Why “crypto bans” are becoming less visible in ZyCrypto market movements

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The death of cryptocurrencies has been prognostic for a long time and it is proving even more difficult to bring down this reader.

As expected, each new invention, while warmly welcomed by those it seeks to produce, faces opposition from the forces in place as they fight to maintain control and maintain the status quo.

Bitcoin has been banned multiple times in many geographies, and yet today adoption exceeds internet adoption – Alyse Killeen.

In short, cryptocurrencies are a force to be reckoned with and any ban has only served to bolster their popularity and use around the world.

This has prompted governments to reconsider their previous positions on their usefulness, as some decide to adopt and regulate them instead of blindly opposing their use.

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Due to the continued strength and adoption of Bitcoin despite being banned in some major countries such as China, some lessons can be learned as to why these bans continue to fail.

You can’t ban the blockchain, its code

Unlike music or other physical files which can be physically destroyed and production or use restricted, cryptocurrencies are built on a blockchain which is a collection of codes. The code cannot be banned as it resides in this technology which allows people to trade cryptocurrencies directly at the P2P level.

In reality, if governments were to ban the use of crypto altogether, they would have to handpick every individual in their country and confiscate their smart gadget, which is illogical and impossible.

Crypto is more than a question of money, it promotes other technological innovations

In addition to fears of financial irregularities expressed by neighborhoods and anti-crypto governments, crypto has been shown to solve problems beyond finance.

For example, thanks to Bitcoin mining, the use of clean and renewable energy is expected to expand, leaving behind the use of fossil fuels that cause environmental destruction and global warming.

It solves real financial problems where other systems have failed

Cryptocurrencies offer solutions to financial problems that traditional financial systems were unable or unwilling to solve.

In particular, transactions using cryptography are much cheaper and faster than traditional banking methods. People are thus able to exchange their wages for exact crypto value without parting with the exorbitant cuts to middlemen.

Crypto has also increased the privacy of financial transactions by preventing third parties from spying on sensitive data.

The value of crypto is increasing as more and more people adopt it. Therefore, one will have an understanding of one’s own wealth and control it personally.

The world is changing and so is crypto

The world is changing and people have realized that the financial system also needs improvement.

People need a more decentralized and unlicensed system that gives them more control over their financial decisions and their wealth. This freedom has been proven possible thanks to cryptography.

No real reasons / fears to justify the ban

While some anti-crypto segments and governments are calling for a ban on crypto, none of them seem to give compelling reasons for the same. They continue to blame crypto for the same problems that traditional financial systems have, and governments have failed to solve, even before they’ve tried it.

Financial fraud, inflation, energy problems and the liquidation of financial institutions that have sunk people’s money are some of the problems that governments have been unable to solve, and it is only getting worse by the day. day.

It is naive to blame crypto for these problems, which it is indeed very successful in helping to solve.

Final thoughts

Banning crypto is ill-advised. Instead, governments should seek to view a crypto economy as the start of a new open financial system. As in the Philippines, the goal should be to adopt and regulate.

Compromises in any system are inevitable, so the focus should be on debunking myths and narratives around cryptocurrencies and clarifying them with facts.

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