What would happen if BTC was Banned?

[iv4n]

Hmm lets say that happen and all people here, including me, will become criminals. We will be chased by police, there will be groups in every country, every town.. so we will go underground tottaly. After that we need to find a way to unite and start some big revolution and break this system now forever....wake up Ivan wake up..
I dont think that can happen, but probably there will be some countries with some " special" laws, and other more free countries. Like in everything else.

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[Hellacopter]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

I think The bitcoin can't get banned in the near future at least, and it's almost impossible that all the countries worldwide declare that this crypto currency is illegal because it's already successful currency and accepted in many countries

[calkob]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

I think the banning of bitcoin would be a nonsense, as they say Laws that cant be enforced shouldnt even be made.  Any free country should have nothing to fear from there citizenry using bitcoin.  If bitcoin is banned in your country then i would begin to worry "WHY".

[ROT13]

You cant really ban it, but illegality could affect the ability to convert it into fiat currency.  This would have an adverse effect on its ability to be used as a medium of exchange and therefore its value versus the dollar, with a flow on effect to miners and other areas.  

Bitcoin would have to be illegal in all major economies, if not the world for this to take effect though. If you had even one western nation with a reasonable population where it could freely be exchanged for the dollar enterprising individuals would find a way to profit from facilitating trade for the rest of us.  

Banning bitcoin is only practical because the majority of the world doesn't understand bitcoin or what it can offer them.  This probably also why many governments haven't bothered with doing it.  If they were to decide it was a serious issue sometime in the future I think the cat would already be out of the bag.  

I could see this happening in the future with the introduction of private blockchains and government controlled cryptocurrencies.  Once more people understand the concept of digital currencies its a natural jump to have a demand for something like bitcoin that circumvents the controls that a state or privately controlled cryptocurrency will have. When people recognize that the value of bitcoin is not in its valuation in fiat but as a unit of trade that is uncontrollable by any entity then it will be impossible to ban.  

[countryfree]

I can't think of a single example where all the governments of the world have agreed to the same idea. Drugs? Certainly not. Sex? In some places having sex with a 10 year old girl is a crime, in some others you can marry her. Owning a gun? It's forbidden in several European countries, but it's a constitutional right in the US.

BTC may be illegal in a few countries, but frankly nobody cares much as to make the ban truly effective would mean to cut off the Internet.

[Mark Frappeles]

Just like drugs?

Still there are billions of drug sells and people use it anyway.

[neochiny]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

if bitcoin have been declare to be illegal,
a lot of people or bitcoin users will be against the governments.
maybe there will be some rally all over the world, as a lot of business will close.
so in reality, that would not happen. besides even it will be illegal, that doesnt mean
bitcoin users will quit using it. and maybe they will just ignore the government saying it was illegal.

[Tired of sleeping]

It would be a better place lol

[BTT]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

Everyone will just keep using BTC anyway, perhaps with TOR.

[Luqman]

Absolutely I still use Bitcoin, who cares? As far as there are any people still accept it then if bitcoin got banned is nonsense at all..
Many things got banned and they are still in uses..

[Rizky Aditya]

I guess if Bitcoin was banned, there would be no more exchanges as the would all be shut down. I would still use Bitcoin because how would they track me down? But Bitcoin wouldn't be adopted and you wouldn't be able to use it, except for trading with other Bitcoin users.

[Sir_lagsalot]

Bitcoin would surely drop hugely in price, but there would still be some sort of bitcoin black market, just like there is one for drugs.

I'm also sure that this won't happen. Maybe it'll be banned in a few countries, but not all. Im sure at least one bitcoin user has some power in their community. So don't worry.

[Graphics]

This is already the case in some countries, unfortunately. But I don't think that'll make much of a difference. People that really care about bitcoin, or want to use it as a medium of exchange will just continue to use it.

We've seen this in many historical contexts already such as hyperinflation when the government banned any foreign currency, but people still continued to use them. Bitcoin will be the same.

[EdenHazard]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

that is immpossible,bitcoin will not declared illegal in all country. but if that happen,i think all bitcoin community will never care about bitcoin legality,they still use and adopt bitcoin,and the possible solution is disscuss about bitcoin with goverment,and explain to all goverment,that bitcoin is cannot be illegal.

[Jeremycoin]

I would definitely keep using Bitcoin, what ever happens Bitcoin must go on. THE GOVERNMENT CAN'T STOP US

[frendsento]

I guess many people will be in jail because of continue using bitcoins however they will be having difficulties catching criminals because of its anonymity.

[USB-S]

bitcoin cannot be banned in every country in the world. Thus making it pretty much unbannable, unless every government agrees on this. You also cannot stop the "shadow economy" that bitcoin has been running the past 5 years. Even if btc was banned in some major countries, it would bloom in others. Also the country who bans btc will create a black market for crypto, making it more scarce and higher in value.

[el kaka22]

I think that Bitcoin will become even more popular.
For example in Russia, Bitcoin is illegal yet there're still many Russians using various faucets and making Bitcoin sites in Russian language. However in some unbanned places like Hong Kong, Bitcoin have already been faded out (like BitcoinAverage have had a Hong Kong Dollar price like a year ago, but it have been disappeared now).
So banning Bitcoin actually could bring more good than harm to it.

[crazyivan]

There s no way BTC would get banned, at least not in the "free" world. Why? Cause those same western governments allowed opening tons of BTC related companies and exchanges without issues, even auctioned some BTC. Now, when market cap is billions $, there s no way to ban that industry cause people sue the shit out of them.

You simply cannot let people invest money for years and then say, fuck, we made a mistake, it s illegal.

[wearepoor]

It will be a black day in a history of bitcoins. Many people will loose their money and the bitcoins will be dead. This will be a worst situation for those people who are depend on bitcoin related business.