Why the Government Can’t Shut Bitcoin Down

This article was first published on the 30th of April, 2021 by Patrick Carpen.

Bitcoin is giving Fiat Currency too much of a “run for it’s money,” literally. The Fiat empowered governments of the world would love to put an end to this “imposter currency” that seeks to replace the government regulated currency. There have been much talks, threats, and warnings about that, but here is why doing that is just about impossible.

First of all, no government rules by tyrannical power. As a matter of fact, it is written in the Declaration of Independence of the world’s greatest superpower that the government must derive its “just powers” from the consent of the governed. If not, it might lead to another revolution similar to the American Revolutionary War. And those who study history know that the fear of this is real.

Secondly, a Cryptocurrency is a form of money that has “agreed upon” value. Remember that currency only has value that people collectively place on it. In this case, millions of people around the world have collectedly joined hands to put a value on blockchain powered Bitcoin. And that’s hard to break. Further, the value of any currency increases as demand increases, and demand for Cryptocurrency in a steadily emerging digital world is steadily increasing.

Thirdly, Bitcoin is a commodity no less than gold. Although invisible and existing only in digital format, the currency is traded on secure platforms with rigid security protocols. Bitcoin is harder to steal than gold, and while gold is a metal that last for “ages,” Bitcoin simply cannot rust or deteriorate because it doesn’t exist physically.

Fourthly, Bitcoin has attracted too many big investors. From Elon Musk to Paris Hilton, the powers that have invested in Bitcoin are collectively a force to be reckoned with, and you can be sure that this force has a vested interest in protecting its investment.

So, while the government in power would love to do away with Bitcoin, it simply can’t. The best it can do is create alternative currencies that can be bought with Bitcoin and also allow banks to convert Bitcoin to Fiat currency.

Bitcoin has become a real thing, and while the fear of it crashing is real to the novice mind, the true expert knows that this is unlikely. In 2010, one Bitcoin was worth just 10 US cents. Today it is worth over 50,000 USD. Experts predict that by 2030, Bitcoin will have reached its cap of about 500,000 US dollars per Bitcoin.

Would you like to stake your claim in the evolving cryptocurrency revolution, if so, Paxful is a great place to start buying, selling, and trading cryptocurrencies.

Legal Notice: While this article is authoritative, it only expresses the opinion of the author at the time of writing the article. No one knows what will happen in the future. Further, the author’s opinion is subject to change without notice. Do not invest more than you can afford to lose.