As the Chinese government Issues a complete Ban on Bitcoin in the country, this doesn’t mean that the currency will face any setbacks.
As of Today, The Chinese government has officially implemented a full and final ban on the mining and trade of Bitcoin across the country. At some point, this may seem a bit brutal because headlines around the globe are mentioning the ban, saying that the value has dropped, but looking at the current statistical data, Bitcoin seems to stay in shape.
Bitcoin Still Rising
This isn’t the first time that China has been applying strict rules over the use of Bitcoin. The first ban on the usage of Bitcoin came way back in 2013, just three years after Bitcoin came into existence. However, the price and value and Bitcoin saw a major rise, reaching record levels on the verge of competing with Gold. According to data shared by Bitcoin Magazine in a recent tweet, Bitcoin has gained a massive $40,000 in value since China first started to place a ban on Bitcoin. Due to the Peer-to-peer nature of Bitcoin’s distributed network, Bitcoin is basically unstoppable in some sense. Compared to Centralized networks, which can be easily taken control of, Bitcoin’s network is something that isn’t controllable. The reason for this is because even if China imposes a ban, other countries favoring Bitcoin will surely celebrate its welcome, basically blowing out any effects of the ban.
Control over the People
A big reason for imposing Ban on Bitcoin is because Bitcoin provides financial power to individuals and promotes a sense of freedom. The Chinese government’s communist mindset will obviously be against this type of work because it would want to maintain its power and control over the population. The country has had a history of banning many popular international services, websites, and companies like Facebook, Google, because of a strict mandate, which promotes restricted access to information and strong obedience towards the government. If we look at companies like Facebook and Google, China’s ban hasn’t affected their performance at all, meaning that Bitcoin will not be affected because of acceptance in other major countries. This clearly shows how the Chinese government fears what Bitcoin might bring.
Whatever the Chinese government seeks to impose, Bitcoin will continue to strive in the global financial market, gaining adoption and evolving to newer levels, proving freedom to its users.