Bitcoin Forum

Lets assume that starting in USA all bitcoin to fiat exchanges are banned. Will people be still interested in Bitcoins? I believe the applications of the blockchain are many, however, most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ?? 

Far too difficult to do such a thing, methinks.

And let's say it did happen.
The answer is simple. Use a different exchange, that allows you to cash out, rubles, say, (Just an example) and then convert those to dollars on a  more conventional exchange.

Think about virwox. Basically the oldest "safe" way to convert BTC to paypal.
You aren't buying dollars with bitcoin. You buy linden dollars. So you don't have to worry about the legal implications of fiat purchases.

It doesn't matter how hard a government squeezes.
There will always be loopholes, and crypto has an important role to play, yet.
So people will exploit those loopholes, and trade their way to fiat, somehow.

This is one that is very much feared by many people or many bitcoin users, but I think there is still a solution to it all, and I think by doing the exchange using paypal I think that is a good idea.

If the flat exchanges are banned then the people who start trading on the individual level through the platforms like Localbitcoins. Localbitcoins and your bank account is not linked with each other and not anyone other than the parties involved in the trade get any information about your bank account so you will be able to use even the banking channels in the above-mentioned case. However, such decision will affect the profitability of domestic exchanges as they will have to focus only on crypto trades.

why should we assume that? and why USA? the world doesn't start and end in USA, there are lots of other countries most of which are more interested in bitcoin than USA...


most people are interested in both. it is like an incentive. you get to use a decentralized currency while gaining profit because of its increasing adoption hence rising price.
the number of people who only care about the fiat value of bitcoin and nothing else is not that many, it is usually newbies with little money invested in bitcoin wanting to become rich over night.
not to mention a lot of millionaires who are interested in bitcoin Because it is decentralized and nobody can control it so they want to park their money in bitcoin.

 - The price of bitcoin will decrease significantly.
 - People who are using Bitcoin as an investment will disappear.
 - Dark activity will return to the majority of users of these currencies.
The above scenarios are the worst that could happen if trading is banned globally. The ban in the US or trading platforms will not have a significant impact.
You can use online selling sites "localbitcoin & Paxful" as an alternative

I think if that happened maybe there will be the other ways to exchanged it. Nothing is impossible to the people who have much determination to do it. And if that happened there will be make a big effects to bitcoin adaptation because there will be the facts that the volume of investors will be decreasing.

It is impossible to happen. Maybe USA can BAN the Bitcoin to Fiat exchange in their land but on the other countries they cannot.
This is the fact and the US already know this. They will just eat dust if they BAN bitcoin to fiat exchange.

I hope people will find someother payment option to convert their bitcoins into fiat but this will greatly affect the crypto currency prices due to fall of demand in the coins.Localbitcoins maybe the best option we have when the exchanges not offering fiat conversion and we may see more sites like that LBC if that needed.

When that happened most of the people are automatically loosing interest to this system because at first it can't be useful anymore because it can't exchange already in fiat so it will be useless to people. Unlike in our current time it's very demanding because the people knows that it is very helpful to us because anytime we can able to exchange it and used it. But I hope that it won't happen so all of us will still enjoying to this system.

I agree with your assessment, unfortunately. Bitcoin came into popularity as an asset with explosive gains in value, so the general public views it as such. Think about it: Bitcoin is a currency (or should be, at least) and is meant to be spent, but it's more associated with HODLing and Lambos than decentralization and payment systems.

I think the bottom line is that people don't find any real utility in Bitcoin in its current iteration. It definitely has niche cases like cross-border money transfers where it's hard to top, but that's too obscure a use-case for most people to actively start using it. Few people also see little use for decentralization, because most of the population who can take risks are not under a failing economy. While the current financial systems do have a lot of flaws, most seem to be rather satisfied with them.

But yeah, if Bitcoin technology advances far enough that it's just as easy, if not as easy, as swiping a credit card, people will start taking its utility seriously. That's my two satoshis on the matter at least.

If someday all the fiat currencies do so then bitcoin is just a thing that has no value unless cryptocurrency payment methods are introduced.

Of course Fiat currencies have a preference, with a crypto currency, otherwise why then the cost of Bitcoin in dollars, if you can just compare with another crypto currency.
When Bitcoin is banned on exchanges, where it can be converted into Fiat, the crypto currency will be only digits in the purse in the Internet.

Will it be possible to ban cryptocurrency to fiat ?  If this happened actually the usage and patronizing of bitcoin will be reduced as it will mainly be used for personal services at a very low volume. Unless as bitcoin is developing that more merchants and online shops begin to accept bitcoin for payments.

I think if that will happen many people are feeling hopeless with that situation because bitcoin is base from dollar before we proceed to our wallet,i think people will abandoned bitcoin if in that case.

I think it will lessen the users of bitcoin because most of the users use bitcoin because of converting their bitcoin into fiat money so what is the use of your investment after all if you cant withdraw it thru fiat?. Buying online? so for the seller what will be the use of bitcoin if they will  restock their item unless the product they will be getting accepts bitcoin. Its hard to visualize what will happen to bitcoin after that kind of banned.

If the exchange of bitcoin for fiat money in America is prohibited, people can still use bitcoin for online stores. I think there are still many poor countries who want to use bitcoin as a means of payment and rejection from USA is not the end of bitcoin.
And do you know why the American government forbids bitcoin for their currency exchange? They just want the dollar to continue to soar and depress the value of other fiat money, while people turn to bitcoin because they lose the value of their fiat money which is constantly eroded by the dollar.

Such a scenario never prevails around the globe, however high the restrictions might be there won't be complete ban of bitcoin to fiat exchanges. As day by day the usage and user base keeps growing can expect more bitcoin to fiat exchanges to come to functioning.

We will return in a few years in the past) China banned BTC and what happened? Short squeeze down after fast bounce and growth.

i think major gouvernements dont search to ban bitcoin to fiat exchanges  , it's not a major concern , the real concern of gouvernements it's regulation and transparency on paying taxe

Even if bitcoin is banned in the US, it will not mean anything. Of course they play a big role and influence the markets, but there are more powerful countries in the eom plan such as China, Korea, Japan. Therefore, I doubt that the US will do anything to the full

I am not sure about this but I think there will be any people like in the localbitcoin.com that will help people to cash out their bitcoin and I think it will not be a problem to them. so far, the transaction is happening in the online and the transaction for the fiat is made by transfer between the banks. I think this will happen if bitcoin to fiat exchanges are banned. at that moment, I think that bitcoin price will be very expensive because bitcoin cannot be selling on the exchanges.

There will always be a way around its not like globally all the governments are going to get together and decide to ban bitcoin and exchanges. The value would more than likely be affected and would more likely see its fiat value being valued by something else.

 Bitcoin users will decrease because who uses something that is illegal anyway. That will be useless and then the value of bitcoin will be worthless in that specific country.

If the coin exchange to Fiat is banned, then no money can be generated from Cryptocurrency. And crypto may be increasingly abandoned because of it.

But, keep thinking positive, because it will not happen.

You have a good point there partner, most of times some people make it seem that they are really into crypto because of the cryptocurrencies but in reality they are just in here to earn their tokens and quickly sell them for some fiat currency. I think people still don't believe in bitcoin and the other cryptocurrencies but rather they still believe in the old system of fiat currency. i just wish we could all embrace the idea of Satoshi Nakamoto someday so that bitcoin would be used as currency globally.

Your assumption is wrong. Sure maybe there are people who's interested in Bitcoin only as a speculation tool, but the majority are here for the decentralized p2p payment system. So yeah, people would still interested in Bitcoin. The price may drop significantly because of the ban but people who really believe in the technology can buy much cheaper and will be rewarded in the future.

I find it very unlikely that government want to ban exchange rather than regulating it. You see, by regulating exchange and forcing certain KYC/AML rule, they can earn a huge money in form of tax, from the user and the exchange itself.

For sure when that happened the increasing demand of it's adaptation and legalization will really decrease and maybe the real supporters of this system will be lessen because unfortunately there is nothing to gain in here. However, when that happens there will be the other possible solutions for that.

Of course the effect would be massive if conversion to fiat is disabled and its not something we have to start considering now. Its going to cause a massive blow in the current price especially if its done at the same time and effected by all the whole countries in an aggressive manner. But at the same time, there will always be away out. I know that there are some countries that major exchanges site don't allow either card or bank transfers while some others are not allowed fiat withdrawals but the trade still continues by people in groups doing using their local currency, banks, gift cards which is made possible by the availability of peer-to-peer sites and these has been working fine till date.

If it happened there must be the other way to exchanged it,because bitcoin is not legal in all country but people still use it and still exchange it, if that happen people will find a way to exchange it.

If bitcoin to fiat exchanges banned, you just have to find other exchanges that accepting fiat currency.
But if ALL exchanges not accepting fiat anymore, then you won't be able to buy crypto.

if that happens, then bitcoin is no longer worth investing, because it does not value the comparison again to the dollar or euro, pounds, or other currencies. may be just an online transaction tool, but its value will not be as big as now.

Nope, that won't happen if you ask me. There are a lot of ways for Bitcoin to be exchange into a fiat. A lot of exchanges are being created to prevent this kind of things to happen just like decentralized exchanges. Nothing can stop Bitcoin at this point. Also, the government are stupid to even ban those exchanges because that's where they get taxes too and the fact that Bitcoin is being use in a lot of ways now, even if exchanges are ban in a certain country, there will always be a country that accepts it because they know what this thing holds.

This won't ever happen but I don't use exchanges anyway they're meant to scam you at some point of the time, now let's assume it does happen so what? Peer to Peer transaction, transfer it to another country exchange there're so many ways to go about it, I don't think it'll hardly make a difference to anyone except this section will be flooded by fud and dumb topics ;D

Long before people from developed countries are interested in bitcoin investing, people in poor countries are already using bitcoins. Not only because of its high value but they are aware of the benefits of using bitcoin for their lives. Bitcoin makes faster and more tax-free remittances between countries. So even if the US does not support bitcoin by banning bitcoin from dollar exchange, it will not have a big effect.

When bitcoin being banned then it will affect the price, people will have difficulty to withdraw the money and feel that its not convinience to hold bitcoin as investment, although there still other ways to cash out, but people will feel not comfortable to used it, the fiat for exchange with bitcoin is not a problem, we still have other strong currencies like ruble, euro or poundsterling

If this happens, there are still many ways to trade bitcoin in fiat money. And we can not prevent people from doing so because bitcoins can greatly help us. So even though the exchange is banned, there are many ways. P2P,

of course we have to move to the exchangers who still receive the exchange of bitcoin with fiat currency. if indeed bitcoin can not be exchanged with fiat currency any country I am sure btcoin will be destroyed

I think that has small chances to be happen because the main purpose of people why thy engaged to this system is anytime they can easily withdraw their money or investment in a way of exchanges so if that happen for sure there cause a big destruction to this system and maybe mostly people that engaged to it and supporting to it will be disappeared. People are very smart they won't involved in anything that they are known are useless. But hopefully it won't be happen.

I believe tht if this happens im sure people will start to use bitcoin as what this is created for,because today people use this as an asset and holding this for long term,but with this law then we have no option but to use it that way.though for sure prices will drop significantly and wont be back as what it use to be

Everyone will never be able to prohibit bitcoin because it is for the whole world. It can be banned only by a separate country. But even in this case it does not guarantee that people will not use it.

Once it will happen I absolutely say there's no point to join crypto land for there's no meaningful chance to use your profit from hard work.

Once it will happen then maybe we are not in the time of crypto to fiat but crypto to crypto system is implemented.

nothing because bans don't happen and they extremely rare and when one out of million happens it is always regional while bitcoin is global and the result is that everyone just changes region. exchanges move their headquarters to another region, traders move on to that place or another exchange or they simply switch to more decentralized way of trading which is peer to peer instead of using an exchange.

According to me it can't possible. Actually Bitcoin has some value which is determined by USD dollars. If exchange will banned. Then Bitcoin will priceless. And it will not easy for government to banned on exchange. Because Bitcoin is not doing illegal work and some countries are supporting it.

Well, how do you think bitcoin gets its value? It gets it when people starting during their money into it and thus it gets value against the USD as floating money around. However, exchangers wont be the only way to trade the bitcoin. People can still willingly go and buy the BTC personally like those of localbitcoin website. May be people will exchange the cash and fiat with bank to bank transfer and then they will make the exchange of BTC from crypto wallet to crypto wallet. I think that seems to me the last option. And yes people still will be interested in it.

if it happens then bitcoin or crypto will not be so valuable anymore, and maybe many users will leave it, but I'm sure there will be another way to exchange bitcoins into fiat currency, because nothing is impossible if we have a strong determination, and in the world crypto many smart people will find a way to exchange bitcoin into fiat currency.

If that happens, it will be meaningless with the concept of cryptocurrency that rules out the market and its benefits. Will you pay, use, spend, shop online, transfer / receive with coins that are not worth the money? And right now, the bitcoin / fiat exchange is expanding. when bitcoin is accepted for commercial Bitcoin / JPY. It will be put on the exchange soon.

Well that is one of the scariest thing that can happen because for sure all of us wanting our coins to be converted to local cash. But before it would happen it would take a long time because right now the users of crypto currency are getting much bigger and more people now are getting aware of the crypto currency and the possible income.

I do think this is possible to happen. But if it did happened, there will be a lot of losses.  This is because so many investors who are interested in converting bitcoins into fiat to make money will lose interest and find alternative means. This will drastically reduce the price of bitcoin and will eventually frustrate those that are interested in using bitcoin as a decentralized platform.
However, I believe that if this should happen, there will another way to convert bitcoins to fiat, probably not using USD as the middle currency and using a stronger currency.
The blockchain technology is improving day by day and it will surely find a solution to it.

Bitcoiners are not only found in USA or people from US will still find a way so they can still join the market and do trading.
Companies are attract to blockchain and there's another news that George Friedman said: Blockchain Will Be “Obsolete” (https://ethereumworldnews.com/george-friedman-blockchain-obsolete/).
This is your opinion and you are generalizing people to have that thinking which we are not sure of.

The United States is also a country with prevalence and use of common bitcoin. But that is a more pessimistic hypothesis. If that happens, and bitcoin and crypto will be severely affected. Because the market is vulnerable to any impact and external factors. I think bitcoin is still used by many other thriving countries and they will continue to support the blockchain revolution in the contemporary economy for its efficiency and convenience.

Big trouble to the investor if this thing may happen, We already used to do it day by day, bitcoin is already part of our life, Anything happens with banning crypto's are directly affected to its value, Most of  us indulge to bitcoin just for money, This is not good to people who relied on crypto's, More people  may lose their job online. More people will become unemployed.

We're far from being place into such a situation given that the governments would surely benefit from allowing cryptocurrency exchanges in their own soil. Number one would be the taxes and number two, they will at least know a place wherein people might be hiding their wealth. So, assume that all countries ban exchanges altogether and the only thing left is P2P trades which will be very difficult. I think that will spark the creation of a decentralized P2P exchange in which the governments would have no authority at given that no central body really runs the operation; just a website wherein people can directly trade btc to fiat without a hitch. Generally this could work, though at large-scale trading, methinks that this will probably not be viable in the long run.

Yes that's true, cryptocurrency become like a dead people, it is non-sense to earn and waste our time for nothing. The only thing to use our hardship from cryptocurrency is to trade in fiat, and if this will ban? nothing will use and join in the crypto world. In the first place cryptocurrency become great and popular because of people who want to invest to earn profit, indeed our money will lose if cryptocurrency to fiat exchanges will ban.

If Bitcoin to fiat exchanges will be banned in a country of course some people will lose their interest on investing on it because it will be hard to trade it for fiat and if caught selling or buying you might get jailed. However, selling Bitcoin is not limited to a country so you can still sell it in other places that allows selling of cryptocurrencies. I also think that way, people are not really interested on using Bitcoin for paying something, most people just want to invest in Bitcoin because of the huge profit that it can possibly return to them. But we can't blame them because it is hard to find any use cases yet, and mass adoption is not yet achieved.

I think that's not a good idea. That is making a bad effects to bitcoin more or less maybe this will be the reasons of bitcoin doing down. For sure it will effects the adaptation and legalization volume of this system. It possibly a huge of people are going to hesitate to involved into it because they possibly think that involving to this system is already useless.

i think when bitcoin has the fans, and there are more demand than stock in bitcoin i think the price of bitcoin will increase more and more, we dont think about the exchnages or anything else because we can make a transaction directly, so if the bitcoin exchanger banned i think its not a big problem

I  think  at  this  moment bitcoin  and  other cryptos   are  unstoppable.  they  may  be  slowed  down by regulations but  people  will  find  other  channels to  acquire  the  coins. the use  of  localbitcoin  is   a good  example

I doubt that will happen, if it does then I expect the Bitcoin price would drop though.

It's no longer possible, BTC has been trading in this market for almost a decade, there are more and more exchanges, so BTC is part of the financial market and that's the trend.

that is not possible to happen because bitcoin is verry useful to be banned for whatever reasons. but let say if that happened , the price of bitcoin could not increase anymore and rather it can become stable or stuck on its current value because people cant just posibly cash in and cash out if exchanges werent available

. all of the bitcoins will become useless. but that is just an imagination because as what ive said ealier banning of btc to fiat exchanges are nearly imposible.

If bitcoin to fiat exchanges gets banned,then people would just switch to telegram chats for selling bitcoins in person face to face as it just happened in China earlier when the Chinese government banned the bitcoin exchanges.

It is  impossible to happen. perhaps USA will BAN the Bitcoin to order exchange in their land however on the opposite countries they can not.
This is the very fact and therefore the North American countries already understand this. they'll simply eat mud if they BAN bitcoin to order exchange.

i think this one will not happen and if it is someone or somewhere will do an action to exchange bitcoin to fiat.. if all the countries will do this then no more bitcoin

I do not think such a thing is possible,
let's say things went wrong
an error is found and processing continues,
affected at first but still continues

But it is not possible worldwide because face to face transaction only possible if we have only traders nearby and the people from the countries who don't have enough crypto traders will have no chance.This will decrease the demand of the bitcoin and the who crypto market too.But still we have other options like western Union those traders can be found on the localbitcoin.com and more sites will come to use when the exchanges gets banned.

I think it will not happen any time soon, because the investors will absolutely pull out their shares and stick in fiat, Many investors invest their money in purpose which to have more money and to earn for their future so if they didn't exchange it for fiat then what is the use of investing in this currency right?

If that happens then i think that bitcoin value will be constant just like fiat money. For some country maybe it could happen, just like china. But these situation is impossible to happen because bitcoin has a big potentials, and i believe that some powerful people are in to bitcoin, and they will not let the bitcoin to fiat exchange ban to happen.

I never think that scenario will happen, but even if it will happen, it is useless, people are looking and creating any ways or systems that caters cryptomarket transactions. On the other hand, they will not ban exchanges because many people are benefited and changed their financial stability through crypto business  industry.

This will not happen and impossible to happen, bitcoin at first place is convertible to fiat, all of exchange are already know the system before they run a business, if some exchanges did not want to change bitcoin to fiat then that exchange will lose its credibility to run an exchange site or may we think that they are scam and useless exchange.

That will help bitcoin to stop depending on Fiat and grow as a regular currency.

I guess people will start loosing their interest on btc most especially on small or less fortunate countries. Because if btc to fiat exchanges will be ban most likely it will be on this countries. Even though btc is important for us, not all people accepts it as payment or government accepts it to exchange with fiat. Every country need money, so if they don't know about btc because they're lacking, then it will be hard for them to exchange it with fiat. Also, users will either stop investing on btc and block chain will be use in other applications.

I think if bitcoin to fiat exchanges banned, you can try to find another exchanges which accepting fiat currency.
But if there is no exchanges which accepting fiat anymore, you cant be able to buy crypto.
i doubt it will happen.

World war 3 everyone, lol. If fiat exchange will be banned many of the people who invest in cryptocurrency will be so mad and angry absolutely. They will definitely be go crazy because they invest so much on fiat rather cryptocurrencies. In  some matter, some of the investors maybe become poor as their investment stops as it is banned.

In my own opinion if the bitcoin to fiat exchange has been banned then the exchange transactions will no longer exist and there will be no more bitcoin at all if it is already banned.

It will never happen because if fiat exchanges are banned and everything is focused on Bitcoin but what if there is no internet access. How can exchanges happen ?

If it's banned in the USA, then there's still japan, india, etc countries who will use it. I think I will agree with you that people started to use Bitcoin because they just want the value to go up and that most of them time, its use is being neglected. There are still numerous ways to make Bitcoin tradable though.

although bitcoin is banned, I think the special value of bitcoin always attracts the attention of many public. including in the US.

for today we still see that fiat dominates the global market, so people prefer to convert BTC to fiat, besides that because the scarce of transactions that accept bitcoin. but, the reality that many people that using bitcoin.

but in the next 10 years, fiat will not be valuable. no fiat. a national currency will only be a cryptocurrency value standard.

soon Fiat money will not be needed at all!)))) already today a lot of companies start accepting crypto coins as a means of payment! in the replacement of loan money, a new kind of money has come - it's a coin creep! 10 years around the world will use crypto money!

If this situation will create than peoples have two option one is they can exchange their bitcoins from paypal in fiat or USD than they can withdraw money in their bank account and second peoples individually sell bitcoins on localbitcoin platform to their country's buyers and seller will get money via National bank transfer but this kind of bitcoin to fiat exchanges ban is not possible.

I'm a bitcoin user. I'm afraid if that happens. And I think not only I'm afraid of that. As a result, bitcoin prices will drop dramatically and the number of bitcoin users will decrease