https://medium.com/in-bitcoin-we-trust/governments-can-guy-ac580da9b969If they tried to kill Bitcoin, other countries would benefit.Nevertheless, let’s imagine that governments of G20 countries eventually agree on a consensus to kill Bitcoin.
How could governments kill a totally decentralized network without a leader?
The governments would try to criminalize Bitcoin owners targeting them through trading platforms. This is because they can be more easily identified thanks to the KYC policies of some of these platforms.
Despite banning BTC owners, the Bitcoin network would continue to operate.
Platforms that allow fiat currencies to be exchanged for Bitcoin on a more anonymous basis would be greatly strengthened. The network would therefore continue to function, and Bitcoiners would find another way to use their Bitcoins.
An attempt to stop Bitcoin could strengthen itGovernments would, however, take a major risk of strengthening Bitcoin even further by doing so. Bitcoiners have always explained that Bitcoin is an essential weapon against government censorship.
Some believe that Western countries will never act like countries under authoritarian regimes, and therefore Bitcoin is not a necessity for protection.
With a formal government ban on the possession of Bitcoin, a majority of people would understand that Bitcoiners’ warnings were not unfounded.
Many people would then probably decide to go out and buy Bitcoin to better protect themselves from the censorship decisions of the governments of their respective countries.
This would be a great spotlight on one of the essential qualities of Bitcoin, which is to protect its users from censorship.
Indeed, as long as you are in possession of the private keys of your Bitcoins, no one can confiscate your Bitcoins. Furthermore, no one can prevent you from making any transactions of your choice on the Bitcoin network with what you own.
So Bitcoin would not be dead. On the contrary, it would come out stronger if governments tried to kill it.
The governments of the G20 countries are aware of this risk. That is the main reason why they have never made the decision to tackle Bitcoin head-on in a united way. A consensus could not be reached on this issue.