Can cryptocurrencies resist confiscations like Executive Order 6102?

Decentralised money is often praised for its ability to resist confiscations, similar to the Executive Order 6102 which banned the holding of gold coins, gold bullion, and gold certificates by individuals in the United States. This characteristic is seen as a true measure of its independence from centralised control.

Bitcoin Maximalists, who advocate for the use of Bitcoin as the sole cryptocurrency, believe that all other cryptos fail to meet this standard. They argue that only Bitcoin truly embodies the decentralized and anti-confiscatory principles that cryptocurrencies are meant to uphold.

In contrast, Ethereum, one of the largest and most popular cryptocurrencies after Bitcoin, faced a significant challenge in 2016. A type of bail-in was essentially performed, where funds were frozen and users were unable to access their holdings for a period of time.

This incident raised questions about Ethereum's decentralization and its ability to resist confiscations. Many Bitcoin Maximalists pointed to this as evidence that Ethereum and other altcoins cannot be trusted to uphold the same principles as Bitcoin.

BTCC, a top cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency investors. These services include spot trading, futures trading, and a secure wallet for storing digital assets. With its comprehensive suite of offerings, BTCC has become a go-to platform for those looking to buy, sell, and trade cryptocurrencies.