Can Governments Stop Bitcoin?
Since its creation more than 12 years ago, Bitcoin is undefeated. Its price has leaped from $5 to $50 to $500 to $5,000 to now past $50,000. The number of global users has eclipsed 100 million. The system’s network security, number of developers, and new applications are at all-time highs. Dozens of companies including Tesla and Square have started to add Bitcoin to their corporate treasuries. This worldwide success doesn’t mean that people haven’t tried to stop Bitcoin. The digital money project has in fact survived a variety of attacks which in some cases threatened its existence. There are two main vectors: network attacks on the software and hardware infrastructure, and legal attacks on Bitcoin users. Before we explore them and consider why they failed, let’s start at the beginning. In January 2009, a mysterious coder going by the name of Satoshi Nakamoto launched Bitcoin, an open-source financial network with big ambitions: to replace central banking with a decentralized, peer-to-peer system with no rulers. It would use a programmable, highly-fungible token that could be spent …