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Author Topic: What Would Happen If Bitcoin Were Declared Illegal in the USA?  (Read 2988 times)
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January 22, 2017, 03:06:44 PM
 #21

I do not think the US will prohibit the posession of bitcoin.
But in the case they would, I suppose a lot of people would go out of the bitcoin market and sell their coins.
That would bring us more supply and with it a decresing price.
Nobody knows how much coins would go back into the market, so there is no way to tell how high the drop might be.
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January 22, 2017, 03:09:23 PM
 #22

Bitcoin is a decentralized currency and is not a centralized so it is not even in the control of US rules. Suppose if US will ban it or will consider it as illegal then the problems will be only for US citizens as all other citizens from other countries will not care for it.
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January 22, 2017, 03:26:31 PM
 #23

as far as i know bitcoin is not a centralized currency so no one could banned it or even stop it from growing thats why bitcoin has a lot of advantages compared to our fiat system which is centralized and country is running on it. unlike bitcoin the programmer who invented this system is still anonymous and dont know who is it. and remember theres a high profile person living in usa using bitcoin.
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January 22, 2017, 03:27:59 PM
 #24

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?

The first thing that could happen is a crash price, many businesses would be forced to remove bitcoin from their system.
Then many people have invested in bitcoin so they would start selling them or hold them illegaly.
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January 22, 2017, 03:30:31 PM
 #25

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?

A problem between US and their people would happen. The investors from their country would retaliate with this problem. The thing is this invsstors are not just simple investors, they are people who have money and power that is why they are risking it for bitcoin. They cant do that just like that?

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January 22, 2017, 03:51:26 PM
 #26

I think there is still big impact who are living in united states because of its illegal then people who are using in that country will be arrested because of using bitcoin.. since we are growing i think we can be still use the other alternative to buy bitcoins or withdraw bitcoins in other payment methods before they can withdraw their money.. so that they will not be arrested in usa..

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January 22, 2017, 03:54:15 PM
 #27

Bitcoin is a decentralized currency and is not a centralized so it is not even in the control of US rules. Suppose if US will ban it or will consider it as illegal then the problems will be only for US citizens as all other citizens from other countries will not care for it.

Only the government will suffer as people of USA will still be able to use bitcoins online.  Government cant Ban the bitcoins completely and that's where bitcoin strength is.  So no government will do this mistake and made a bad name among its
people.



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January 22, 2017, 04:44:53 PM
 #28

What Would Happen If Bitcoin Were Declared Illegal in the USA?
All bitcoiners are intelligent enough to continue using bitcoins, hence USA people also will keep their faith on decentralization. People to people exchanges are beyond the reach and regulations of any government.

I guess there will not be any big impact due to any type of declarations from any country. Because bitcoin is designed to withstand against them.
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January 22, 2017, 05:37:55 PM
Last edit: January 24, 2017, 06:41:40 PM by Rahar02
 #29

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?
Fortunately US doesn't states it illegal as in september 2016, a federal judge ruled that bitcoins are funds within the plain meaning of that term, so it's consider as commodity and currency. what will happen :
- all the exchanges and trading platform will be vanish from US or move their base to other countries.
- as the exchanges gone, will affect to the local economics related to bitcoin.
- the price will drop for a while as trading volume in the country suddenly drop.
- the regulations that prohibits bitcoin used in the country will push bitcoiners to the black market or at least under the radar.
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January 22, 2017, 05:59:49 PM
 #30

I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin
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January 22, 2017, 06:32:25 PM
 #31

I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia Grin

It should not happen, I mean, to accept that dictates trends, Supposedly its ideology is of democracies, but let's not go into details, and returning to the subject, I do not think that much would happen, only that the price would adjust to a level a little lower for a while.

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January 22, 2017, 06:33:34 PM
Last edit: January 22, 2017, 06:45:34 PM by deisik
 #32

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?

I think it would be like banning gold from possession

It worked in 1930s, but people have changed since then and they don't trust the government any more. So it would all depend on whether this ban would be enforced and how hard. If it is banned like Bitcoin had been "banned" in Russia (without really banning anything at all), that won't change a lot. Perhaps, only exchanges and web wallets move to other countries which are more loyal to Bitcoin. If the ban is enforced for real with people getting punished and ending up in jail, well... maybe, it's time for a revolution?
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January 22, 2017, 10:22:14 PM
 #33

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.
I think the opposite of that. Probably things would happen very differently. If so many countries came to declare Bitcoin an illegal currency, the population of these countries would get to know Bitcoin even more, the simple fact of being involved in so many political scenarios would also draw media attention.
Therefore, there is likely to be an increase in demand, since in addition to having more people knowing about Bitcoin, banning the currency would not cause problems in the functioning of the network, which occurs in a decentralized way.
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January 22, 2017, 10:30:55 PM
 #34

I think that Donald Trump is clever billionaire which will not do that because he want also to make more bigger amount of money from money which he have right now.If Donald Trump do that and bitcoin become illegal in USA then that will be bad for every person from USA and  black market will be opened for bitcoin what will be really bad because bitcoin price will decrease and it will be lower because of lower number of customers because everybody dont like to buy things on illegal market.Also if Donald Trump say that bitcoin is illegal in USA bitcoin price will decrease growing for really much % what nobody dont want here.I am praying to god to not make bitcoin illegal in USA because of lower profit for everybody who is using bitcoin but cryptocurrency is future money in future world what we can see from many newspapers and articles.
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January 23, 2017, 01:21:06 PM
 #35

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?

A problem between US and their people would happen. The investors from their country would retaliate with this problem. The thing is this invsstors are not just simple investors, they are people who have money and power that is why they are risking it for bitcoin. They cant do that just like that?
yes that is a fact that there will be a conflict between the people of USA and USA government.  but to me i think the people will put pressure on their government and the government will start thinking about the future of bitcoin. we can hope that they will really take a position decision about bitcoin because they will also realize the importance of bitcoin in the modern time.
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January 23, 2017, 02:58:12 PM
 #36

Okay, let's imagine bitcoin is declared illegal. I think in America there are many people who use it and many people not satisfied with the new president, so I think it would inevitable lead to some protests. Some will do that, because they want to have a right to use btc and others just because they are against Trump. Meanwhile, bitcoin will become more popular because of all the information in the news and the price is likely to grow.

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January 24, 2017, 06:06:00 PM
 #37

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 need to be a bit more specific. Are you talking about a scenario in which even the possession of Bitcoins becomes a punishable offense? Any such measure will be extremely difficult to implement. Or are you talking about a ban on the conversion of Bitcoin to fiat? The second one can be tracked easily, and it can be enforced.
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January 26, 2017, 06:16:26 AM
 #38

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?

The first thing that could happen is a crash price, many businesses would be forced to remove bitcoin from their system.
Then many people have invested in bitcoin so they would start selling them or hold them illegaly.
Yes, this is logical. US is world leader and any move from the US against bitcoin will severely damage the reputation of bitcoin and trust of people in it. Once trust is gone it is very difficult to built it again.
If other countries join the band then situation will be difficult for bitcoin.

However this is not going to happen because there are people in Trump cabinet who like/love the bitcoin/blockchain technology. 
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January 26, 2017, 07:27:10 AM
 #39

I guess bitcoin enthusiast there can never do something about that. Thats a law. They will never fuck with the law. I guess the only thing they can do is to move out from that country. And look for a country which is bitcoin friendly. That will cause also huge drop of price of bitcoin. But that scenerio i think is impossible to happen because US like to be in touch with latest trends. Also population of bitcoin owners there are huge.

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Mr.grin
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January 26, 2017, 07:51:15 AM
 #40

well, the USA gives so much influence over the bitcoin. if bitcoin became illegal there, I think the quality of bitcoin will decrease, and other countries will also follow it. may slowly bitcoin will have a low price, and the longer that all countries make bitcoin, became illegal.
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