Can Any Government Ban Bitcoin?

All prohibitions discrediting decentralized Blockchain projects and Bitcoin are done precisely because of these system’s advantages. Politicians don’t benefit from the massive use of these technologies. It will interfere with their usual way of life and partially or completely knock power out of their hands. But is it really possible to ban blockchain and Bitcoin? Whether states and central banks intend to ban them completely?

Why does the state need any new Blockchain developments based on smart contracts and a self-regulating economy that itself can grow and develop due to supply/demand in the market? The answer is obvious. Authorities want to make selfish decisions themselves and also replenish the treasury states.

But still, this is not the main thing that politicians are afraid of. The decentralized type of financial relations offered by Blockchain technology is what really causes aggression and panic in all states of the world. This is a real disaster for authorities. This technology allows users to create an unmanaged database. It can store all the information about everything. 

What if someone tries to hack the blockchain? Well, it’s almost impossible. Numerous computers and servers support Blockchain. They are interconnected and, at the same time, located in different parts of the planet. It is known that the blockchain can be hacked only when more than 50% of the power of these nodes is obtained. It is difficult to imagine the concentration of such an amount of power. But even if this happens, the person who “captured” the blockchain will not be able to gain full control over the actions of all users, for example, limiting the creation of new coins or stealing them.

Should Bitcoin Investors be Afraid of Something?

In fact, the only risk that can seriously hit the owners of Bitcoin is the possibility of restricting access to the worldwide Internet. Civilized states living according to the principles of democracy exclude such a scenario. In this case, restrictions on the Internet will be interpreted as a violation of freedom of speech and will. It contradicts the foundations of a democratic society. Therefore, residents of Canada, England, the EU, the USA, etc., shouldn’t be afraid of this.

Eleggible’s Final Words

So, Bitcoin and altcoins are non-national, decentralized, and located in several countries through nodes. Moreover, there is an anonymous cryptocurrency exchange that doesn’t reveal personal data. Their regulation will require a coordinated effort from regulators around the world. This can be a daunting task given the varying levels of interest in cryptocurrencies and their impact on national economies.

Authorities don’t understand that cryptocurrencies provide states with numerous undervalued opportunities. For example, El Salvador attracts additional funds to the budget because it doesn’t prohibit the use of cryptocurrencies. Despite the negative attitude towards the cryptocurrency market, it continues to grow. Also, specialists expect a Bitcoin exchange rate of $500,000 within the next 5 years.

In any case, the conclusions are clear: the decentralized nature of Bitcoin works. The cryptocurrency doesn’t have a central server and can’t be turned off. So, the coin survived the attacks of various governments, financiers, bankers, and other critics. As a result, the cryptocurrency continues to work and perform its functions for about 14 years. In parallel with this, it is gaining more and more fans.

The cryptocurrency miners ensure the network’s performance live all over the world. It is impossible to stop it. Therefore, nothing threatens the existence of BTC. So, it is a great opportunity to learn more about it and how to exchange BTC to XVG (or any other cryptocurrencies) if you haven’t yet had time to do this.

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