Effects of Banning Bitcoin ?

[pedrog]

Well, if it is banned in too many countries, specially important ones like USA, major EU countries and China it will cripple so much the bitcoin economy it will become completely irrelevant, price will crash big time and lots of businesses will close.

When small countries with small economies ban bitcoin they are the ones losing a great opportunity for business and those business will prosper somewhere else, like North Korea doesn't have any Online presence and zero online businesses.

[Aamir1]

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.

No doubt it will remain in use but there is tremendous growth potential for businesses and if it is pushed off into the black market then most of that mainstream adoption won't happen at least for a while.

Mainstream adoption would surely not happen if the coin gets banned in most of the countries, and what i think is there is no reason for those big countries like Russia, China or America to ban bitcoin, sure it is banned in some countries but those countries are not really big nor this is effecting bitcoin to any extent.

[iv4n]

Effects of banning are making goods more desirable, with banning price can go up. Also depends how strictly ban will be, they can ban bitcoin, but will they punish users of bitcoin?
On some way this topic reminds me on drugs. In some countries like mine marihuana is banned, but also people who use it or have it can be sentenced to jail. In some countries marihuana is banned, dealers can be arrested but users are not banned.
I don`t think bitcoin will be banned in everywhere, maybe few countries will try to do that, but I doubt they will make an effect like they wish, bitcoin is growing and nobody can stop this.

[amacar2]

Banning bitcoin exchanges may limit high volume bitcoin trading however this may not stop people trusting over bitcoin and they will continue to use bitcoin in future too.
Local merchants may not accept bitcoin payments however demand can still remain high from the people buying bitcoin constantly to do trading as well as for storing their wealth safely without being noticed by governments.

[coynedterm]

you are right that already some countries had banned the bitcoin in thier country to use .
but in my opinion this descion was only because the bitcoin is not giving any commission of tax to the government of the countries , so some countries declare it as illegal but i think there will be no more country will ban it because it is going to make a platform to male direct deal with bank fiat this will make btc more clear way to use in the view of the countries .

[davis196]

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.

The countries that ban bitcoin like Russia might soon accept bitcoin.

Banning bitcoin in some countries doesn`t damage bitcoin at all.

People still use btc in those countries.

[xuan87]

I don't think it will affect much for bitcoin user, the users still can stealthily used bitcoin to do transaction because bitcoin user status is hidden, of course there will be less user because if bitcoin being banned it will difficult to change it to fiat and since the store that accepting bitcoin still little, so the user will feel a bit confused how to spend the coin

[Casabrandy]

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.

The countries that ban bitcoin like Russia might soon accept bitcoin.

Banning bitcoin in some countries doesn`t damage bitcoin at all.

People still use btc in those countries.

But if china ban bitcoin, i think it will cause a huge impact on bitcoin price because they are holding a lot of bitcoin investment and bitcoin farm that supply a huge volume of btc in the market. I think the price of bitcoin will be going down because of the consumer and supplier lost. So banning bitcoins really affects on it's market price

[Rostadom]

I think one of the major effect of banning bitcoin is that it will go from 50% good reputation 50% bad reputation into 90% bad reputation 10% good reputation. Nowadays, people are saying bad things about bitcoin and how it is used in the darkNet. But when bitcoins become banned, then this bad reputation will even push harder.

The only ones that will remain as a bitcoin user are those that are knows how to remain anonymous on the Internet which is pretty much all of us. We are the only ones that will say that bitcoin isn't actually something 'bad' and if people find out that you're still using bitcoin, they will think of you as a criminal of sort.

[TastyChillySauce00]

But if china ban bitcoin, i think it will cause a huge impact on bitcoin price because they are holding a lot of bitcoin investment and bitcoin farm that supply a huge volume of btc in the market. I think the price of bitcoin will be going down because of the consumer and supplier lost. So banning bitcoins really affects on it's market price

that's right,in my opinion china is a vital of bitcoin,it's really important for bitcoin because there's where many mining power come from while in europe is just a tiny power compared to china,even some people had said that china having too much control over bitcoin by its mining power,if they'd banned bitcoin,it will really give huge impact

[pereira4]

It has no impact at all. You just have to look at the localbitcoins volume exchange in the BTC/RBL (russian currency, the rubble) and you will see that the volume of exchange has only been going up. This is pretty much proof that no matter how much the government tries to scare people with jail time, the unstoppable rise of Bitcoin continues.

[Tyrantt]

It has no impact at all. You just have to look at the localbitcoins volume exchange in the BTC/RBL (russian currency, the rubble) and you will see that the volume of exchange has only been going up. This is pretty much proof that no matter how much the government tries to scare people with jail time, the unstoppable rise of Bitcoin continues.

There's just no means to completely stop the usage of bitcoins just likw that. People see itbas a loberation fron the norm of making money and being in the hands of governments/banks.

[Juggy777]

There was a topic a day a ago what happens if btc gets banned so again a new topic hmm. See countries are accepting btc, time being it may be banned but not for long. Winters are coming and so is Bitcoin revolution, so it will be really stupid for a country to avoid it.

[Blitzboy]

Although there are some countries ban bitcoin, I don't think those restrictions ever actually work as I see that people from those countries are still using bitcoin despite the laws. And if the government want to have control on bitcoin, I think it will be hard for them to make people follow that regulation because bitcoin users will just not care. So banning bitcoin won't affect bitcoin much, and maybe it'll draw more people's attention to bitcoin.

[yayayo]

The effect of a Bitcoin ban in one country will vary greatly, depending at which country and time frame you will look at. The short term effects of a Bitcoin ban may be negative in the country affected - but only if the country is able to enforce the Bitcoin ban to a meaningful degree. If the banning country has no significant ability to prevent people from using Bitcoin, a ban might even be considered free advertising to use the currency.

Imagine a country like Venezuela. The economic restrictions are draconian, yet the government's ability to enforce them all remains very limited. In fact for the people in Venezuela it's a question of survival to find a way around the restrictions of the socialist dictatorship. Bitcoin might actually be a much more effective and safer method to engage in gray / black market activities essential for survival.

In addition a Bitcoin ban in one country will improve the economic attractiveness of countries with a more liberal approach to Bitcoin. As it's highly unlikely that all countries will ban Bitcoin, banning Bitcoin might also have damaging long term effects for the economic health of the restrictive nations, which will eventually lead to Bitcoin adoption at a later date.

ya.ya.yo!

[mirakal]

Bitcoin has been here for so long as it's very progressive now. If other countries will ban it then we cannot do anything about that since we cannot fight for the people living the area where bitcoin is ban, they should fight for there rights as bitcoin for me is freedom and I love to use it in daily lives if possible.

[Teraboy]

Some are say bitcoin get ban from some countries and said if that is will give a lot of negative feedback for disturbing the spreading of bitcoin, and it's wrong, i should rather say if some countries are alread making any statement for banning bitcoin are starting for pull their statement and throw them into the trash. In this time with involving with a lot of the potential are showed by bitcoin are changing their mind into the open minded about the crypto currency. In fact this so easy the time just can answering about this and too many people are starting for be apanice caused by this before.

[carlfebz2]

Banning bitcoin would somehow  affect on  bitcoins  full adoption  because  the  boundary  would  be lessen though but  I don't  think  it would  make such huge  impact  into it because as we all know  bitcoins adoption is  still  growing and  no matter how  government would banned  it  ,  it would definitely used  by  people  because they  truly  believe on the  potential and  the  usefulness  of bitcoin into their lives.

[erikalui]

Bans means that people would be penalized if they use the currency and this wouldn't be good for anyone. Trades would definitely reduce and bitcoins would be used as an illegal currency which is a big concern. The crypto currency would become more popular by then and people would prefer to use a legal crypto currency instead of bitcoins that would become less popular (due to limited number of bitcoins available then and dropping prices). I don't see that coming for the next 5 years though.

[BrewMaster]

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.

all these countries especially those big ones for example Japan are trying to adopt bitcoin so hard and they are so interested in bitcoin. i have even heard Japanese saying we want to make bitcoin an official currency so the banning will never happen.