What would happen if BTC was Banned?

[cluit]

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?

This matter is treated even in other threads and there had to many thoughts about the possible reaction in this (very improbable) situation. I think that a first very possible scenario will be the development very much of the bitcoin black market. As it is verified for example in Russia. The Russian Government has banned bitcoin and one member of Government has make even an extreme proposal regarding those who use bitcoin: to put in jail. But nothing has changed. This market exist again and increases every day more. It will be less or more the same situation like it was before bitcoin become known from the normal people. Before this situation there were time that was the official currency in Dark Web. As it is again even in these days.

Practically, I think, it will be a lost war from the those who has fight bitcoin. Like it was the alcohol in the '30 years when the USA Government prohibited the use (drink) of alcohol in order to impede various social an personal (not few) problems connected with it. The result was the same like the above in Russia. The increase of the amount of alcohol used. This gave a good lesson to the USA Government and later them has revoked this impediment.

The same policy is in discussion in our days about the drugs (the ones who are considered as easy ones).

Then could be verified a second one but with very few probability scenario. Continues war for all, with all the possible tools, in all the possible ways and very severe penalization. I don't think that this scenario could be possible to be verified in reality even if can exist theoretically. To many obstacles to be verified and first of all very doubtful in its possible results.

According to the government, Bitcoin have caused lots of problems, starting from the time of its introduction. Few countries are prohibited by their government from making use of bitcoin.
The main reason they will not follow the money flow for tax collections and for insurance limits.
But no country can stop bitcoin evolution and it's growth progress.

[bryant.coleman]

Is it even possible to ban the possession of Bitcoins? I don't think so. If I store my coins in a paper-wallet or an USB stick, how will the government guys be able to learn about it? They might be able to ban the trading of Bitcoins and the conversion of Bitcoin to fiat (up to a certain limit), but they will never be able to ban the possession of Bitcoins.

[vilain]

If Bitcoin is banned, bitcoiners would be criminals and the exchange rate would go up. That's about it.

Uow, that's a good point. I'm praying it "gets banned" then!

But, seriously now, I don't think it would change anything in the way people use it. Maybe there would be an impact on rates to fiat money, but that's it.

[Supercrypt]

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..

Even I don't think it will get banned. Already many european countries tried to take out Bitcoin usage. But they were failed in that.Now all companies accepting bitcoin Even they passing a salary also through bitcoin. In these cases  I don;t think Bitcoin will banned and all.

Well, I think it will be possible for government to ban Bitcoin. Though it might be an absurd effort in banning Bitcoin. Even the some government tried it, and sent agencies to confiscate millions of bitcoin but, it didn’t work. Theoretically it's highly impossible to ban bitcoin from people using it.

[Kevin77]

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..

Even I don't think it will get banned. Already many european countries tried to take out Bitcoin usage. But they were failed in that.Now all companies accepting bitcoin Even they passing a salary also through bitcoin. In these cases  I don;t think Bitcoin will banned and all.

Even if bitcoin is banned and declared illegal, people will still be making use of it secretly, banning Bitcoin is not possible, because, is now accepted by lots of people. So, banning is highly impossible, even a Bitcoin bank have been introduced, and this will help to boost Bitcoin. Even if governments ban Bitcoin, it will be for a while, and you will still see it rising again.

[bennybong]

Same thing that happened to drugs when they made them illegal... everyone would stop using them of course 

[ashly]

People will be sad cause of boring life and no income

[QuestionAuthority]

I wish the US would criminalize Bitcoin use and make the penalty 20 years to life. Bitcoin use would skyrocket in popularity overnight. What country has more registered sex offenders than anywhere in the world - America. What country buys more hard illegal narcotics than any other country in the world - America. What country has more convicted criminals in prison than any other country in the world - America. Americans only really enjoy things that are illegal, immoral or wrong. 70.6% of Americans identified themselves as Christians and Christians love to sin. One guess where there are more churches per capita than anywhere else in the country - Las Vegas. God bless America. ROFL

[bitcart]

Banned from where? By who?

I can't imagine how or why someone would ban bitcoin.

[Hellacopter]

Banned from where? By who?

I can't imagine how or why someone would ban bitcoin.

It's really hard to ban the Bitcoin nowadays, but there is some governments don't allow making deals and transactions with this crypto currency, and they think that they banned Bitcoin this way
However as there is internet services Bitcoin can't be banned , because it's earned by internet usually and can be converted into fiat easily

[quentincole32]

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?

even this is hard to believe,but interesting if we imagine if this really happen.
maybe some country will really ban bitcoin,and some of communities will do demonstration,and they keep use and adopt bitcoin,its the only one can they do to make their country change the rules about bitcoin.

[Amph]

Banned from where? By who?

I can't imagine how or why someone would ban bitcoin.

government, russia is already doing it, even if before they was thinking that it was worth a try

so yes it can be banned, but this does not rpevent us from using it, but anyway i doubt that all the government would ban it, some of them would benefit greatly by bitcoin adoption

[faridkifly]

if btc was banned, i dont know how to earn additional income.
I would probably look for other additional coins 

[lumeire]

if btc was banned, i dont know how to earn additional income.
I would probably look for other additional coins 

Isn't that quite illogical since banning BTC, I believe, would mean the whole cryptocurrency is banned?

If that's gonna happen, BTC's price I believe would get pumped as it'll get harder to use it; or on the other hand it'll simply crash all along - forcing us out altogether.

[mayax]

It is not necessary to ban BTC.

The GOVs will requested the BTC exchangers to be regulated and done. That means financial licenses. AML, compliance, a lot of costs for exchangers and their clients.

Also, the BTC market is formed by over 90% black market who is not happy to provide documents and so on. These guys will find other solutions like it was with Liberty Reserve or E-gold. E-gold and LR were closed and the whole black market who used them, migrated to Bitcoin and Perfect Money.

Once the Bitcoin exchangers will be banned or hard regulated, the whole black market who sustain BTC will migrate to systems that allow them to make their "black" biz.  

This is what many people do not understand.

The most of the Bitcoin users are not the "normal" people or even speculators. The real BTC users are using BTC for black markets(including the ponzi schemes, cloud mining, buying/selling weed, credit cards details, stolen IDs, etc...)

Do not believe what the BTC media is presenting. The BTC media is owned by the same shareholders who are behind some big exchangers too.   They have no interest to present the real facts because there will be no more "investors" stupid enough to put money in their "projects".

They only present that BTC is great and it is "adopted". By whom is it adopted? It's just a simple manipulation.

Make some searches and you will see that.

[ThunderThomas]

I would probably move to a country where it wasn't banned. Even though that's kinda extreme to do, I might just hold until it's safe for me to use it.
I don't see this happening though, made illegal maybe yes. That's a more realistic thought.

[disclaimer201]

Of course it could happen. And yes, it would have a dramatic effect on the price, depending on how many countries would make it illegal to use/hold/exchange. It could surely ruin bitcoin altogether, at least what everyone hopes it would be - an awesome investment vehicle and a hope for a better financial future. At the very least it would throw back adoption for a few or quite many more years. BTC would still function and we can hold coins all we want, but it wouldn't be worth 1000 Dollars, let alone 10.000 Dollars.

[goinmerry]

I dont think it will be banned that easily. There are lots that have happened that costs bitcoin to be a bad money. Still there are those who believe. As long as there are people protecting it, I dont think it will be removed that easy. Plus there are also big people that uses this kind of currency.

[jt byte]

If in my country is ban I would just do all my bitcoin in a paper wallet and hold in. All my accounts or other thing I will just stop or doing other stuff. So that in the future I am just going to hope that bitcoin can be legal again. I think that won't be ban in the future.

[bitlancr]

I don't think banning bitcoin is possible, making them illegal to citizens, that is possible. I think I would still hold on to my bitcoins if this were to become illegal.
I would just save them up and exchange when I need fiat. I think that as long as there is a market for bitcoin, I will still be in it.