What if Government bans Bitcoins?

[rolls89]

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

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[kamike]

Some countries were already banned bitcoin, and here in my country they did not banned it not because they don't know what to do but they find bitcoin as an interesting and a great opportunity for the people, and a big help in our growing economy.

[odolvlobo]

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

It is possible for governments to ban the use of cryptocurrencies. In fact, I think it is likely. (https://bitcointalk.org/index.php?topic=3078312.0). Many things are prohibited by governments (drugs, for example), but whether or not a ban would be effective or not depends on many factors.

In any case, the primary result of a ban by the U.S. and other countries would be a drop in the price. If very few people use cryptocurrencies as a result of the ban, then they would not be very valuable.

[faaty]

I think there is no chance that governments would ban bitcoins. Most countries including USA, gains a lot of taxes from bitcoin profits. Why would they stop such an earning? besides I think that most fund companies and investing companies invest and trade cryptocurrencies, they would not accept such a ban. All they like is fud and fomo

[Verde_Mantis]

I think banning BTC is an old idea now, governments now understood they can make money from it, and probably they can even stop it, too late.

[Washball]

As a matter of facts, Bitcoin will not be banned. On the contrary, cryptocurrencies will be accepted worldwide. But for a very high price: governments will regulate and cryptocurrencies will no longer be decentralized.

[Naitik]

Actually nothing will happen. Although government have no excuse for banning bitcoin and any other crypto, But if it happening then you don't need to worry.
In future there will be some exchanges that will have total security of your accounts.
because Necessity is the mother of all creations.
So Keep yourselves calm & Keep trading.

[Troysen]

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

Governments can do lots of things but i doubt if they can block BTC sites or ban bitcoins just like that without proper legislation procedures.There are no legislation on BTC in most countries so there will be no grounds to banning it.

[Hui8]

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

It is very simple to understand what would be the after effect if this really happens in the future. After the ban governments may or may not give you chance to take out the money that you have invested into it. If they give you then there will be panic selling of every dime of coins plus many of the exchangers going scam, many ICO projects running away with funds as nobody cares anymore. This was the market will start drying out drastically and the prices will drop with negative exponential rates. Thos who will sell earlier will get most of the investment back and others will start loosing the ROI.

One point will come when the whole investment will be down to zero and thus the prices will be zero all over. The end of crypto currency.

[rey5]

I think it is not easy the reason some countries have made the national currency to the state and recognized the world,
like japan but there is a lot of bad information about bitcoin from the past and until now there is no real proof that bitcoin is illegal and also endangers state finances and it is important to help improve human resources if bitcoin persists, as it is very helpful to me in economy. , I hope bitcoin keeps going up and going around the world

[avikz]

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

It is "technically" not possible to ban bitcoin. Even though some countries have banned it already but they couldn't cut down the usage of bitcoin in their country.

We can take Bangladesh as an example. It was one of the first countries that declared bitcoin as illegal. But if we look at the market, you will see a lot of Bangladeshis actively earning bitcoin from various activities. But everything is underground. They are not doing it openly. It is very similar to drugs. Drugs are banned worldwide, but still being used by those individuals who want to use it.

Bitcoin will remain active in underground markets even if the government bans it. Because governments don't have such infrastructure to stop its usage.

[chalbinov]

If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how such a ban would be enforced. It is impossible for a government to seize Bitcoins, unless the private keys are handed over.

However, the majority of citizens and institutions prefer to stay on the safe side of the law. The demand for Bitcoin would plummet a government decided to ban it.

all exchanges in that country would also be shuttered and buying/selling Bitcoin would be difficult and risky this would suffocate Bitcoin in that country and the government’s objectives might be achieved.

The crypto is already illegal and out of their reach they can’t do anything about it so the question is how legal the crypto currencies can get to get raised in value and be more stable.

[SixOfFive]

Bitcoin can't really be stopped now. The so called crypto bubble is so huge now that it can't burst...it is like air ballon and will fly high and higher in future. Now if Govt ban it, it will become a elite commodity which only rich or tech freaks will hold. In that context it can be precious and can only be used for money laundering, wealth hiding etc.

[Whibu]

It would not have been possible if the government had done so, but if it had happened it would have been the destruction of bitcoin coin with the amount of coin or bitcoin lost in the block, and this was very bad.

[Kokondao]

While the government forbids my sense of goodness, it is true that bitcoin is very helpful in the economic growth of the people, because bitcoin has a very good impact on the finances and welfare of the people.

[Bervelukan]

I think the government will not ban bitcoin in the future, because bitcoin improves the welfare of the public, and it also will not happen if the government blocks all existing wallets.

[franklinrooservelt]

I think it impossible!!

[alexanderisora]

I think the government will not ban bitcoin in the future, because bitcoin improves the welfare of the public, and it also will not happen if the government blocks all existing wallets.

I know no governments which were aimed to maximize the welfare of the public
Regulators' main job is to remain regulators and keep power. Will Bitcoin help them do it? I doubt.

[Lilmon]

It would be such an unfortunate move to the crypto world should governments ban Bitcoin. Most people have embraced crypto  and business are accepting it as a form of pay, if its Banned a lot will be affected, its however almost impossible as Governments world wide operate on different policies and some have already legalized it.

[virendarnagpal]

People are using crypto currency despite the fact that many governments do not like bitcoin and crypto.  Though there are several nations on the other hand; which have granted legal status to this currency.
Crypto currency is the future of the fiat.  In the years to come bitcoin /crypto will definitely replace current system of physical bank notes though not fully and there will be small percentage of fiat currency in usage.
Governments will slowly understand the necessity of crypto world though it may take few years.  Also do'nt worry; if you have some coins in your wallet and your country bans it's use you may to the other country for tourism where crypto is legalised.  No problem; enjoy and shop there.
But the question raised is very good.