With the ban on digital currency trading in China, some have targeted the Communist Party’s totalitarianism, arguing that the Chinese government fears Bitcoin’s ability to create individual freedom. Just as the ban on Facebook and Google in China did not hurt these companies, the ban on digital currency trading will not be a problem for Bitcoin.
to the Report Bitcoin Magazine, the news of the complete ban on digital currencies in China was released yesterday. It seems to be a bad thing. Such as one of the Wall Street Journal reports with the headline “China bans digital currency trading; The fall in the price of bitcoin has created the feeling that the ban on digital currency trading in China is very important news and has had a negative impact on the price of bitcoin. Despite the red candles that can be seen in the Bitcoin price chart, it must be said that both of these assumptions are incorrect.
The Chinese government has been trying to ban bitcoin for years. The country first took action to ban the use of bitcoin in 2013; Exactly a few years after this digital currency was born. Since then, the price of bitcoin has grown exponentially.
The Chinese Communist Party has not yet realized that bitcoin cannot be banned. Trying to ban bitcoin is futile. Bitcoin is a peer-to-peer digital currency that uses distributed and decentralized networks instead of a centrally controlled network. But the futility of governments trying to ban bitcoins is due to the fact that the adoption of this digital currency follows the theory of the game. According to game theory, the outcome of the decisions of each member of a group depends on the decision of the other members of that group. This means that each member must take into account the choices of others in their decisions.
If one country bans bitcoin and another country accepts it, people will choose the country that treats them best with their own capital. In this case, economic incentives are given to the country that has accepted bitcoin, not the country that has banned it.
So why did the Chinese government make such a decision? The answer to this question lies in another question; What is the main value proposition of Bitcoin? “Empowering individuals in the form of freedom and sovereignty.” So it is not surprising, because the communist regime hates these two characteristics. The policies of the Chinese government naturally reflect the communist regime’s ability to stay in power, to exert widespread influence and control over the people. Anything that jeopardizes these abilities has been suppressed so far and will be suppressed in the future.
Also read: 3 reasons why the mining ban in China is not bad
China’s Great Firewall project has blocked access to many Western websites and platforms, including Facebook, Google, and other large technology companies. The widespread censorship imposed by the Chinese government on the people of China is for one purpose only; Cutting off access to information and making people obedient.
Bitcoin is a tool that empowers people. This network treats everyone equally, regardless of money, power, geographical location, race, religion or culture. Bitcoin provides an uncensored monetary system for all those who use it, without the need for a license. Bitcoin allows people to store or send value-added currency to anyone, anytime, anywhere. Bitcoin ultimately provides individual freedom, something that communism is not interested in.
News of the ban on bitcoin in China should not and will not harm the digital currency, just as the ban on Facebook and Google did not hurt the companies. If this happens, it will make it stronger. If bitcoin was not a good currency storage and exchange tool, no government would have tried to ban it. China’s efforts to ban bitcoin and mining-related activities demonstrate the power of the technology and the Chinese Communist Party’s fear of bitcoin capabilities.
Bitcoin is a tool to fight oppression and a threat to governments seeking widespread control of the people. This open source technology can eradicate monetary colonialism and unjust policies and restore peace around the world. Bitcoin can be the worst nightmare for totalitarian governments by empowering people to reclaim their rights and freedoms. No wonder China has been trying to ban bitcoin for so long. But this will have bad consequences for them, they will not succeed this time and bitcoin will continue to live.