What if Government bans Bitcoins?

[vuquang1763164@gmail.com]

This happens very well when Korea bans virtual currency and the times China prohibits ICO. The market is flooded with red. They even sink deep

[appleyard]

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??

There is some countries already banned bitcoin in their country, but if the world government implement and introduced a new coin to replaced bitcoin this will allow the government to have a full control to their coins, this will become a big problem to us bitcoin holders and users, the possibility to banned bitcoin if this happen is huge. 

[saharan99144]

Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions or blockchain. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.

Bitcoin nodes use the block chain to distinguish legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.

[kyle999]

There are so many people missing out here in the forumand all investors will lose their funds in bitcoin of course and will also lose bitcoin in banks I think it's great to suffer and lose work like a bounty hunter.

[vuquang1763164@gmail.com]

I hope that the government will not forbid it to accept it as the Japanese government did

[Faeton]

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??

In the future, governments will more regulate the crypto currency and will introduce certain restrictions on it or completely ban certain types of it. For example, even Japan, which is friendly to the crypto currency, now prohibits the full circulation of coins with high level of anonymity - Monero, ZCash, Dash and others. Now the state pays more attention to the general acceptance or non-acceptance of the crypto currency. Later, when they determine this, they will regulate it in more detail and then, depending on the specific characteristics of the crypto currency, they will introduce a partial or even complete ban on certain types of crypto currency. A complete ban on all decentralized crypto currency is already unlikely.

[dalvitka]

Governments do not always like btc, but the heads often own it in order to get political asylum when needed. They will not be able to carry their assets overseas when sealed

[jobel]

That's the main problem that BITCOIN is facing, governments are really against in Bitcoin without looking for its advantages. But, I still believed that Bitcoin will not easily be banned based on the people who used Bitcoin, and most country have a bitcoin users already. I was so happy last month when I heard about one country who approved bitcoin and that is Germany. I do hope, that more countries and its governments will allow and approved Bitcoin.

[Raiwenkai]

Bitcoin is such a big help for us it gives an extra income so i can pay some of our monthly bills. I can't imagine if our government will ban bitcoin.

[sijonru]

if the state has banned and blocked the bitcoin wallet, we can not do anything because if we break it there will be a legal rule we will accept, but I'm sure bitcoin will not be banned in most countries even though there are now some the country that forbids it, but still more countries that legalize it than forbid it.

[Supremacy2]

Theoretically yes, Government can ban Bitcoin usage all over the country but practically No, they will only cause FUD to drop the value of it and use the opportunity to acquire more of it for future profit because the Government understand that the community want freedom on their Money and Bitcoin can give them that. My view about this

[FlightyPouch]

Bitcoin is such a big help for us it gives an extra income so i can pay some of our monthly bills. I can't imagine if our government will ban bitcoin.

What if the government ban Bitcoin? The government don't really "ban" bitcoin but halt the acceptance of that certain crypto currency in their country. That means it can also be used online, though it depends on the law your government has said. A lot of people do not want to ban Bitcoin in their country but whales and big investors of crypto currencies are not worried in these situations, hiw much more us that is not that big investors.

[f150]

in the country where I live the government does ban Bitcoin, but it should not be used for buying and selling transactions. so I can still use Bitcoin to invest, and if want to use Bitcoin for buying and selling transactions I have to convert them into paper money in advance to be used.

[Wylie330]

I guess I have to go to the country/es that allows Bitcoin transaction so that I can spend or convert my Bitcoin into cash. But I don't think that's going to be easy. So if ever that would happen, then all I do is cry and cry and accept the fact. And hopes that one day the government will reverse the banning of Bitcoin.

[kiemponxs]

if that happens, it is a big loss for bitcoin users in countries that ban it, I am grateful though bitcoin in my country is forbidden to be used as a transaction tool, but my country does not prohibit if bitcoin is used tool for investment.

[HatakeKakashi]

We don't have choice if the government ban bitcoin because they are powerful to ban anything they want. But remember they have government officials who have invested to bitcoin so they did not want to see bitcoin ban to their country so they fight for this. If they have powerful person want to see bitcoin down they have powerful too to see bitcoin up.

[Voidcrafter]

It is too early to say what will happen in the future with bitcoin. Very early. In 2018, many countries will have to resolve the issue of regulation of bitcoin and cryptocurrency. Many countries have already reached a decision, and we still expect many to do so. Perhaps from their decision and the price of bitcoin will develop. Maybe cost even increase up.

[gabmen]

We don't have choice if the government ban bitcoin because they are powerful to ban anything they want. But remember they have government officials who have invested to bitcoin so they did not want to see bitcoin ban to their country so they fight for this. If they have powerful person want to see bitcoin down they have powerful too to see bitcoin up.

Well there are governments already that placed bans on btc and other crypto yet it's still here. As long as there are governments who don't really tag bitcoin as illegal, then it doesn't matter. I believe bitcoin will gain most government's approval in the long run anyways

[Webberson]

Cryptocurrency at large, is facing a regulatory challenge, which is why most governments are not in support of it. If it eventually gets banned by governments, mandatory laws will be enforced in such a way that, penalties would be given when such laws are broken. In turn, this might reduce the value of bitcoin and likewise, the usage.

[estupido]

some governments are already there that prohibit bitcoin but in my country is not, because I think bitcoin has helped a lot to meet the economic needs of life in here