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Author Topic: What Would Happen If Bitcoin Were Declared Illegal in the USA?  (Read 2988 times)
EuSouBitcoin
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January 22, 2017, 06:45:41 AM
 #1

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

You can't win if you don't play. But you can't play if you lose all your chips. First I found bitcoin (BTC). Then I found something better, Monero (XMR). See GetMonero.org
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January 22, 2017, 07:15:09 AM
 #2

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
USA know the implication of declared bitcoin and crytocurrencies illegal as this will push bitcoinist to black market. From my studies I find out that bitcoin might be use to determine world power in future as Russia that declared it illegal before now adopted wait and see approach. China and Japan on their own are developed more blockchains and invest millions of dollars in it. If usa declare bitcoin illegal and Russia, China,Japan and other developing countries legalize it in future? The price will soot up and those countries that have invest in it from beginning will use it to bargain world power.
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January 22, 2017, 07:43:28 AM
 #3

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

You know, the US government classifies Bitcoin as a commodity and a currency. There's a well held microeconomic principle that says that commodities normally follows an inverse relationship with the US dollar. Thus when the dollar strengthens against other major currencies the prices of commodities drop and when the dollar weakens against other major currencies commodities moves higher but Bitcoin has defied this and is rather having a direct relationship with the dollar since 2015. It means the dollar increases with corresponding increase in Bitcoin prices so should Bitcoin be declared illegal in the US and hence Bitcoin pushed to the black market (where it will eventually gain value) it means whenever the value of the dollar drops it will take more dollars to buy commodities (Bitcoin in this case) and that will weaken the dollar even further.

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January 22, 2017, 10:27:46 AM
 #4

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Hmm... Nothing would happen I guess.
Oh well yes, what would happen would be that localbitcoin activity would rise while exchange platforms would decrease.
But as long as you can buy anonymously btc it wouldn't change much I guess.
And that's the whole point of btc ^^

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January 22, 2017, 11:09:54 AM
 #5

Yes nothing would happen to bitcoin because bitcoin is not operated by USA so still many people will use it, most of the people are considering bitcoin as commodity, they cannot block chains individually that is not restricted to USA only many countries are involved in it. If it happens definitely they need to ban poloniex exchange also.


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January 22, 2017, 11:25:27 AM
 #6

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If United state declare that  bitcoin is illegal, many country will declare too, so there's a chance that bitcoin will become a illegal money in whole world. All of the investor will sell their bitcoin at low price and the price of this will dump in zero. Even BlackMarket Will not accept it because it has no value.
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January 22, 2017, 11:28:27 AM
 #7

If Bitcoin is declared illegal in USA,initially the price will drop to react to the shock, then the price will spike, there are some goods/services that man need, that BTC is the best means of exchange for such and since it is not going to be available again on exchange you will need to pay premium price to get it
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January 22, 2017, 11:48:43 AM
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for the past eight years they have been trying to make bitcoin legal, many countries such as Japan recognized bitcoin as a legal "currency", in US bitcoin is a legal "commodity" and so many other countries. nothing is going to happen with this legal state of bitcoin, specially in countries like US that don't want to be behind of other countries in technology.

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January 22, 2017, 11:55:57 AM
 #9

for the past eight years they have been trying to make bitcoin legal, many countries such as Japan recognized bitcoin as a legal "currency", in US bitcoin is a legal "commodity" and so many other countries. nothing is going to happen with this legal state of bitcoin, specially in countries like US that don't want to be behind of other countries in technology.

Is that real? cool im not updated to news really. well if that is true then its good. USA is recognizing bitcoin as real currency then thats true it aint gonna happen if the bitcoin becomes illegal well i think they just prevent those uncertain transactions in deep web sort of bad things.
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January 22, 2017, 12:02:37 PM
 #10

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Hmm... Nothing would happen I guess.
Oh well yes, what would happen would be that localbitcoin activity would rise while exchange platforms would decrease.
But as long as you can buy anonymously btc it wouldn't change much I guess.
And that's the whole point of btc ^^

Having to be verified at localbitins is not anonymous Cheesy
it would change the price dramatically for the worst when the rest of the world see one of the big players out the game.
no exchanegs, no services, not a damn thing just the same old drug buying.
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January 22, 2017, 12:09:53 PM
 #11

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.

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January 22, 2017, 12:14:53 PM
 #12

Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?

If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?

If United state declare that  bitcoin is illegal, many country will declare too, so there's a chance that bitcoin will become a illegal money in whole world. All of the investor will sell their bitcoin at low price and the price of this will dump in zero. Even BlackMarket Will not accept it because it has no value.

Are you alright? What do you think of United States? Mother of all country that can be followed?

So you think that because United Stated stated that bitcoin is illegal so is the other country? What do you think of other country? Will just follow United States ideology about bitcoin? That's a retarded thinking that I have encountered. People per nation is different to the views about bitcoin. It's really a big effect to the bitcoin if ever United States declare bitcoin as illegal but not to the point that other nations will follow as they have own position about bitcoin.
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January 22, 2017, 12:27:26 PM
 #13

Bitcoin is backed up by dollars and so if bitcoin were to be banned in the United States of America then probably dollars can no longer be used to buy bitcoin. If that is the case then bitcoin and other currencies online can lose a huge amount of value and may eventually lead to bankruptcy. The only surviving cryptocurrency will be the local based cryptocurrency that can be exchanged to its local fiat currency.
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January 22, 2017, 12:53:21 PM
 #14

Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.
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January 22, 2017, 01:34:16 PM
 #15

Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.
Agree with you, I think that USA won't declare bitcoin as illegal because they seen bitcoin as a global phenomenon and an opportunity for economic growth and individual. So, this declaration won't ever happen because USA really supports bitcoin a lot and really wanted bitcoin to become the number 1 digital currency.
                 
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January 22, 2017, 02:00:27 PM
 #16

Such a ban won't be declared over bitcoin in USA, because they are technology lovers who are also much into digitization. Lots and lots of people from several countries were planning to implement bitcoin within their country. At this time at any cost USA won't ban bitcoin.
Agree with you, I think that USA won't declare bitcoin as illegal because they seen bitcoin as a global phenomenon and an opportunity for economic growth and individual. So, this declaration won't ever happen because USA really supports bitcoin a lot and really wanted bitcoin to become the number 1 digital currency.
                 

Yeah that is not possible with USA to ban this global phenomenon of opportunity and economic growth and its really growing of its numbers of users who find profit from digital currency economic growth. But if it happens that US bans btc, I would call it a big crash of its economy and a big fall of those people who depends from btc part time income and its their life nowadays.
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January 22, 2017, 02:09:35 PM
 #17

If bitcoin is going to be declared in the USA, then it can be good for bitcoin and bad also. Good is that the demand of bitcoin is going to increase since a main player of world market will declare ban to bitcoin  then people who are residing there are going to have hard time for buying some locally. Bad because it can have a big impact to the followers of USA, they might ban it also.

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webtricks
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January 22, 2017, 02:17:33 PM
 #18

USA will see shutting of Crypto exchanges. Exchange companies will see huge losses.
Bitcoin price in USA will shoot. Will start trading @ 30-40% premium.
Bitcoin enthusiasts will try to launch mass mobilisation against Government decision. Their efforts may pay great and government may revert decision.
And all depends upon imaginary situation if USA bans Bitcoin!


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icecube45
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January 22, 2017, 02:33:31 PM
 #19

Logically if bitcoin illegal in America it would make the use of bitcoin is reduced, as it would make the American citizens are no longer using bitcoin, and there bitcoin is also quite popular it will strongly influence. It will reduce the use and supply of bitcoin, so it will make the price will be unstable may even decline. That applies not only in America but in any country, because adoption of bitcoin will greatly affect the progress of bitcoin.
Edraket31
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January 22, 2017, 02:51:47 PM
 #20

Logically if bitcoin illegal in America it would make the use of bitcoin is reduced, as it would make the American citizens are no longer using bitcoin, and there bitcoin is also quite popular it will strongly influence. It will reduce the use and supply of bitcoin, so it will make the price will be unstable may even decline. That applies not only in America but in any country, because adoption of bitcoin will greatly affect the progress of bitcoin.
The United States had officially declared bitcoin as a commodity last September year 2015 and they are already exchanged millions of it every day in the New York exchange. I think that they can ban only the printing of bitcoin vouchers literally as a currency but as long as it is virtual they would not do it.
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