Advanced technology has significantly changed the entire world. Bitcoin and other cryptocurrencies are no longer…
Is a ban on Bitcoin relevant?
In recent years, a possible ban on Bitcoin has been one of the topics that has been most hotly debated in the cryptosphere.
This is an issue that comes up on a regular basis, but what makes it very special is that there are different causes every single time. Should Bitcoin, or cryptocurrency in general, be banned?
There are undoubtedly many countries that have advocated it, whether it is a global ban or a national one.
In this article, we will take a closer look at this issue. As the interest in cryptocurrency grows and grows, this is a very interesting issue.
2018 – use of cryptocurrency in abduction cases
Most people are aware of the abduction case in Lørenskog . The wife of one of Great Britain ‘s richest men was abducted, and a ransom demand was made in the cryptocurrency monero. Since this was not Bitcoin, it goes without saying that this was about a ban on cryptocurrency in general.
In connection with this case, a debate was started about whether the use of cryptocurrency should be banned or not. This was a debate that helped to shed light on a number of aspects of this payment method.
There was one thing in particular that came out clearly, and that was that there were many who had different opinions on this matter. Among other things, it was pointed out that there is a difference between traceable cryptocurrency and non-traceable cryptocurrency. And if a ban on cryptocurrencies were to be imposed, then it should only apply to the non-traceable cryptocurrencies.
After almost four years, a ban on cryptocurrency in general has not yet been imposed, so this particular discussion was probably put to death in 2018.
2022 – Bitcoin mining draws far too much power
In recent years, there has been an enormous focus on the environment, and this is becoming increasingly important. Misunderstand us right – greater focus on making good choices for the environment is without a doubt a good thing. But is it really Bitcoin to start with?
Bitcoin and Bitcoin mining have time and again been highlighted as one of the environmental evils by many. The reason for this is that Bitcoin mining consumes a lot of power. In fact, on the verge of saying “too much” electricity.
At the end of 2021, for example, it became known that the authorities in Sweden had proposed to the EU that energy-intensive cryptocurrency extraction in Europe should be banned. This is a development that the Norwegian authorities are closely following.[mining]
Will a possible ban stop it?
The discussion about a possible ban, whether it only applies to Bitcoin or cryptocurrency in general, leads to the emergence of a number of questions. One of these questions is: Will a possible ban stop anything? We do not believe that.
It will not matter if only a few countries ban it. For it to have an effect, a global ban must be put in place which means that no one can use it. The existence of cryptocurrency has to be erased, but we believe that there are better solutions.
Very interesting interview with Vitalik Buterin (co-creator of Etherum):