could the government Kill Bitcoin by labeling it as illegal?

[MiiDoViic]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are taking notice on it.
I'm from algeria and in the new 2018 country finance rules they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

[btcone111]

BTC is constantly grinding between the wheel of government control and wish of people to at least control part of their wealth
Japan Korea and Singaporean gov are more open minded - this is quite important because Asia will be driving the global economy in the coming 20 years. So I think other govt banning btc will not kill btc but it will impede its growth for sure.

[kueyen]

I think it wouldn't stop people from investing, because people see that the profit you make is real. This would reduce the money people keep on the grid, which would in turn reduce the tax income of the government as well. You could scare some people off if you declare it illegal, but not everyone.

[HeRetiK]

It would most likely drop into a form of shadow economy and probably trade at much lower prices. But I'm pretty sure it wouldn't be the end of it.

Also all it takes is just one country for cryptocurrencies to be legal in. Crypto businesses would then simply have their company seats in this crypto-paradise. There's a lot of tax money to be made with regulatory arbitrage.

[Opquar]

Possibly. Imagine life without exchanges. Cashing out is going to be hell. Most people may not want to bother.

[noictib]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

No , it will not be the end , Think about it throughout that what is possiblities with the Cryptocurrency , any country can make rules to use or not to use the cryptocurrency like things but they can't stop the Network of the bitcoin or another coins , so people will be able to use the cryptocurrency even after the ban .
And also here another thing is to think that why the countries government will ban the bitcoin while they can make big earnings by the tax of the use of cryptocurrency by the public , Japan , America are exampl e of it .
 So by taking into consideration these two factors there is chances to ban the cryptocurrency use may be 1% or less , but whatever happen in the future leave it now , and enjoy the earnings and convert your bitcoin in small small amounts into fiat.

[12tribes]

Not exactly. with the demand for btc the governments of the world restricting the acceptance of btc will come under pressure. A lot of governments are still studying it. Killing btc will be an uphill task.

[Mallingo98]

There could be made regulations that makes it difficult to deal with crypto. However, I think it is impossible to stop a technology like this one. People will find other ways to utilize.

[superdave17]

If the US bans it, it will take a major hit.   Look at what happened with online gambling and online Poker in the US.

[SuperD007]

I think governments will try their best to clamp down or regulate but I doubt there is anything they can do to kill it.

The biggest gripe they probably have is the fact that they are losing loads of tax revenue.

[redhondaxrm125]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

Well, if you think about it, it can really be posaible. But if you think deeper, i do not think that governments would even join forces in dling something like this. Since doing so would make a lot of people outraged. Because  every day more and more people are getting into crypto currencies. And if they do this, this may cause a world wide war of people vs. governments. That is what  i think.

[mobnepal]

If government all around the world will call bitcoin as illegal assets than yes it might affect the price of bitcoin but it can't just kill or switch off whole bitcoin network. Actually banning bitcoin have shown quite positive effect in the countries where it was banned in terms of both demand and price. Bitcoin is being traded at way higher than international market price in countries where bitcoin is banned or it is illegal to trade bitcoin. 

[Pleione527]

Government can possibly banned bitcoin transactions by labeling it as illegal but it can never kill bitcoin, it is in the system that no one can delete it unless they can eliminate internet connection in such way no one can access bitcoin which is very impossible to happen. I think if time comes that government will tag bitcoin as illegal people will surely find their ways to do bitcoin transactions and no one can prevent them.

[loading...]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

Maybe NO, Still people are making secretly dealing with Bitcoin if that will happen. They are trying to do secret transaction to get income. Even its difficult they will do it because you can easily earn money by posting and investing. And for sure, mang people will do rally to make it not happen.

[dasdo]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

One government will not kill bitcoins. We have already observed how America tried to regulate the bitcoins with the help of the SEC, and they watched as China tried to ban the ICO, but this only temporarily influenced the courses of the crypto currency, but then they all the same turned away. That's why it's worthless to be afraid.

[Jet Cash]

There is no way governments can block its use, and they are unlikely to want to. I think that the Deep State ( who control the governments of course) are buying Bitcoin to push up its price and reduce the number of coins in circulation. This is a far more effective method of reducing the use of Bitcoin in my opinion.

[sabrikks]

it may affect the price and growth yes, but it will not kill bitcoin for sure, remember that the idea of crypto currency is anonymous and decentralized market.

[soham]

Hello Guys. These days bitcoin has reached a new high like never before and for sure many governments are are taking notice on it.
I'm from algeria and in the new 2018 county finance rule they labeled cryptocurrency transactions as illegal and that happen also in morocco and other countries i believe . the reasonby was that crypto could be a way of moneylaundring for criminals .therefore my question is ,if most of the countries made dealing with cryptocurrencies illegal, would that mean the end of it ?

Morocco and Algeria both are Muslim countries. Few days back I noticed some debate where bitcoin was said to violate the rules of Islam. I don't want to comment on that whether it has really violated or not, but some people were considering the price increase of bitcoin similar to interest on bitcoin. So there was a silver lining in that debate.

Government can definitely tag bitcoin as illegal because they believe it can be very easily used for money laundering and terrorism financing. Probably that was the reason that played in background for these two governments. But if you ask if they can track each and every bitcoin or crypto transactions, then my answer would be NO. Bitcoin will still continue to grow in the black market. But the government can definitely restrict a majority of transactions by making it illegal and finally killing its own people by poverty.

[blozo]

Criptocurrencies are not only bitcoin. There are a lot of other projects (like Ethereum or IOTA) that are working with hundreds of companies in the world using the blockchain technology. Banning criptocurrencies would drastically reduce the development of this technology as well

[beerbathe]

The right to trade is deemed in most countries, the Government may have their fears and try to interfere with bitcoin practice, but Bitcoin is a right and will survive whatever government throws at it.