Since its introduction in 2009, Bitcoin has become a global currency used worldwide. One of the most fascinating features of Bitcoin is its impossibility to be stopped or controlled. This independence from government influences and traditional financial institutions is based on several aspects that make Bitcoin the most robust and resilient network in human history.
Decentralization:
One aspect that protects Bitcoin from manipulation and censorship is its decentralized nature. Unlike traditional fiat currencies, which can be issued and controlled by central, corruptible central banks or governments, Bitcoin is operated by a globally distributed network of participants. Miners validate transactions, create new Bitcoin and secure the network by investing electricity. Node operators use their nodes to control the rules of the network, according to which all users and miners must behave. No central control body is able to intervene in these structures.
Blockchain technology:
The blockchain technology that Bitcoin uses is a public, transparent and immutable database of all transactions. Each transaction is stored in blocks that are linked to each other and form a chronological history, which is why Satoshi Nakamoto also called it a timechain. The longer a block lies in the past, the more immutable it becomes.
Proof of work:
Since Bitcoin mining runs on the so-called Proof of Work mechanism, users have no influence on decisions in the network by holding Bitcoin. For example, if an entity with evil intentions wanted to expand the total supply from 21 million Bitcoin to 42 million, that entity would have to engage in mining, since the miners are the ones on the network who are releasing new Bitcoin (currently 6.25 Bitcoin per block as of March 2024). . Even if this entity were able to exert more than 51% of the network's energy (51% attack), the moment the attacker publishes the first block of its own (with more than the currently valid 6.25 Bitcoin). would, no node in the network would accept this block because it does not correspond to the consensus rules of the network. The network or blockchain would split. In the well-known Bitcoin network with 21 million Bitcoin as the upper limit and in a second network with 42 million Bitcoin, in which only the attacker would operate. This is where the saying “Not your node, not your rules” comes from. If you operate a Bitcoin node as a user, you can decide which rules apply in your network. If an attacker doesn't play according to these rules, he automatically excludes himself because no one wants to "play" with him.
Cryptography:
Bitcoin uses cryptographic techniques to ensure the security and immutability of the network. Transactions are signed with public and private keys, making them secure and tamper-proof. The use of cryptographic hash functions ensures that any change to a block is detected immediately, protecting the network from attacks. Modern cryptography uses keys so long that it would take billions of years to crack all possible key combinations through systematic trial and error.
Global acceptance and user participation:
The global spread and growing number of Bitcoin users also help strengthen its independence. With an ever-growing user base and increasing interest from companies, institutions and governments, Bitcoin is becoming increasingly difficult to ignore or combat.
Conclusion:
Bitcoin can no longer be stopped.
If a state tries to stop Bitcoin by banning it, it not only automatically makes Bitcoin more interesting for its own citizens, but the country also simply excludes itself from the global network. The only points of attack that state actors can attack are the fiat-Bitcoin gateways, i.e. the places where fiat currencies and Bitcoin are exchanged: the exchanges. These exchanges can be overloaded with bureaucracy (such as KYC or AML) or effectively banned, as they are companies that can be put under government pressure. However, the Bitcoin network itself is like an idea whose time has come:
Unstoppable.
