can do I think is just to limit the exchange platforms that exist in their countries. whether it's a type of trade or ownership. although that won't stop Bitcoin from continuing to be traded in their countries.
instead of protecting investors' money in their country. actually, they want to make restrictions on a product that the government really can't control. it may hurt investment in their country in some sectors.

[Outhue]

The USA is the leader of world. If USA ban Bitcoin, other governments will join and ban Bitcoin too.

Very lucky, very minority of USA senators want to ban Bitcoin. Most of them support Bitcoin, cryptocurrency and want to legislate it better.

They want more legislation, they want more tax from Bitfoin and cryptocurrency.

They don't want to ban it and we know as a rule of thumbs, if majority of senators don't want to ban it, no ban after all.

Senate FTX hearing: calls for regulation and crypto criticisms aplenty

“The 2008 financial crisis involved obvious misuse of products related to mortgages — did we decide to ban mortgages?” said Toomey. “With FTX, the product is not the instruments that were used, the problem was the misuse of customer funds, gross mismanagement, and likely illegal behavior.”

The senator added:

“Some of my colleagues have suggested somehow pausing cryptocurrency before we pass legislation. This is a profoundly misguided not to mention impossible idea. Short of enacting draconian authoritarian policies, cryptocurrency cannot be stopped.”

Very lucky? What will happen to countries that based on Bitcoin like El Salvador? If some countries ban Bitcoin that doesn't mean every other countries will join, I am 100% sure that some countries will see crypto as a big opportunity and those who ban crypto will have no choice but to lift the ban, this have happened too many times years ago.

[Poker Player]

What governments can do is make some massive bullshit regulations tolerating Bitcoin use under certain conditions, with KYC/AML rules enforced to the max, which seems to be the way they are going.

I think some time ago they realized that banning it was not going to help them and that it was much more useful for them to tolerate it but with maximum regulations, so that in the future doing Bitcoin transactions will be in most cases the same KYC as doing banking transactions, although there will always be a space for privacy and people doing P2P transactions escaping control.

[RikandMorty1]

The short answer is no, governments cannot stop Bitcoin.But what they can do is make it more difficult for people to use it. This could have a negative impact on the adoption of Bitcoin, but it is unlikely to stop it completely. Bitcoin is a powerful technology that has the potential to revolutionize the way we use money, and it is likely to continue to grow in popularity despite any government regulations.

[noorman0]

-snip-
I have heard on this forum that BTC can be stopped if the government want to, my question is how?

Yeah, turn off the entire internet network, even though this will also have an effect on the continuity of other public facilities.

-snip-
I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

Balancing to the technological era, saving on issuing costs, or more so leading to increased "power of control" (I still have no idea how CBDC works, my country is still in the planning stage), we'll see.

[PrivacyG]

Bitcoin can only be pulled down if they get to scare the public about using it.  They are already attacking it by linking Bitcoin to crime every time they speak about it.  They will continue doing this and hoping it will have the negative impact they always wanted.

They are creating CBDC's for two reasons.  They love how Blockchain Analysis companies are able to connect things and make reports based off vague information.  So imagine the smirk on their face when they remember CBDC's will provide a perfect environment for financial control and surveillance.

And then they want to attract people.  Bitcoin lacks trust from general public and most people have a lack of education when it comes to Bitcoin.  CBDC's will be much simpler.  Your phone has been lost?  Banks can help you reinstall the app.  Just got scammed?  Banks will revert the transaction.  Want to give your partner $50 for their birthday?  Transfer it instantly with zero fees.  Et cetera.

-
Regards,
PrivacyG

[Daniel91]

I don't think national governments can do much about bitcoin and crypto, because they can't directly control it.
However, the problem arises when you want to convert your crypto assets to fiat and start spending in your own country.
It's often very difficult to prove the origin of your crypto assets, and you also often have to pay high taxes on crypto profits.
It's also often complicated to pay for products and services with crypto assets.
Because of this, many users see crypto only as a long-term investment.

[Myleschetty]

I have heard on this forum that BTC can be stopped if the government want to, my question is how? I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

I think BTC is too lucrative, and the tech is still in an early stage and all the govt can do is find a way to be in control.

Yes, Bitcoin can be restricted not stopped although the restriction will initiate the massive departure of users and what they will do is create some rules and regulations that will be unbearable for Bitcoin users, traders, and miners. However, Bitcoin has passed the verge of being stopped ever since some institutional investors stepped into the crypto market.

[DaNNy001]

The short answer is no, governments cannot stop Bitcoin.But what they can do is make it more difficult for people to use it. This could have a negative impact on the adoption of Bitcoin, but it is unlikely to stop it completely. Bitcoin is a powerful technology that has the potential to revolutionize the way we use money, and it is likely to continue to grow in popularity despite any government regulations.

The government can always try but they wont be able stop people from  trading bitcoin or using it as a point of payment for goods and services. Bitcoin is just unstoppable in the world today it has advanced so fast since its year of creation and has been very helpful in the life of millions of people all over the world.
Most countries have seen the benefits of it and have declared it as a legal tender already in their country but most countries are just scared and have coupled their actions of banning bitcoin to the fact that the possibilities of using bitcoin for evil activity in the world is just limitless but the truth is that there are just not convenient with the fact that they can monitor or control all the bitcoin transaction due to the decentralized nature of bitcoin.

[palle11]

A country government cannot shut down Bitcoin even if it wants to. But he can personally stop for his country.

Yes limiting their country does not affect bitcoin itself but the coins in  the country. So they can regulate the use and what else to keep people away from using it but other countries will conveniently keep using it. I think it is not nice to ban bitcoin in a country because it will prevent the youth from openly investing into it and make profit like some others. It is a set back to have a decision to prevent youth from investment in bitcoin.

[JoyMarsha]

I have heard on this forum that BTC can be stopped if the government want to, my question is how? I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

I believe that if the government had the ability to shut down bitcoin, they would have done it immediately. But it is terrible that they have no other option for control than to curtail it and propagate disinformation so that its citizens will not acknowledge it. They now have no choice but to accept cryptocurrency when it enters their nation because they are powerless to stop it, allowing their people to participate in it for their own financial independence and benefit.

I think BTC is too lucrative, and the tech is still in an early stage and all the govt can do is find a way to be in control.

Bitcoin cannot be governed by the government. Nobody or the government intended for the creation of Bitcoin to have control over it. The best thing they can do is integrate blockchain technology into their system of government

[Lida93]

I have heard on this forum that BTC can be stopped if the government want to, my question is how? I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

I think BTC is too lucrative, and the tech is still in an early stage and all the govt can do is find a way to be in control.

It's not a thing of if the government want to, as it stands already many government's have put down so much efforts to making sure they stop BTC from operating but bitcoiners who find themselves under such government had always created other routes to ensure the continuity of it's operations and the zeal shown overwhelmed the government authorities themselves that even when they tried to create a supplant system to bitcoin it still doesn't work like bitcoin cause it's under government control unlike BTC.
The control the government lacks towards BTC is one issue that bothers them and not that BTC is a bad idea for her citizens.

[Hyphen(-)]

There are limits to what the government can do, especially when it is democratic; in my opinion, the government did not have the authority to completely ban Bitcoin.

I have heard on this forum that BTC can be stopped if the government want to, my question is how? I read on news that Canada's CBDC is almost complete and as for the CBDC why did the government create theirs? I think that's the only option left for them, to join the train.

I think BTC is too lucrative, and the tech is still in an early stage and all the govt can do is find a way to be in control.

Instead, the government should have worked together to find a possible legalization and global adoption, because Bitcoin has gained public interest globally, making it very difficult for the government to put a stop to it.

Governments in countries such as El Salvador are making big plans for Bitcoin, as they have been buying Bitcoin with country money due to their trust in Bitcoin; there is no way the government will completely ban Bitcoin.

[pixie85]

Thankfully there's no one world government so a worldwide ban will never happen but different governments can put different restrictions on bitcoin depending on what they'll think poses a danger to their machine of theft and control.

I agree with OP that bitcoin cannot be stopped unless its users decide to abandon the project. What the government do is for instance buy it out. They can print the money so they have infinite supply while supply of bitcoin is finite. If they decide to buy enough of it to stop people from transacting they will and centralized exchanges will make it easy for them. You'll be left with fiat money that was inflated to maximum and they'll have your bitcoins.

That's unless you refuse to sell.

Caitlin Long said it long ago that at some point there will be a kind of bank run on bitcoin where so many people will want to have it that its price will explode.

[bounceback]

They can't completely stop bitcoin because basically bitcoin is truly decentralized which runs without any interference from third parties unlike fiat currencies which are completely under government control, so far if we look at them they can only limit bitcoin adoption in various countries by enforcing laws on bitcoin users or against crypto exchanges, in the future if bitcoin adoption grows it is also possible that regulations will also become tighter because this is the only way the government can do to slow down the growth of bitcoin enthusiasts.

[AakZaki]

clearing BTC, can the government afford it? the government is only putting pressure on the development of bitcoin, they are only able to regulate without stopping bitcoin completely, Bitcoin is not centralized so there will be nothing for them to stop. The government wants control over bitcoin, so they can make money from what they control, for example, like imposing taxes on exchange platforms that work under the government, inevitably they have to pay taxes or otherwise they will be blocked and have no official access.