Can Bitcoin be stopped?

Bitcoin has been declared dead more times than Elvis Presley. In fact, there is a website called Bitcoin Obituaries that tracks all of the times that Bitcoin has been pronounced dead. As of this writing, there have been 474 Bitcoin obituaries.

But despite all of the naysayers, Bitcoin has refused to die. In fact, it has only grown stronger over time. The price of Bitcoin has reached record highs, and it is now accepted as payment by a growing number of businesses.

So, can Bitcoin be stopped? It seems unlikely to say the least. Bitcoin is a decentralized currency, which means that it is not controlled by any one entity. This makes it difficult to shut down or regulate.

In addition, Bitcoin has a large and growing community of users. These users are passionate about Bitcoin, and they are not going to give up on it easily.

So, if you are thinking about investing in Bitcoin, don’t let the obituaries scare you away. Bitcoin is here to stay.

Famous Bitcoin obituaries:

• “Bitcoin is dead. Long live Bitcoin.” – The Economist, 2011
• “Bitcoin is a bubble. It’s going to burst any day now.” – The New York Times, 2013
• “Bitcoin is a scam. It’s only a matter of time before it’s shut down.” – The Wall Street Journal, 2014
• “Bitcoin is dead. Again.” – Forbes, 2017
• “Bitcoin is dead. For real this time.” – The Guardian, 2018
• “Bitcoin is dead. We promise.” – CNN, 2019

As you can see, the obituaries have been getting more and more creative over time. But despite all of the naysaying, Bitcoin has continued to thrive.

So, if you are looking for a long-term investment, Bitcoin may be a good option for you. Just remember, don’t take any obituaries too seriously. Bitcoin is here to stay.

Here are some additional thoughts on whether or not Bitcoin can be stopped:

• Bitcoin is decentralized, which means that it is not controlled by any one entity. Currently there are over 41,000 nodes running Bitcoin at the time of writing. An entity or government would need to shut down all nodes across all jurisdictions.
• Bitcoin has a large and growing community of users. The exponentially growing Bitcoin network of users makes the network stronger. As the network grows so does the price of Bitcoin, along with the mining system which increases the security and hence the sustainability of the network.
• Bitcoin is constantly evolving. As the technology improves, Bitcoin will become more secure and more user-friendly.

Given these factors, it is nearly impossible to imagine how Bitcoin can be stopped.

What about a Ban on Bitcoin?

Nations such as China have tried to ban the Bitcoin. Comically enough after a brief period of hash power leaving the country, adaptation began to grow faster. Therefore it did seem to push out Bitcoin miners. However, not all the miners left. There is still a significant amount of hash power coming from the energy-abundant China (unfortunately, CHina is not a very clean energy producing nation).

In many ways holding Bitcoin in China became MORE appealing after the ban. And indeed the onchain metrics show that Hodling behaviors have actually increased in China since the onset of the ban. It makes logical sense that citizens would want to keep their money private as the state was trying to pry it from their hands.

It is clear, trying to ban Bitcoin will only make it more powerful than you can possibly imagine.

One final thought:

If Bitcoin is ever truly dead, it will be because the obituaries finally killed it. So, for the sake of Bitcoin, let’s all agree to stop writing obituaries for it. It’s starting to get annoying.