Effects of Banning Bitcoin ?

[dfox101]

Bitcoin can't be banned as it becomes a sizable industry now. People spent millions and millions dollar on it. It can be restricted though, if so it will become a dark gold used in underground traffic.

[Mastsetad]

If Bitcoin is banned than people who get started to use Crypto currencies will afraid to use other alternative  crypto currency so the Bitcoin ban will also effect other crypto currency or we can say  all crypto currency markets will die.

To be honest, i feel like other crypto currencies or crypto currency markets are running just because of bitcoin, because people trade other alt coins in order to get more bitcoins but not because they love those coins, so basically if bitcoins dies, they will eventually die with it.

[iram9095]

They can't ban the blockchains on the centralized exchanges and businesses, why ban them when they can tax them.

[eternalgloom]

Bitcoin can't be banned as it becomes a sizable industry now. People spent millions and millions dollar on it. It can be restricted though, if so it will become a dark gold used in underground traffic.

Why couldn't it be banned? If some government decides to ban Bitcoin, there's not much anyone could do against that.
It might not be likely, but it's certainly possible.

[FlamingFingers]

If Bitcoin is banned than people who get started to use Crypto currencies will afraid to use other alternative  crypto currency so the Bitcoin ban will also effect other crypto currency or we can say  all crypto currency markets will die.

To be honest, i feel like other crypto currencies or crypto currency markets are running just because of bitcoin, because people trade other alt coins in order to get more bitcoins but not because they love those coins, so basically if bitcoins dies, they will eventually die with it.

Not all crypto-currencies. Some people are really in love with some crypto-currencies more than bitcoin (believers and investors), like people who are in love with ETH, DOGE or ZCASH. But, for me, bitcoin is all the way up. I don't really believe that any other altcoin will replace bitcoin, there are none at the moment that come even near it. If bitcoin got banned in my country, I would be really sad, as I fell in love with it.

[jman0war]

Bitcoin can't be banned as it becomes a sizable industry now. People spent millions and millions dollar on it. It can be restricted though, if so it will become a dark gold used in underground traffic.

Why couldn't it be banned? If some government decides to ban Bitcoin, there's not much anyone could do against that.
It might not be likely, but it's certainly possible.

It would be very difficult to ban all the exchanges and websites that facilitate trade.

[merchantofzeny]

I've never heard of this! Are there really countries out there that ban Bitcoins? Those must be really tiny countries since I haven't heard about this. The larger economies have allowed the use of Bitcoin, why the hell would they ban it?!

[sportis]

I have an entirely different approach. The government may, although difficult, try to stop the transactions with bitcoin and impose penalties to its citizens. The basic advantage of bitcoin is the freedom given to transact each other through the blockchain technology. On the other side a disadvantage of it is that it isn't anonymous but in the world of crypto currencies there coins that provide anonymity because of their protocol. So if I can not do otherwise I would exchange bitcoins with monero or similar currencies.

[Taki]

Bitcoin is high risk currency. I think everybody know that. bitcoin can be banned by government easily. I think it may happen in the case of big price of bitcoin or even huge price. Or if it gonna be known that bitcoin is used to sponsor some terroristic operations. That;s why many people feel fear to bitcoin. but many of them are afraid only cause of they don't understand how bitcoin really works.

[bitcointalk]

Bitcoin won't get banned.

[NEWGOODOUBLE]

If Bitcoin is banned than people who get started to use Crypto currencies will afraid to use other alternative  crypto currency so the Bitcoin ban will also effect other crypto currency or we can say  all crypto currency markets will die.

possible for early adopters or people who have not joined the bitcoin will feel anxious and scared when bitcoin banned. but for bitcoin users who have long time they do not think too much about it

[Yuuto]

If bitcoin gets banned I think in my opinion people will still use it because it is hard to monitor exactly who is using it and who is not, because you can create an infinite amount of bitcoin addresses and it is really hard to trace.

However governments can always regulate exchange activities, aka fiat to bitcoin or bitcoin to fiat. They already are.

[Positid]

If bitcoin gets banned I think in my opinion people will still use it because it is hard to monitor exactly who is using it and who is not, because you can create an infinite amount of bitcoin addresses and it is really hard to trace.

However governments can always regulate exchange activities, aka fiat to bitcoin or bitcoin to fiat. They already are.

It's online and decentralized so if the government would really want to stop us using it then they should make it illegal but still we are already satisfied with what bitcoin can give, new currency will arise and transfer our trust to the new one.

[choppork]

Bitcoin users have already anticipated this so we wouldn't be affected that much since we already know what to do when this happens. Let's talk about the non-bitcoin users. They will be interested about the reason why bitcoins is banned. They will be curious about it and do research about it. They'll find out that bitcoins are made to evade the extra fees and charges from the government, they might even end up using bitcoins since they already know the advantage of using it.

[PokerFace3]

If your country ban bitcoin i think that you can still earn bitcoin and life good.How your couuntry can controll your secret bitcoin wallets?If you use bitcoin and send to skrill or paypal or other your country cant see your transaction and you are winner.

Actually no one can stop you from using bitcoins but the question is suppose its banned in a particular county then what would be the effect ?

I think that if bitcoins are banned most of the people would panic and sell them ( for that specific country ) but that been said if such news comes like for example in newspaper then everyone will at least get curious and would want to know more about it, hence spreading bitcoins to more and more people.

[romero121]

Effects of banning bitcoin won't make much impact upon the world economy. Because right now the people using bitcoin around the world is very low compared to dollar. Only the current users experience difficulty and look for alternate solutions to continue using bitcoin.

[chixka000]

Bitcoin can't be banned as it becomes a sizable industry now. People spent millions and millions dollar on it. It can be restricted though, if so it will become a dark gold used in underground traffic.

Of course it can, You already have noticed some countries who consider banning of bitcoin(but that doesnt mean that bitcoin is gone). Restricting bitcoin is a lighter word for banning.

[merchantofzeny]

I've never heard of this! Are there really countries out there that ban Bitcoins? Those must be really tiny countries since I haven't heard about this. The larger economies have allowed the use of Bitcoin, why the hell would they ban it?!

Yes, There are some countries who are banning bitcoins. You can just google it for you to find it out. And in addition, Russia did that before but they have remove the ban now that's why Russia now is one of the adopters of bitcoin. And they are banning bitcoins because they know that it can be used for money laundering and other illegal stuffs that can make those people involved anonymous.

I wonder how an all out ban would work though. I mean, you can't just stop them from using their XBTs. It's their money and it's almost like theft if you try to take it away from them.

[Positid]

I've never heard of this! Are there really countries out there that ban Bitcoins? Those must be really tiny countries since I haven't heard about this. The larger economies have allowed the use of Bitcoin, why the hell would they ban it?!

Yes, There are some countries who are banning bitcoins. You can just google it for you to find it out. And in addition, Russia did that before but they have remove the ban now that's why Russia now is one of the adopters of bitcoin. And they are banning bitcoins because they know that it can be used for money laundering and other illegal stuffs that can make those people involved anonymous.

I wonder how an all out ban would work though. I mean, you can't just stop them from using their XBTs. It's their money and it's almost like theft if you try to take it away from them.

Since bitcoin is not controlled by a certain group of people then the government cannot enforce the law of stopping us to support and use bitcoin. We have all the freedom to use it as in online there's freedom and we can always be anonymous.

[iram3130]

If countries like USA, Russia or China ban Bitcoin then it would be disastrous coz most of the miners are from those countries. And be definite about this, If the country's government has brains, then they won't be banning Bitcoins coz the future is digital money. For Ex: India is moving towards a Cashless society or as the their leaders saying Lesscash society.