Theoretically: I love the idea of bitcoin.

Realistically: it requires exchanges, large amounts of power, etc.

Plus, governments have little interest in making illegal behavior easy. Many of the economic costs of bitcoin are that its an easy way to make stolen goods inaccessible.

If all bitcoin had to be purchased and sold in cash without credit cards or electronic banking I think it would make far more sense as a form of e-cash. But as it is, I think it damages society more than it benefits - which is the easiest justification for outright banning commercial usage of it.