How long until India "bans" bitcoin and it's effects?

[spazzdla]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

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[European Central Bank]

there is effectively no indian trading. only china counts when it comes to crackdowns. it would knock confidence a little but that would be it.

[BrewMaster]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

just like i said to the other guy saying India is the reason for the rise, i tell you too. Indian market is way too small to have any effect on bitcoin prices.

it is good to check out some volumes sometimes, trust me you get so much good information that way!

[talks_cheep]

India is irrelevant, at this point in time.

[BTCLovingDude]

as others mentioned Indian market is irrelevant when you compare it with the rest of the world.

but also right now Indian government has so much on their plate which need fixing with their economy and their currency that they won't even have any time to think about such a tiny thing as bitcoin. people are investing in so many other things such as USD and gold that bitcoin is like a peanut!

[pereira4]

Who cares what governments say about bitcoin? If they try to ban it, it will only get stronger since people will see how effective it is in its role. It will show the government-bankster mafia is scared because they can't do shit nothing but scare people away from it with bans. Too bad bitcoin is a network that is hosted all over the world so banning it will have no effect. People will still be able to have p2p direct transactions. You can meet with someone and exchange BTC for whatever you want and even use a cheap ass SMS phone if you dont have a smartphone.

[btcmerich]

A ban on bitcoin will hit mainstream media and it will attract interest from people that did not know about bitcoin,  all publicity is good publicity

[BitHodler]

Indian government will come into action at the time Bitcoin is affecting their economy. That's why at this point there is no reason to expect anything from that side.

If they happen to ban Bitcoin right now, then the impact will be very small since Bitcoin there isn't that big yet. I think that's the good thing about it. No need to worry about that.

[isov]

Who cares what governments say about bitcoin? If they try to ban it, it will only get stronger since people will see how effective it is in its role. It will show the government-bankster mafia is scared because they can't do shit nothing but scare people away from it with bans. Too bad bitcoin is a network that is hosted all over the world so banning it will have no effect. People will still be able to have p2p direct transactions. You can meet with someone and exchange BTC for whatever you want and even use a cheap ass SMS phone if you dont have a smartphone.

+1
Like it very much that with btc the common folk for the first time has possibility to organize in resistance against the blood drinking lizard elite.

[Dafar]

I'm more concerned about another China ban

[Joel_Jantsen]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

Not a single thing Indian Government can affect the rally apart from let it reach places ! Infact,government is encouraging digital payment methods and currencies.They actually want everybody to go cashless.

[nizamcc]

Freedom from what? It's prices?
If it's related to it, then I think the price has already settled back down to where it should be and no more enjoyable deals are available here.
Apart from it, if we are talking here about trading bitcoins, then there is neither legality nor illegality of bitcoins being discussed currently in the country, but as we are all heading towards a cashless economy, I think Government will possibly favor Bitcoins instead of going against it, seeing the potential it has, whether as a currency or as a commodity.

[Sundark]

I'm more concerned about another China ban

I thought that China is the main supported of Bitcoin, why they would suddenly ban it? It will officially disrupt their dominance over BTC through mining.
And knowing Chinese citizens they still would use and mine Bitcoin anyway, they just do it in secret. So it is hard to tell how it will potentially affect bitcoin price in the long run.

[jtipt]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

I don't think Indian government has any reason to ban btc also it doesn't even care about it much, there has been very little mention about it only a bit more in past month because of the demonization. And even if that happens that would have very less to no impact on bitcoin market cap or price because 90% of users will still continue to use btc, since as you know there is no true way to 'ban' bitcoin.

[tabnloz]

I'm more concerned about another China ban

I thought that China is the main supported of Bitcoin, why they would suddenly ban it? It will officially disrupt their dominance over BTC through mining.
And knowing Chinese citizens they still would use and mine Bitcoin anyway, they just do it in secret. So it is hard to tell how it will potentially affect bitcoin price in the long run.

It's the effect the "news" of a ban has. Selling wouldn't just come from China.

Its a pretty sure bet that at some stage of this bull run news of a potential ban will break and we will have a correction. And the more bitcoin grows the more likely it will need to ward off this government threat. A lot will depend on how economies are faring at that time. Will high denomination notes be banned anywhere else? Any bank runs or bail ins?

Counteracting any news of a China ban, plenty of renewed interest from places where bitcoin had made minimal inroads (India, Venezuela). Plus stronger USD is a weakening of emerging market currencies (biggest eg is China although Yuan devaluation is more than just USD). Solid reasons to use bitcoin to retain value when its is heading in opposite direction of most national currencies.

[Herbert2020]

they don't seem to have either banned or thought about banning bitcoin in the past 7 years and i don't see any reason for that to change. and as others said i also agree that their market has no effect on bitcoin price.

but i hope they don't do it because it is a very stupid move at this point and it will change nothing apart from the way people buy bitcoin.

[Glucose]

Bitcoin "ban" won't happen any more. It's not possible to ban it and it's a big industry right now.

To control and use bitcoin you just need your own computer. That's it. How do you want them to ban it ?

[tabnloz]

Bitcoin "ban" won't happen any more. It's not possible to ban it and it's a big industry right now.

To control and use bitcoin you just need your own computer. That's it. How do you want them to ban it ?

While a ban won't be entirely successful (see torrenting) my point is that any attempted 'ban' - likely from China - leads to some kind of correction. It might be short lived and complete FUD, but some think of it this way: in an era of decreasing government revenues, increased costs (social security, health etc) governments are going to hit up the population for more money. It's coming and it is naive to think that governments won't have a plan to try to stop it. I think bitcoin is big enough to ride it out. It might be when bitcoin gets 10x bigger, I don't know, but at some stage they'll again demonize it as drug money, tax cheats, terrorist driven etc etc.

How they'll do it depends on where the ban comes from.

[1Referee]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

As long as Bitcoin isn't bothering governments too much in the way that they experience a serious negative effect, then nothing will happen. I think as Bitcoin gets more popular, and the value goes up more and more, governments will further look for ways (more than is the case right now) to tax Bitcoin and crypto in general. Another aspect of Bitcoin becoming bigger is that it gives banks and governments more incentive to improve their banking/payment system. If they do happen to ban Bitcoin, then perhaps you'll see a short lasting panic dump, but that will only last till people come to sense and realize that India at this point isn't anything other than peanuts.

[masewild]

Bitcoin "ban" won't happen any more. It's not possible to ban it and it's a big industry right now.

To control and use bitcoin you just need your own computer. That's it. How do you want them to ban it ?

The India will not ban the bitcoin as it s just a virtual goods.

[alyssa85]

They'll ban gold before they ban bitcoin. Bitcoin is still deep under the radar in India, only a few people in the loop know about it.

[cryp24x]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

Probably when the government understand what bitcoin is and adopt bitcoin and wanted Bitcoin by themselves, that would be the time they will ban bitcoin.  Correction of bitcoin price if isolated only in India won't affect the bitcoin price at all, unless there is some whales who capitalize on the news and spread FUD across the internet then, probably a dip effect will be -$200+ 

[pooya87]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

Probably when the government understand what bitcoin is and adopt bitcoin and wanted Bitcoin by themselves, that would be the time they will ban bitcoin.  Correction of bitcoin price if isolated only in India won't affect the bitcoin price at all, unless there is some whales who capitalize on the news and spread FUD across the internet then, probably a dip effect will be -$200+ 

the news has to be big itself if they want to capitalize on it and use it as an FUD force to push the price down. and news of India banning bitcoin is not even medium big! a big news was a big exchange like Bitfinex getting hacked and seemingly big number of coins stolen. the whole Indian volume is not even half that amount.

[hakanbalta577]

They'll ban gold before they ban bitcoin. Bitcoin is still deep under the radar in India, only a few people in the loop know about it.

I totally agree with your words that bitcoins is still deep under the radar in India.No body can even think about bitcoin as there are lot other major issues.No body talks about bitcoins and is never trending in india,so i dont think any thing will happen about bitcoin in India any time soon.

[TastyChillySauce00]

They'll ban gold before they ban bitcoin. Bitcoin is still deep under the radar in India, only a few people in the loop know about it.

I totally agree with your words that bitcoins is still deep under the radar in India.No body can even think about bitcoin as there are lot other major issues.No body talks about bitcoins and is never trending in india,so i dont think any thing will happen about bitcoin in India any time soon.

Even I doubt that more than 20% Indians know bitcoin and the active users must be lesser than the amount of people who "only" know bitcoin. Gold was very known in India by almost everyone while bitcoin is a small thing for them, that's why I'm sure that government will not really be giving attention onto bitcoin until at least bitcoin becoming as popular as gold

[jondeen707]

Obviously, there's no reason for Indian authorities to view bitcoin as a threat to their grip on the monetary system. Yet the move to phase the banknotes out was dubious at best. So, who knows what's on their minds. Anyway, it won't have any major influence on the price.

[tabnloz]

Here is a good article on India's cash ban.

tl:dr the cash ban and drive towards digital payments is a joint effort between the Indian government and USAID.

Well worth the read

"A Well Kept Open Secret"

http://www.globalresearch.ca/a-well-kept-open-secret-washington-is-behind-indias-brutal-demonetization-project/5566167

[alyssa85]

Here is a good article on India's cash ban.

tl:dr the cash ban and drive towards digital payments is a joint effort between the Indian government and USAID.

Well worth the read

"A Well Kept Open Secret"

http://www.globalresearch.ca/a-well-kept-open-secret-washington-is-behind-indias-brutal-demonetization-project/5566167

India is a democracy though - there is every chance that the population will get cross and throw Modi out. And the new govt will ensure that there is plenty of cash, lest they get thrown out too.

[erikalui]

RBI keeps threatening and news channels too post all negative factors of bitcoins. I know that the Indian market is too small to affect bitcoins as a whole but it will affect many users from India if the currency is declared illegal here.

Modi has already passed a law on those who earn big loads of gold and hence bitcoin is not something that can escape for long. If some big trader or exchange website shuts down, we can see the ban coming soon.

[JasonXG]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

Dude noone can ban bitcoin. Or do you bow down to every single law and thing your government does ? It would cause havoc and uorise that is all it will do. It will just plain piss people off.

[masewild]

Govs can't have this freedom go on too long, how deep of a correction when they " ban" it?

Dude noone can ban bitcoin. Or do you bow down to every single law and thing your government does ? It would cause havoc and uorise that is all it will do. It will just plain piss people off.

That is the reason more and more people are using the bitcoin.

[Wowcoin]

No one knows the timeline if how long that banning will takes but I am sure that the effect is wost all over the country and the people who benefited well with bitcoin from previous years. How greed s their government and how could it help with the government if they continued bans on this crypto currency, thats a great devastations of their economy such a non sense decision of their leaders, and I hope that will not stay longer.

[bajing]

I guess we only can be patient and especially for the people who live on the country that has been banned bitcoin due now big industry has use bitcoin so im sure one days the goverment of the country that has been banned bitcoin will unbanned bitcoin.