|
Thecryptocurrency09
|
 |
January 28, 2018, 01:53:43 PM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Altcoins are branches of bitcoin. Thought both of the are crypto currencies it turns out that they are still after to bitcoin's legend of being a currency. Since bitcoin is the known crypto currency or our so called digital currency, what ever against this crypto currency could basically be against also to its branches, alternative coins. It is not the bitcoin really being banned but the crypto currency itself. |
|
|
|
|
|
|
|
|
|
|
|
|
|
"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
yoseph
|
|
January 28, 2018, 01:56:36 PM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Most of the time that is exactly what happens, When they ban Bitcoins, other cryptocurrency are all involved but because Bitcoin is the pioneer in that field they mention it's name rather except when the government has an ulterior motive behind. |
|
|
|
|
|
Mometaskers
|
|
January 28, 2018, 02:11:22 PM |
|
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. I tend to think of it as creeping normalcy. Of course there are ICOs out there that scams investors but the ban was a blanket ban. Meaning people are stuck with only existing alts. How it was beneficial differ on who you talk to. For example they are claiming it prevented a bubble, etc. http://www.scmp.com/news/china/economy/article/2122691/beijings-bitcoin-ban-helped-china-dodge-scary-cryptocurrencyThere are rumors that the ban may be lifted this year. Whether that happens or not, remember China have it's own pet project crypto and that will affect how they treat alts and bitcoin. |
|
|
|
|
ManaMan
Member
 Offline
Activity: 238
Merit: 38
|
|
January 28, 2018, 05:57:23 PM |
|
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. I tend to think of it as creeping normalcy. Of course there are ICOs out there that scams investors but the ban was a blanket ban. Meaning people are stuck with only existing alts. How it was beneficial differ on who you talk to. For example they are claiming it prevented a bubble, etc. http://www.scmp.com/news/china/economy/article/2122691/beijings-bitcoin-ban-helped-china-dodge-scary-cryptocurrencyThere are rumors that the ban may be lifted this year. Whether that happens or not, remember China have it's own pet project crypto and that will affect how they treat alts and bitcoin. Maybe you get point there but its hard to control everything online, I am aware that few websites are blocked and people have to use VPN to access particular websites and all. This is one example how certain countries have control over the people and when you think of it, country is just an imagination in our minds but we all follow its principles because we feel safe with it. China is big market for crypto world and I personally wouldn't like it to go away. They could "ban" it but still it doesn't stop people from using it, I am not sure about their laws there. Thankfully I don't live in China to have these problems :X I am not sure, maybe ICOs could be banned due to their own rules then "The People’s Bank of China halted operations for digital currency trading platforms in Beijing and Shanghai in mid-September over concerns that the unregulated markets could pose major financial risks."Yeah seems like countries are looking forward to issue their own currencies first time I hear about China, guess I wasn't paying attention, it looks like those will be ripple-alike currencies where mining and all is centralized. Thanks for this article! |
|
|
|
|
avikz
Legendary
Offline
Activity: 3080
Merit: 1500
|
|
January 28, 2018, 06:13:28 PM |
|
Maybe you get point there but its hard to control everything online, I am aware that few websites are blocked and people have to use VPN to access particular websites and all. This is one example how certain countries have control over the people and when you think of it, country is just an imagination in our minds but we all follow its principles because we feel safe with it. China is big market for crypto world and I personally wouldn't like it to go away. They could "ban" it but still it doesn't stop people from using it, I am not sure about their laws there. Thankfully I don't live in China to have these problems :X It's true that banning something in country doesn't really mean that the entire country will stop using it but a majority of the law abiding citizens will move out of it. I am not sure that China has already banned bitcoin, but if they do it, I expect a drop of around 60% of chinese bitcoin users. There are people who wants to play and stay safe, especially the employed mass of the country. They will not want to use bitcoin after the ban because if they are caught by the regulatory agencies for doing something illegal and produced in the court of law, they will not be able to join a private job and their whole career will be doomed. So if China ban bitcoin and any other crypto currency, they will be first to move out of crypto market by selling their holdings. [ I am not sure, maybe ICOs could be banned due to their own rules of organizing crowdfunding and taking some cut like tax it or something.
"The People’s Bank of China halted operations for digital currency trading platforms in Beijing and Shanghai in mid-September over concerns that the unregulated markets could pose major financial risks."
ICO is a different story all together. It's controversial and I support a strong regulation around it. In my experience of few years in the crypto market, I have come across a lot of ICOs that have ran away with investor's money or never came back with the promised product in the market. We are still having such ICOs where the website is not operating after the crowd funding phase and no value in the market for the same reason. EtherGreen is one of the examples. I have around 4k Green token but since the website is not operating and support is not replying, the coin doesn't have value in the market and no one wants to buy it. Think about those investors those who have believed in their ideas and invested heavily in it. So a strong regulation is needed in ICO space, otherwise ICO will just become another hyip market. So here I support the decision taken by China. Yeah seems like countries are looking forward to issue their own currencies first time I hear about China, guess I wasn't paying attention, it looks like those will be ripple-alike currencies where mining and all is centralized.
Thanks for this article! Bang on! I don't expect any country to release their own crypto currency, but even if they do, it will be strictly centralized and it will make the monitoring easy for the regulatory agencies. So even if my country release any such thing, I will be least interested as it doesn't not serve the purpose of crypto currency at the first place. |
|
|
|
Nitroali
Copper Member
Jr. Member
Offline
Activity: 322
Merit: 1
#41 Haga
|
|
January 28, 2018, 06:22:59 PM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Yes , sure! This because country ban is a cryptocurrency ban not only Bitcoin ban . |
😁
|
|
|
|
Drunkenhorse
|
|
January 28, 2018, 06:26:31 PM |
|
It depends on the law and what Government is actually banning, if it is crypto currency and it is interpreting what they mean by it, then yes altcoins can also get banned. On the other hand it could be just bitcoin and then you have nothing to worry about.
|
|
|
|
|
|
rudox
|
|
January 28, 2018, 06:28:06 PM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Yes when Bitcoin is banned in any country all altcoin will be affected. All altcoins took after Bitcoin and what affect bitcoins affect altcoins. |
|
|
|
|
|
sofi@
|
|
January 28, 2018, 06:34:26 PM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
I believe yes because the government does not emphasis that is only bitcoin which is banned they might be focusing much to bitcoin since it is the most popular crypto currency but when a certain implement banned of crypto exchanges they are referring to all cryptos not only bitcoin alone besides of bitcoin is banned I don't think people will ever continue working for other alts knowing the fact that the most expensive one is prohibited in their countries. |
|
|
|
|
genesis53
|
|
January 28, 2018, 07:00:44 PM
Last edit: January 28, 2018, 07:17:00 PM by genesis53 |
|
I think yes, They are all type of cryptocurrency and they all have the same functionality. Because cryptocurrencies are decentralized and anonymous, the government does not have the power to control them and they can use by some people to criminal activities or tax evasion and that is one reason bitcoin banned by government
|
|
|
|
|
Cryptoproff
Member
Offline
Activity: 224
Merit: 10
|
|
January 28, 2018, 07:07:16 PM |
|
I think most countries' laws will address crypto as a whole rather than bitcoin specifically... so the answer is probably yes.
|
|
|
|
|
|
Catost
|
|
January 28, 2018, 07:16:07 PM |
|
I think that the governments of most countries would prohibit the general use of cryptocurrencies rather than prohibit just BTC.
|
|
|
|
nikjain422
Member
Offline
Activity: 126
Merit: 10
|
|
January 28, 2018, 07:17:53 PM |
|
See it is but obvious that countries,if they want to banned bitcoin,they have to banned whole concept of cryptocurrency.If not then what is the point of banning single coin.There might be only if they want to increase the value of one certain coin by banning bitcoin which is very rare and had not happen yet.The main reason behind banned is the disturbance that has been caused by the cryptocurrency in financial planning of the countries and that would not be solved by banning bitcoin itself. So it is clear if countries want to banned bitcoin they have to banned every altcoin too.
|
|
|
|
|
|
chidrawarster
|
|
January 28, 2018, 07:19:19 PM |
|
Yes the bitcoins closure means even end of altcoins as all are a part of the crypto currencies. This would take time as of now no such signs and regulation processes are still on. Let's see what happens in the near future. We have to be prepared and planned for the worst.
|
|
|
|
|
icanscript
|
|
January 28, 2018, 08:12:51 PM |
|
altcoins is a kind of crypto currency. In principle, crypto-currencies can be called anything. The bottom line is that in legislative acts this phenomenon is prohibited. So when I prohibit Bitcoin, this prohibits altcoins.
The features of cryptogeny are such that their complete prohibition is impossible in principle.
|
|
|
|
|
mr.bitcoin2k17
Newbie
Offline
Activity: 84
Merit: 0
|
|
January 29, 2018, 07:34:18 AM |
|
Of course, governments usually ban cryptocurrency itself, they just call it bitcoin, because they dont know the subject well
|
|
|
|
|
AGD
Legendary
Offline
Activity: 2069
Merit: 1164
Keeper of the Private Key
|
|
January 29, 2018, 08:06:58 AM |
|
Though they can scare the people in a country with restrictions and bans etc, they will have a really hard time to define, what a crypto currency really is and how to actually ban a protocol, without banning other legal tokens at the same time.
Also a country has to think very well, if they possibly get isolated, when they refuse to join the progress.
|
|
|
|
Tonygold1967
Jr. Member
Offline
Activity: 308
Merit: 5
|
|
January 29, 2018, 08:10:39 AM |
|
Well, I'm just curious, does banning bitcoin means that all cryptocurrency will be banned from that country?
Yes I think that restrictions anyway will be related to all cryptos. |
|
|
|
|
Lindazz
Member
Offline
Activity: 238
Merit: 10
|
|
January 29, 2018, 08:19:15 AM |
|
Yes, there is no doubt about it.
If bitcoin were banned in this country, other altcoins would surely be banned.
Because bitcoin is banned, it means the country has banned the encryption of cryptocurrency markets..
|
|
|
|
hyperhyper
Newbie
Offline
Activity: 63
Merit: 0
|
|
January 29, 2018, 08:26:57 AM |
|
When they do a law paragraph, they bann all cryptocurrencies. I think when they know about bitcoin they know about other cryptocurrencies. The problem ist just with blocking the part of the internet. They can never block all connection to the blockchains. So there will always be a way. Especially with coins like XSPEC, Onion or Verge. These are totally anonymous coins which works in countrys where cryptos are banned too.
|
|
|
|
|
|
