What would happen if US government made Bitcoin illegal?

[Reatim]

If does?then China will surely adopt Bitcoin and will be the main area where we can trade and mine this currency,because everything that will envy by US will be open arms accepted in China lol 😂

Hope this will never happen since EU and other big countries that support Bitcoin May end up withdrawing the support

What will happen if US government chooses bitcoin as their reserve currency? And what will happen if US government advises all citizens to buy bitcoin and secure their future and that of their future? Well if what you say happens, I see many bitcoin either relocating from USA or adopting another country's citizenship. True, USA government will be pro bitcoin.

That is different thing to discuss since that’s not the topic asked by OP,the other way around

[amrulshare]

that won't happen, for example China has banned some activities in the cryptocurrency space, but in reality there are still many people who own and act on Bitcoin. I think at this time cryptocurrency has had a great and potential view to make the general public more open to their own financial resources.

[BrewMaster]

instead of focusing on what may or may not happen with some government that doesn't even concern you, it is better if you start learning more about bitcoin and its mission for decentralization and cutting off the hands of the middlemen who are always intruding in our financial matters and have their hand in our pockets.
then you will slowly realize that the answer to your question doesn't even matter.

[Payme21]

That indeed will be disastrous to the value of bitcoin but this coin has metamorphosed into something great which means it will take more than one country to halt its foreseeable growth

[hatshepsut93]

Now, using the scenario above, can we then conclude that the "life" of bitcoin is at the fingertips of the government? Though, of course, I don't expect the USA government to do what China did in 2017.

Yes, this is because Bitcoin is too small right now, it has very little users, so if the US would ban it, it will become a one more major reason to not adopt it in the first place. Bitcoin already has many flaws, like requirements to manage crypto keys, occasionally high fees, complicated interface, price instability - these things are preventing mass adoption, and a harsh ban would prevent it even more.
And currently the biggest use case for Bitcoin has always been trading, so being outlawed will effectively kill this use case.

[Genkotsu]

US is the main country of this world and if Bitcoin illegal in there it means Bitcoin will have a big impact with price and reputation in the world.
let's we say if US is made Bitcoin illegal:
1. Price will have a drop so deep
2. Holder BTC on US sell all BTC
3. Reputation of BTC and cryptocurrency in the world is bad image
4. cryptocurrency slowly will die
i think that will happen if it true.

[carlfebz2]

instead of focusing on what may or may not happen with some government that doesn't even concern you, it is better if you start learning more about bitcoin and its mission for decentralization and cutting off the hands of the middlemen who are always intruding in our financial matters and have their hand in our pockets.
then you will slowly realize that the answer to your question doesn't even matter.

Nah! You cant really stop people on making those kind of what if situations which we can really able to see up the answer into this question if we do know thoroughly about bitcoins existence.Just to answer on topic,If US gov't make bitcoin as an illegal thing then it do really make some affects but not into the point that BTC will really crash hard.
It might decline its price but nothing can really stop into this innovative tech.

[Dontme]

Let's say tomorrow there's a US law that any US person who gets caught with bitcoin server goes automatically to jail for lifetime.
And the 2400 US bitcoin nodes would go offline.
What would happen to price?
What would happen to hash power?
How long would it take to recover?
Let's speculate!

If the US will make bitcoin illegal then obviously bitcoin`s price will get low, as we know US have the most users of bitcoin. You can`t expect that bitcoin  could recover easily if US people can`t use bitcoin maybe it would take 20 years or more.

[BitHodler]

instead of focusing on what may or may not happen with some government that doesn't even concern you, it is better if you start learning more about bitcoin and its mission for decentralization and cutting off the hands of the middlemen who are always intruding in our financial matters and have their hand in our pockets.
then you will slowly realize that the answer to your question doesn't even matter.

OP probably doesn't care one bit because most newbies are fully invested in shitcoins they don't bother to withdraw from exchanges such as Binance. It's not for nothing that Binance holds over $10 billion in user funds.

I do like it that newbies ask questions similar to these because that's what average joes think about when it concerns Bitcoin. How and what if governments start banning it? I noticed this around me as well.

There are various phases people have to go through in order to appreciate what Bitcoin is.

# buying altcoins and realizing they're shit.
# investing in ICO/IEOs and lose a lot of money.
# get trolled by their bank or government.

Maybe I'm missing another phase, but you get the point.

[thesmallgod]

It amazing how people imagination works. you didn't speculate on how btc will rise if it gain adoption by the giant US companies and to make matter worse, people having to go to jail for holding bitcoin. Do you really think such thing can work like that. Just binance alone announced that they want to remove all USA users and there are already tons of noize everywhere about binance wanna block every US citizen attempting to use the platform. Bitcoin already got massive adoption by many big US own business. They can not ban but rather continue to impose regulations. you can stop dreaming

[pixie85]

It's impossible because this is not how a judicial system works. Nothing happens overnight and you can't expect a bill to be passed and executed tomorrow. A normal ban would take months of voting and a controversial bill of a lifetime imprisonment for possession of some illegal goods would meet heavy resistance and take much more.

Even if it would pass all traders would have months if not years to get out of the country and take their coins with them.

[oseikuf44]

Most ICOs, STO and other crypto projects don't accept US residents, yet we had a lot of coins that has been successful without US residents. The same thing applies if the government make Bitcoin illegal in US. However, the Investors will panic sell and will make the price of Bitcoins  drop due to the oversupply than demand .

[creeps]

Let's say tomorrow there's a US law that any US person who gets caught with bitcoin server goes automatically to jail for lifetime.
And the 2400 US bitcoin nodes would go offline.
What would happen to price?
What would happen to hash power?
How long would it take to recover?
Let's speculate!

US has the big impact in cryptomarket, and the price of bitcoin will dumped for sure its a total disaster and many hodlers will panic, and we can see the real bottom of bitcoin even if its being backed up by many countries. The price can recover in indefinite time and no one can say when, but hoping for this not to happen because bitcoin deserve a better nation to stay for.