What if Government bans Bitcoins?

[DungPhan]

There are countries that have banned the internet, but I do not think that will ever happen

[jaaeeeyyyy]

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 government may block sites but we have this saying if you want you can find a way to do things, so that you can fulfill what you need. Moreover the government can interfere with it but investors will find a way to earn through the help of bitcoin. If that happened the bitcoin investors need to persuade the government on the good sides that the cryptocurrency can help the economy. Government need to be open minded in order to follow the trends.

[hachiman13]

I doubt any government would go that far as to reject bitcoin. They might just shut down their local exchanges but blocking all sites with relation to cryptocurrencies are very unlikely. Granted that they will do it, they can't prevent people form using bitcoin as there are many ways to do it; like what the silkroad guys are doing.

[bitfocus]

I don't think anyone can ban Bitcoin as Bitcoin is P2P - at most the government can mark it as legal or illegal for its country.

[bere1993]

in my point of view i dont think governments try to ban bitcoins these days. It would be possible in the introductory period of bitcoin. Now every government is aware of bitcoin and they know that it is useless if they try to ban bitcoin. Bitcoin has proved that it is not a harmful or illegal thing and so that many governments are accepting bitcoin. bitcoin helps in economic growth and as we know in zimbabwe they have started using bitcoin atm in order to recover from their economic downfall. So i think this thing will not happen

[Rafael.angelo]

The question should be like, Can Government ban Bitcoin ? ....No, they cannot bana nything which lies outside their purview of jurisdiction. The idea of nation gives birth to the idea of government but in case of bitcoin, its an entity which isn't governed by any demography or rules except for the rules of blockchain. So No, governments cannot do much about the adoption of bitcoin by banning it but at max they can ban the usage of bitcoin for legal tenders since there is a lack of regulatory methods.

[Kuchiyose]

I doubt any government would go that far as to reject bitcoin. They might just shut down their local exchanges but blocking all sites with relation to cryptocurrencies are very unlikely. Granted that they will do it, they can't prevent people form using bitcoin as there are many ways to do it; like what the silkroad guys are doing.

They can make blocking to play Bitcoin and who will play Bitcoin is just a big government government that will get richer. I think so.

[najmul33]

Actually, Nothing to happen If bitcoin banned in any county. Because my county already banned bitcoin but I'm still using it. But only have little careful when you are going to buy and sell bitcoin

[Valzzz005]

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??

Actually there are some governments that banned bitcoins beforr and I do not know if up until now they are atill banned on that country and i think that is india and china that banned bitcoins. And As far as I remember the bitcoins price are affected to that and the price became lower of course maybe in that country there are a lot of bitcoins users and then suddenly the bitcoins was shut down in their country that makes them lost it.

[sphincter007]

A big effect to  fall down to the bitcoin if the government of the country will banned bitcoin.And Im hoping that our government will accept bitcoin as a digital currency globally.

[muslol67]

I do not think there will be a ban on this issue. At the very least, many countries will not make these prohibitions. But if something like that happens, we will all see how strong Bitcoin stands.

[aliichaudhary]

It is impossible because many businessmen and huge inverstors also huge society are investing in bitcoin so it's not easy for government to ban bitcoin.

[virendarnagpal]

Several Governments have already given legal status to bitcoin.  Because they are earning a lot from it.  They are receiving huge amount in taxes.  Also expenditure to print fiat currency will be saved if the crypto is used.  No chance of forge currency when we use this digital crypto.   So there is no reason that these countries will ban the bitcoin.

Now there are several developing / third world countries; which are still to receive any benefits from it's usage.  For many countries it is also true that their reserves are going out of their country when people are investing in bitcoin or crypto currency.  So many countries are trying to regulate it.  Major fear behind their regulating / banning bitcoin / crypto is that they fear it will be used in terror funding; easy money laundering etc.  

Though misuse of fiat is also there but crypto due to easy use and autonomous nature creates more troubles to them.  That is why they think to regulate / ban bitcoin.

[12tribes]

If the government bans bitcoins, then there will be very limited uses of the bitcoin and this puts a lot of people in very precarious and edgy situation. However, that's not going to happen as many countries have accepted and adopted it as a legal means of making payments and doing transactions.

[Bitcoininvestment]

There are different governments and each of them has their own will or power on any decision that they will make. Bitcoin has already been banned in some countries and that is because of their existing government that treats bitcoin as a threat to them. I think bannjng it worldwide would really be impossible since many countries are having their benifit in bitcoin and has their own government that supports it.

[West0813]

We cannot do anything if governments decide that they will ban bitcoins. But as long as they are not making any moves in banning bitcoin. I think we can do all we need to do to earn good amount of money in bitcoin.

[Maddinson100]

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 India as for example, Reserve bank has already banned buying and selling of bitcoins or any other crypto currencies, although it has no rights over the trading of bitcoin or any crypto currency and hence cannot stop users from trading them, Whatever be it since buying and selling of cryptos has been stoped, it will be hard for traders to convert their cryptos into hard cash, which can be a factor in either increase or decrease in rates of cryptos.

[boboyboi]

If the government ban bitcoin then everything will lost its value,but how can our government banned  if citizens of this country economically grows or shall we say that because of bitcoin they are now living in stability compared to the past.So, by this scenario,government will not ban bitcoin because they sees that whatever things that can make people live better the government will not against it.

[Burogh]

Bitcoin is decentralized system and the data transaction is on miner all around the world. Government ban not give much effect to bitcoin. Right now, its hard for government to block anything in internet because peoples will find a way to break it

[giarised]

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.

Totally agreeing to your point if not many people use bitcoin or whatever cypto it is the demand for the crypto will decrease and the supply will become more then the demand and hence the rates might fall rapidly from the current 6k$ to hundreds figure, although I don’t see that coming cause the chances of crypto being banned in US is meagre, well atleast for now, lets hope for the best in future.