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Why Banning Bitcoin and other Cryptocurrencies is Not the Solution

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Many government bodies, regulators, investors and banks see Bitcoin, or even the whole cryptocurrency market, as a speculative bubble. Some say it is a fraud, while others speculate that it will continue to rise in 2018. Earlier, I wrote an article why I believe that Bitcoin will fail. Not because it is a fraud, but because it is flawed. Despite my belief that Bitcoin will eventually fail, blockchain and some, not all, cryptocurrencies will likely reach mass adoption and bring significant change to how we run organisations and societies. Since the innovation of blockchain and cryptocurrencies is too important, I do not believe that considering banning cryptocurrencies is a solution as is now being considered by multiple countries.

Cryptocurrencies are a completely new way of doing business, raising money, transferring money, making transactions etc. Bitcoin is only nine years old, and as such, we are still learning how the underlying technology, blockchain, works; how we should deal with it; how we can implement it within our products and services, etc., resulting in a plethora of new cryptocurrencies.

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