deathguardian20 (OP)
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January 27, 2018, 05:12:24 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
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Julunguul
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January 27, 2018, 05:43:36 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
of course, the government of that country that ban bitcoin means they banned a something called cryptocurrencies like bitcoin and its fork or else which is related with it. so what is the purpose of banning bitcoin meanwhile the alts still allowed ? i mean, every alts always related with bitcoin. |
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peterthegreat
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January 27, 2018, 05:44:14 PM |
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Yes the country bans all cryptocurrencies.
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Mometaskers
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January 27, 2018, 08:48:31 PM |
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Very likely. Though it's more likely for them to go after alts first before banning bitcoins. China for example has placed restrictions on ICOs first. There was no outright bitcoin ban but that'll possibly come later once they've done creating their own digital fiat.
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Febriana98
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January 27, 2018, 08:56:03 PM |
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No, most countries just Banned Bitcoin not with Altcoin, if they banned cryptocurrency then all altcoin was banned  |
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ktabb
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January 27, 2018, 09:01:31 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
I think most countries' laws will address crypto as a whole rather than bitcoin specifically... so the answer is probably yes. |
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cryptoalfs76
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January 27, 2018, 09:21:00 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Definetly yes, that true if bitcoins is banned in one country altcoins is also affected,and all things that talking about digital currency is probihited if banned implemented to that country,even those small crypto like faucet games would not be allowed,because if government implemented a law,there so many article,that they consider that not allowed.I hope that this things should not happen into my country,because many of us will affected and cryptocurrency is part of our life and everyday gestures. |
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surfinonmyownwavebaby
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January 27, 2018, 09:28:01 PM |
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Technically no because you would have to say something that declares a ban on altcoins but in the spirit of the rule and in good faith if the country or state banned Bitcoin I am pretty sure they meant altcoins too unfortunately.
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Lorence.xD
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January 27, 2018, 09:46:12 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Definetly yes, that true if bitcoins is banned in one country altcoins is also affected,and all things that talking about digital currency is probihited if banned implemented to that country,even those small crypto like faucet games would not be allowed,because if government implemented a law,there so many article,that they consider that not allowed.I hope that this things should not happen into my country,because many of us will affected and cryptocurrency is part of our life and everyday gestures. Most likely, once that bitcoin got banned by a country, then all the cryptocurrency and altcoins will surely next to it. Why? Bitcoin is the number one of the cryptocurrencies. Banning the first will also banned the others. It is like a domino effect that will affect all of them. We can also see the connection of cryptocurrencies and altcoins through its price. Once that bitcoin goes down, other will go down as well. Banning bitcoin is like banning any transactions without the process of bank and that is the function of other cryptocurrencies as well. |
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batang_bitcoin
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January 27, 2018, 09:50:43 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
A ban will not be only applicable to bitcoin, they will tell it in general that cryptocurrency trading, sales or holding will be banned in their jurisdiction. If bitcoin is banned it's understood that it goes with altcoins too. Technically no because you would have to say something that declares a ban on altcoins but in the spirit of the rule and in good faith if the country or state banned Bitcoin I am pretty sure they meant altcoins too unfortunately.
Technically yes, I haven't read any news that only banned bitcoin but they banned "cryptocurrencies". |
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Pleione527
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January 27, 2018, 09:52:20 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
As far as I know when China decided to banned bitcoin the rest of all alts are banned because it is the crypto currencies that they are prohibiting for exchanges rather than bitcoin alone. Bitcoin carry out the rest of all coins it was just that bitcoin is more popular and trusted these days. |
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ManaMan
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January 27, 2018, 09:53:19 PM |
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When most of us say bitcoin, well it is meant for cryptocurrency in general. But we use term bitcoin simply because many people are more familliar with term and because its the number one. Its like when you say USD or EURO instead of calling these currencies - "fiat currency". Very likely. Though it's more likely for them to go after alts first before banning bitcoins. China for example has placed restrictions on ICOs first. There was no outright bitcoin ban but that'll possibly come later once they've done creating their own digital fiat.
ICOs are whole another topic than just being simple altcoin. Problem is that you are raising money globally without 3rd party in between and because of pseudo anon nature of ether. btc... we see few scams here and there. On the other hand they can not do anything to protect their investors if ICO startup fails to fulfill it's promises or they simply might be looking from the distance at current situation and are trying to evaluate thing better. |
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Yakamoto
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January 27, 2018, 10:01:13 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
It would imply that all the other kinds of cryptos would be banned at the same time as Bitcoin since there would be nothing to really trade a majority of the altcoins with, aside from a select few like XRP, ETH and BCH depending on what exchange you're using. But to keep it simple and short there is a good chance that a majority of the altcoins would be banned unless explicitly stated that they aren't, and banning Bitcoin would just be used as a catch-all term for banning all cryptos. Not too hard to understand but it can be a bit confusing if you're not familiar with how governments work and what they propagate on media outlets. |
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bluestar1000
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January 27, 2018, 10:05:56 PM |
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Yes.
Quotes from the Wikipedia article Legality of Bitcoin by country or territory.
Ecuador - "The Ecuadorian government has issued a ban on bitcoin and other digital currencies."
Algeria - "The purchase, sale, use, and holding of so-called virtual currency is prohibited."
Bolivia - "The Central Bank of Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone"
Kyrgyzstan - "the National Bank of the Kyrgyz Republic made clear that "the use of 'virtual currency', bitcoins, in particular..."
Bangladesh - "Bangladesh Bank said that "anybody caught using the virtual currency could be jailed..."
Nepal - "Nepal Rastra Bank declared bitcoin as illegal."
It appears Nepal is the exception here, although in the reference it says "As Bitcoin isn’t attached to a state or government and doesn’t have a central issuing authority or regulatory body...", so i'd be surprised if alts didn't get the same treatment.
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shield132
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January 27, 2018, 10:10:07 PM |
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Bitcoin is a cryptocurrency - it's just most known and usable. If you buy this one, then there is no logic to make ethereum, litecoin and etc legit one, banning of one coin and especially bitcoin means banning of whole crypto currencies. Otherwise it will be very strange, if you ban btc, why won't you ban monero too?
People just usually use word bitcoin when they talk about crypto.
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pentol86
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January 27, 2018, 11:17:53 PM |
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I think, the others will follow because its function is not much different from bitcoin
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dragoz11
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January 27, 2018, 11:27:14 PM |
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in economy if there is not gold (the reserve for any currency) the government can`t print money so it is same with crypto world btc being the reserve of any other coin and if it gets banned there wouldn`t be any alts left as well.
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filharvey
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January 27, 2018, 11:31:29 PM |
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Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Yes. If a government announces that Bitcoin has been banned, it means that all the other altcoins are also banned. |
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lyoth
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January 27, 2018, 11:33:26 PM |
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I dont think any country is going to outright ban Bitcoin in the foreseeable future. And if they do, it will probably be a ban on all cryptocurrencies, not just BTC (and the country will probably release its own coin and force it down the people throat)
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danggoron
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January 27, 2018, 11:40:43 PM |
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Bitcoin is a cryptocurrency - it's just most known and usable. If you buy this one, then there is no logic to make ethereum, litecoin and etc legit one, banning of one coin and especially bitcoin means banning of whole crypto currencies. Otherwise it will be very strange, if you ban btc, why won't you ban monero too?
People just usually use word bitcoin when they talk about crypto.
Yes, it's automatic, if bitcoin is banned then altcoin will be the same thing. Bitcoin and altcoin are cryptocurrency. You are right, some people call bitcoin when discussing cryptocurrency, that's generalization. |
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