China, the world’s biggest market for computer hardware produced to mine Bitcoin and other major cryptocurrencies, recently banned crypto mining activities, with the aim of combating the increasing pressure on the government from the crypto sector. The move - China’s Bitcoin (BTC) and cryptocurrency mining ban – poses some potential scenarios.
The CEO of Twitter and Square, Jack Dorsey, has noted that he is using thousands of U.S dollars (fiat currency) weekly on Bitcoin (BTC), the leading cryptocurrency by market cap, hoping that the crypto market will turnaround. He revealed that he had hit his weekly BTC purchasing limit of $10,000 using his individual Cash App.
Human beings from every corner of the community, with absolutely nothing in common except for a shared hardship suffered. All have surprisingly found themselves closed out minus any official warning by their payment provider - account frozen, lifeline broken apart, funds seized. And for what reason precisely? For the formless crime of not conforming with the terms of service. In the real world, however, the only criminals are the financial providers that committed these acts against their customers.