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[–]SoCo 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

Your bank account can get frozen at any time with just a few weak accusations and you have little recourse. That's a currency with built in features for instant banning.

Your Bitcoin, on the other hand, cannot be taken, hacked, forfeited, or frozen; it is permission-less and decentralized.

A government could only hope to ban buying, selling, or exchanging Bitcoin with fiat currencies. Making a legal justification for that would be tough at this point.

Of course you could always hand over your Bitcoin, by allowing the government to seize a device with your unencrypted private keys, not properly protecting your private keys and getting your device hacked, or being compelled through coercion and threat to produce your private keys and their passphrase.

They call it rubber hose decryption; you beat the citizen with a rub hose until they give their private key and password up.