Re: Will Bitcoin collapse by a global government crackdown?
With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.
As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.
Nonetheless, what are your thoughts about this?
Basically Bitcoin can be used so easily because as long as we have internet access we will be able to use bitcoin. Some countries have indeed banned the use of Bitcoin, but everyone can still use Bitcoin because there is a lot of access that we can use. Actually the role of the government is very large in making a trust in the market, the Government will influence whether Bitcoin can be a commodity that is trusted or not. the role of the government is very vital, and if it is true that the government will ban Bitcoin it is evident that the decline in Bitcoin prices is just waiting for time.As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.
Nonetheless, what are your thoughts about this?