Post
Topic
Board Bitcoin Discussion
Re: If governments block Bitcoin, does Bitcoin have no value?
by
cr1776
on 15/06/2021, 15:12:59 UTC
In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?

In a statist, authoritarian society like you describe where bitcoin is illegal, bitcoin becomes MORE valuable in order to protect oneself and one's assets from these controlling tyrannical totalitarians.   At least it becomes more valuable to people who cherish liberty and the freedom to life one's life freely.

As far as nonsense like "Almost a quarter of bitcoin users , and nearly half of bitcoin transactions, are illegal." I don't believe that is remotely accurate.   Illegal where?  China?  Australia? Austria?  India? US?  Taiwan?  Hong Kong?  Mexico?  Brazil?  South Sudan?  Korea?  North Korea?  If you meant that half of all bitcoin transactions are illegal somewhere, I would agree, but the rest of the world shouldn't care what China, Cuba, North Korea or other totalitarian country thinks. 

If the entire world adopts these despotic, oppressive rules like you describe, bitcoin will be a haven for the black market, free thinking individuals until liberty returns to the world.

So, yes, bitcoin, encryption (non-backdoored) and crypto will be even more important if countries turn towards a repressive, confiscatory, autocratic regimes.  Let's hope they don't go down this illiberal path, but with the rise of the authoritarian socialists/fascists in the US nothing is certain.