Effects of Banning Bitcoin ?

[n2004al]

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.

I don't think that the countries named by you will ban bitcoin. All the story of bitcoin and its regulation at these countries tell the opposite. Anyhow if the ban will happen the first consequence is the development of the black market. Then, for sure, will happen (in time) the regulation of it.

[Tyrantt]

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.

Wouldn't that just make people switch to litecoin or some other alt-coin? I mean if they ban the crypto all together, I don't think that that will stop the usage of it as if it was used ilegaly before. You can't stop the bitcoin. :d

[bncbnc]

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.

but i think it will badly effect it, as most of the people will stop using bitcoin because of the fear to be charge by their government, people will also reduce their investment because of the risk to be catch by the government. but i am hopeful that government will give decision in favour of bitcoin and not against it.

[angaper]

Fortunately the bitcoin does not depend on national authorities to be developed or adopted by interested people. Bitcoin represents an unique opportunity to set aside the national barriers arbitrarily imposed by the old international treaties, and therefore we should not worry so much about this understandable banning.

[Wintersoldier]

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 .

It won't happen. People's money in bitcoin would not turn to nothing as bitcoin would be banned. Also, if bitcoin was banned, it can still used since it was not controlled by government or any national authorities.

[roomfirst]

The effect of banning bitcoin will be big man. All bitcoin user will panic and other cryptocurrencies will try to survive. But the problem is why ban bitcoin ? I think banning bitcoin only give a negative effect into all bitcoin users.

[Positid]

Fortunately the bitcoin does not depend on national authorities to be developed or adopted by interested people. Bitcoin represents an unique opportunity to set aside the national barriers arbitrarily imposed by the old international treaties, and therefore we should not worry so much about this understandable banning.

It does not because it existed without the government and it has grown even without the support of the government. Some countries made it illegal, but look where we are now, we are still progressive as it was, we are strong and we will never gonna kneel down before them.

[shinratensei_]

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.

Wouldn't that just make people switch to litecoin or some other alt-coin? I mean if they ban the crypto all together, I don't think that that will stop the usage of it as if it was used ilegaly before. You can't stop the bitcoin. :d

So if I was the official of your country and give the two possibilities for using bitcoin in our environment.
1st stop it or 2nd go to jail right now and what will you choose it?
Yeah it will be stopping the bitcoiners for using it but it was enough for making the bitcoiners was feeling panic anytime.

[uneng]

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.

Wouldn't that just make people switch to litecoin or some other alt-coin? I mean if they ban the crypto all together, I don't think that that will stop the usage of it as if it was used ilegaly before. You can't stop the bitcoin. :d

So if I was the official of your country and give the two possibilities for using bitcoin in our environment.
1st stop it or 2nd go to jail right now and what will you choose it?
Yeah it will be stopping the bitcoiners for using it but it was enough for making the bitcoiners was feeling panic anytime.

Yes, the only choice to continue using bitcoins would be to move to another country.
I wouldn't confront the official laws and government alone, probably I would be arrested or killed for nothing. If someday it happens, I will just try to move myself to another country, a neighboor country to continue using crypto-currencies.

[raja2sumi]

when the banning of bitcoins is implemented then there will be only problem that bitcoin conversion into fiat ,but thats not a very big dal u can exchange them in a deeper market .where u can earn a lot through it .

[agamasrori]

when the banning of bitcoins is implemented then there will be only problem that bitcoin conversion into fiat ,but thats not a very big dal u can exchange them in a deeper market .where u can earn a lot through it .

Even government banning bitcon, the users still can use it becouse it so anonimously. So many way to use bitcoin, change it into fiat first or use it directly, government cannot do anything. The users only need to find the way.

[Tyrantt]

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.

Wouldn't that just make people switch to litecoin or some other alt-coin? I mean if they ban the crypto all together, I don't think that that will stop the usage of it as if it was used ilegaly before. You can't stop the bitcoin. :d

So if I was the official of your country and give the two possibilities for using bitcoin in our environment.
1st stop it or 2nd go to jail right now and what will you choose it?
Yeah it will be stopping the bitcoiners for using it but it was enough for making the bitcoiners was feeling panic anytime.

Yes, the only choice to continue using bitcoins would be to move to another country.
I wouldn't confront the official laws and government alone, probably I would be arrested or killed for nothing. If someday it happens, I will just try to move myself to another country, a neighboor country to continue using crypto-currencies.

Well in that case you'd have to have the government similar to the North Korea one, in order to prevent people from using it like that and actually make people not use it.

[Mbah Slamet]

In my country the bitcoin is also prohibited, but this does not reduce the wearer, thus when many news banning bitcoin thus made many people interested to know bitcoin, many of them eventually buying bitcoin.

[Pitchblackroom]

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.

Wouldn't that just make people switch to litecoin or some other alt-coin? I mean if they ban the crypto all together, I don't think that that will stop the usage of it as if it was used ilegaly before. You can't stop the bitcoin. :d

So if I was the official of your country and give the two possibilities for using bitcoin in our environment.
1st stop it or 2nd go to jail right now and what will you choose it?
Yeah it will be stopping the bitcoiners for using it but it was enough for making the bitcoiners was feeling panic anytime.

Yeah but if something like that were to be banned there would be a ridiculous outcry of users who would feel like their investment would be completely gone if they were investing it for the long term. Like there are people who have significant money in Bitcoin and if that was the end of Bitcoin right there, it would be a disaster to not only the government who would deal with the fallout from the users and the users themselves. Although BItcoin's market cap is still rather tiny, it in the future should effect the global markets as it grows in size.

[carlisle1]

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 .

maybe they will be given a time to convert it to fiat if ever there will be a bitcoin ban in their country and I think there will be no chaos at all and there are so many people who are very stubborn that might never listen and override the regulation and they may still keep on saving their money on bitcoin . it is like the more they are stopping people on what they want and used to do the more chances they will override the law .

[Victorycoin]

For now no one country is going to ban bitcoin, I think bitcoin is going to be banned by all countries only in one case - when the price for bitcoin will rise extremely high. In that case many people will try to cash out their bitcoins and in some blaces it may be just not enough money for such transaction or at once many people will be rich.

Yes, no one country ban bitcoin but no one country accepted bitcoin. In my country using bitcoin is illegal because bitcoin can use for money laundry.

So money laundry started off with bitcoin or it has always been there well before bitcoin came on board? Now you know, the reason even those engaged in money laundry prefer bitcoin is because, bitcoin among other attributes, offers more secured, very cheap, instantaneous means for international monetary transactions and also the opportunity to make the transactions anonymous. People always prefer the best or do you know of any other money that comes close?

[iqlimasyadiqa]

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 .

now many people are saving their investment in bitcoin. if banning the case, then chaos will engulf the entire world.
it will affect the systematic and also a bad effect on the system of government in the country doing the regulation.

[calkob]

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.

In what countries is bitcoin banned?  i'm not sure i am aware of any that have actually made laws stopping it's use.  and what would be the purpose anyway, bitcoin cannot be censored by any 1 country.

[BlackPanda]

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.

In what countries is bitcoin banned?  i'm not sure i am aware of any that have actually made laws stopping it's use.  and what would be the purpose anyway, bitcoin cannot be censored by any 1 country.

not prohibit, a country simply does not recommend the use bitcoin. the head of state does not want chaos in their country's financial system.

[traderethereum]

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 .

now many people are saving their investment in bitcoin. if banning the case, then chaos will engulf the entire world.
it will affect the systematic and also a bad effect on the system of government in the country doing the regulation.

we don't want to see the chaos is happen in many country, isn't it? i think bitcoin is not banned from many country, but maybe the government is not giving their regulations about using bitcoin so bitcoin will be grey area which is many people using bitcoin for their purpose and many people still don't know about bitcoin. but i am sure that in the future, the government will open their mind about bitcoin and will learn more about bitcoin.