Topic: No One Can Shut Down Bitcoin - page 7. (Read 1246 times)
Those who have minimum knowledge about decentralization or blockchain technology, they know it's impossible to stop Bitcoin anymore. It's not possible to stop by any government or centralized organization, because we don't need them to operate the Bitcoin blockchain. How anyone can stop? For example, if you are holding a million-dollar worth Bitcoin then you will start mining in case all manners decide to stop mining. So just imagine how many big holders in Bitcoin and will resume mining node. They won't dump themselves. So it's quite impossible to stop Bitcoin anyone since it's impossible to trace who is mining currently.
The world have known bitcoin for so long and we've all seen it went through the toughest challenges but take a look at bitcoin, it is still dominating the market ever since. Bitcoin's blockchain technology has been very firm due to the foundations it was able to build all throughout the years. Even on Elon Musk's case, no matter how hard he try or no matter how many money he makes each year, he will never be able to shut down bitcoin. As time passes by, it will only keep on growing stronger so let us hold on to our investments because the only way bitcoin is going to is upwards no matter how many time it stumbles.
About accessible, even porn which get blocked in several countries, their people still can access it. I think as long they not shut down big bitcoin exchanges, we should not worry about that. Because what can government do is make strict law about exchanges which need their permission to open, but people still can access bitcoin wallet, etc.
bitcoins cannot be stopped as long as the internet still exists, bitcoins may be restricted, but there is always a way to access them and there are always bitcoin enthusiasts. Bitcoin is also one of the technologies worth looking at, slowly but surely the government is reviewing bitcoin, and finding a way for them to control it, have you heard of coins made by the government? I'm sure you've heard of it.
true as long as the internet network is still accessible, bitcoin is still there and cannot be stopped. bitcoin has been around for about 12 years and bitcoin more and more people want to invest rich people who have bitcoin assets in their wallets that they believe the big transactions of the future will use bitcoin. 
bitcoins cannot be stopped as long as the internet still exists, bitcoins may be restricted, but there is always a way to access them and there are always bitcoin enthusiasts. Bitcoin is also one of the technologies worth looking at, slowly but surely the government is reviewing bitcoin, and finding a way for them to control it, have you heard of coins made by the government? I'm sure you've heard of it.
Bitcoin is a decentralized asset that always make the government think hard to manage it in such a way. The government can prohibit bitcoin from being traded and can also prohibit people from using bitcoin as a mean of payment only if it doesn't benefit them at all. But on the other hand, government can also benefit from bitcoin (income tax) only if they regulate it without having to ban it. But I think we should worry too much about the future of bitcoin because as long as it's a win to win situation, the government will also try its best to take advantage of it. Bitcoin has provided benefit to all parties including the government.
Bitcoin started more as an enemy of governments rather than a promising alternative technology. Attempts were actually made to shut down Bitcoin, but then there is nothing governments can do about it. They are classifying Bitcoin as an underground currency preferred by criminals and drug dealers. At the end of the day, their motives did not prevail.
Today, Bitcoin is more acknowledged by many countries rather than banned. The threat of shutting down Bitcoin today is getting weaker and weaker.
Today, Bitcoin is more acknowledged by many countries rather than banned. The threat of shutting down Bitcoin today is getting weaker and weaker.
Pretty much. They can outlaw it, but they can't ban it.
For such a heavily decentralised market there is not much any government can do, whatever they do they can't stop people from using it now that they got a taste of the financial freedom they can get, and to be fair the crypto market is a trustless market where anybody can access so why go back to traditional? No need for middlemen, exclusions etc. So even if some governments ban BTC or other cryptos there will still be places that welcome it. At this point it is fair to say that unless something catastrophic happens nobody can stop crypto.
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Even if it will be regulated by any "regulatory bodies" that you're mentioning, the network itself is unstoppable.VPN still exists these days and people can still browse anonymously with the use of Tor browser which are used by others also to explore the deep web.
P2P transactions are there as well.
It is difficult to turn off bitcoin, because many people who adopt bitcoin, even from the middle to upper class, already know about bitcoin, bitcoin has been developing for about 12 years, so stopping bitcoin that has been operating for 12 years is a bit difficult. .
It is true that it is impossible to shut down Bitcoin. They can make it illegal but they can never make it cease to exist. Being decentralized is the strongest point of Bitcoin to make it impossible for the government to shut it down let alone control it. Just like how they fail to censor file sharing on the internet.
Restriction is different from ban, government have been trying so hard to ban btc and they couldn't so they have resulted to restricting citizens from accessing btc, even so they are not very successful in this attempt, cz is right, it is not possible to a single or more than one entity to shut btc down completely, and that is the power btc have over other assets.
This is correct, but it's not the whole story. If Bitcoin was properly banned by major governments (the US, EU, China, Japan), it would have a tiny fraction of today's adoption, and today's adoption is already very low. Very few merchants would want to accept illegal money if they don't do illegal business, generally it only happens in countries with hyperinflation or other economic problems. So, let's not get cocky here, Bitcoin ban is a serious threat. And from a point of view of investing, it can easily wipe 90%+ of its value.
Bitcoin will continue existing no matter which restrictions are imposed, but the community and the price can change very seriously if a big (in terms of global economy) country made using it a criminal offense, for instance. However, many influential countries are democratic, so something like this wouldn't go through or would be protested against later. China is a big exception and can clearly do a lot of damage, but even they don't seem to be working towards a complete ban, and even such a big country as China cannot cause irreparable damage to the Bitcoin market, I think.
While the network will always be accessible through an internet connection,
Even though they will cut down the internet connection worldwide (which is also impossible), we can still access Bitcoin without an internet provider/connection we had always alternative for that. We can still send Bitcoin through Radio and Circumvent network censorship.Even SEC commissioner Hester Peirce on the Tweet admitted that government banning Bitcoin is a "foolish thing". How the government can seize the code on the internet that anyone can access pseudonymously?
However, they can regulate those exchanges under their jurisdiction to have slow adoption on Bitcoin but it doesn't it will stop using Bitcoin, there are too many alternative ways that you can buy and sell Bitcoin online.
shutting down the internet will also affect the entire financial system since everything today is dependent to the internet. thats not the option they see. regulating the miners seem to be the path they take. its the only way they can make sure because the physical aspect of mining gears/farms can be seized. if they can successfully do this. BTC might not be desirable to new investors.
still shutting down BTC will be impossible.
Pretty much. They can outlaw it, but they can't ban it.
And yes, a country's government making the ownership of bitcoin illegal would definitely be unfortunate, but let's be honest here: how successful are governments going to be in banning digital things? They can't even ban digital piracy and drug usage, what more with a freakin decentralized asset?
And yes, a country's government making the ownership of bitcoin illegal would definitely be unfortunate, but let's be honest here: how successful are governments going to be in banning digital things? They can't even ban digital piracy and drug usage, what more with a freakin decentralized asset?
Very well said. I don't think governments will be successful if in case they decided to totally ban the usage of bitcoin. They have also other pressing matters to ban instead of focusing their resources to ban bitcoin. Because with this technology, I don't think they can attain success of totally prohibiting the use of it. As long as people have access of internet, they can basically do what needs to be done in terms of crypto transactions.
Quantum computing posed a threat on cryptocurrency way back in 2018 article that I've read if I'm not mistakes because it could control the Blockchain technology and the Private keys are at risks as well, but recent article that was published by forbes last December 2020 says that it will be no longer made that way, and to ensure Bitcoin and cryptocurrency safety, they will make a soft fork on Bitcoin to ensure private keys from post quantum encryption.
While the network will always be accessible through an internet connection,
Even though they will cut down the internet connection worldwide (which is also impossible), we can still access Bitcoin without an internet provider/connection we had always alternative for that. We can still send Bitcoin through Radio and Circumvent network censorship.Even SEC commissioner Hester Peirce on the Tweet admitted that government banning Bitcoin is a "foolish thing". How the government can seize the code on the internet that anyone can access pseudonymously?
However, they can regulate those exchanges under their jurisdiction to have slow adoption on Bitcoin but it doesn't it will stop using Bitcoin, there are too many alternative ways that you can buy and sell Bitcoin online.
Maybe some countries can shut down bitcoin in their own way of law like disabling cryptocurrencies in their government. But to kill bitcoin it is imposible to do it, bitcoin now is like immortal and keeps changing peoples lives day by day with its overwhelming value. That is why many countries do not want cashless society and being ignorant about cryptocurrencies.
Binance CEO Changpeng “CZ” Zhao said it’s impossible for a single entity to kill bitcoin and its underlying blockchain technology. “I don’t think anyone can shut it down now, given that this technology, this concept, is in 500 million people's heads,” he added. Binance is the biggest cryptocurrency exchange by volume.
Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.
Your opinion?
Theoretically, this is true, but governments and regulatory bodies can severely restrict access to and redemption of bitcoin. While the network will always be accessible through an internet connection, and Bitcoin will always have value, it is another issue if BTC use and custody are heavily regulated or outlawed due to Governmental fear of losing their monopoly on the money supply.
Your opinion?
It needs coordinated attack before we can see this happening but the question is do they really want to ban bitcoins completely? I think no because this is billion or maybe we can call it now a trillion dollar industry and for sure they cannot erase the one who can give them a possible dollar income, although we can say that government that but those big entities who's joining the cryptocurrency for sure their influence will play a big role here.
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