What if Government bans Bitcoins?

[InterFinex_JB]

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??

A lot of countries banned BTC already. However, there are thousands of ways to utilize BTC even with your government banning it. That's the main reason of BTC's existence, it is governed by no one.

[Red Fire]

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??

That will be a bad news to us because we can not use it anymore. Other said that there are so many way to still work here in bitcoin. You can still work if you have an internet because bitcoin can use if you have an internet and I think your government will not ban bitcoin.

[phamcongly]

if all goverment ban bitcoin, according to me there will be some effect as follow:
1/ market will down
2/ after that there will be another coin better than bitcoin replace bitcoin position.
3/ cryptocurrency age will begin a new chapter.

[Janeterrekg]

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??

That will be a bad news to us because we can not use it anymore. Other said that there are so many way to still work here in bitcoin. You can still work if you have an internet because bitcoin can use if you have an internet and I think your government will not ban bitcoin.

That would be the worst nightmare ever happen to us. Regarding that matter of government will be banning the Bitcoin, I don't ever wanted that to happen, because Bitcoin is a great thing that have bring a great impact to my life, such as it helps me to learn and earn at the same time. What I want is that the government will support the Bitcoin and the whole crypto currency community and help make it into a better one.

[phelbaby]

Nothing can be done in this case,all wallet will be of waste and all investment will be lost because if the government also ban all exchange trading bitcoin,bitcoin can,t be trade to fiat currency

[logangbit]

If the govermemt  bans bitcoin,then a large amount of people will face financial problem.because most of the crypto users invest on bitcoin and using bitcoin to grow up with profits. many companies are directly giving payment in bitcoin.many websites are storing bitcoin from the local crypto users. in that moment if goverment ban bitcoin then every body has to face a great problem,all will get a stronger shock.and their life can be change at once.

[teamspike911]

Most likely, the government can not completely block access to bitcoin to people. Bitcoin does not have a manufacturer, this is the essence of decentralization. And that's why, in full measure, it will most likely not be possible to prohibit bitcoin or any other decentralized currency. Progress can be slowed down, but it is impossible to stop it.

[deda123]

in some countries bitcoin is already banned but i don t think that government will ban it because they have no anylogical reason why to ban and almost pretty high number of business men use it so i dont think it is going to happen.

[pavel08]

If the government starts to ban bitcoin, people will use bitcoin anonymously, this will lead to an outflow of funds from the budget of countries and the payment system for illegal purchases.so, the politicians will vryatli to ban bitcoin

[shadowdio]

If the government wants to ban bitcoin, the value of bitcoin will surely go down until it will zero and I think this will increase the rate of unemployment in some countries.

[Captain Sneeze]

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??

I think this is already happening in some countries. If government ban bitcoin it will have a negative impact for all bitcoin users.

[BlackPanda]

Some few government of countries had ban bitcoin in the past, what we saw was a sudden price drop in some instances like the Chinese government did last year. But bitcoin price still stage a heavy come back of a bigger price. The truth is that those Chinese traders still find way round to beating the ban of their government. Actually, when it comes to the internet there are many ways of going round ban or restrictions by the government for technology has evolved.     

The Internet offers a lot of incredible things, for me we can do anything on the internet. Right you think when the government forbids the use of Bitcoin then we will still be able to use Bitcoin. There are still many ways to use VPN and replace our computer's DNS. So Bitcoin can be said as a financial system that is free to use by everyone, nothing that can inhibit Bitcoin. What can inhibit Bitcoin is when we do not use bitcoin. As long as we use Bitcoin then Bitcoin will still exist and have a selling point.

[pvtuan34897]

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??

Some Government doesn't allow bitcoin in their country. I think if they don't ban bitcoin and do some business talk like sharing and allowing bitcoin in their country is the most efficient because they will also take some benefit of the cryptocurrency.

[tkaush]

Well it will be a disaster for the entire crypto community and asset holders but according to my understanding considering some major countries such as Switzerland and Belgium  attitude towards Bitcoin today it is far from happening so even a country is willing to restrict Bitcoin locally it will be a rare thing to ban Bitcoin entirely

[angrynerd88]

It will create hurdle to open trade but government cant stop the Bitcoin,Bitcoin will survive till internet and electricity exists.Bitcoin is going popular and majority of people want to invest in it but there is no proper channel guide the people to know about Bitcoin and crypto world.

[romero121]

It will create hurdle to open trade but government cant stop the Bitcoin,Bitcoin will survive till internet and electricity exists.Bitcoin is going popular and majority of people want to invest in it but there is no proper channel guide the people to know about Bitcoin and crypto world.

Agreed, majority of the users who were into bitcoin are self learning. They learn from mistakes as well try to explore more in the cryptocurrency network. Already there were countries around the world where bitcoin is banned. But people who were craze about it find different way to make use of it. So, ban on bitcoin will affect the market growth to some extent but the same will never end the life of bitcoin.

[Bakugan]

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.

Users of bitcoin cant imagine what will happen in their life when government ban bitcoin. But I dont think that government can stop bitcoin.

[ani4]

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??

the only currently viable way to impact bitcoin would be to shut down the internet or energy production... in which case we've got far bigger problems than whether fiat or crypto is worth anything

[Mcdacillo]

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 my own opinion, if bitcoin was banned by government in your country maybe that will be a farewell for you between bitcoin and you. Because you cannot use bitcoin. You cannot withdraw, invest, buy or sell bitcoin. But don't worry because all your holdings in bitcoin will not lost. It will always be there but you cannot see or held your money. I wish bitcoin will be banned in your country or neither mine because we know that bitcoin will help us truly.

[gokudera]

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??

If government bans bitcoins and all relate to it just like wallet/paymeny etc over the internet that will be a big problem because how can we get our salary or how we can continues to work in bitcoin. Other said that go to other country that bitcoin is legal and then you will continue in that country your work and get your salary there.