Bitcoin Cannot Be Banned

September 22, 2021

There is a complete ban in place on the usage of Bitcoin in Bolivia since 2014. Not only does bitcoin provide a greater value proposition relative to any other good that any government has ever attempted to ban including gold.

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Opinions expressed by Forbes Contributors are their own.

Bitcoin cannot be banned. Sites can be halted and governments in authoritarian countries can even block entrance to the internet for all. A Bitcoin ban would be foolish and ineffective but governments could certainly increase the barriers to entry and increase friction. Bitcoin itself cannot be banned but people interacting with it can be surveilled prosecuted fined or jailed.

The government deliberately cut off the Internet to stifle local protests but it can apply. At which time bitcoin will be more valuable and undoubtedly harder to ban as it will be held by far more people in far more places. Bitcoin Will Not Become Legal Tender in Uzbekistan Central Bank Official Insists Cryptocurrency cannot be adopted as a means of payment in Uzbekistan a.

Lawmakers Are Realizing They Cant Ban Bitcoin. In addition to the countries where BTC is banned there are also countries where Bitcoin is somewhat restricted and cannot be traded or used for payment. Bitcoin cant be banned in the ultimate sense because it would take a regulation of global proportions to do so.

The State Bank of Vietnam has declared that the issuance supply and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND 5600 to 200 million VND 7445. Countries with a less developed internet infrastructure could simply shut down the web. Regulators can implement know-your-customer and anti-money laundering requirements or raise taxes which would likely slow adoption.

Bitcoin Will never work and will be banned is a common objection I hear all the time. In Reality US Could Destroy Bitcoin. The Bolivian Central Bank issued a resolution banning it and any other currency not regulated by.

So the skeptic logic follows. But governments in the free world will not attempt to ban bitcoin until it becomes more apparent that it is a threat. So the skeptic logic follows.

The next in the Gradually Then Suddenly series not to be missed. At which time bitcoin will be more valuable and undoubtedly harder to ban as it will be held by far more people in far more places. This can be done by dividing.

Plus most of the massive value that bitcoin will generate over the coming years can be siphoned away from the holders. Bitcoin does not work but if it does work the government will ban it. Thats because the internet still depends on centralized servers that ISP providers and regulations can control.

Between September 3 2020 and around noon on February 26 the price of bitcoin in US dollars has gone up by a whopping 356 and is quoting at. But governments in the free world will not attempt to ban bitcoin until it becomes more apparent that it is a threat. Bitcoin does not work but if it does work the government will ban it.

Governments will not ban Bitcoin until its apparent that it actually presents a threat to their own currencies when that happens and under that pretense they will face the ultimate Prisoners Dilemma. Bitcoin cant be banned because it depends on node decentralization. Out of 195 countries of the world 12 countries have openly tried to ban cryptocurrencies and Bitcoin at various levels.

Last month Sudan saw an internet blackout that carried on for weeks. It actually increased in value relative to the dollar and just thirty years later the ban was lifted. However the government doesnt ban Bitcoin trading or holding them as assets.

However in theory Bitcoin is not infallible and some governments have the potential to ban citizens from using it. In such states banks and other financial service providers are prohibited from dealing with cryptocurrency exchanges and companies and in more extreme cases the countries have even banned crypto exchanges etc China. But in this video I will explain why Bitcoin cannot be banned why.

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