What if holding the bitcoin becomes illegal?

[helars2008]

I think there will not be a big effect.
Because even if government will do this they will not have a great mechanism in order to track those who possess bitcoins. Therefore finding those people will really be hard for government not unless they will be able to create a way how to conduct search more effectively.

[andylowe]

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This kind of threads create panics and draws out negativity to ones mind. Why not we should al be positive about bicoin? For Democratic countries, government can't ban bitcoin because Democratic means freedom. Mostly the Communist country are the one doing it. So cm as long Democratic countries allows bitcoin, bitcoin will surely survive.

[jerrison]

Bitcoin in the first place isn't illegal and secondly is a decentralized framework therefore holding bitcoin isn't illegal and therefore anyone holding bitcoin is actually not having any connectivity whatsoever as to making a fact that it is yours.

[RayvenPierre]

This topic has been talked about and discussed many times and I don't see why there is a reason to bring this up again. Bitcoin is decentralized meaning no one can control it and I do believe that the same goes with its users and they can use bitcoin freely and anomymously.

[senin]

States will no longer prohibit crypto currency. This can happen in some individual countries with an authoritarian regime where the economy is managed in a manual mode and where the rulers will be afraid that if you allow the circulation of the crypto currency, the money supply will flow out of the country in the form of a crypto currency and this process will be uncontrollable. In other countries, the currency will be subject to regulation for the purpose of levying income tax.

[jack1111]

Many threads discuss the same issue, I think people are fearfull because of the social media that spread fud to achieve some personal interests, Bitcoin does not seem to be easy to ban asset.

[yojodojo21]

You do have a question but you lack knowledge about bitcoin, it is decentralized. Nobody knows who owns bitcoin. If bitcoin will be implemented as illegal by the government then they will trace who is the owner of bitcoin. Even satoshi nakamoto's identity is anonymous so how could it become illegal? Holding bitcoin is not illegal using bitcoin for black market trading is the illegal.

[ashfer]

If holding btc become illegal it will be a great loss for the once who had huge amount of btc as their investment.for everything there is a solution in case a ban is coming up there will be warning given up by the government before making it practical and i am not worried even if my country ban bitcoins because there are lot of other ways to cash out btc as there are lot of countries left out without ban so one can simply transfer btc to cash from another country by opening a bank account from another country by opening bank account from other country without ban and transfer fund to that account so that you can cash out btc if it become illegal in my country as i don't wish to loose out my btc and end up loosing on all my investments so am not worried about btc being illegal in my country because there is alternative solution for every issue which comes up.Moreover my government won't come to know that i hold bitcoins as it is a decentralized platform and does not need any kind of personal information.i feel like such kind of threads are useless they post as they might not have an idea . so far nobody has idea about the creator of btc then how is government going to find who hold btc.all great works done by someone with the user name sathoshi hats off to him ...

[Sithara007]

If it happens to be bad, the prypto market will dump quickly and we will die. 

A lot of people are going to dump their coins if that happens (if they are allowed to do so), but I don't think that the currency will die. Even if 99% of the holders dump their coins, the remaining 1% will stay loyal to Bitcoin. And there will always be a 0.01%, who will use the low prices to accumulate more coins in their wallets. And there will be avenues to spend Bitcoins, such as dark markets.

[seanverlast]

I think this question should be rephrased: what if governments declare all cryptocurrencies illegal?

Because it would make no sense to ban just one, be it btc or another, people would just switch to a different crypto and the govt would not achieve much considering their care is not for people losing their money or homes due to mindless all-in trading, but their only care being to keep collecting taxes so that our chosen few may live lives of luxury off our hard earned money, and the real leaders of this world and owners of most assets on the planet, banks, will maintain control over all money supply and currency transfers.

So...what will happen if orning or buying or selling crypto becomes illegal? Like, jail time illegal. As in, every possible buyer or seller could be an undercover agent working for whatever govt agency will enforce the ban.

[thenameisjay]

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

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

Well, investors would be tearing up right now. A lot of them have invested millions and millions of dollars on crypto just so the government could ban bitcoins because of how much it wrecking the economic system. But then we'll move on since we could live with or without cryptocurrency anyway.

[Kahoy01]

Holding cryptocurrencies which is one of the most common activities in the world of cryptocurrencies most especially bitcoin is the one that helps bitcoin's growth and development. It should not be banned. However, if ever this magically happened, Bitcoin sure would face serious damages on its value and might even suffer its downfall.

[czhy20]

If holding bitcoins become illegal, I think no one will go to jail because of it, how can the government trace the owner of each and every bitcoin addresses? It's also very easy to use vpn's and use other countrys' server to bypass the internet. Bitcoin has always been decentralized and anonymous so I think making bitcoin illegal is pointless.

[Doge dealer]

WHAT if man went to the moon ......o wait they did do that.....All countries  know the whale of financial benefits that bitcoins can generate , they are only pretending and doing drills into fooling people that they are actually thinking about this , this is just to send a clear message that look the only way we are gonna allow this to continue is if we are cut into the operation , we need to be in charge of regulations so we are not short changed and then we collect our salaries sorry taxes whatever we wanna term it . They all understand that making anything illegal only creates black market situations and then they would have a real issue to deal with so in the end common sense will prevail, governments are just playing there part to ensure market conditions are created to lower prices so new buyers can enter and then they will step back and allow prices to soar to new heights with there about turn and  compromises.

[gabmen]

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

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

Well, investors would be tearing up right now. A lot of them have invested millions and millions of dollars on crypto just so the government could ban bitcoins because of how much it wrecking the economic system. But then we'll move on since we could live with or without cryptocurrency anyway.

Very unlikely to happen now. One reason why we'll recovered from the dip a little was because of the senate hearing with sec that pretty much got positive feedbacks at the least. That means governments like the us consider the innovation that cryptos and blockchain bring to the table.

[joshua05]

If it may, some investors would probably lose their faith in bitcoin, regardless on it stability, and its influence in the new name in banking, i dont think bitcoin becoming illegal is possible.

[Adsily]

it's illegal in my country

[ALI AKBAR]

It is a really incredible news that prohibition of Bitcoin. There is no clear document on sanctions. We notice that in some countries it is accepting and some countries are boycotting. But it is difficult to confirm if money becomes illegal but there is a possibility. I do not ever hope that it will happen. But we must be ready anyway whatever happens.

[laravuemaster]

If it happens to be bad, the prypto market will dump quickly and we will die. 

You are right, banning of cryptocurrency only means that it is the end of cryptocurrency but as long as there are countries who are allowing people to invest on bitcoins then there is no way for crytpocurrency to die so hope for your government to legalize bitcoins.

[reverseflash]

If it happens to be bad, the prypto market will dump quickly and we will die. 

You are right, banning of cryptocurrency only means that it is the end of cryptocurrency but as long as there are countries who are allowing people to invest on bitcoins then there is no way for crytpocurrency to die so hope for your government to legalize bitcoins.

If on all prohibitions there was such response... But usually the prohibition leads to creation of the black market and price increase and demand.