The innovation is that the database is autonomous, decentralized, permissionless and secure by design.
As such, it makes a decentralized cryptocurrency like bitcoin (and many other virtual currencies) possible.
Bitcoin exchanges will continue under increasingly burdensome regulatory restrictions, but setting up accounts and transacting with others via exchanges will eventually be more time-consuming and annoying than setting up a bank account.
And bitcoin will continue to be traded directly, peer-to-peer, via Local Bitcoins and Open Bazaar and other platforms, or just plain face-to-face interaction.
Yes, governments can and will (and are) regulating the exchanges that most people use to change their fiat currency into bitcoin (and vice versa), but they can't stop people from transacting bitcoin.
" Well, governments have their own version: "If you can't beat them, use your jackbooted thugs to go out and steal their idea and outlaw all competition." Case in point: bitcoin.Anyone running mac OS High Sierra 10.13.1 should make sure they go download and install the update right now.The root login bug revealed yesterday was the holy grail of security flaws.But this renewed pursuit of bitcoin by government regulators is not happening in a vacuum.As I reported earlier this week, the Chinese government has also just "completed the trial in transactions and settlements of bank acceptance bills using a digital currency it developed, supported by blockchain technology." In other words, China is prepping its own digital currency based on blockchain technology to help transition China into a cashless society.