Effects of Banning Bitcoin ?

[plorph]

Okay so, bitcoin is outright banned in some countries, so the banning of bitcoin is already a reality. The major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general. My questions to you guys are: What do you think will happen to bitcoin? If any, what is your plan of action and what would you like to see from the community in terms of continuation and development? Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

I'll give my thoughts first. I think bitcoin will grow and develop into what we want it to be regardless of the legal status. Fundamentally what bitcoin represents is anti-authoritarian and governments banning of it should not much of an impact fundamentally. Sure the price will suffer for at least a while although still climb "to the moon" probably, but as far as technical development and social spreading goes, I think that will continue. Unfortunately that could mean that it operates in the black market only for a while which would slow things down but I do think that would be a temporary affect. I am curious though if the governments could have a strong enough desire to destroy bitcoin or prevent it from growing past a certain point, that they could actually do that. So I wonder what you guys' thoughts are.

[n0ne]

More countries won't plan of banning bitcoin or the digital currency network, because soon everything is gonna get digitalized. At the same countries plan to ban and make regulations only when there economy gets affected by the bitcoin. Possibly very few with a fear of economy fall has banned, but users still continues to use it. So not much effects can be seen over the growth or potential of bitcoin.

[Wind_FURY]

But how will these "bans" really be effective? I could always use a VPN and Tails Linux to hide my transactions and dealings from the authorities. The only difficulty I could go thru is how to convert to fiat if I only decide to convert but it is not impossible. An underground market for Bitcoin to fiat conversion could take place in a big way.

It will be like dowloading movies and music thru torrents. It is "banned" but they have difficulty enforcing it.

[AgentofCoin]

...Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

...So I wonder what you guys' thoughts are.

Banning or making Bitcoin illegal is not really a concern for the Bitcoin network.
It will only be a problem for users who are holding for speculative purposes or get rich quick schemes.

The only true concern is governmental regulation invading and attaching into the network itself.
It would be very hard for them to do, but not impossible. That would destroy the very reason for using Bitcoin.
For example, there will be "clean vs. dirty" coins, address registrations, and address blacklistings and coin freezes.

[th3nolo]

probably will  affect  the price in a small way but the bitcoin It was initially created to jump the barriers of the banking system. So users belonging to these countries simply  it will use at his own risk, my personal case in Venezuela is not clear whether it is legal or illegal and still is a very large market with several public exchanges  working but  ensuring the anonymity of his users

[JeffBrad12]

Okay so, bitcoin is outright banned in some countries, so the banning of bitcoin is already a reality. The major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general. My questions to you guys are: What do you think will happen to bitcoin? If any, what is your plan of action and what would you like to see from the community in terms of continuation and development? Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

I'll give my thoughts first. I think bitcoin will grow and develop into what we want it to be regardless of the legal status. Fundamentally what bitcoin represents is anti-authoritarian and governments banning of it should not much of an impact fundamentally. Sure the price will suffer for at least a while although still climb "to the moon" probably, but as far as technical development and social spreading goes, I think that will continue. Unfortunately that could mean that it operates in the black market only for a while which would slow things down but I do think that would be a temporary affect. I am curious though if the governments could have a strong enough desire to destroy bitcoin or prevent it from growing past a certain point, that they could actually do that. So I wonder what you guys' thoughts are.

Rusian isn't. to be honest it's just your difficult think about how the effect if bitcoin are get banned by the government, but in reality isn't long like an essay like you said before. looks like Russia, they should for taking any act for preventing the spreading of bitcoin in their country and making any statement about using bitcoin are including on the illegal activities. it's not giving a lot of impact for bitcoin, and I say totally wrong.

[jtipt]

I won't be a much big of a problem, because bitcoin isn't controlled by any government so it cannot really ban from using it people will still use it. The only downside might be that bitcoin's price might not rise and instead drop.

[agamasrori]

...Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

...So I wonder what you guys' thoughts are.

Banning or making Bitcoin illegal is not really a concern for the Bitcoin network.
It will only be a problem for users who are holding for speculative purposes or get rich quick schemes.

The only true concern is governmental regulation invading and attaching into the network itself.
It would be very hard for them to do, but not impossible. That would destroy the very reason for using Bitcoin.
For example, there will be "clean vs. dirty" coins, address registrations, and address blacklistings and coin freezes.

I do not think that effect of banning bitcoin will make the users in a trouble. Bitcoin can be use anonimously so no one include goverment can trace butcoin transaction. Although they block by internet but there is so many various vpn that will help the users to still use theur bitcoin. This really the strenght of bitcoin. I was know some body who live in the country that banning bitcoin but he still can used it. Thats It.

[Slark]

Some of my thoughts about legal status of Bitcoin. There is not real explanation why Bitcoin SHOULD be banned. It is not harmful, it is not evil.

Instead governments are worried because BTC=Freedom.

Bitcoin is a currency. Only countries with extremely week economy banned bitcoin - look at Bolivia or Bangladesh.

Some governments say that there are some concerns about bitcoin being 'anonymous' and therefore it may be used as payment method for drugs or weapons.
And apparently tax evasion and money laundering is very easy with BTC - someone should educate these experts how FIAT works...

[BitcoinBarrel]

Might as well ban tickets at arcades and ebooks too...

[isen]

These will be bad news for sure,I believe that the number of new Bitcoin users will decline, people are afraid of law enforcements and government regulations especially the ones who are not aware of technical details will be easily manipulated from the typical media bs against Bitcoin.
As for the ones who already own Bitcoins I think that most of them know how to protect their privacy and they will keep using them (assuming that the price won't hit the bottom after the ban)

[boyptc]

The major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general. My questions to you guys are: What do you think will happen to bitcoin? If any, what is your plan of action and what would you like to see from the community in terms of continuation and development? Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

The three given countries you know are greedy countries as long as they are going to get profit with it and their citizens are getting good benefits from it. They won't ban it, but with your question. If bitcoin will be ban for those countries, I won't be affected as there are a lot of genius in the bitcoin industry that will keep on helping us to survive and earn with bitcoin.

[RoommateAgreement]

since bitcoin is not a centralized money, even if the government decides to ban it some day bitcoin will still continue existing and also being used by people fo both trading and spending.

the only difference would be the fact that it becomes harder and scary to use it.

[marleybobthedog]

Doesn't affect me because it is not in hand if anyone and we could still use it no one could even know who is using it. Many country like Us will not ban it easily because they know its potential to take economy to new height. But i am sure that no one could ever put complete ban on it.

[TraderETH]

I think it will be effects on price of bitcoin will going down, but usually it is just for short term and it will not become bitcoin is died, banning usage of bitcoins has happened in the past and bitcoin is still survive until now.

[markyminer]

Doesn't affect me because it is not in hand if anyone and we could still use it no one could even know who is using it. Many country like Us will not ban it easily because they know its potential to take economy to new height. But i am sure that no one could ever put complete ban on it.

currency i think not a sing country has banned bitcoin and therefore there is not such a big effect we can feel, but i think if some more countries banned it then it will really effect the image of bitcoin, although people will even then find other ways of using it but it will effect their activities also.

[Kakmakr]

Luckily for us not all governments are the same, and you get governments that are open minded and will go against the vision of it's neighboring countries. A lot of these countries will embrace Bitcoin and we would get a inter-connected island style network. You can then gather as much Bitcoin as you want, and then go for extended holidays in these Bitcoin friendly islands or if you feel strongly enough about this, you could relocate your business and your whole family.

When New York implemented the BitLicense regulations, a lot of businesses just relocated to more Bitcoin friendly states or even abroad. ^smile^

[OROBTC]

Luckily for us not all governments are the same, and you get governments that are open minded and will go against the vision of it's neighboring countries. A lot of these countries will embrace Bitcoin and we would get a inter-connected island style network. You can then gather as much Bitcoin as you want, and then go for extended holidays in these Bitcoin friendly islands or if you feel strongly enough about this, you could relocate your business and your whole family.

When New York implemented the BitLicense regulations, a lot of businesses just relocated to more Bitcoin friendly states or even abroad. ^smile^

That's the spirit!   

I have thought a little about what would happen in my case were the USA to ban Bitcoin.  Yes, I could take BTC "with me" whenever I leave the USA for a more BTC-friendly location, but withing the USA BTC would be of little value to me (can't buy much with BTC if no one will take it).

I have not bought anything via TOR (etc.), don't know how.  There might be a lot of value for BTC in the Dark Web, but at some point does not BTC have to be exchanged sooner or later for currency?  If BTC were stuck in its own universe with no way to convert its value back into tangible goods (or currency) at the end of its travel, then its value seems lower...

Am I missing something?

[~Bitcoin~]

In general banning use of bitcoin can't be reality as government can't stop people accessing bitcoin network because they need to ban access to all known bitcoin nodes which is not possible as anyone can start running own node to access bitcoin network.

But for sure government can limit the amount of bitcoin you can exchange/buy/sell in a day or in a month trying to stop money laundaring. As well as in most of the countries bitcoin ATM and exchange platform require full id verification and a lengthy KYC policy before anyone can buy/sell bitcoin for their local currency. So government may not think about banning bitcoin but surely may tighten rule and limitation on bitcoin exchange.

[hajimasan]

actually banned of bitcoin in some countries in the some countries giving the negative effects on tge bitcoin future .
but i am noticing that from some months the bitcoin i mean blockchain is going to join bank services with this direct and this will leads into the service tax for transaction .
it means bitcoin legalisation is starts fully .
so i think soon they will unban the bitcoin again .