Could Governments Ban Bitcoin?

By trying to ban bitcoin, is the government admitting that Bitcoin is functional money?

Hi Plebs,

As Bitcoin becomes more popular, some people think governments will try to ban it. They believe this because Bitcoin is different from normal money controlled by governments.

But, the idea that governments could ban Bitcoin shows that Bitcoin works as money. If it didn't work as money, governments wouldn't need to ban it at all.

So the first question is: Does Bitcoin work as a currency? To decide this, we need to look at what makes something a good form of money. These things are durable, portable, and divisible. They can also divide them into smaller amounts and have a limited supply. If Bitcoin meets these requirements better than normal money. Then, one could see it as an effective currency.

If Bitcoin doesn't work well as money, then governments banning it doesn't matter. But if it does work as money. Then, the chance of governments banning it becomes important.

The creators designed Bitcoin to operate independently from governments and banks. It is global, with no central control. Anyone can use Bitcoin. More people use it. This makes it harder for governments to stop them from accessing Bitcoin.

However, governments and banks won't let Bitcoin replace their money. They will likely fight back against Bitcoin's growth. It threatens how money is traditionally managed.

Whether governments can ban Bitcoin depends on its decentralisation. If it does work, then trying to ban an effective, popular Bitcoin system may be very hard for governments. Probably impossible.

Cheers, and onwards with Bitcoin.