What if Government bans Bitcoins?

[karinaloren]

Personally I don't think that all the world's countries will ban Bitcoins and altcoins. Today, a lot of countries are trying to create the crypto-friendly conditions (like Malta) and to attract companies working in this industry. I think that only time will show the future of Bitcoin.

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[nibbknot]

Personally I don't think that all the world's countries will ban Bitcoins and altcoins. Today, a lot of countries are trying to create the crypto-friendly conditions (like Malta) and to attract companies working in this industry. I think that only time will show the future of Bitcoin.

Well, I will say that Not all countries will ban Bitcoin and altcoins. Japan, China and even Philippines treated Bitcoin and altcoins are one of the legitimate cryptocurrency that are available to be converted in to fiats or money. Maybe other countries will ban bitcoin because of illegal activities but i know that it will help a lot to the people who are always supporting it. It will help also the economy of a country to rise.

[saruxanyan]

The government is simply not profitable to prohibit the Crypto-currency, everyone intelligently understands that with any prohibitions, who engaged in crypto-currency and will be engaged in it. But all states understand that the place of prohibition, it is better to think how to properly regulate it that to receive additional taxes

[KeezAZA]

I think, if the government bans the growth of bitcoin, then the development of bitcoin will be slow.

the crypto market will not reach the maximum price, the market will not be stable, even some altcoin will have no value, including every coin that in your wallet.

In some part you're right. Government creates some false price in the market. But they will never control it. We almost believe in grows up for the price.

[C. Bergmann]

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.

But we can go to some country that doesn't ban bitcoin if we want to continue our journey about bitcoin.  Some country doesn't and less chance that bitcoin would be ban on their country like japan because they are very strong and support bitcoin because they believe on it.

The governments can ban it but it is too impossible that all country do ban bitcoins.

[gesdan]

the government cant banned bitcoin 100%, because as we can see maybe the ISP and the network from that country just banned bitcoin, but we can see that many ways to open it legally, like using premium VPN and other things, it will differ if the regulation in the bank account government can trace the transaction in your account

[kiloiko]

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.

I don’t know where you are from but maybe the govt there is much more liberal than in my country India about the use of bitcoin or any other crypto currency, although Reserve Bank of India had given a 3 month window for all the investors and traders of bitcoin or any crypto currency to cash out their stock and then it imposed its rules and regulations about crypto trading which clearly stated that no user or trader from India can buy or sell crypto in the Indian market.

[ForkioTeam]

If my country bans bitcoin, I'll leave it.

[SamarasLoch]

Bitcoin is a cryptocurrency on its own.. If eventually , the government bans it(which is not likely), then usage will shift from bitcoin to other cryptocurrencies. We have coins that has proved to be better at performance than bitcoin and this will be the alternative if bitcoin gets banned. Unless they(the government) will ban the internet as well.

[kingkongcorp]

Probably everyone will not use bitcoin if the government forbids bitcoin but I'm sure the government will permit it for bitcoin to be used by its citizens so I do not think the government will ban bitcoin for use by its warg

[market-beta]

before the government banned the world of cryiptocurrency. whether it is the right action or not. precisely with the presence of bitcoin in modern times. making a lot of people become millionaires in the near future. and the number of unemployed becomes reduced .

[BlueStackz]

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

I agree to some parts of your discussion that the govt is enjoying the heavy amount of taxes from the bitcoin or any crypto investor but the real fact being the unknown source of the cryptos, by unknown I mean the mining or exchange of cryptos aint controlled by any govt organization can cause huge trouble to the countries economic stability, thus the govt may not totally ban bitcoin or any of the crypto but they might impose some kind of rules to keep a check on the usage of the cryptos.

[erikoy]

There are some countries that had ban cryptocurrency but later on they had accepted it after knowing the possible ways to deal with cryptocurrency. As we all know that cryptocurrency could be use in illegal ways like money laundering, to fund terrorist group and etc. This is why governments had made a regulation on cryptocurrency and they are implementing on KYC to every local exchange for fiat to crypto.

[ajaymukund]

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 are many governments that have banned bitcoin but investors are still working. They still exchange and trade on the exchange and transfer money from one wallet to another. There will be no problem when the government forbids bitcoins because the internet has a lot of tricks to avoid government obstruction.

[MI6]

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 to block all site that accept bitcoin as payment if government of a country want. like in my country, bitcoin can't be payment but it can be assets, and government make regulation will punish all site that still accept bitcoin as payment

[tonlong]

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.

I also agree with you when the Goverments ban bitcoin we will have difficulty in trading bitcoin. I think then price bitcoin will go down more in short-term and many transaction have affect by bank. But long-term price bitcoin will go up because Bicoin becomes developing in economy when it is banned. Although Goverments ban Bitcoin, tendency of the world use Bitcoin is not bunned. So we don't too worry about it.

[BookssWorms]

I don't believe they would ever go for it because it's against their interests. Of course, they might impose some restrictions, but that, in turn, might lead to some further reaching consequences, IMHO. Remember, Russia tried banning Telegram messenger? Did they succeed? Nope.
Speaking of the BTC price in the adverse scenario, something tells me things that are banned are, ironically, more expensive, aren't hey?
However, I might be wrong

[KeezAZA]

You need to ask this from the people in which countries are already banned Bitcoin, like India Bangladesh and some of those I think they can most truly describe how it is to live under the ban politics.

[lehuong]

If their governments banned bitcoin, the fate of big bucks, the acceptance of Bitcoins as a means of payment in Japan has helped boost Bitcoin prices, suggesting that politics is important for bitcoin development.

[qwertyup23]

Each country has the prerogative to prohibit or to ban anything that they find threatening to the general public or for safety reasons. Before a country prohibits the utilization of bitcoin, they must provide concrete reasons on doing so in order to get their perspective towards the subject. Assuming that they ban bitcoin, the market value will depend upon the scale of damage the country has to offer into the said cryptocurrency.
For example, if the government of China (which is considered to be one of the largest country for crypto trading and ICOs) announces that they will no longer accept the utilization of bitcoin, expect the market value to drop significantly as their country is considered an integral factor to most ICOs and exchanges.