Today, news broke that China has imposed a final and complete ban on bitcoin. Harsh, I think, isn’t it? Titled “China Declares Cryptocurrency Transactions Illegal”; The price of Bitcoin is falling. ”This gives the impression that it is not just big news but Bitcoin is suffering as well. Well, despite a couple of daily red candles, both are wrong.
China has been trying to ban bitcoin for years. In 2013, a few years after the birth of Bitcoin, the Chinese government first wanted to ban the use of Bitcoin in the country. Since then, the price of BTC in US dollars has declined.
The Chinese Communist Party (CCP) has not yet understood, but Bitcoin cannot be banned. This is a fool’s errand, not only because Bitcoin is a peer-to-peer, centralized, easily controlled network rather than a distributed network, but also because it takes a game-theoretical approach. If one country bans bitcoin but the other country welcomes it, capital and people will flock to where they are best treated. Economic incentives are combined to accept Bitcoin instead of banning it.
So why did China take another path? The key part of the answer is probably the core value proposition of Bitcoin: personal empowerment in the form of freedom and sovereignty. Surprisingly, there are two qualities that hate communist rule. Naturally, China’s policies strictly reflect the ability of the communist regime to remain in power and to have a wide-ranging influence and control over its people. Anything and everything that threatens these abilities will be suppressed.
The country’s “Great Firewall” has for years prevented Chinese people from accessing Western websites and platforms, including Facebook, Google and other major technology companies. There is only one order of strict censorship imposed on its people by communist-ruled China. – Restricts their access to information and imposes restrictions.
Bitcoin is a tool that empowers people. Peer-to-peer networks treat everyone equally regardless of money, power, status, race, religion or culture. Those who use it provide the same word, censorship-resistant, unauthorized financial arrangements. Bitcoin allows people to save sound money and make transactions anywhere, anytime, anywhere. In the end, Bitcoin enables individual freedom – Communism is far from liking anything.
It should not be reported that China has banned bitcoin – And will not – Hit the coin, the way similar bans from Facebook or Google don’t hurt them. If anything, it makes it stronger. If Bitcoin was not suitable for use as a currency, either as a currency reserve or as a medium of exchange, no government would have bothered to ban it. China is taking such drastic measures to try and stop bitcoin and bitcoin mining because of how powerful this technology is and how much CCP fears its potential.
Bitcoin is a tool to fight oppression, and as such, represents a threat to all governments that want a higher level of control over their citizens. Open source technology has the potential to bring back financial colonialism, unjust policies and world peace. With people empowered to restore their rights and freedoms, Bitcoin is the worst nightmare of all omnipotent governments. Not surprisingly, China has been trying to ban it for so long. But too bad for them; This time they will not succeed, Bitcoin will survive.