What if holding the bitcoin becomes illegal?

[Marry Finch]

All the countries of the world will not prohibit bitcoin. If individual countries do this, bitcoin will flow into those of them where it will be allowed. In addition, the state can prokontoliruyut only settlements involving legal entities. Settlements between individual citizens and the storage of crypto currency the state can not control.

[Sithara007]

If Bitcoin ever gets made illegal you just throw your coins in a strong altcoin, litecoin or Ethereum.

LOL.. Do you really think that the authorities are that stupid to allow the possession of altcoins, that too after banning the Bitcoin? If they are going to ban, then all the crypto-currencies including Ethereum, Bitcoin Cash, Ripple, Deeponion, Monero and Zcash will be banned. It is not like they are banning one crypto-currency and allowing the use of another.

[romeitaly]

I have seen threads like this before, and I think that you should have read more in bitcoin forum so we can avoid the repitition of topics. Anyway, if bitcoin will be banned then I have no choice but to stop using and earning bitcoins. As long as it's legal, I will continue using it because for me it is a good thing and a good source of income.

[fanbeila]

I think if it becomes illegal, it would be a big waste of money for those who are holding a big amount of bitcoins and already planning to convert. However, if holding bitcoins would be illegal, then there is no use of giving salary or a reward of bitcoin from the campaigns. But i hope that this wouldn't happen because bitcoins increase in any moment so they could earn higher than what they paid for.

No,even if it becomes illegal and you have lots of bitcoins in your wallet,just sell it to any of your friend who is abroad and ask him to send money to your bank account.Just simple.No need to worry about.Even i also had thought of applying this plan if bitcoin gets illegal in india as i have friends abroad.But thanks to god,indian government has decided to legalize bitcoin.So,i don't have to worry any more about that.But,i think that no country here after would try to ban bitcoins as they know very well that bitcoin is unstoppable.

[ufaiz50]

doubt thing that just storing bitcoin is an illegal act even the government itself does not know who is storing or using bitcoin now. but if true just storing bitcoin is an illegal act I'm sure the demand on bitcoin will decrease.

[MiF]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

If the imposed penalty is slightly as we can absorb it then i will not stop investing on bitcoin because there are lot of ways in order not to be traced by the government like the use of VPN technology but if the penalty will be my life or imprisonment and it will treat my family to danger then i will stop all of my transactions in bitcoin and altcoins.

[pekingcoepo]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

I do not care if ultimately the government will ban bitcoin, because until now Bitcoin has not been recognized by my government, nor is it good without government support, unless the government starts to close all access associated with Bitcoin, then I can not imagine it We should stop talking about it , stay focused on our work at Bitcoin.

[aaron2024]

Then nobody would say that they have Bitcoin, and people would use it anyway. That's the strength of a decentralized system.

[erickkyut]

Actually there are some countries which ban Bitcoin and treat it as illegal investments. The government cannot penalize those who uses it even though it is ban because as we all know, it is decentralized and government has no control over it. They have no means to trace who uses Bitcoin.

[Absentis]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

Then these governments will loss this oppurtunities to earn from bitcoin taxes and fees. They will continue to face the problem of countrys unemployment because bitcoin can help decrease the unemployment rate by peolple gaining an income while at home. But these countries that ban bitcoin is only at less than 1% of the nations in the whole world so i believe they will be convince to make bitcoin a legal in the future.

[k@suy]

Actually there are some countries which ban Bitcoin and treat it as illegal investments. The government cannot penalize those who uses it even though it is ban because as we all know, it is decentralized and government has no control over it. They have no means to trace who uses Bitcoin.

I agree with you. Though it is banned, government will find it  hard to trace each account. Also, people will find a way to circumvent with the rules and in bitcoin no one know have it unless you are very vocal with it. People are also shields to hide their IP's so its hard really to implement banning it.

[triads]

Well, I thought this was just an academic question too.  But then looks like China is the first to go after Bitcoin... mainly by banning the exchanges.  According to the Wall Street Journal: "The Bank of China has led a draft of instructions that would ban Chinese exchanges from providing virtual-currency trading services."

[johnwest]

It will be an apocalypse otherwise I find it very unlikely for this to happen. If you are talking about only BTC then all the money will be flown to altcoins and many altcoins will rise to this occasion.

[Frostyroar]

I don't think that will happen because bitcoin is money and you cannot make money illegal that is just not acceptable. Also bitcoin is getting more popular everyday. So if they would do that almost

everyone is doing something illegal? makes no sense.

[coynedterm]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

I don't think it will be new thing if it will happen because i know very well when the one of the state of the Russia banned the bitcoin and the price of the bitcoin get down to about 140$ down ( from 500$ to 360$ ) .
But at that time many people were in my contact and were selling Thier bitcoin for money in dollers at PayPal like platfroms .
So i don't think that there we will see any down in the price more than 10-20%
And if it happen in the current time then i am sure that people will not get in fear because most of the people knows that how they can handle bitcoin easily in the offline Market .
Here if you will make research to mske buy sell bitcoin in offline then you will easily get places , so just forget about every negative thinking and use bitcoin blindly for the earnings as well as for saving purpose because your money is your and if you can access internet then you can access bitcoin , so why to take fear .

[DainSLane]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

In some countries they already ban bitcoin and if you disobey that law you can go to jail the government is scared because they can't control it and because of anonimity of bitcoin it can be use to buy illegal goods without knowing your real identity, there are many reason why bitcoin is banned in other country.

[Aztek]

I hate such questions "What will happen if..." There are only few countries where bitcoin illegal. And mostly countrys don't plan to ban btc. Last week there was some FUD from China, but bitcoin is legal there. Now lot of countries planning or already took actions to regulate bitcoins, that people would pay income taxes from their btc.
And even if some more governments will ban btc, it won't kill bitcoin. They can't control bitcoin and prevent people to use it.
P.S if you already advertising your website, make more serious article, because content of text is far from title.

People have full of doubt on the things that they really not sure about. And we can see that you are quite new in dealing with Bitcoin becasue if you are a veteran or have a history on dealing with crypto-currency specially bitcoin you would not consider dealing with what if questions. For me the best thing to consider is to support Bitcoin for you to experience the full depth of Bitcoin in terms of transactions, investments and trading.

[BitcoinsGreat]

If Bitcoin ever gets made illegal you just throw your coins in a strong altcoin, litecoin or Ethereum.

First of all, holding bitcoin can never be illegal. Have you ever heard that holding Fiat is illegal. It is just not possible. Now if bitcoin itself become illegal, its scope will be limited to one or few countries and it wont be illegal in this world   

[Denies]

why imagine? I think it already exists. and occurs in some countries. I think not all countries will ban bitcoin. as in my country there is no prohibition to engage with bitcoin.

[BlockHazard]

Just imagine what will happen if once the government will ban Bitcoin ?

https://blog.eth-price.com/2017/09/11/governemt-making-bitcoin-illegal/

I do not think this kind of thing will happen. Why? because the government and several local authorities in various countries have already established regulations and even legalized Bitcoin. But if you ask about ICO, maybe ICO does need to be supervised even in the tire for now because with the explosion of ICO makes some investors even local authorities difficulty in handling and supervising ICO. so... banning Bitcoin? it's impossible.