Btc and government, what does the future holds?

[Gozie51]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

[nidacoinlove]

I will not say that it is impossible but the government will never do this as far as I believe. I guess the time for government to ban BTC is over, right now the government's might be thinking of how to legalise bitcoin so that government could get it's share in the bitcoin. Or they might be thinking on to add the bitcoin share in the GDP.
Honestly government has many things to do, they could have ban bitcoin only when it was used for criminal activities.

[Hasbro27]

I am not worried if the government forbids to transact using bitcoin, because the possibility is very small done. The government in my country only states that bitcoin is not a valid tool for tuna, and I keep bitcoin perceptions will continue to grow from year to year

[Absentis]

I am not worried if the government forbids to transact using bitcoin, because the possibility is very small done. The government in my country only states that bitcoin is not a valid tool for tuna, and I keep bitcoin perceptions will continue to grow from year to year

It isn't a problem if governmenf will forbid transactions like that of bitcoin, the important is you can convert from current exchanges to fiat currency in order to purchase goods that you wanted.  As long as you prefer good profit from bitcoin value, well you can easily exchange your bitcoin to cash money for your daily needs or whatsoever needed to spend for your money. Of course that idea of keeling bitcoins will be the most profitable aspects of an investment for future benefits for you and your family.

[matchi2011]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Far from  happening though it's possible. Governments won't do such a thing and i think bitcoin and cryptocurrencies are far from their radar right now. Of course governments are aware that this is going on and that crypto is getting stronger following but sniffing their noses to it probably is the farthest they'd do. For now that is.

[phreakk]

The total market cap of all cryptocurrencies will need to double, not double, it would need to become 100 times bigger than it is now (160 billion USD). Right now we are still some geeks and we don't bother them too much. Big fish are still operating in an old fashion way, with classic money loundering, using tax havens and so on. Government need to fix then first.

But even if that happens, they will just tax all crypto -> fiat transactions but I don't believe they will try to ban cryptocurrencies alltogether.
However if that somehow happens in just two major countries like the USA and China or South Korea, this would have devastating impact on bitcoin.

[romero121]

As the growth of bitcoin is happening with more governments giving legal acceptance. In future too, there won't be big issues happening with governments making opposition against bitcoin. As the spreading happens through word of mouth surely the stabilized growth will happen.

[Cult]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.

[Couve]

The regulatory environment will play a big role on how the cryptocurrencies/assets evolve in the long term. The industry started attracting some regulatory interests in 2014 but still not extreme attention as it was a relatively small market with basically no risk for the general economy.

We now sit at 150bn market cap, I would say that the risk for general economy is still fairly contained, maybe a lot of people get deceived and lose money, others make money, but nothing too concerning from a government point of view.

But now let's say in 1 year we are at 1 trillion, and growing. Fortunes being made, fortunes being lost due to hacks&scams, at some point the government will start to have strong regulations about it and wanting to control these money flows.

Tech developments like the Lighting Network also make it possible to monitor/control btc transactions differently than up to now, will some governments somewhere only allow transactions that meet some requirements? I could imagine this happening at some point, hidden behind a "terrorist protection act" of some sort.

[Yuhee]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Dude, "government" usually it's not one person, it's a lot of people, someone cannot simple push a ban on stuff and everyone goes with it, many people involved in "government" also have bitcoin and other crypto, they ain't gonna ban it.

There are many shitty countries where laws are like you said, the guy wakes up one day and simply ban stuff, but I think people there have more concerning issues than bitcoin.

Well for me, i think it would be better for a government to regulate it than ban it. Cause there are a lot of opportunities here, if they ban it, people would tend to find ways just to acquire btc if possible. Because btc is concidered a gold also. And not easy to ban those kinds of gold, the government eventually would have to make ammends to that law so that at least control its productivity.

[Quidat]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

The thing you are thinking here is really possible government can really do such thing but later on they would realize that banning them wont be senseless because they cant still able to stop bitcoins adoption or being used by people of the world since its a decentralized and anonymous thing which as long we do have internet connection we would really able to make use of it no matter how they would ban those services.

[Gozie51]

As the growth of bitcoin is happening with more governments giving legal acceptance. In future too, there won't be big issues happening with governments making opposition against bitcoin. As the spreading happens through word of mouth surely the stabilized growth will happen.

Yeap, that is more visible; that as the awareness grows, people get involved in it, transaction done with it either mandatorily or by choice. A chain on it would evolve. Yes

[Willitivity]

With the continued growth of bitcoins and increased adoption.
The government wouldn't be a problem for Bitcoin in the future, I don't foresee the government banning its usage though anything can happen.

[Apes]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

this is very annoying the government has indirectly anticipated the use of bitcoin governments in my country have argued about raising income tax on the internet Indirectly has carried out the persecution of the people who do business on the internet including bitcoin

[Lancusters]

Never, the government does not accept the use of bitcoin. This alternative economy which is not needed by the government. Any talk of legalization is only an attempt to establish control over the users of bitcoin and the opportunity to take the sales tax cryptocurrencies.

[Kilua]

The government forbids bitcoin, because bitcoin is not a valid thing in the rupiah exchange, but I do not worry .. because I am sure, bitcoin will grow rapidly from year to year.

[prtty2gal2]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

Whatever comes out of box, it will be facing many issues at different levels. We are well aware that bitcoin is spreading over the world so fast that it would be international currency in coming decade I suppose. So what you think government will be seeing the joker show? No they must try to make it centralized or anything to it.

[LeGaulois]

And could a government start to ban Bitcoin? It could monitor/control any service such as an exchange, a web wallet, any thing used as a middleman. But as long you are using Bitcoin with a software wallet, how could the government track you? They can not monitor your computer/smartphone to see what you download and what you do with it... Ok true that they can see what you download (with the help of ISP etc) For example in my country, downloading an illegal movie is forbidden and they do track this, many of citizens receive warnings (after 3 they shut down your internet connection lol) So in the case the government can see you downloaded a Bitcoin client, does it mean you used Bitcoin? Nope. It would need to see the activity you do with your wallet, and to be able to do this it would need to "hijack" your computer.
It could be done with a partnership with Microsoft for example. But for the sake of our privacy, this will lead to a drama. And in case it happens, the majority of  GNU/Linux will refuse

[Cormoran]

It crossed my mind yesterday and I was thinking what if the government wakes up with an obnoxious law against btc ?
Its trade, exchange and outrightly banning btc usage.
Is this possible?
Do you see this coming?
What do you think & what will happen?

It's not impossible, but I suspect the government will be far more interested in monetizing bitcoin themselves - in other words, tightening up regulations on exchanges in order to make sure that they're either taxed up-front or reported to the government exactly as securities brokers are required to submit reports to the IRS for tax purposes. In fact, bitcoin has a far better chance of being accepted by governments than some of the other, more anonymous coins like Monero or DeepOnion; as much as I think that DeepOnion is a cool idea, and intend to do whatever I can to help, I think that coins offering total anonymity will face a very tough road gaining acceptance in society because of the possibilities for financial crime. Bitcoin can be tracked with blockchain analytics, which will help it in gaining legitimacy with law & order types.

That being said, Mark Cuban just invested $20m in bitcoin - so if he manages to make Deflector-in-Chief Trump feel ashamed of himself for not beating his own personal Iago, it's reasonably likely that Trump will react like a 3-year-old who's had his favorite toy taken away and try to launch a moral crusade against bitcoin. That's probably more of a danger for bitcoin than any real problems with the bureaucracy integrating it into the current financial systems & tax laws, considering the tax revenue they'd gain by integrating it.

[erikalui]

In Russia, it already happened when bitcoins were banned and then this ban was removed. In India it happened with fiat where few high denomination notes were banned and then they issued new notes and hence it can happen anytime. If your Government is strict, laws and rules get applied overnight and hence we need to prepare for anything but then they reconsider it if the users face too many difficulties like Russia did it considering the demand for bitcoins.