Do you think that government and similar can stop cryptocurrency?

Bitcoin Questions and AnswersCategory: General questionsDo you think that government and similar can stop cryptocurrency?

Kai asked 7 months ago

Do you think that government and similar can stop cryptocurrency and effect them to dead, I know they can do something that make them less value, but the question is, is that possible to make them disappear, totaly disappear?

1 Answers
Steven Hay answered 7 months ago

Hey Kai,
 
No, I don’t believe that governments will ever be able to completely stamp out cryptocurrency.
 
If you look at the history of lublic key cryptography (one of the foundations of Bitcoin), it was distributed in the early 90s by Phil Zimmermann, back when it was still classified as a military secret by the US govt.
 
Although the govt. clearly didn’t want the code out there, once something is distributed on the net there’s no getting it back. As with public key cryptography, the Bitcoin genies is well and truly out the bottle and, to mix metaphors, there’s no getting the toothpaste back in the tube.
 
If you look at Venezuela, they’ve tried to ban crypto mining but it still carries on regardless. Similar examples of alcohol and drug prohibition could be cited. Basically, if something is popular and profitable, then by banning it government only creates a black market and criminalizes segments of society.
 
I think most governments are smart enough to not outright ban Bitcoin. It’s not an effective policy for the reasons mentioned above. It’s more likely they will attempt to influence and steer Bitcoin, to mould it into something which is less of challenging to their authority.

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