There are fears that governments will stop bitcoin. Are these fears justified? Can governments stop bitcoin?
This is a valid concern until you understand what bitcoin is. If bitcoin was just a currency, then perhaps governments would be dealing with a small problem. Bitcoin is more than just a currency, it is a public ledger or public record of transactions. These transactions could be financial or they could be assets. In fact, anything that needs records kept can be applied to bitcoin the technology or bitcoin the blockchain.
So governments are dealing with a protocol, just like the internet protocol. The bitcoin protocol is decentralised. It is a public ledger distributed across millions of nodes or computers. Each node has a copy of the public ledger. Any changes to the ledger of any node must be approved by the network of other nodes. This is why bitcoin us called a consensus algorithm.
But how do we know that these records are authentic? The protocol is programmed to punish pad actors by making it very expensive to cheat. This is genius. A decentralised peer-to-peer network with no central authority but synchronised public ledger with private access. Brilliant.
Governments can choose to fight a losing battle against cryptocurrencies or they can embrace the emerging economic order which puts banks in the hands of the financially marginalised.
In my country Ghana. The government has revealed a state that bitcoin can't be used for payment. Because it against the payment order. It just sounds funny in my ears. These government want to stop bitcoin from progressing.
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Governments are just terrified that they're losing control of money. They still don't understand bitcoin. They can't control it so they target users of bitcoin to slow down its mainstream adoption. They need to embrace bitcoin because bitcoin and the blockchain are here to stay.
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Hell ya man the government can oppress us. Right now they have some bigger issues than to worry about bitcoin like paying the troops any budget for the matter.
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They can print fiat money to pay the troops and wage wars left right and centre which is why bitcoin is a stone in their shoe. They can't control it or generate insane amounts of it hence the threat to stop bitcoin.
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They cant shut it down completely but they can have a big affect on it value .blockchain is good because it decentralized. But its how the end user understands the tech for any crypto currency to survive long-term. we need to learn from MTgox Bitstamp not repeat the same mistake again
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I think the more government tries to legislate, the more value it will acquire because people are beginning to see through the problems of centralised fiat currencies.
MTGox became a vulnerability point because they became a centralised platform for a decentralised protocol. This is the problem with centralised cryptocurrency trading platforms. These are the ones that the government can target but decentralised exchanges already exist as a correction to MTGox.
The government can affect the price temporarily but they can't determine the value of bitcoin.
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Decentralised exchanges are a start but they need fiat gateways so we can have a true free market and let the best coin win because for me any other altcoin does not stand a chance to compete we see this when bitcoin goes red so do all the others
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Bitcoin is like the reserve cryptocurrency. It has the advantage of being the pioneer as well as the underlying technology behind cryptocurrencies.
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