What will happen if the government know bitcoin in your country?

[denny27]

In the country where I live the government already knows about bitcoin, but the government hasn't really understood or knowing more about bitcoin and blochckhain's technology with deeply, I think the government is still in the process of learning deeper to knowing it. Until now, the government hasn't been able to legalize bitcoin as a method of payment (approved's currency) because it's still worried about the risks can be affected on the country, especially the country's economy system (banking).

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[Seansky]

That's not really possible to keep track of the users as well to make the people stop the usage of bitcoin. These days governments too have the plans of making use of bitcoin, than abolishing it. Because people tend to use it one or the other way, so that it's not possible to abolish it. Expect more countries to get into bitcoin usage and make it grow higher same as that happened when Japan entered the community.

Exactly. Since they cannot stop people to use bitcoin, government intends to legalize it to use cryptocurrency for the benefit of their own country to it's maximum extent. For this reason, some countries like Russia or Uruguay launched a cryptocurrency of their own to aid in their economic status. Countries other than Japan are on the process of adopting btc with the hopes of regulating it in a way and using it to their advantage.

[naidray]

I don't think that they can take any strong/strict action against the bitcoin because bitcoin is decentralised cryptocurrency currencies , and the person who can access internet can access bitcoin also , so here we can say any government can make rule to not to use the bitcoin but can't make any rule to stop the transaction of the bitcoin Because no one has the control in the bitcoin transaction between p2p.
Here we can see that many big economical countries allowed bitcoin to use with better rules of taxation , so here we can understand well that no other countries will ban it , Because bitcoin is not only a way of income for the common people but also a thing for the better growth of the economy of the country .

Well, that is where the limitation now comes in. Even when someone has to do a P2P transaction which obviously government cannot control, but at the end, there would be a need to still convert to fiat at a point unless the person holding decides to move out of the country to go use an outer exchange cause that kind of action would make it difficult for any merchant to want to use, and practical usage to be impossible. At the end, just like you have said, except for some huge reasons, which I feel can be controlled, hardly are we going to see any country banning bitcoin.

[Harry Callahan]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

Any government who thinks about banning bitcoin or any crypto currency fear about money laundering and terrorist funding and that is what they will be focusing to tell if they want to ban them. I am not sure how these cryptocurrency is aiding you financially unless you are holding a good number of coins.

[leonair]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

They can't ban Bitcoin though maybe the most possible way that the Government can do is to regulate exchanges to what they want to happen because the citizens that participating with Bitcoin and any other kind of cryptocurrencies are using exchanges to withdraw or deposits their Fiat money inside of the cryptocurrencies. People will still find a way to access Bitcoin if the Government will still insist in using Bitcoin so don't worry too much.

[PhucS]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

Yes, some countries seem to be afraid that Bitcoin will have a negative impact on their country. My country too, the State Bank did not recognize Bitcoin and they issued a ban on using Bitcoin as a means of payment. The Bitcoin community of my country will certainly not agree with this decision because it has limited the popularity and development of Bitcoin in my country. However, I think those countries that have banned Bitcoin have their own reasons. Recently, Bitcoin's anonymous privacy features are often used by criminals for illegal purposes such as money laundering, financial fraud. That would cause a lot of financial and economic turmoil. I think so

[bitgov]

No way that goverment will ban it, i think if bitcoin won't "come" in typical fork in country and will be only some "extra" currency it won'tt cause any trouble.

[Agarwaenel]

Nothing because in my country we already pay a lot of taxes and they do not care as long as you pay taxes but in my country it is almost unkown what bitcoin is nobody here knows actually about it unless you go deeper.

[betMaster]

My country is still struggling with providing enough foreign currencies such as dollars and euros in order to maintain her import engagements and pay her dues whenever we receive ships of products coming from Europe . People are not allowed to hold or do any kind of business with any kind of foreign currencies and are risking to get imprisoned , even paypal and it's alike aren't allowed on our territory so i don't think they will ever consider dealing with bitcoin .

[Cindy1983]

There are 2 cases will be happened. The government will be going to legalize Bitcoin or ban it. If the government has enough ability to control Bitcoin, both advantages and disadvantages, they will legalize it cause it's a important factor can change the economy. But if the government can't control it they'll find the way to ban Bitcoin to avoid Bitcoin be taken advantage to commit crime and this case is going to happen in my country soon

[Reatim]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

There are really governments that don't like bitcoin. They are fearful because bitcoin cannot be controlled by them. And even if there is a significant effect to their citizens like you and me, for them its doesn't matter because if they think that  then are being threaten by other things, not only by bitcoins,  they will not blink an eye and issue a total ban. But the good thing is that there are also a lot of friendly bitcoin countries. And if you are extreme lucky if your country will support bitcoin and cryptocurrency in general.

[sindikat]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

There are really governments that don't like bitcoin. They are fearful because bitcoin cannot be controlled by them. And even if there is a significant effect to their citizens like you and me, for them its doesn't matter because if they think that  then are being threaten by other things, not only by bitcoins,  they will not blink an eye and issue a total ban. But the good thing is that there are also a lot of friendly bitcoin countries. And if you are extreme lucky if your country will support bitcoin and cryptocurrency in general.

I don't like when they talk about support but nothing doing. How much time is needed to the government has adopted a law on cryptocurrencies? There is no such law. It seems to me that the government is only playing with us in democracy. Their goal is to stall for time and come up with a mechanism for effectively dealing with bitcoins.

[Hazaki]

I'm almost sure that my country will adopt bitcoin if it just stabilizes it's fluctuations a bit because it will be a great help to push forward it's agreements with other countries that are already dealing with bitcoin through their payments . As a developing country , it will help us also conclude deals with other countries and thus , widen the range of products that we exchange which will conclude in enhancing the general financial status of the country and making more entrepreneurs come towards us for investment purposes .

[BitSat]

No way that goverment will ban it, i think if bitcoin won't "come" in typical fork in country and will be only some "extra" currency it won'tt cause any trouble.

Your point is valid but peoples sitting in power not understand this all they want to control all things just because of this they are doing all tactics to block bitcoin even they have no success but still doing in few developing countries but few countries like Japan Korea Australia doing very soft policies for this which need to follow by many other countries as well

[reflector]

There are 2 cases will be happened. The government will be going to legalize Bitcoin or ban it. If the government has enough ability to control Bitcoin, both advantages and disadvantages, they will legalize it cause it's a important factor can change the economy. But if the government can't control it they'll find the way to ban Bitcoin to avoid Bitcoin be taken advantage to commit crime and this case is going to happen in my country soon

Without dong both you mentioned also still people are operating bitcoin as their main or secondary source of income. Still every government side reserve banks knows about bitcoin but they are not showing any interest to digital currencies.
As like laymen they are also thinking that bitcoin as a Ponzi scheme.
I expect that they should make bitcoin as a legal money and should grow along with that.

[negancoin]

are you assuming that you know about bitcoin and your government not ! that must be joke! dude they know about it before you know.
most countries don't talk about Bitcoin, because if they did it, Bitcoin will get so much of attention.

[smith136]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

Every new industry in the market or community helps to improve the economy but also destroys some industry as well, I believe banks and other financial institution are feared with the rise of crypto currencies, but government can help them by imposing taxes on bitcoin and other coins which has the ability to gain profits. All of the government in the world knows about cryptos, some ban and some just let it circulate in their country because they believe it is helpful to them.

[Terry05]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

I don't think if the government in your country would immediately issue an order to ban bitcoin, unless bitcoin is threat in the economic and security aspects of your country. I believe That your your government is already knew what is bitcoin all about and I think they started studying/evaluating how they would find ways to incorporate the bitcoin in order for the state to create income such by means of taxation.

[xYakult]

I  live in a 3rd world country and our government is fully aware about the existence of bitcoins. Most of them think of it as a scam since they do not fully believe that "an online money" can be converted into "actual physical money". Yes, I know. It sounds dumb. But that's their way of thinking. They are conservatives and not yet open to the idea of bitcoin.

[swordling143]

I think they will ban bitcoin because of the fearful that may affect of the economics of my country but i disagree there opinion because working bitcoin is very helpful for me especially the support financial.

The government in my country is aware of the existence and activiies involving bitcoin. However, for now they are sill not legalizing it nor declaring it as illegal. For me, this is good because there will be no tax.