Effects of Banning Bitcoin ?

[fifafiesta3]

It is sick to do that, if the police and governments have energy in banning bitcoin, they should have energy to ban scammers, find killers, drug dealers and so forth

[mirakal]

there is no reason for banning bitcoin. and even if there is chance only those extreme countries with a technically challenged government is going to consider banning bitcoin because of being scared of it. but other countries will continue treating bitcoin as a currency like Japan that announced it too.
besides people are going to continue using bitcoin no matter what the government says about it.

Why would the government ban bitcoin when in reality it helps us to transact fast and cheap online. That benefit cannot be given to us with some legitimate business, and it is our freedom that we need to fight for so  we can still continue to use bitcoin for good.

[Xester]

I have opposite opinion, while you are speaking about Bitcoin banning, many governments are thinking seriousely in regulating Bitcoin, in addition I can name many countries that have regulated Bitcoin exchanges, Australia, Japan, and switzerland on the road, these countries are three of the most advanced countries in the world, I think Bitcoin or in general Fintech industry is moving forward.

Well in the way you look at it I have some points that looks at your direction. From my point of view banning bitcoin will not kill bitcoin nor stop it. But if we look at it not all countries will ban bitcoin as it gives income opportunities to their people online. Some will ban it but others will regulate but only those who are using it in illicit activities. In general, bitcoin will sprout and more countries will adopt it.

[avatar_kiyoshi]

there is no reason for banning bitcoin. and even if there is chance only those extreme countries with a technically challenged government is going to consider banning bitcoin because of being scared of it. but other countries will continue treating bitcoin as a currency like Japan that announced it too.
besides people are going to continue using bitcoin no matter what the government says about it.

Why would the government ban bitcoin when in reality it helps us to transact fast and cheap online. That benefit cannot be given to us with some legitimate business, and it is our freedom that we need to fight for so  we can still continue to use bitcoin for good.

There's a reason why we need to be careful from country who banned bitcoin but we still use it. For an example Bangladesh, there are people who throw to jail because do a bitcoin transaction, they tracked and arrested.

[kidoseagle0312]

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.

Actually, I don't believe that bitcoin will be ban by every country also I also don't think so that each country can do it, as far as I concern I had a vision that later on most of the countries will adopt the system of bitcoin that's the reality what is happening now little by little.

[marleybobthedog]

It really doesn't affect me because I will continue using Bitcoin even if government bans it because who will know that i ask using bitcoin. I will have anonymous account in blockchain that's it, otherwise I have friends from other countries and i will tell them to manage my account and they will definitely do it for me.

[MONKEYJUNK]

It really doesn't affect me because I will continue using Bitcoin even if government bans it because who will know that i ask using bitcoin. I will have anonymous account in blockchain that's it, otherwise I have friends from other countries and i will tell them to manage my account and they will definitely do it for me.

If you depend of your friends to convert fiat into bitcoin or bitcoin on fiat, for sure that affect you! Plus if a lot of countries start to ban the bitcoin, we will see the price going to the ground, if just a China rumor make the price change 5%, imagine if it was real. So yes, it affect you.

[thejaytiesto]

It's clear that people are so scared about the NEWS more than the actual facts. There are a lot of idiots out there that buy bitcoin and panic at the most ridiculous news, let alone when some ban rumor is around the corner. It's sad to see, but until we have a bigger marketcap, idiots panic selling can modify the price this way.

[Milkduds]

It's clear that people are so scared about the NEWS more than the actual facts. There are a lot of idiots out there that buy bitcoin and panic at the most ridiculous news, let alone when some ban rumor is around the corner. It's sad to see, but until we have a bigger marketcap, idiots panic selling can modify the price this way.

Hate saying this but I am coming around to the belief that intelligence does not always play into this and its more a human dynamic.
The stock markets follow the same flight pattern because we have a ingrained way of perceiving potential doom. Really why a lot of us are better off letting a financial adviser handle affairs.

[anonbit992]

I don't see this problem coming up in the future. Governments may tax bitcoin to demotivate it's user and adoption and if by nay chance bitcoin is banned, then banning bitcoin would have severe effect on the crypto community and in the innovation of money. The future of money is programmable money, that which is hard to fake and which can be sent to anyone anywhere in the world within seconds. So banning bitcoin would be like killing innovation.

[prabowo96]

I don't see this problem coming up in the future. Governments may tax bitcoin to demotivate it's user and adoption and if by nay chance bitcoin is banned, then banning bitcoin would have severe effect on the crypto community and in the innovation of money. The future of money is programmable money, that which is hard to fake and which can be sent to anyone anywhere in the world within seconds. So banning bitcoin would be like killing innovation.

Actually the countries that allow bitcoin already tax it, you have to declare it and pay X% to government however can you imagine how hard is to discovery if anyone have bitcoins since is something anonymous? And that's why some countries are baning the bitcoin.

[Cusdonard]

I think everthing will be good with bitcoin andd he will just grow and many pupils will become rich because of bitcoin.

You are out of the context, the thread is all about banning bitcoin and you are saying way too far from it.

I think the effect of it will startled the bitcoin people to keep on doing something to keep on the usage of bitcoin and no one will ever stop them from doing it because many are holders of bitcoin and they want to use for their own sake.

Yes you are right. Bitcoin will not really banned if so many people still using bitcoin. Whatever goverment do for stop people from using bitcoin is in vain. People have freedom from access internet, even goverment cooperated with isp to banned bitcoin.

True. Unless the whole world bans bitcoin, it will stay relevant. Or possibly the whole internet gets killed or it organically destroys bitcoin connected transactions, then we will still see bitcoin being used.

if the whole world bans bitcoin, i am not sure that bitcoin community will not react. there will be something to do with the banned of bitcoin, so people still can use bitcoin. but its different if internet gets killed, and this can make anything in chaos, because for now, the technology is like primary need for every people, not just for people in office but people in home too.

                                                                                                                       
What if skynet goes live? The whole internet will go down. No more machines for the human race. We gotta get terminator dude! But seriously, the internet keeps bitcoin alive and if the internet itself bans bitcoins we're screwed.
                                                                                                                       

[bhadz]

I don't see this problem coming up in the future. Governments may tax bitcoin to demotivate it's user and adoption and if by nay chance bitcoin is banned, then banning bitcoin would have severe effect on the crypto community and in the innovation of money. The future of money is programmable money, that which is hard to fake and which can be sent to anyone anywhere in the world within seconds. So banning bitcoin would be like killing innovation.

Actually the countries that allow bitcoin already tax it, you have to declare it and pay X% to government however can you imagine how hard is to discovery if anyone have bitcoins since is something anonymous? And that's why some countries are baning the bitcoin.

Yes it is because here in my country, bitcoin is allowed to be used by the users. And upon the registration of an exchange site for a government permit. It seems that they need to pay a lot of taxes for a local exchange. Because here in my country there is the most used exchange and covers a lot of users, they tend to pass the taxes fee to us.

[johnnyyash]

I think it will affect, economy and less of in low of cash flow...it will also affect investors and business men, trading and all that generate source of income.....

[seven2smoke]

A ban on Bitcoin is difficult to enforce

Bitcoin has no centre to attack. There is no single organisation or person that controls Bitcoin and transactions don't go through a central clearing house there is really no way a regulator can stop people from downloading Bitcoin wallets and sending each other bitcoins. If there we to block all the websites that people can download Bitcoin wallets from, new ones will come up and some people will compile their own wallets from source code - Bitcoin is like Bittorrent is that respect. If they shut down the internet, people will send each other Bitcoin via SMS and if they shut down the electricity supply, people will use solar and battery-powered solutions.
But of course it's also likely that a ban on Bitcoin in a country can have a negative effect on adoption in that country.

[springgers]

Bitcoin users are on a bubble, if countries start to ban bitcoin, the coin will be "dead", only used for online services and things like that, so probably the price will go down.

[kryptqnick]

I suppose Banning Bitcoin is too stupid for smart governments. Why should they ban the future? They better support it and become (or remain) leaders in the world economics. If Bitcoin get's banned then it will be used more for illegal stuff like buying drugs or weapons and there might be some protests in democratical countries about it.

[Fatanut]

I suppose Banning Bitcoin is too stupid for smart governments. Why should they ban the future? They better support it and become (or remain) leaders in the world economics. If Bitcoin get's banned then it will be used more for illegal stuff like buying drugs or weapons and there might be some protests in democratical countries about it.

Government supporting bitcoins is like seeing feminists (people that are supporting women in terms of rights, etc.) supporting men. The fiat money is precious to the government. Bitcoin is just something they claim as an unregulated currency. That means they don't show any support to it. Bitcoin will open doors to people. If they support it and people start finding out what bitcoin is, the majority of people will find out a way how to avoid paying taxes and that's chaos to the government.

[Vinz24]

Banning bitcoin will surely has negative effect, like the price will go down. As long as the US or China will not ban the bitcoin, the bitcoin will still survive, because we all know that they have the highest bitcoin users.

[Zosinburg]

Banning bitcoin will surely has negative effect, like the price will go down. As long as the US or China will not ban the bitcoin, the bitcoin will still survive, because we all know that they have the highest bitcoin users.

It depends on the progagander used to ban the bitcoin, if it let more people know about bitcoin, it is good.