Bitcoin censorship. Close. 0. Posted by 6 hours ago. Bitcoin censorship. If bitcoin can be censored, is it really bitcoin? Is a privacy soft fork inevitable? 7 comments. share. save. hide. report. 25% Upvoted. Log in or sign up to leave a comment Log In Sign Up. Nov 12, · Spoiler alert, these steps lead to successful censorship of Bitcoin: Miners have invested a lot of money in the mining hardware, data centers, they are paying electricity and taxes – especially large mining operations. Nov 01, · Bitcoin is censorship-resistant The hashtag #Bitcoin is not. Over the past days, Facebook has been busy censoring all posts that include the #Bitcoin hashtag in the description. There are no distinctions: Videos, photographs, and even messages have been censored, blocking the public from accessing any information related to the cryptocurrency.
Bitcoin censorshipBitcoin Censorship Resistance Explained - CoinCentral
Perhaps the most famous example of this was one of the incidents that brought the digital currency closer to the mainstream in its very early days.
Edit: Removed references to assumed political leanings to avoid potential offence. Based in Europe, Rick has written about the cryptocurrency industry since He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.
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Play Now! Tags: bitcoin Jordan Peterson Patreon. Tweet Share. Could you be next big winner? Rick Delafont Based in Europe, Rick has written about the cryptocurrency industry since Related Posts. Premium Partners. Top Brokers. Top Casinos. Top Sportsbooks. With the money in your bank account, a third party has control over where and when you can send it. With Bitcoin, you can send money to whatever address you like without fear of government interference.
However, freedom is not the natural order of the world. The fight against oppression and censorship is a constant battle. In , the US government pressured payment processors such as Visa and Mastercard to block payments to Wikileaks.
In response, Julian Assange, founder of Wikileaks, wanted to accept Bitcoin payments instead. However, at the time, Satoshi Nakamoto did not want Wikileaks using the Bitcoin network. I make this appeal to Wikileaks not to try to use bitcoin. Bitcoin is a small beta community in its infancy. Assange agreed not to use Bitcoin at the time but donations eventually opened up in Wikileaks ended up receiving over Bitcoins to the consternation of the American government.
Given the increase in price since , the credit card processing ban against Wikileaks no doubt had the opposite intended effect. Assange certainly was happy with the result, giving thanks to the US government. In , Coinbase blocked the Wikileaks Shop account from making transactions on the cryptocurrency exchange. It was said that Coinbase would help destroy censoring payment companies, not join them. Bring balance to censorship resistance, not leave it in darkness.
While Wikileaks still accepts donations in Bitcoin, Litecoin, Zcash, Monero, and Ethereum, it looks like they will need to look elsewhere for liquidating cryptocurrency assets. If you are blocked from using exchanges, you can always turn to your closest Bitcoin ATM.
While not ideal for large sums of money, no one can stop you from receiving Bitcoin and heading to a Bitcoin ATM to turn coins into cash. In this way, Bitcoin battles back against censorship by allowing payments that might otherwise be impossible. Unfortunately, until there is greater competition in the Bitcoin ATM market, the machines often have the problem of rapacious fees and exchange rates worse than the market rate.
If you make a wallet without providing personal information, you should be able to send and receive Bitcoins while concealing your true identity. However, if you acquire Bitcoin on an exchange that follows KYC, you can be sure that governments can track down all of your transactions on the blockchain.
When compared to Monero and Zcash , Bitcoin places much less emphasis on anonymous transactions, opening up the possibility for more censorship. While governments cannot stop Bitcoin transactions, they can certainly come after you after the transaction is complete. Another way to potentially censor a cryptocurrency is through governance.
The updating of software, changing of rules, or forking of a blockchain are all ways to control transactions. The disappearance of Satoshi provides a massive advantage to Bitcoin in this area.
Developers and miners must reach an overwhelming consensus before they can make any changes to the Bitcoin protocol. While centralized development teams swiftly deploy updates, it comes at a cost of censorship, potentially in the form of a hard fork.
Censorship resistant cryptocurrencies should possess an immutable blockchain. If a fork can reverse your transactions, it opens the door to censorship.