What would happen if BTC was Banned?

[paul gatt]

There are a lot of people using bitcoin, and people spend a lot of money on bitcoin, so if bitcoin goes away, I'm afraid an economic crisis will happen. And the consequences will affect the whole world. However, I do not think this will ever happen, because it is not practical, at present, bitcoin is being legalized by many countries, there is not any reason for us to worry about it. . I will still believe and use it as the only currency of the world.

[ice098]

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 investors and bitcoiners will find a way to earn it. we need to find a way on how to withdraw it if the time has come . we need to be practical enough . it is our hardworks it is the fruits of our hardworks.

[Rostadom]

There are a lot of people using bitcoin, and people spend a lot of money on bitcoin, so if bitcoin goes away, I'm afraid an economic crisis will happen. And the consequences will affect the whole world. However, I do not think this will ever happen, because it is not practical, at present, bitcoin is being legalized by many countries, there is not any reason for us to worry about it. . I will still believe and use it as the only currency of the world.

The market cap of bitcoin is just 21 billion dollars. Do you realize how little that money is if we're talking about global economy? In major countries, that amount of money is still small. Bitcoin is not legalized by "many" countries. Very few countries have started to accept bitcoin as a legal payment method. Most countries don't say anything about bitcoins. They just say it's unregulated. That's it.

I don't see any chaos if bitcoin goes down. There's not much merchants that's accepting bitcoins let alone merchants that depend on bitcoins. It will create chaos to us, as an individual. But the world wouldn't care. It might be featured in some Facebook pages, but nah. No one actually care.

[Devboy]

There are a lot of people using bitcoin, and people spend a lot of money on bitcoin, so if bitcoin goes away, I'm afraid an economic crisis will happen. And the consequences will affect the whole world. However, I do not think this will ever happen, because it is not practical, at present, bitcoin is being legalized by many countries, there is not any reason for us to worry about it. . I will still believe and use it as the only currency of the world.

Yes, a lot of people using bitcoin and every seconds huge number of people's were joining. That's proved  their nothing any wrong,  their great opportunity using this digital currency. Many countries bitcoin is being legalized,  many country also illegalized but that's not proved it hampered bitcoin anymore.

[target]

A lot of people still don't know about bitcoin. They never heard of when when I tried to tell someone that I am into crypto investments and they were like, wot?
If BTC is banned, I guess it would have been more popular these days. People are more interested to things that were banned. It wouldn't stop us from using crypto, there are hundreds and thousands of other crypto to be use so it don't make sense banning it.

[TIDOVEE]

And do you think it is illegal? we will know why it is illegal now.
Its neither a fraud nor a scam, we are not disturbing friends and neighbors neither are we affecting the government negatively.

Atleast I will need the definition of its illegality. then if its justified. we know the way forward.

[btcwonder1]

Even if Bitcoin gets banned, it won't have much effect on the community. People will continue using it since there is no way track them down. For example, Bitcoin is already banned in countries like Russia, Iceland, etc. but the locals are still able to use it and make transactions through BTC. Since the currency is decentralized and there is no system to track the transactions, it's almost impossible to put a complete ban on it.

[Finestream]

Even if Bitcoin gets banned, it won't have much effect on the community. People will continue using it since there is no way track them down. For example, Bitcoin is already banned in countries like Russia, Iceland, etc. but the locals are still able to use it and make transactions through BTC. Since the currency is decentralized and there is no system to track the transactions, it's almost impossible to put a complete ban on it.

I don't think so, we rely on exchanges to cash out our bitcoin as practically no one will hold bitcoin forever without spending it, the value is when you cash out already and we call that as profit. If this will be ban, it's a big problem to the exchanges as they will not be allowed to operate as well which means people will loss their interest on bitcoin.

[Yanisumin]

global elite are far too clever to outright ban Bitcoin , risking a backlash.

Instead they will create a covert operation , pay off core developers,
and cripple the network with overly complex code and failure to scale.

#blockstream

True. We're talking about global elites here. Not just a president of the country but the global elites. They stand in the top and only few can barely made a scratch on them. Yes, they are aware of what we call cryptocurrencies, block chain, cryptography but they still acting calm and slowly analyzing the situation. Of course if there's a threat they will act with extreme caution. Too extreme that even the above average individuals can barely know what they are doing.

Look at what happened to people who drop dollars. Look what happened to the country has abundant of gold reserves. The thing is before they ban the BTC, BTC must be an extreme threat to them. But now I don't see any reason for them to ban it. Like what you said they're not dumb enough to do that. And if BTC was banned, I will call it the dark ages of Bitcoin.

[Fatanut]

Even if Bitcoin gets banned, it won't have much effect on the community. People will continue using it since there is no way track them down. For example, Bitcoin is already banned in countries like Russia, Iceland, etc. but the locals are still able to use it and make transactions through BTC. Since the currency is decentralized and there is no system to track the transactions, it's almost impossible to put a complete ban on it.

I think the way they are going to track the bitcoin users is they are going to investigate if someone is selling/buying bitcoins. And then do a sting operation to confirm that the business is actually going on. Of course there wouldn't be exchanges in a country where bitcoin is banned so they would have to meet up. It will be just like how you bust a drug dealer.

But I don't really see the point of doing this when bitcoin don't do anything at all in the economy as of today. In fact, it's making the economy of a country grow. We are not at the point where bitcoin becomes a threat to the government's currency for a government to ban it.

[NEWGOODOUBLE]

I think that will not happen, because there are too many people interested in BTC

This is a sure thing that the ban will make the outside a little hesitant with bitcoin? previously they were interested might be a little hesitant. because of the government ban enough to give effect

[geegaw]

I think there will be a lot of people going bankrupt and unemployed because now a lot of people have spent a lot of money to invest in bitcoins, they see bitcoin as their official job. If the banned bitcoin would have a very serious economic impact on many people, however, I think the banned bitcoin is unlikely. Bitcoin is not under his control, banning it is not possible, it can only automatically disappear but i think this is impossible

[Reid]

I think there will be a lot of people going bankrupt and unemployed because now a lot of people have spent a lot of money to invest in bitcoins, they see bitcoin as their official job. If the banned bitcoin would have a very serious economic impact on many people, however, I think the banned bitcoin is unlikely. Bitcoin is not under his control, banning it is not possible, it can only automatically disappear but i think this is impossible

No, they will not go bankrupt just like that.
Banning something takes a while and they could somehow make some arrangements before it happens.
Plus, it wont happen worldwide. They can just go to some country and make a withdrawal there or maybe do their job there.
Governments will have their own decision whether to ban it or not. He could go to Japan if ever that happened in his country.

[erickkyut]

Well in some countries, Bitcoin is banned. But eventhough they don't encourageusing it, there are still lots of people using it in secret. They cannot monitor who uses Bitcoin because one of its characteristics is you can use it even without proper identification of the user.

[deppil]

Well in some countries, Bitcoin is banned. But eventhough they don't encourageusing it, there are still lots of people using it in secret. They cannot monitor who uses Bitcoin because one of its characteristics is you can use it even without proper identification of the user.

because bitcoin anonymous then user identity in bitcoin will not be known. So even if the country banned the use bitcoin you can still easily use bitcoin with freely

[Xenophoto]

I think there will be a lot of people going bankrupt and unemployed because now a lot of people have spent a lot of money to invest in bitcoins, they see bitcoin as their official job. If the banned bitcoin would have a very serious economic impact on many people, however, I think the banned bitcoin is unlikely. Bitcoin is not under his control, banning it is not possible, it can only automatically disappear but i think this is impossible

No, they will not go bankrupt just like that.
Banning something takes a while and they could somehow make some arrangements before it happens.
Plus, it wont happen worldwide. They can just go to some country and make a withdrawal there or maybe do their job there.
Governments will have their own decision whether to ban it or not. He could go to Japan if ever that happened in his country.

To the other guy, "disappear automatically" how exactly?

I agree with you. If I may add, you can just do everything online. If the exchange is based on Japan where bitcoin is legal, you will not be put in jail because it's legal where the office of the exchange is located. It's as if you did the transaction in Japan so you don't have to fly there just to exchange your bitcoins into fiat. If that's not the case by the time bitcoin gets banned, then you can simply hire a Japanese guy or contact someone you know that lives there to do the cash out for you.

Banning bitcoins completely will be hard because there will always be a country that will allow bitcoins. It's even a good move because the businessmen that can't do bitcoin business in their country will have to base their business in the country where bitcoin is legal. Thus, that country will collect more taxes which is very vital for a government.

[casinobitcoin]

how can they ban bitcoin when it's decentralized?
as long as there is internet bitcoin can exist.
banned by whom? it's not like they can fine the owner of bitcoin for not registering with local banks or something like that.
and even if, by any chance, they could somehow ban it, something else would come up in its place. there is already a precedent - bitcoin itself.

[MMA]

Well in some countries, Bitcoin is banned. But eventhough they don't encourageusing it, there are still lots of people using it in secret. They cannot monitor who uses Bitcoin because one of its characteristics is you can use it even without proper identification of the user.

i do not think that bitcoin i still banned anywhere, although most of the countries have no statement about bitcoin but still it does not mean that they have banned bitcoin. hope that ver soon they will consider bitcoin as legal currency of the world.

[Restmand]

I think that is impossible because every country is processing how to legalized the bitcoin in their country so the banning point is not the part of it, They are preparing to adopt the bitcoin in every country. In our country the bitcoin industry is still rising and there are some companies raise their bitcoin wallet exclusive in our region I think Asia continent is allowed to use it, it have a instant cash out where you bitcoin can be converted into cash instantly, the bitcoin is still growing in every country so I think no country will ban it.

[SamsungBitcoin]

Well in some countries, Bitcoin is banned. But eventhough they don't encourageusing it, there are still lots of people using it in secret. They cannot monitor who uses Bitcoin because one of its characteristics is you can use it even without proper identification of the user.

i do not think that bitcoin i still banned anywhere, although most of the countries have no statement about bitcoin but still it does not mean that they have banned bitcoin. hope that ver soon they will consider bitcoin as legal currency of the world.

Correct that there is a countries that bitcoin is not adopted or banned they do not want to used digital currency and their government wanting to used what is their real currency in their country. Bitcoin need more time to proved that bitcoin is very helpful for each person to increase the revenue and can make people away from financial problem.