Will Bitcoin Survive Legal Scrutiny of Centralized Governments?

During the crypto winter, many people have started to give in to the market FUD that has taken over the top currencies like Bitcoin under its effects. Under these circumstances, some investors are fearful that Bitcoin might not be able to withstand a ban from centralized governments and economic powers like the United States.

On the other hand, the economic and financial experts argue that it is a near-impossible task for a central government to single-handedly outrun Bitcoin. First of all, Bitcoin is a digital ledger that does not need the availability of any centralized operator or supervisors. Its original creator Satoshi Nakamoto has disappeared, and the first-ever receiver of the flagship crypto Hal Finney has passed away, unfortunately.

In the current age, people have normalized the existing forms of government and political infrastructure as highly potent and viable. But many philosophers and thinkers seem to think that it is time to upgrade to a new level of governance that is even more efficient. The centralized governments of today implement their writs by operating as central tax collectors and monetary policymakers.

However, tokens like Bitcoin run on the internet, a protocol that is impossible to encrypt fully. If one country chooses to ban Bitcoin, likely, the people will still be able to access and trade the token despite the primary technological restrictions due to the nature of the internet. After suffering from a 50% hashrate crash due to the Chinese cryptocurrency ban, Bitcoin regained its former strength within a few months and managed to score another ATH.

IT experts postulate that Bitcoin has proven its metal by remaining 100% hack-free to date since its conception in 2012. The flagship cryptocurrency has seen a massive amount of enmity from the central banking institutions, governments, and even organizations like IMF. However, it is going to require a lot of resources to exploit the network.

IT experts claim that even with a government-backed cyber-attack, it is not possible to intercept or disrupt the Bitcoin network. Furthermore, people who are interested in the writings of Clausewitz have started to take an increasing interest in wider applications of the system.

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