Bitcoin Forum

As we know nowadays everybody uses cryptocurrenies and specially Bitcoin in their trades and criminals too. China recently declares blockchain illegal in that country, How likely do you think is that other countries ban it?
If they start to ban it, what would be happen to bitcoin price?

Now china revoked the ban on bitcoin. After ban by China, bitcoin down to 30% of its value and again gain all time high with in two weeks. it shows that ban does not effect to bitcoin. Other country may ban bitcoin because it is untraceable. But bitcoin will survive even after ban. 

To my knowledge, Bitcoin has not been declared illegal in most countries. Although there are some countries like Argentina and Russia that strictly prohibit foreign currency. so does Thailand that restrict certain currency permits such as Bitcoin exchange.
..talk about the case in china, they are only banned bitcoin and its temporary nature, because the Chinese policy makers take steps to provide rules for individuals and businesses on how to integrate bitcoin.
so does his influence on the bitcoin price reduction .. "only temporarily"

I don't think bitcoin is illegal in china, china just ban the exchange with fiat and ICOs

First off, it is not illegal in china yet. The recent issues was not about china actually banning bitcoins or exchanges, but it was just a mere rumor! There was no actual ban that happened to bitcoins and exchanges. However, I do believe that there is a chance it could be declared illegal. But that chance  is not really that great to undermine what bitcoins has achieve so far.

Well Vietnam has made bitcoin illegal. See

https://www.theregister.co.uk/2017/10/30/vietnam_bans_bitcoin_as_payment_for_anything/

Small countries with weak economies and even weaker currencies fear bitcoin, so expect to see more of this.

China ban had only temporary impact on bitcoin price.Soon,it recovered.Following china,south korea and vietnam took actions against bitcoin.But such things did not affect bitcoin.

On the other hand,big financial firms like CME have entered the bitcoin network which has triggered bitcoin price.Such events may make countries to rethink about banning bitcoin.

Even in china,after shutting down bitcoin exchanges still people are trading bitcoins in counter sale.They have started to sell P2P.They are using telegram groups for such purposes which are encrypted.

Yes. Bitcoin is centralized and belongs to the world. I think it's not a government intervention that can control it.

Yes I m from Pakistan, and here is Bitcoin illegal. But after all we will sell and buy easily. Becoz Bitcoin is unstoppable. No one stop Bitcoin. I m 100% sure China peoples also trade Bitcoin .

In our country bitcoin us legal in our country,but blockchain has the chances to make anonymous transactions and it is useful for the terrorists and scammers present bitcoin has no problem now but future we cant say.

It is important that neither Bitcoin nor Blockchain technology is illegal in China. Especially the latter.
Most countries have embraced Bitcoin and are trying to regulate it. They believe the future is in Blockchain technology and many companies are starting to use it for various projects without issues.
Few countries, like Ecuador have banned all cryptocurrency but that doesn't stop anyone in such countries from using it.

For now I would say that it is very unlikely for countries to make bitcoin illegal now that they are beginning to notice it's potential and threat to them as well. I am sure that many countries right now are planning to use bitcoin to their advantage by adopting it early, like Japan. They know that if bitcoin goes mainstream, they would greatly benefit from it as first countries who adopted bitcoin. For now maybe they are planning to regulate bitcoin to some extent and are making a protocol dedicated to it.

Bitcoins aren't illegal in China , The miner are free to mine and the traders are free to accept BTC as a mode of payment . The ban is on converting bitcoins into Renminbi by depositing it Into banks .
And I don't think that the countries are dumb enough to ignore all the advantages offered by BTC and just see the disadvantages then put a ban on it.

They banned it because many china people invests in bitcoin rather than investing towards their countries economy.

What? You must be mistaken. Blockchain is not illegal in China. They plan on using it to develop their own cryptocurrency so it would make zero sense to outlaw it. Heck, Bitcoin isn't even illegal in China. ICOs were banned and exchanges were closed, but you're still free to trade otherwise.

As for future bans, that would depend entirely on the country. It seems like more advanced countries are more inclined to accept it. Countries which can't really spare any resources to regulate it are either watching closely or pursuing bans.

It has already started. Following china`s ban Japan, Australia, Indonesia are thinking of banning cryptocurrencies in their country.
These and many other countries felt that these decentralised cryptocurrencies are threat to their economies, funds from these exchanges are used for illegal activities.
Ban by China affected bitcoin trades for a very short period of time.
Bitcoine slipped 20% sharp down, but recovered and even crossed $7200 mark.
Bitcoin using community must do something regarding the ban/ regulations by many countries this because bitcoin become rich by its rising price but not popular among people.

An outright ban is possible but unlikely. will certainly happen in places with a religious objection, and places with suffering economies that cant afford the capital flight that bitcoin affords. but regulation is the more likely outcome, as a ban would likely IMMEDIATELY cause massive capital flight (nobody is going to just sit there and eat a loss for no good reason, people are going to liquidate as soon as possible).

price will do exactly what it did on the China rumors, as this was essentially the worst possible outcome that everyone was fearing. go down shakily until the news is concrete, then rebound.

Possible in some smaller countries, but with others embracing it, they'll turn back when they see their economies losing ground. If you believe Tim Draper, FIATs will be dead within the next 5 years or so. https://www.cryptocoinsnews.com/bitcoin-millionaire-tim-draper-cryptocurrencies-will-replace-fiat-5-years/ (https://www.cryptocoinsnews.com/bitcoin-millionaire-tim-draper-cryptocurrencies-will-replace-fiat-5-years/)

China was not part of the price for several months now the price that we have for the coin
is from the demand of people from other countries aside from China so this ban from
China will not affect the price of the coin anymore.

When China decided to eventually ban Bitcoin exchanges from operating within the country after they also decided to stop all ICO-related activities, there had been many who concluded that it would be affecting Bitcoin that much so as to setback its growth and future. But, fortunately, that is not what happened. Yes, there was that notable retreat in value but things started to pick up again days after. The China ban did not put a stop to the surge of Bitcoin which we recently experienced (just days ago).

Now, we have to remember that any country can choose to ban Bitcoin because that is certainly their own sovereign right and power as a country and there is nothing we can do about it. This is the reason why we are pushing for regulations in place of the ban because some compromises can be better than to have nothing at all.

As of now, Bitcoin has been operating in many countries which openly accept Bitcoin either as a medium of exchange (currency) or an asset (comparable to gold) and it is impossible for these countries to unite and ban Bitcoin altogether as they are now getting some tax revenues out of the transactions involved.

I don't know what will happen, but you need to know. humans will never be separated from the advancement of the times and technology, this is the era of digital technology era. however, eventually, inevitably many countries will be involved in crypto.

I think that on: Today at 06:44:45 AM
nowadays many countries are banning bitcoin and  As my opinion,  due to  criminality are increasing more than before due to bitcoin cause supid people like them, use bitcoin for doing bad kind of work & activities and besides bitcoin  kill  income tax.  Thus a county face economical problem and so government  trying to provide it and they banned bitcoin to solve this problem but china actually banned icos, not bitcoin

If government will figure out that a lot of illegal activities were involve in bitcoin and other crypto currencies there might be a chance that bitcoin can permanently die or banned around the world. Right now I heard so many news about involvement of bitcoin to crimes and illegal transactions and we must get alarmed by this news. The risk of preventing bitcoin transactions can possibly happen anytime soon so we must be prepared by this.

Yes, due to increasing number of the crimes occurring around the world via the use of cryptocurrencies, this might be possible that the whole of money market would turn into the black business. Hence according to me the use of digital currencies must be controlled in anyway and the whole system should come under a strict check of the governmental authority. However, it is not possible as this is a digital asset with illegality and volatility as the basic characters.

Wow this is the good news and I am very happy that the bitcoin is getting more and better and the value of the bitcoin will be better than this I hope in the future all the countries like the china will change the world I can see how the bitcoin is increasing in the value and this I because of the increasing acceptance of the bitcoin as much as I know the bitcoin will increase and this will be the time when all the people will say the bitcoin is the number one.

Countries may decide to ban bitcoin if more illegal activities involving bitcoin will be discovered as of today majority of people who uses bitcoin is only for the purpose of getting additional income there are few of which are caught using bitcoin in their illegal transactions but the good things is many of them were caught and prevented.