What would happen if BTC was Banned?

[cdog]

If the government thinks bitcoin is illegal, it's okay, because even if that happens, it's hard to stop people from trading with their bitcoins. I always support bitcoin

trading Bitcoin not stoppable although the government forbid it because Bitcoin is anonymous many people who trade Bitcoin are not untraceable.

[Caelanpelley]

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 that happens it will definitely be a horrible thing for me. Not only me but the other investors too, we will suffer huge losses. But that's only a hypothesis, in fact I do not think they can handle all bitcoin transactions. It is very large!

[ladydark]

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?

Bitcoin could not be banned unless internet is banned.So its not going to happen.If it had been possible,then most countries especially russia and china would have banned it much earlier and they would be trying to regulate bitcoins as they do now.Only thing,all countries could do is to regulate bitcoins by passing new laws.

[fer3219]

no chance , if happens  bitcoin will be replaced with another coin  so .... if all the coin market  was banned then it would incentivize us to find a new way to avoid it .

[Bagaji]

Well before such a unanimous decision is reached, part of such could be that there should not be drugs anywhere in the world, equally internet should also be banned if not such unanimous decision cannot be reach I dought op.

[holtzmann]

It cannot be banned everywhere. Although a certain government can easily enact a law that prohibits Bitcoin. And there will be nothing you can do about it. However we can see that Bitcoin is becoming more and more mainstream nowadays. So, in a lapse of couple years it will probably be widely adopted by the governments. Because they will admit that it’s already a broad-reaching thing, like the Internet.

[lilRoy07]

banks all around the world want a piece of bitcoin before it runs them dry.. Banks are losing out millions daily by not trading with BITCOIN

heard a rumour regarding banks in australia 'trading' BTC. If this is the case then any joe could get there hands on it.

[RomanPetrush]

It cannot be banned everywhere. Although a certain government can easily enact a law that prohibits Bitcoin. And there will be nothing you can do about it. However we can see that Bitcoin is becoming more and more mainstream nowadays. So, in a lapse of couple years it will probably be widely adopted by the governments. Because they will admit that it’s already a broad-reaching thing, like the Internet.

Actually, the reason why governments started accepting the bitcoin technology is because blockchain gives more control in the structure.

[BeGoods]

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.

I think those countries that collects more tax to people specially from businesses will allow that banning of bitcoin. But to think on it's advantages to the country, there's no positive effect in either ways progress of the country depends on how the economy circulates from people who spends their money. How can people will earn good amount of money if their freedom from bitcoins will be terminated and those growing business will be shutdown because of that possibilities; negative effects will be possible to happen to the people who used bitcoins for their living.

and besides doing banning on bitcoin not necessarily bitcoin can not be used in online mate, I think although bitcoin is forbidden though. You can still use bitcoin because bitcoin has a network on the internet and the government can not forbid you to use the internet right? for example in my country, Bitcoin is prohibited here but I can still use bitcoin freely, although local exchange is prohibited but I can still convert my bitcoin on international exchange site?

[marcuslong]

It cannot be banned everywhere. Although a certain government can easily enact a law that prohibits Bitcoin. And there will be nothing you can do about it. However we can see that Bitcoin is becoming more and more mainstream nowadays. So, in a lapse of couple years it will probably be widely adopted by the governments. Because they will admit that it’s already a broad-reaching thing, like the Internet.

Actually, the reason why governments started accepting the bitcoin technology is because blockchain gives more control in the structure.

I don't think so the governments saw what is the real importance of bitcoin that can help our economy grow more and not only to control that thing bitcoin is not that famous but because of the passive price increasing bitcoin becomes the priority of people they show alot of interest to use bitcoin government who not banned bitcoin is they already accept the fact that the only way to earn money is from getting it from bitcoin.

[richminded]

no chance , if happens  bitcoin will be replaced with another coin  so .... if all the coin market  was banned then it would incentivize us to find a new way to avoid it .

For me their is no chance for bitcoin to be banned, because a lot of people now are using it and they can not banned it globally because of the demand, they can banned it in some country but not in the whole world, basically this thing will not happen.

[Nameless27]

If this happen and "No" solid reason backing it up, there will be more rebellious act that can escalate and it would not be bloody but cybercrime will be rampant. Only few is using bitcoin in illegal manner, something I do believe in that. They can't even stop solid or physically smuggled illegal materials, then they think that they can control something they can't see. Goodluck to them.

[JessyMatt]

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?

It will shoot up to $100k overnight. I will be like cocaine......

[Zicadis]

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?

I really can't imagine how the situation could be like it could go either way maybe we might witness a large scale panic sell or bitcoin price mihgt shoot because people tend to like risk/illegal things.

How do you think the community would react? What could be the possible solutions?

I for one know our governments cant coordinate in putting such bans into effect and probably community would seek legal action were it can be applied and only solution for such would be to sale coins on the blackmarket...deepweb maybe

[Easteregg69]

What happens ? You will be rich.

Imagine being in my pants.

Thomas. (my 420 USD is in 478 USD as earlier of today..)

Aphex twins hates idiots:
Aphex Twin - Selected Ambient Works 85-92
https://www.youtube.com/watch?v=Xw5AiRVqfqk

[miyong]

Is it possible? But if that happens, very disappointed of course because i am now starting to work hard just to have a little bitcoin and then it will be banned? 

[SirPereira]

What do you mean by being banned?

Perhaps in one country? Exchange websites not allowed to be accessed in that same country? Sure, that would just increase the use of VPNs.

Banned "globally" because of an "imminent threat" to "global currency value"? Well, people say rate would go up because there would be only "criminals" using it.

I don't disagree with it, but it would only happen after a huge sell wave of BTC as most of people are afraid of doing illegal stuff. Don't forget the biggest investors of BTC are huge companies and they don't want to be associated with such criminal activities - at least using their own name.

[chichigirl]

Bitcoin banned thing is very impossible. Internet matter now a days is very uncontrollable. How can a government can control or give any restrictions about bitcoin. Maybe, in businesses they can controll the mode of payment thru bitcoin but not in controlling from using bitcoin.

[Shamie1002]

In my country, BTC is not yet acknowledge by government. There are no announcements regarding bitcoins if it is illegal or legalized. So generally, I am free to profit and earn in bitcoin, save and converting it to fiat. Do not when it will be named here in public.

[Ziskinberg]

In my country, BTC is not yet acknowledge by government. There are no announcements regarding bitcoins if it is illegal or legalized. So generally, I am free to profit and earn in bitcoin, save and converting it to fiat. Do not when it will be named here in public.

There will be an announcement soon because the popularity of bitcoin now will surely raise a concern to them that they should regulate bitcoin.
If there is an exchange sites in your country then they will be regulated and required to abide with the rules being impose to them, and that AMLA to ensure money laundering will be caught or prevented.