Can We Expect A Ban On Bitcoin?

Bitcoin is a peer-to-peer payment system that is decentralized and free from any regulatory control by the key financial authorities that define the values of and manage the fiat currency system used worldwide. It started off as something seemingly insignificant but has since become massively popular throughout the globe. Bitcoin and other subsequent cryptocurrencies have started to make a major shift in the economy. The value of these currencies is decided by the community that exists on the network itself without government control.
Why Would we Expect a ban?
The issue started when these P2P digital currencies started getting more and more valuable with the Bitcoin being valued as of the time of writing at a staggering $5,143.47 US Dollars per Bitcoin. Of course it will have heads turning here and there. Bitcoin is so popular that people are now using it to conduct every day transactions with many retailers even accepting Bitcoin as a currency to trade goods.
Since Bitcoin is separate from the regular fiat currency system, it is not regulated by any central authority and therefore it has nothing to do with the economic structures employed by governments. They have taken up issue with that and we are amidst speculation of whether or not the day will come when Bitcoin is banned.
Is it Possible?
Well, the beauty of blockchain technology is the fact that it is a decentralized system. No central authority or database exists in the Bitcoin blockchain Network. All of it is distributed throughout the entire network. So if any government decides to get the bright idea of ‘hacking into their servers’ and shutting it down from the inside, they’d fail. The decentralized system effectively eliminates that as even the remotest possibility. There is no off switch. That being said, there are possible ways of causing it to destabilize and crash.
They can attack all the entities that are allowing the Bitcoin to interface with fiat currencies out in the real world with anti-money laundering laws and other such regulations. Bitcoin exchanges allow the digital currency to be converted to fiat currencies so that the shipping of good is possible after transactions take place on the internet. This will only work on the parts of the Bitcoin monetary flow out into the real world but it cannot do anything to the content that remains digital. It is believed that governments are in fact already employing this technique.
Secondly, they could buy up a massive quantity of Bitcoin and then sell them off altogether. Since the regulatory laws that apply to real world currencies do not apply to Bitcoins, they will be able to do that. Once they sell all their hoarded up Bitcoins, it can cause a major crash. A significant number of these might be able to do the trick coupled with the first method.
Lastly, they can attack the image of Bitcoin. A lot of individuals on the Bitcoin community are resorting to use this currency for trading in illegal goods. The governments can use that fact and defame Bitcoin for providing a platform which allows criminals to thrive. That can dissuade people from investing any further.
But will it Happen?
The defamation and regulations are already being employed in various forms throughout by governments and causing crashes might be possible for them to pull off but as of now, Bitcoin is continuing to rise further and doesn’t seem to show signs of slowing down.

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