Bitcoin Forum

Bitcoin is a digital currency that circulates freely, without any control or supervision from banks, governments, or anyone else. In contrast, bitcoin relies solely on cryptography and software between computers.

what if the government closes or does not allow the exchange of Bitcoin or cryptocurrencies with the official currency in each country?  ???

In theory, this is quite possible, however, under the current conditions, the states do not yet see a real danger to global financial stability from the side of cryptocurrency. While the attitude of states towards cryptocurrency is different, there is no consensus.
If this does happen, and all states decide to prohibit the use of cryptocurrency, all exchanges and exchangers, then of course, this will be a significant blow to it. I hope this will not happen, as many states have already legalized cryptocurrency.

If the government does not allow that, people can still do peer-to-peer or p2p transaction. Others would even use VPNs to still get access to these sites.

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In the end, the government couldn't just go and do a total ban of crypto especially Bitcoin because people still have the available technologies out there in the internet to bypass these restrictions.

unfortunately for now there are several countries that are allowed to use crypto so when there is a country that prohibits using crypto in their country there must be a gap for its citizens to use crypto

Isn't bitcoin currently not legalized by all governments in the world, but the sustainability of bitcoin can run very well at this time, even though such circumstances also affect bitcoin itself.

It is true that if countries simultaneously shut down or not allow the exchange of bitcoins with fiat currencies it would have a huge impact on bitcoin, even the possible returns of bitcoins are priceless if this actually happens, but this must be done simultaneously by all countries, otherwise the effect is not that big in my opinion.

Bitcoin was developed and designed to bring about easy peer-to-peer (P2P) transactions, and I think many countries have tried in the past to stop Bitcoin growth in their country, with some saying it is banned and so on. But however, countries can say that or put in measures to stop it, but it is quite proven that you can't stop a growing technology and since Bitcoin has been growing for years till now, even with measures to stop its transactions in a country, people will find their ways around it, peer-to-peer platforms are there and so on. In fact many countries have been doing peer-to-peer transactions for years before it now gets better with exchanges like Binance having their own peer-to-peer features.
Therefore in essence, Bitcoin can't be crashed or stopped totally by the government, there will always be ways around it.

Did you remember when bitcoin was getting introduced to the market? People were using p2p transaction for bitcoin. The same thing may happen when we will be facing the same thing like that but this time it's quite different as there are thousands of develpers in the crypto could work for the alternative way for that just like build an alternative bridge or something else.
Bitcoin can still be cashed out even when exchange site got banned by the government.
It's very similar like repeating the past history of bitcoin. Your question reminds me with it

Time will come we dont need cash, money is already in digital and crypto currency mode. Every nation will have its own crypto currency and trading will become a necessary knowledge in order to prevent loss from trading.

Bitcoin cannot be given in cash, but it can be done via p2p. however, if the government in your country does not allow the exchange of bitcoins or cryptocurrencies with fiat in your country, you can exchange the DEX market stable coins and exchange them for digital fiat currencies. Besides, if you are in doubt, a lot of people accept exchange between stable coins or crypto to a PayPal account, or other payment processors. well, the internet connects the world. You can find a person who accepts your bitcoin or cryptocurrency and then he gives you money in your bank account.

There will be always a way for this, Bitcoin in the first place was supposed to allow P2P Trading and even without exchange it's still possible by selling or buying to other people especially on your local community or any P2P Platform like localbitcoins but if the government ban it then it will illegal in the first place so you should be more cautious to not get caught by your local authority. Beside that there is still many ways to do that for example like exchanging with some goods and then you sell it on your local market.

I have always studied different ways to take out bitcoins in case if any situation like this arises in the future. The first thing I would do is get myself registered to the exchanger or wallet which is legalised in specific country. I will keep my bitcoin in that countries wallet and make sure that they are safe their. If my government neutralises the crypto regulations then I would get those coin back or if not then I will sell them in the local currency of that country and do Fiat exchange for the same.
However, as far as I have studied the whole stuff 360 degree, there will be no such time when all the governments throughout the world will ban crypto. At any given times, we will have a chance to transfer the funds to the country where crypto is completely legal. And of course as stated by various posters above, p2p is life saver.

There are still ways that can be done so that the Bitcoin transaction process continues even though the ban was imposed by the government and that if I'm not mistaken it happened the first time Bitcoin was on the market.
Things like the ones you are asking are the concerns of many people out there. But as I said that there are still ways to keep this activity going. Keep positive thoughts on Bitcoin and crypto.

I guess you mean the circulation is not controlled or supervised by humans... That will likely turn Bitcoin into a corrupt currency opaquely controlled or supervised by untrustworthy people who can't be properly supervised by the community.
It's actually a decentralized currency bounded by rules/principles that can prevent abuses from untrustworthy humans who may wish to control or supervise it.
If nations refuse people to exchange Bitcoin for their currencies, you could do that p2p or exchange them for other things they don't own/control... like Gold

Bitcoin can’t be stopped, they can make it more difficult to trade but they can’t ban bitcoin & that's the beauty of it.

Then there is the Peer-to-Peer exchange platforms that are now popularly being used by a good number of people especially in countries where there are restrictions in place. Eventually, many government will realize that they are on the losing end if they will not allow the business of Bitcoin to flourish as they can never take a small percentage or impose tax on them. That would be like imposing ban on liquor...the market is intelligent enough to find ways and means to make business away from prying eyes of the government. The same thing can happen with Bitcoin if all exchanges will be outlawed. Of course, this can be easier said than done...and we would not wish that this scenario can happen so we can test Bitcoin.

There are about 100++ countries around the world, do you think that each and everyone of them will not allow crypto to flourish? Just look at El Salvador, they just setting everyone up for bitcoin, even allowing it to become a legal tender.

So I doubt that this scenario will happen in the future to be honest, bitcoin is also borderless you forgot to mention that. Meaning it has no boundaries.

BTC is now a decentralized world-wide virtual currency，It has been listed on many exchanges and can be exchanged with fiat currencies of various countries.
Unless this country bans any transactions on BTC, otherwise it will continue to exist.

Hoping that won't happen, and i think thats impossible as bitcoin exist so many year and still remain. Maybe alternate will happen as hear in news, other country planning to use crytocurrency as rather than fiat money.  Bitcoin will never been touch by the government and maybe they have a better offer from it.

Think again for a moment why we created and used it for such a long time. And never think that the government controls bitcoin, and they don't hold bitcoin. Bitcoin is an unstoppable trend, and we are the ones with a much better chance of not knowing the field.

your right mate there's always an option for it just to have an access on crypto market and etc because of what types of technology we have right now wherein if however it will happen.. But of course i hope not.. Because for sure there will be a massive changes in the market especially in the prices.. Its like a hard declined for sure and probably the most worst situation than banning countries that usually happening in the space. Let's just keep hoping it will not happen in the future instead.

Of course Bitcoin can be cashed. But if something like what you said happens, namely the government prohibits people from cashing Bitcoin, this is a bad possibility. I never expected this to happen to cryptocurrencies, of course this would hit many parties in cryptocurrency. Seeing that many countries have legalized Bitcoin, I hope this is a positive thing, this indicates that Bitcoin is not too dangerous even though it cannot be controlled by anyone. So I hope Bitcoin will not be banned for cashing

Anything can happen, but now there are several countries that have legalized bitcoin and made bitcoin a transaction tool so that if bitcoin is closed by the government, I think some bitcoin users still have a gap to access it.

of course bitcoin can be used as money and until now it is still safe to do bitcoin transactions and if the government closes access to exchanges in every country there is still a P2p method,
and surely the people will definitely be on standby in anticipation if the government closes all assets from entering the internet
the point is as long as the internet still has bitcoin, there will always be transactions

If government restrict or ban bitcoin and other Cryptocurrency entirely,  I think bitcoin will still be useful and serve as store of value.  I think your worried that you will not be able to spend your bitcoin if we have situation you described as most people turn bitcoin to fiat before spending.  As it is,  there are many services and vendors who accepts bitcoin as form of payment, and there will still be more in the future! So, nothing to worry about!

Pretty good question for everyone from a newbie who seems to be a smart person, so I will give an answer that can satisfy you in this case, if all countries close or do not allow Bitcoin or cryptocurrency exchanges to operate in every country, then other alternatives will exist for this, so you don't have to worry about this and only stupid countries will ban it, because when every country can get good results through cryptocurrency without disturbing the state system or regulations and state rules, then there is no reason for every country to shut it down. ;D

Today few countries but in next few years much more will allow to use crypto and btc. Btc have many good usages governments will see it soon.

As far as I know, so the government does not really allow transferring bitcoins into fiat money, at least openly, and if it does, then pay tax. If there are even countries where it is allowed to openly exchange bitcoin for fiat money, then of course if everyone does it en masse, then the government will prohibit cashing out.

It's just a situation that can never happen. Even if huge countries does that, there will be pro-bitcoin countries that won't allow that to happen. Anyway, there has been too many discussions about these if situations, and if that happens, we'll still continue and transactions would occur peer to peer and there's no need to cash it if that worse situation happens.

This happened in some countries that ban or don't legalize Bitcoin or other cryptocurrencies.
It will be difficult, but it doesn't mean "cannot". One of the ways if we are going to cashing out is by converting it to USD or others. But fortunately, there are P2P platforms with good reputations and trust. So, if this happens, you can use this way to cash out your Bitcoin.
But actually, although there is a ban in a country, many citizens in fact are still trading and investing in Bitcoin and cryptos. Because there are ways for it, and this crypto world is promising for them.

If a country did this, you can't do anything about it and the only option that you have is to travel and do sell your holdings somewhere else and also, you can try exchanges that is still available in your country, P2P might still be the option.

Anyway, this wont happen in many countries anymore because the adoption has begun, and we are growing so hopefully more government will truly accept cryptocurrency and make this legal.

As long as there are people willing to trade and there is internet, you can cashout your coins if you want. I am expecting a situation where all the countries are going against a big market like us, there might countries that are not smart enough to understand what they are dealing with and can come up with regulations to ban them but they are only a few and in the broader aspect there is always options even for users to trade that are living in a country that banned them.

As long as bitcoin is not ban in the particularly country then p2p would be the solution if the government prohibited the exchange of cryptocurrency.

Good thing this situation cant possibly happen in our country because they're not restricting us to use bitcoin although the government are reminding the investors about the risk of engaging ourselves since its an speculative asset that can turn the value to zero (though for me its unlikely) and they cant control it.

In today's technology, who cares about physical cash anyway. Bitcoin without physical form can live as long as there is Internet and can be presented as a medium of exchange just as gold without any form of central entity to restrict it . Bitcoin itself has become a  true store of value albeit physical presence.

this can indeed happen but the problem is the impact when this happens. because of course everything, especially related to finances, will have consequences, both good and bad.
and when the government prohibits the exchange of bitcoin with the official currency directly this is actually fine depending on the policies of the government itself but the impact of this prohibition must also be accepted because I think this if it really happens it will be detrimental to the government itself.
besides that even if this becomes illegal, of course, everyone who is in the crypto world like this will certainly not accept it gracefully because more or less rules like this will have no impact on the community because they could use illegal ways to do it even though not everyone does it but surely there will be those who violate the policy.

Well if that happens, you can still convert it Paypal money and now you can cashout it already. There are many regulated money sending businesses accepts paypal so it would not a hassle to claim your income. Aside from that, I think a black market will be created if a country does ban it. A p2p could be a great alternative.

It would not be possible for every government around the world to crash down on bitcoin at once with strict measures. Not all government are autocratic and some of them even listen to their citizens.
The more the government tries to control, the more people would defy it. It may get difficult for people to speak out about trading the coins in public and it might be hard to get buyers and sellers but people would find their ways. Not every government has same level of influence and people would just move to an easier place to cashout or just ask people from easier jurisdiction to cash and wire them.

it has happened since its inception, why are you panicking now with regulations, just enjoy it as long as your country considers it not a crime that can be jailed, just do it.

I don’t think that all countries are likely to forbid exchanging Bitcoin to fiat, otherwise I think it might depreciate. Or maybe people will start rebelling, so it's not very safe for the government to do so. Anyway, I repeat again that it is not likely to happen. Developing countries are starting to use Bitcoin as a national currency, it plays an important role today.

All governments want and like to have full control so that is main reason why avoiding involve crypto in flow. Till it change there is many ways to get cash for our crypto amounts. members mentioned it already before in messages here.

Yes i think btc again touch 40 k than pull back

I think for now, in terms of exchanging digital currency with official money or fiat currency, you should not rely on banks and the government, both in terms of use and exchange. now we can see in several media that discuss digital currency exchange,
https://www.voice.com/tekno/2019/06/23/092455/line-segera-buka-jasa-penukaran-mata-uang-digital.
I think many have accepted the presence of digital currency

Few countries in the world didn't allow the usage of Bitcoin but some of the countries uses bitcoin as a payment.  If they does, you can do P2P transaction, but i think they can't full stopped bitcoin, there's always a way for people to do transaction with Bitcoin

Maybe it can be exchanged with other options other than directly from our currency .. I think there will be many choices and services for exchange. Given that not all countries prohibit the existence of bitcoin. Even countries that may not ratify the existence of bitcoin, many are still normal to be able to transact with the currency in their country.

Every country has its own rules of government. Some countries legalize bitcoin, some are semi-legal and some are closing bitcoin circulating in their country, but I believe the future of bitcoin will be better considering the rapid development of technology and cryptocurrencies.

And there will always be countries that will accept the cyrpto-related businesses such as crypto-exchanges. But with the current rate of adoption, positive approach is seen from several countries like El Salvador. I believe, there will always be a way how to convert your btc to your local fiat, if worst scenario comes. But nowadays, very rare that you will encounter countries that are totally banning crypto transactions.

we really have to think about this far ahead. I hope that doesn't have to happen, but the government should open up space for exchange and include it as a commodity even though it is currently still prohibited as legal tender.

This won't gonna happen since there are some taxes losses involved if ever they implemented that kind of rule all around the world. Those countries who left bitcoins as it is will most likely get the full benefits and the competition will go once again. so, I don't see this thing will ever happen. When it involves money loss, you can't just turn it off like a simple thing because the government needs money to help their people or to help themselves. There's no such thing such real care by our government, it all needs some cash and they can get some by letting those local exchanges do their thing and on the other hand, they will get some taxes.

I don't think that can happen, given that many countries are legalizing crypto now. Just yesterday I read an article about countries that may be next to adopt cryptocurrency. If you're interested, you can take a look, I'll leave the link ::)
https://blockster.com/blockdesk/1236_top-3-countries-that-could-adopt-bitcoin-next

As far as i know there are already some countries out there that have laws in place to prevent their people from trading cryptos or using them as a payment. Such laws seem like a huge obstacle for people in that countries that want to trade cryptos and pay with them but in reality i think that such laws are almost impossible to control. You can always use a VPN to access crypto exchanges and then you are free to trade cryptos there and there are also still a lot of exchanges out there that allow trading without the necessity of a KYC check. It is still a nuisance if you want to cash out your profits that you made with cryptos. The way around that is more complicated i would guess.

this really doesn't worry me because if the government bans transactions, BTC can still do P2P transactions without going through government control, really this is the real value of BTC, in essence BTC is a decentralized currency and no one can control every transaction of BTC, your problems are sure we have specific solutions.

The government have actually thought this way out, and investors have a way of byepassig the bank like myself. You just don't know how money enters my bank account, I mean the source of my income. The government have constantly admitted inability to stop bitcoin.

Its chances are very low. Maybe there could be a correction but not a cross. Bitcoin is currently the capital of many companies. Many big whales are sitting with it.
 Bitcoin can be trusted in the current situation.

We could still make use of it directly in p2p .. 1 BTC = 1 BTC and as long there's the demand then we can set our own rules and wont be tending to rely upon fiat currency in towards conversion

but honestly it is really hard to think off for us to go into this situation where bitcoin doesnt really have any fiat monetary value and since it isnt still globally adopted then i

cant really think off about the probabilities of things to happen next.So lets not stressed ourselves in regards to this one.

Every country has a different view of crypto, they won't apply the same regulation to crypto exchange. Just look at what China government did to bitcoin mining, no country follow it, right? Although China banned crypto mining activity, other countries allow it. So, it indicates that the policy of each government won't be the same. It is very doubtful that all countries ban crypto exchange as you said. Moreover, crypto is already an important part that contributes to world economic development. All countries should be aware to support it as all people demand it.

In your case you are suggesting that all 190+ countries would ban Bitcoin but as long as the miners keep going, people can always trade p2p and as long as one exchange allows fiat options, money will flow back and forth.

indeed the position of bitcoin is still under the government's consideration to make it legal or not..
if for myself as long as there is a growing crypto market we can still use bitcoin and it's not that easy to stop the movement or exchange of bitcoins..

Btc popularity rising, that is obivious. Latin American neighbors to El Salvador, such as Panama, have started mulling over the prospects of passing similar legislation, as they don’t want their nations to be left behind. Trend will continue I think.

So far there are no obstacles in terms of cashing out bitcoins into fiat currency, meaning that bitcoins can still be cashed out anytime and anywhere, bro.
 even if the government closes or does not allow cryptocurrencies in any country, because there will always be a way to exchange it, the important thing is that we have a good internet connection or network.
 And again, I'm also not sure if the government in any country will close or prohibit exchanges with official money, even about bitcoin activities, bro.

elsalvador seems to be a pilot country in passing regulations on bitcoin. if this country succeeds in having a positive impact on its country, then I think more countries will follow suit. especially if it is a large country that provides a bright spot, it will certainly have more influence on other countries, because it will certainly become the mecca of the economy, which has a lot of influence in bilateral or multilateral relations with other countries.

It was decentralized so that no one can regulate it especially the government. But just in case the government doesn't allow exchanges  it can be a problem ans many people will give up on crypto. But as of now, I think it will not going to happen because the government still not going to close it and they can't close it. People can make or think of other ways to convert it into fiat.

A common way to cash out Bitcoin is through a third-party exchange, such as Coinbase, Kraken, or Bitstamp. ... Most platforms allow you to cash out only with the bank account you used to deposit funds. This means that you need to deposit a small amount of fiat first to be able to make a withdrawal.

Not entirely true. It's not circulating freely in most of the countries. The governments are imposing laws and policies to regulate crypto currencies. Regulation = No more free movement of currencies like we used to have at the very beginning.
It is possible, but I doubt this is ever going to happen. Even if it does happen, people will start doing P2P transactions. I heard there are some countries where financial institutions are not allowed to be involved with any kind of transaction related to crypto currencies, but their people still use it through p2p platforms.

Then exchange it in the country that still allowing it, closing bitcoin exchange wont stop us at all, there's must be payment channel that accept bitcoin since its precious and valuable.

If that happens, then all cryptocurrencies die too, not just Bitcoin. If Bitcoin is banned, but other cryptos get permission, then we can exchange Bitcoins for other cryptos, then exchange them to Fiat. But can the government do it? I sure don't. Because the existence of crypto is now a necessity, and a solution in the midst of difficult transactions at the international level. The existence of crypto is not to fight fiat.

You think that Bitcoin will be banned while the rest of the shit coins will be surviving after that . This can be the comedy of the century in the cryptocurrency world because none of these coins will survive without Bitcoin and it is a fact. No sane government will be blocking Bitcoin but you cannot say the same to thousands of other cryptocurrencies.

Suppose some government bans cryptocurrency trading, as long as there are users willing to transfer using P2P the market will be well and alive.

This is the same question for me. How come bitcoin crash, can people or group of people with very huge amount of crypto crash the market? Therefore cryptocurrency is not a very good platform to hedge your investment.

Actually right now, many countries still ban Bitcoin. which is why many crypto enthusiasts always cash out through P2P services. there are several trusted and reputable services that provide P2P so that it will be easier to be used by people from that kind of country that ban Bitcoin.
I really hope that many more countries will legalize Bitcoin at least for digital assets, even not as a payment method.

This is the reason why we have stablecoins. In countries such as China, it is not legal to trade cryptocurrency with fiat currency. So they convert crypto to stablecoin instead. And do you think that all the 200 plus member states of the United Nations would ban cryptocurrency at the same time? Even if it gets banned in your country, you can travel to some country where it is legal and then convert your coins to fiat. International travel is anyway cheaper these days. If you are ready to take some risk, then you can easily do the same using various P2P platforms.

I agree with you that crypto and especially Bitcoin is integral part of modern economy, so it is not likely to be completely banned. Many countries and companies use and support it. But,of course, if we were not capable of exchanging Bitcoins and other crypto to fiat it would be the end for the whole crypto world. Only if crypto doesn't replace fiat money sooner of course ;D

The government of a country can disallow the use of btc in the country but people use p2p means to still exchange btc to fiat currency, binance p2p is very effective and support many local currency, you can also use other p2p platforms that support your local currency to exchange btc to fiat.
Only countries whose government have legalise btc can trade openly, majority uses p2p to transact as of now.

Bitcoin is very popular already, even in China where bitcoin is illegal, there are still people who are using and trading bitcoin secretly, that's how useful and popular bitcoin is, so for a country that is a democratic country, it will be the people who will dictate and it will only be the government's job to regulate the crypto market, as it's a win-win for the government and the people.

I think it's still a long time, it can't be that easy to happen that way, because bitcoin is not too dangerous for the country and investors who invest in bitcoin, the government closes or doesn't allow the exchange of Bitcoin or cryptocurrency there must be a cause that makes it fatal for the state and state banks itself, even if it is prohibited by the state for the good of the country itself, it's only natural that it's legal

Still you can sell your bitcoins to someone for fiat in personal or via peer to peer exchanges,.there is no practical way to stop the trading of bitcoins. ;D

If it is cashed directly, not possible but through p2p, it is. about the government banning down bitcoin I could say they could do that but it will be impossible because bitcoin is widely now accepted by many countries and it will be that country's loss if they ban Bitcoin in their economy. Who would close something that could bring profit to their nation? I think banning bitcoin is impossible

I think we should have our local exchange to make the withdrawal easier because we can withdraw directly to our bank account in local exchange.
External exchanges such as Binance, Coinbase, Kraken, etc are good, but local exchange is better and faster on withdrawal.

Cryptocurrencies can't being halted; it may set of decisions less complex, yet you can't outright restrict it, which is the essence of that too.

It's a strange question, of course. It's clear that you can. there are many exchangers and large exchanges withdraw funds to a card and bank account.

So in many countries it is still forbidden to deal with any cryptocurrency, including bitcoin, but gradually more and more countries are beginning to understand that cryptocurrencies are the future and they are starting to use cryptocurrencies and cryptocurrency technologies, and so in general, if all countries would banned the use of cryptocurrencies on their territory, this would certainly be a big problem for us, but we would be able to exchange cryptocurrencies for fiat money, for example, through various exchanges or through p2p.

How exactly do you think the governments are going to do that? You have been told that cryptocurrencies, especially Bitcoin, are decentralized, so how do you expect the government to go about a thing like this? If you look at countries where Bitcoin has been banned, you will realize that people still continue to make use of Bitcoin despite the ban that has been put in place by the government.

This is because Bitcoin can be sent through P2P exchanges, or wallets. So transactions with Bitcoin are basically peer to peer, and people can be doing this and there won’t be any trace of it. So the government can’t stop it. They can only stop you from using exchanges that are centralized.