The China Ban is good for Bitcoin?

in #bitcoinlast month

Could the ban actually be good for bitcoin?!

I just read an article stating that the bitcoin ban imposed by China is actually good for it... I am not sure I agree.

The article can be seen here btw:

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https://bitcoinmagazine.com/markets/china-ban-bitcoin-is-a-good-thing

The basic premise is that bitcoin can't really be banned and china banned other technology companies that ended up doing well regardless.

Bitcoin is very different though.

Bitcoin challenges a countries ability to have their own government issued currency.

No government is going to be welcoming to that, at least not one that has their own currency.

El Salvador used the dollar, so it wasn't a loss for them to adopt bitcoin.

The second point, that bitcoin can't be banned, has been thrown around for years now but it's not exactly accurate in my opinion.

While the technology can't be banned, they can put enough restrictions on it to push it so far underground that has very little value and is only used by a small number of people.

If that were to happen, I'd call the ban successful.

The hope is that bitcoin can be integrated in places like the US with fair and reasonable regulations that allow the technology to flourish without upending governments.

Hopefully the US sees that and takes a responsible approach going forward, thus far they have been fairly hostile towards it.

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The real question isn't if China's ban is good or bad for Bitcoin, the real question is if it is good or bad for alternative cryptocurrencies... Bitcoin has dominated the markets for so long that no-one has even questioned its place as the de-facto cryptocurrency.

Well, as bitcoin goes so goes just about everything else.

Except my cryptocurrency, because it has nodes in China, but mining pools and exchanges outside China, so they can use VPN to access everything...