A Decentralized P2P Bitcoin Network Cannot be Banned

[Aanuoluwatofunmi]

A Decentralized P2P Bitcoin Network Cannot be Banned

Atimes i look around and burst into laughs seing some regulations and restrictions made on the use of bitcoin as some countries are making more moves to ban bitcoin despite the widespread of bitcoin adoption across the world, what i don't understand is if they really understand the scope behind a p2p network, or maybe do they even understand the meaning of a decentralized network, sitting China, Pakistan and Argentina as examples where bitcoin or any cryptocurrency is banned, but yet the citizens are making use of this same digital currency via p2p without any centralized institution knowing about them, which means the government may not legalize bitcoin to be used for an exchange or payment of goods and services but the people are using it privately through p2p network which no government or central authorities can know or stop them doing.

Pakistan makes moves to ban bitcoin and any other cryptocurrency in the country, says they will not be open to accept any form of a legalized use of crypto in their country https://twitter.com/WatcherGuru/status/1659222682175430658?t=t_JWKYjXMDDh5CT4OYBdQw&s=19 this is one of the ways people have a total misconception on bitcoin as they believe it's an avenue to perpetrate illicit activities that could facilitate crime and money laundering, but they have forgotten that this financial vices had long been in existence right before bitcoin was introduced.

Ban on bitcoin in Argentina through payment Apps
https://twitter.com/BitcoinMagazine/status/1654561678678458369?t=K2LX_L9zmpSLY_WFHgQz7Q&s=19 has also cause many to think about how they survive through this but he only way is with the p2p network being fully decentralized.

That means bitcoin cannot be completely banned even in areas where they never legalizes bitcoin or crypto for use, as long as you can not use a custodial exchange or any form of online wallet to hodl your asset you're safe, this is one of the best achievement we can get through bitcoin adoption which completely makes us being decentralized from any form of a central authorities or government institutions.

[Call_Me_Guru]

Regulation is good provided the regulators know what they do, not that they will want to choke everyone to do what they like and miss benefits. Bitcoin can not be choked like that, regulation may affect but can not stop the thriving of it. The power of no central government to control Bitcoin is a strong one, P2P has been keeping those with the countries where it is banned active, government can not do anything about that.

The government does not know who is who, they can't be banning sites just like that. P2P has been existing not just now, the crypto time just made it popular. Government can not stop me from sending money to you and can't stop you from sending money to another person. The system will persist to work for bitcoin and it is with the centralized and decentralized exchanges.

[Zlantann]

That means bitcoin cannot be completely banned even in areas where they never legalizes bitcoin or crypto for use, as long as you can not use a custodial exchange or any form of online wallet to hodl your asset you're safe, this is one of the best achievement we can get through bitcoin adoption which completely makes us being decentralized from any form of a central authorities or government institutions.

If Bitcoin is banned in a country it becomes illegal to own or use. It becomes an illegal currency. If you are caught violating the law, you will be treated like a criminal. Citizens that secretly use Bitcoin in nations where it is banned are doing that at their own risk. It is better to move out of the country or friendly neighboring countries to engage in Bitcoin transitions. I desire that Bitcoin shouldn't be banned in any country because a hateful government can enforce the law harshly.

Banning and restricting are not the same concepts. China banned Bitcoin but countries like Argentina and Pakistan OP mentioned are restricting Bitcoin transactions. Placing restrictions might not necessarily mean that bitcoin will not be used as a current or investment but certain services might not be available. In some nations, the government restricts commercial banks from dealing with Bitcoin.

[Poker Player]

You mean that the bans have no effect, the title is not well expressed in my opinion.

In any case, the regulations that are implemented in this regard have a great influence on how the market evolves. I prefer a regulation like the one El Salvador has for Bitcoin than the one the EU has in development, where it intends to KYC all transactions.

[Despairo]

That means bitcoin cannot be completely banned even in areas where they never legalizes bitcoin or crypto for use, as long as you can not use a custodial exchange or any form of online wallet to hodl your asset you're safe,

Privacy matter is important in this case.

When you live in a country where Bitcoin is completely get banned and you're holding a lot of Bitcoins, you're need to be careful. Government or centralized institutions usually only catch a big bag holders because they just looking a big case or something that will make them popular.

Holding your coins on a non custodial wallet and use DEX is still not enough as you're not run a full node in your wallet and you're not use Tor when you access DEX or something related with Bitcoin.

[crwth]

Basically, if you have a way to store your coins that doesn't require any online wallet, meaning it's in your custody and you have the private keys, that's basically it. You cannot be affected by other people's rules with cryptocurrencies. As long as you are able to control it, it's going to be safe. I'm just curious about how you are going to be able to buy your crypto and trade it for something, unless you are doing it for services or something.

[rat03gopoh]

The government can only prohibit the services that facilitate it as long as it is under their legal radar, including p2p trading services which are generally a website. In fact it is a weak point that a decentralized system however needs a centralized element as a support facility, and it can be stopped only by an authority's order.

The part that's impossible to stop is that other pro-crypto countries are welcoming these kinds of businesses, which in turn will become an alternative for users from countries where crypto is banned.

[Aanuoluwatofunmi]

That means bitcoin cannot be completely banned even in areas where they never legalizes bitcoin or crypto for use, as long as you can not use a custodial exchange or any form of online wallet to hodl your asset you're safe, this is one of the best achievement we can get through bitcoin adoption which completely makes us being decentralized from any form of a central authorities or government institutions.

If Bitcoin is banned in a country it becomes illegal to own or use. It becomes an illegal currency. If you are caught violating the law, you will be treated like a criminal. Citizens that secretly use Bitcoin in nations where it is banned are doing that at their own risk. It is better to move out of the country or friendly neighboring countries to engage in Bitcoin transitions. I desire that Bitcoin shouldn't be banned in any country because a hateful government can enforce the law harshly.

Banning and restricting are not the same concepts. China banned Bitcoin but countries like Argentina and Pakistan OP mentioned are restricting Bitcoin transactions. Placing restrictions might not necessarily mean that bitcoin will not be used as a current or investment but certain services might not be available. In some nations, the government restricts commercial banks from dealing with Bitcoin.

I actually gets your point here, the government themselves were all aware of bitcoin even though they never supported the use or adoption in some countries, yet we will still have a number of individuals amidst them that have owned bitcoin privately, the essence of this is in the identification and  the use of your right in choosing how to hodl your financial investment using any means such as in the use of bitcoin since it's your money, right and interest together with the risk in using a different technology of currency aside fiat, that's why here it is very important to know that a p2p system is privately secured if you can make use of a non custodial means to hodl your bitcoin.