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?
only bitcoins? but before bitcoins there are paypal and others and they are also invovled in massive frauds but did the governments block them , no but all of them still exist until now .
sadly many governments in many countries still blocked btc and it does have a negative effect to the btc price , price fell down .
btc will only have no value when all country or government do the same
Paypal is a whole different story. Look at Jack Ma, if you can pin down a person that controls the entity, let's say the PayPal owner or CEO, you just find reasons and send him to jail, afterwards shut the business down or assign a penalty that literally destroys the company. All these actions you can't take against Bitcoin. In the case of China, interestingly, maybe they could force the mining pools to commit a 51% attack and destroy trust in the network. I don't know in how far China could pin down the majority of the hash power providers. Otherwise governments won't block Bitcoin because they can't really. They can try, but that's it.