Effects of Banning Bitcoin ?

[d@nte]

One of the greatest advantages of Bitcoin is the fact that it is censorship-proof, so transactions can not be blocked by central authorities or banks, which is why Bitcoin brings great advantages regarding the use of more conventional payment systems. In addition, it is a form of payment that does not require the user to be a technology expert to use it.

[Shenzou]

I don't think they will ban bitcoin even if they want to ban it they can't because a lot of people use bitcoin already and the bitcoin is scattered around the world so they can not prevent everyone from using it , that is why in some countries they are either embracing the fact that bitcoin is good and easy to use and popular , and other are encouraging people to use thing similar to bitcoin.

[Rinder]

Banning bitcoin into some country will just force the people to mine and support crypto currencies hidden, vps would be used to let them hiden, soo the big result would be an increase into bitcoin since its forbidden. To kill or ban bitcoin some country must buy all the bitcoins and stop it or try to manipulate, but get into bitcoin isnt cheap, and we can always swicht into another altcoin anytime.

[severaldetails]

I'm relatively sure that a ban of btc will not come in any country. Simply because every government understands that this is technically not possible.
What I can imagine are high taxes on buying or selling bitcoins.
That is something that lies within the powers a government has, and what can actually be reached.
If you put those taxes high enough, you can navigate the use of bitcoin in a country. I think that would be better than banning bitcoins, for all sides.

[MMA]

I don't think they will ban bitcoin even if they want to ban it they can't because a lot of people use bitcoin already and the bitcoin is scattered around the world so they can not prevent everyone from using it , that is why in some countries they are either embracing the fact that bitcoin is good and easy to use and popular , and other are encouraging people to use thing similar to bitcoin.

yes i am also hoping so that not a single country is going to bane bitcoin, but perhaps it happen i think still people will use bitcoin illegally, as people who know about the facilities of bitcoin cannot stop using it.

[manbitcoinlover]

Rules and regulations greatly impact bitcoin and will continue to impact bitcoin, unfortunately. Firstly, when bitcoin started out many countries were not aware of cryptocurrency, 4-5 years ago, no one in government unless they are financially savvy probably even heard of bitcoin. Now, bitcoin and cryptocurrency is very popular because it is a way to earn extra money or even a living from bitcoin. This makes bitcoin susceptible to specific laws of certain countries targeting cryptocurrency and bitcoin. This means that people have to pay tax on bitcoin earnings where bitcoin is regulated  ( in a country like Canada), but it also makes it easier to exchange fiat into btc.

[dotajhay]

The effects of banning bitcoin in the country is the people will lose their business and other poor people who uses it will be down when they ban it i think the country who bans it is the corrupt country because bitcoin is don't have a tax coming into the government and other people will not interested in the bank accounts if the bitcoin will become popular.

[jobach]

not every country will ban bitcoin so it will countinue to grow as it does today , people want privacy , low comissions , mobility and etc . Banks aren't providing this , bitcoin does , so more and more people will use bitcoin in the future

[mrkevio]

I'm wondering what would happen if Bitcoin would get banned and suddenly Bitcoin 2.0 gets released, lol.

Banning Bitcoin means a lot of people being forced to quit BTC, so a price hike to at least half of the value it has right now. Some people are running their business on Bitcoin, even Microsoft and Steam accepts it, so that would affect the price too. The effects would be negative, of course.

[deppil]

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.

of course, the government can do that, with all the regulations could they change they could organize and make bitcoin is banned in that country. if bitcoin does not benefit them. of course they would ban the use bitcoin, true what you say banning bitcoin, it will not make bitcoin dead

[ufaiz50]

I'm wondering what would happen if Bitcoin would get banned and suddenly Bitcoin 2.0 gets released, lol.

Banning Bitcoin means a lot of people being forced to quit BTC, so a price hike to at least half of the value it has right now. Some people are running their business on Bitcoin, even Microsoft and Steam accepts it, so that would affect the price too. The effects would be negative, of course.

if a lot of people quit bitcoin then the demand for bitcoin will fall and proce down not hike (up). cause The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.

[Tanic]

I live in Russia and I think that other government can ban crypto currencies in general. Look, in the case when the price for bitcoin will move higher than 1000$ many of bitcoin holders will try to cash out their money to not skip the chance and that is big money for Russia. And our government will not allow it to happen, cause of such big money will go directly to the users pocket without paying tax to the government.

[shinratensei_]

The effects of banning bitcoin in the country is the people will lose their business and other poor people who uses it will be down when they ban it i think the country who bans it is the corrupt country because bitcoin is don't have a tax coming into the government and other people will not interested in the bank accounts if the bitcoin will become popular.

Who? even there is no a lot of the business was running bitcoin in their business or accepting it. and I can say totally bullshit.

The government was following the regulation and what's happen if they will be finding a stuff and it wasn't regulating them? Totally banning and ignoring it in their environment. AFAIK tax will always have needed by them. 

[raaajlucky]

If Bitcoin banned means nothing will happen for ordinary people, only the online gambler will suffer, but they also choose another way to do online gambling. There are already other cryptocurrencies are there in the market. So people will use that currency. And those who are accepting bitcoin as their payment method they also choose another way of transaction. Only first few days people will suffer.

[Babayega31]

I'm wondering what would happen if Bitcoin would get banned and suddenly Bitcoin 2.0 gets released, lol.

Banning Bitcoin means a lot of people being forced to quit BTC, so a price hike to at least half of the value it has right now. Some people are running their business on Bitcoin, even Microsoft and Steam accepts it, so that would affect the price too. The effects would be negative, of course.

if a lot of people quit bitcoin then the demand for bitcoin will fall and proce down not hike (up). cause The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.

If bitcoin is banned the demand will fall and its price will become higher in value and more people will become panic in selling their bitcoin. Emotional stress could happen to everyone who uses bitcoin specially those who invested a lot of it like in altcoin tradings which supposedly gaining good profit and yet there's banning if bitcoin happening will affect all of us who are dependents of it.

[diegz]

If Bitcoin banned means nothing will happen for ordinary people, only the online gambler will suffer, but they also choose another way to do online gambling. There are already other cryptocurrencies are there in the market. So people will use that currency. And those who are accepting bitcoin as their payment method they also choose another way of transaction. Only first few days people will suffer.

I thought you would only mention about it's effect about gambling. But that's true, most of the transaction that uses bitcoin will be paralyzed only for a while, until everyone decides to shift to other currency, for the sake of continuing the business.

But since it is mentioned that it will be only be banned, then I think it won't really affect much of the transactions, except if the one stricken was the place where establishment that runs with bitcoin or the owners have been identified as bitcoin user by the state.

[rajasumi2]

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

[Wandering Soul~]

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

Don't worry, I think the government might give them a chance to convert their coins to peso or there will be rumors or something that bitcoin will be banned worldwide causing the people to panic sell . If their banning bitcoins then it is highly possible that all cryptocurrencies are included too cause most of them are based on bitcoin or depend on it

[TheUltraElite]

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

Consider the entire population and the total number of bitcoin users in the world. Its a very small fraction. Chaos may occur but the people will have no choice but to listen to the oppression of their respective governments.

Litecoin has nothing to do with it. Fact is all cryptocurrency prices will fall if bitcoin is banned globally - this is because people will become panicky and hypertensive about their other holdings and sell them all rather than lose them all.

But its nothing to worry about since the government has no control over any crypto - only thing they can do is to track you, penalize you. or in case of some countries ban the internet completely from the country - that can can cause bitcoin banning in that country.

[Vaskiy]

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

Such chaos won't happen in the world, if bitcoin gets banned. The reason is that, bitcoin is used by very few percentage of users around the world compared to other digital currencies and fiat used worldwide. So this won't make big impact upon world movement but affects the economy much.