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Can government ban Bitcoin?

Can government ban Bitcoin?

Some in the Bitcoin community fear that the technology is so disruptive, it will lead to an outright ban by their local or federal goverment. Is that possible, and would public officials want to see this happen? In this video, shot at the community center of a trailer park in West Pompano Beach, I answer this question, and discuss all things Bitcoin and Counterparty. This question was asked by +Alan Casey. Thanks for the question Alan!

Transcription

What's up party people? Chris DeRose here, Community Director of the Counterparty Foundation. And in this video I wanted to answer the question, can governments ban Bitcoin? So people say this a lot, it's something that I hear often, very much a muted point nowadays. I think this was really a hot topic in like 2011 and 2012, 2013 certainly as well, as there was this notion that Bitcoin was anti-government and that perhaps the government was going to shut it down. But like in the last year or so, 2014, 2015, the dialogue has really changed a lot. I don't think that as many people are asking this question for, for a bunch of reasons. But let's explore the issue.

So first and foremost the government can do anything it wants. The government can ban Bitcoin, they can have a decree and the decree at that point is I guess ratified by Congress or whatever the general assembly of your country is and then that is the law. So that can always be done. We've seen this happen in some countries, I think like Russia has done this and these things don't last very long. In the past they do it and then I don't know why and these other countries it seems to be like an important thing. But I think what happens is that very much like the Internet, people can only follow laws to a certain point and then certainly the law matters, but at some level the Internet can supersede these things, particularly in an international world where some small country is opting out of this thing but every other country's onboard.

So all that's really happening is the economic activity is perhaps stifled a bit in that country. I think this really gets to a bigger issue with a lot of what digital currency is offering and that is efficiency. We use Bitcoin for a lot of reasons, but economic efficiency might very well be at the top of that list. If, in fact, Bitcoin is efficient, if it offers solutions then it helps government just like it helps businesses. It helps to solve problems that the government has. And I think we're seeing this a lot now.

You're looking at some states now that are accepting Bitcoin for various like parking citations and fines and things like that, and we'll see if it works for them. I suspect that it will. You know it's the technology and the technology is agnostic to ideas, it's agnostic to movements. It just is a thing that can work or not for certain value types. So I don't actually think that Bitcoin is at odds with government. I don't see why they would want to ban it at this point.

That seems to be the sort of mantra that I'm seeing nowadays and I think that this sort of anti-government aspect of Bitcoin will probably always be there. But it probably will be less and less important as more mainstream people are using it. So I don't think that's something that really concerns me now and really like, for me even, I'm not really too into paper money. In a lot of ways, I think the paper money is kind of a crappy system. I think a lot of governments don't like paper money. We've talked off and on over the years about abolishing the dollar and perhaps as a paper money.

And we have things like Bitcoin, we give them with the tools to maybe do that. So I almost like to see the government start embracing this technology to perhaps get rid of this shitty paper that we've been using as money for so long. They can issue that as an asset on Counterparty and we can start using that, like that would be pretty freaking cool and that would solve a lot of problems. But that's just my opinion, probably there's a lot of Bitcoiners that disagree with that. If you're one of those Bitcoiners why don't you add your comments below? I'd love to hear from you guys. I always like your questions and keep on watching the video everyone.

Subscribe to my channel if you like this video. Later party people. Later party people. Thanks guys.