bitcoin banned

[kc999991]

China tried that before, it affected the price of Bitcoin for the few days then it bounced back. So not too much to worry about when Indonisia banning it to be honest.

[FourByfour]

Indonesia probably thought that bitcoin is a threat in some ways and trying to warn their people about it, still I believe its affect on the price of bitcoin is just a scratch.

[Fire316]

     I think government can only impose laws and regulations to bitcoin users but not to ban the bitcoin  because bitcoin is decentralized,it is totally freedom and government can't hold it. So bitcoin will continue to grow as long as people still believe in bitcoin.

[v0rtecxz]

     I think government can only impose laws and regulations to bitcoin users but not to ban the bitcoin  because bitcoin is decentralized,it is totally freedom and government can't hold it. So bitcoin will continue to grow as long as people still believe in bitcoin.

I think so, Indonesia is not really prohibiting the use of bitcoin just trying to enforce regulations in order to prevent illegal use that can harm the country, they do not forbid anyone to use bitcoin, the freedom of everyone to act in accordance with their wishes, but with the existence of the rules can curb his society, and the effect on price changes I suppose is just a small scratch does not really impact on the serious decline

[The_Dark_Knight]

indonesian goverment banned bitcoin, affect the bitcoin price of the world ?

Of course not, Indonesia is a big country with a big population but not many people use bitcoin there and there is not a significant amount of exchanges where a lot of money is moving, taking that into account, I do not think we are going to see any kind of big crash or anything, most traders will keep their daily routine and will keep trading as usual.

[gestknpa]

I think it will affect the market. I'm totally sure that the price of BitCoin will be back to its true price, which is higher than it is at the moment.

Then you think the real price will be how much? I feel will have an impact, but the impact will not be so big.

[eann014]

indonesian goverment banned bitcoin, affect the bitcoin price of the world ?

Maybe it will affect the price a little bit that's why bitcoin price is now dropping, but as what I notice it is still prove itself and still on its average price so I think there is nothing to worry about that.

[monkeydominicorobin]

They are banning something that they cannot ban. Besides they have not expressed their desire to ban Bitconnect. That is the highest form of absurdity in this case.

[Manuj]

If we can philosophize a bit, what is it really a digital currency? Because the official definition of the government of the Republic of Indonesia does not exist when this article was created. We take the closest definition according to Law no. 7 Year 2011 Article 1 Paragraph 1 which writes, as quoted "Currency is money issued by the Unitary State of the Republic of Indonesia hereinafter referred to as Rupiah." And if combined with Law no. 23 Year 1999 Article 2 Paragraph 2, as quoted "Rupiah currency is a legal means of payment in the territory of the Republic of Indonesia". Of the two definitions of cryptocurrency is certainly not official because it is not issued by NKRI and not a legal means of payment.So the impact of a bitcoin ban on a country can be said to defend its own currency, in the presence of bitcoin they may fear the price of its currency is not worth anymore.

I agree. But you are specifically talking about the national currency of the Republic of Indonesia. It is going to be Rupiah, the one agreed to be the official legal tender of the nation. With such basis, Bitcoin will of course find itself a total stranger. It is because Bitcoin is not a currency as we understand it traditionally. It is some kind of revolution in the payment system. It is even something that is against the way the world is working right now so how can it be in any way protected by law?

[fireblond]

Any ban in general might have some sort of effect "Short term" If anything I still feel like bad publicity is still good publicity as when bitcoin gets banned the people are left wondering "Oh, what is bitcoin anyway?" and even if it were to have a small effect on the price the price is almost guaranteed to recover as we have seen with other countries banning bitcoin.

[spyerf]

I think it will affect the market. I'm totally sure that the price of BitCoin will be back to its true price, which is higher than it is at the moment.

Then you think the real price will be how much? I feel will have an impact, but the impact will not be so big.

Maybe at the beginning of it, as it has passed, the bitcoin will rise again for no reason at all. and in my opinion there is no real price in bitcoin.

[BlazingBlack_Dragon]

indonesian goverment banned bitcoin, affect the bitcoin price of the world ?

Nope. Bitcoin, in it's early days and even up to now, governments and financial institutions have tried to kill it for the longest time and have failed several times over and over again.

It's like trying to shutoff the internet. Nobody can do it once it has been unleashed.

[TeraBitHoven]

How can they ban an asset or currency that is not in their control?They can ban it from publicity but as long as bitcoin is alive it doesn't matter. It is decentralize and it will continue to grow but I think it somehow affect the market.

[cpfreeplz]

Oh no. The bitcoin is dead. Oh dear. Whatever shall we do. 

If it was banned (which is bullshit) it wouldn't matter because it's decentralized. No one can shut it down even if they tried. There is no one person to take down in order to have Bitcoin gone. You can try to ban things but people can still hold them very easily.

[CryptosapienZA]

No country can ever successfully ban bitcoin. As far as the market goes, I doubt it would even sneeze after the Indonesian government banned it.. Yes, the people from that country would be affected as it would be difficult for them to find places to buy. However they will find a way like others did from other countries.

[gilangIDR]

Oh no. The bitcoin is dead. Oh dear. Whatever shall we do. 

If it was banned (which is bullshit) it wouldn't matter because it's decentralized. No one can shut it down even if they tried. There is no one person to take down in order to have Bitcoin gone. You can try to ban things but people can still hold them very easily.

Relax the bitcoin will remain strong, it all takes time to get better. The government is quite worried about the very fast price of bitcoin. We all have to wait until the bitcoin price is stable and that's the thing that can convince the government. Never panic and continue to develop bitcoin as best you can. I think that using bitcoin regularly in everyday life can make bitcoin much better.

[Juggy777]

indonesian goverment banned bitcoin, affect the bitcoin price of the world ?

Didn't even know Indonesia people were into bitcoins till you put up this post. From what I know their market share should be insignificant so I would care less for it. Then again people can always buy and sell in other countries how'll the stop that. My point is you can't ban bitcoins cause you just can't stop it. So don't read much into the news.

[allycn]

I don't think that ban will have a major impact on the BTC price. At most it could have minimal fluctuations for a couple of days only to recover quickly.

[Dmitry.Vastov]

No govt can ban Bitcoin it is connected tocomputers decentralised nt in one control  govt form rules but can't ban completely

No that is not true any government can ban bitcoin in their respective country . Bitcoin is Decentralized means it doesn't under control of single authority but in order to establish in any country bitcoin must need permission of government. Country like china Bangladesh Ecuador and recently Malaysia government ban bitcoin  . Every government give  permission to bitcoin according to their country economic. Bitcoin is also use for various criminal activities like anti money laundering and other serious issue so many government ban it. Bitcoin doesn't pay tax which also effects a country economy 

[rizkyhiw]

No govt can ban Bitcoin it is connected tocomputers decentralised nt in one control  govt form rules but can't ban completely

I so agree too if the government will ban bitcoin because it's a crypto currency system, moreover some countries still let it to do, such as Russia, China, Japan and Europe. For those countries still use the crypto currency, the middle country like Indonesia that it's still not banned.

If you agree with the government banned the use of bitcoin, then why are you here?
This forum is a great community, and the community here expect bitcoin to get legalized in the country.
I am not worried about the Indonesian government banning the bitcoin, it will not affect the price.
otherwise, if japan, American prohibit this bitcoin will be very detrimental to the price that the possibility of bitcoin will not be worth at all.