I’ve been writing for a long time about how Bitcoin, if adopted widely, would be a grave threat to property rights. You see, while property rights are an inalienable human right, Bitcoin is an anarchic currency that resists any attempts to enforce such property rights. Criminal transactions cannot be reversed, and unlawfully obtained Bitcoins cannot be sent back to their rightful owners.
The criminals have caught on, and it’s now time we considered banning Bitcoin.
Bitcoin is commonly known as a “cryptocurrency.” This is because Bitcoin’s workings are based on math similar to that used by cryptographic codes. And in fact, the security of one’s Bitcoin ‘wallet’ is protected by cryptography. Good cryptography is difficult to break, even by governments with large amounts of computing resources.