Most countries around the world are scrambling to regulate Bitcoin. Some, like Bolivia, Egypt, and Saudi Arabia, have even tried to outright ban it. The problem is, no matter what regulators say, there are four major reasons why Bitcoin is unbannable.
1. Laws Can’t Be Written Against Bits and Bites
There’s a saying in the Bitcoin community that you still hear from time to time:
You can take your country out of bitcoin, but you can’t take bitcoin out of your country.
Why? Because it is actually impossible to write laws against a protocol vastly superior to the human subjective legal system. Governments may “ban bitcoin,” but their people will continue to use it.
Azte.co founder Akin Fernandez points out in this article that regulators are too quick to enforce laws on a software protocol that needs no regulation. Bitcoin is no different from WhatsApp, after all, in that they are both software platforms transmitting data.
WhatsApp now has over a billion users and no law was written around it….