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If Bitcoin is embraced by the state, is it still Bitcoin?

The very essence of #Bitcoin is its decentralisation and censorship-resistance.

The idea is for individuals to have control over their own #money, without interference from third parties, including governments.

If #BTC were to be embraced and controlled by the state, it would go against the principles of financial #sovereignty and #privacy that it was designed to uphold.

Thus, it might cease to be the #Bitcoin we know and value. Instead, it would become a state-controlled and ~potentially~ censored version of its former self.

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Discussion

f849d88a... 1y ago

Nothing about BTC is private. All transactions are on the public ledger. It is, at best, temporarily pseudonomous.

And censorship resistance? Not even close. Because each sat is individually traceable for its entire history, anyone can set up their payment gateway to refuse acceptance of 'tainted' sats; or be compelled to by a powerful entity, such as a government.