Decentralisation brings crypto to the world
Many critics still do not see a cryptocurrency like Bitcoin as a good long-term goal or store of value. Though it is hard to ban cryptocurrencies for many reasons, some governments like that of the United States may still try to ban cryptocurrencies.
Bitcoin is a decentralised network that never stops and is always running 24/7 with no stop times. Transactions can be broadcasted across the network at any time and at anywhere around the world on the network.
Countries like China and India have both been very brutal on the crackdown on bitcoin and other cryptocurrencies. Such crackdown has not been able to stop the growth of cryptocurrencies in these countries.
Putting a ban on cryptocurrencies in the United States is also impossible as this would be ineffective in its reach. The regulation of cryptocurrencies like bitcoin is mostly focused on the legal situation in the United States. The country has based bitcoin as ‘freedom of speech’ and this has worked in the currencies development, and has somewhat protected the cryptocurrency.
According to Barhydt from Forbes, several courts have deemed the ban on Bitcoin impossible, Stating that:
“You can’t prevent people from holding ones and zeroes on a device in their pockets.”
However, Governments can target the services running on top of bitcoin technology like exchanges. This also includes stablecoins along with different fiat pairs into the crypto market.
Even though the country can not outright ban the cryptocurrency, they can make it harder for it to be traded or acquired.
Many think if the government is to regulate cryptocurrencies, the regulations they will put forth will very similar to the banking industry with its restrictions.
The legal battle over bitcoin and the bitcoin network is expected to become more serious in the coming years.