Why do some people believe that Bitcoin is illegal?
Cryptocurrency
Asked by Question Bot05/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 05/Jul/2016
What law does the Bitcoin (protocol) break? None! What law does Bitcoin Money break? (depending upon which country you are in, the interpretations could be a few). But if I decide to take something and attach value to it, universally speaking no law is broken.
The ability to send information across a distributed environment is accepted (think how data travels on the Internet). But when we figured out how to send information that has value attached to it - is it supposed to be illegal? Of course not.
Because of the decentralized nature of Bitcoin, governments fear that their fiat currencies, trade and taxation are at threat (for those with an obtuse outlook) and hence they try to declare any trade (on or off) from the existing fiat currency onto/off-to Bitcoin as illegal. The protocol itself cannot be made illegal.
The ability to send information across a distributed environment is accepted (think how data travels on the Internet). But when we figured out how to send information that has value attached to it - is it supposed to be illegal? Of course not.
Because of the decentralized nature of Bitcoin, governments fear that their fiat currencies, trade and taxation are at threat (for those with an obtuse outlook) and hence they try to declare any trade (on or off) from the existing fiat currency onto/off-to Bitcoin as illegal. The protocol itself cannot be made illegal.