That’s it EXACTLY. The beauty of bitcoin is no national government can stop it and no national government/central bank can manipulate it by issuing more. Nobody can control it. Its decentralized.
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A few problems:
1.Governments can indeed stop bitcoin by criminalizing or taxing its use.
2. And who ultimately controls the supply of bitcoin so that it will expand in proportion to the need for currency for transactions?
This has been tried multiple times by China. It has failed miserably every time. If even the CCP can't ban it (and make it stick) in China you know its simply beyond the power of any national government.
2. And who ultimately controls the supply of bitcoin so that it will expand in proportion to the need for currency for transactions?
Nobody ultimately controls it. There can only ever be 21 million bitcoins. That's it. That can never be changed. There will never be more. Contrary to an earlier claim in this thread, no, it cannot be "hacked". The Blockchain is an open ledger. Everybody can see it. This is also why the claim by some out of ignorance or downright lying that Bitcoin is preferred by criminals is simply wrong. Bitcoin is transparent, unlike cash. If you wanted to be untraceable, Bitcoin would be the last thing you would use.
The bitcoin count cannot be increased.
It is divisible up to 8 digits.
Much like gold, it is not meant to buy groceries with it. Think MUCH larger, interbank, intercountry, transactions.