What if Government bans Bitcoins?

[Roboabhishek]

The bitcoin value will definitely decrease until it is zero

The value of bitcoin can never be 0 as there are people who have lost their private keys and bought 1 btc for some amount.

It's only possible if somebody buys all the bitcoins in the market and never sell them in any market, Which is impossible.

[online73]

I think that it is technically impossible to prohibit Bitcoin and all crypto-currencies. And many government officials are not bad at earning these assets. By itself Blockchain is very useful - I do not understand such arguments. There is no official ban in my country, but there is no support either, but even the schoolchildren know the word "bitcoin". All countries will not prohibit the movement of the crypto currency, and if they try to ban it somewhere, it is elementary, the cash flows will flow into the countries that support Bitcoin. Fighting Bitcoin is useless, so officials of many countries are trying to take taxes from the crypto currency, although it's also very difficult for me to imagine that this is possible.

[Nanagyasi]

I don't think closing all Btc related sites will be possible because some countries have already accepted and seen the worth of Btc on their economy's growth. However, it will scare many investors away if many countries begin to ban it's use.

[EffahTom]

So long as bitcoin is not ran by any government, the government of your country can only ban your country but wouldn't extend to other countries. Bitcoin is not illegal in my country and my government isn't banning it.

[charlzyeby]

Adreas Antonopoulos, the writer of "Internet of Money", puts it more clearly that "You can take your country out of bitcoin but you cannot take bitcoin out of your country". If bitcoin has 1000 problems, banning it entirely in countries is certainly not one of bitcoin's problems.

[thepers0n]

I think governments won't ban them (especially Chinese) because around 80% of bitcoins  being mined and traded in China, the Chinese government will have a major influence over the market.

[bitcoin31]

I think it is possible the every website related to bitcoin will banned if they implement to ban bitcoin to their country and I don't know how you access bitcoin. I hope my country will not ban bitcoin because many people here will be affected.

[wildflower18]

I don't think closing all Btc related sites will be possible because some countries have already accepted and seen the worth of Btc on their economy's growth. However, it will scare many investors away if many countries begin to ban it's use.

Yes some countries already legalized bitcoins so anyone could use it. It is so hard to the users if banning would happen so for now I am into positive mind that banning hopefully could not happen.

[beckspace]

Some countries have forbidden the purchase and sale of crypto. Some countries are trying to make regulations and while in many countries trading is continuing freely. I don't  think that all the governments will be able to completely ban the crypto.

[erikoy]

SOme of the countries had already ban bitcoin but look on the bright side those countries who are banning cryptocurrency are just preparing for themselves to get a way to regulate cryptocurrency so it could not be abused from money laundering or to finance illegal activities like terrorism. In just few days it will get back to open cryptocurrency with regulations already.

[chel0]

Banning of cryptocurrencies in other countries especially bitcoins are already happening. But here in our country, I don't think it will be banned since our government believed that in bitcoins transactions are faster and fees are lower.Aside from that bitcoins exchange rate like dollars can make you earn more.

[Charles Avilaa]

If all country banned Bitcoin, that would be a catastrophe for the global economy. The Bitcoin market cap now is more than 100 billion USD, not a small number. So when the ban laws take effect, meaning that Bitcoin is no longer allowed, that amount of money will disappear. Such a huge loss!

[tanjiran]

The government does have the full right to regulate the legality of bitcoin in the country. Some countries are strictly prohibited, some are limiting, and some are legal. We must respect and obey the rules. So, it is important to understand the legal status of bitcoin in your country. For example in my country, bitcoin is prohibited if used as a means of payment but is allowed when used as an asset (with a warning that bitcoin is a high-risk investment)

[Bitcoinislife09]

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 a probability that the government bans the bitcoin. Since it is still also not accepted in other countries like ours. If bitcoin becomes a threat in the economic aspect of the country then they have the right to ban it. Also if it really is being use in illegal or illicit activities. I'm not so sure if the government can have access to all wallets or payments by the user, but if it is, maybe they'll hold those coins and will be studied if you can still claim it or if the government will completely owns it.

[kwarto]

If the government banned cryptocurrency in their nation that would be the end of all. They can do whatever they want because government own everything. They all have the power to kill any business that they thing could harm their citizen. I am lucky because my government loves cryptocurrency to operate here as a matter of fact, they recently approve some crypto related companies to operate here.

[hanzosum]

BTC is unstoppable via its tech -blockchain-

How can governments ban that technology regardless it's BTC or another crypto? They absolutely have to shut down all Internet connection. Is that possible for today's world? NO... So the BAN process is not permanent and partial as we see on some governments.

No worry States and Governments have to deal with Blockchain ad Crypto World 

[normanderecho]

If the government banned cryptocurrency in their nation that would be the end of all. They can do whatever they want because government own everything. They all have the power to kill any business that they thing could harm their citizen. I am lucky because my government loves cryptocurrency to operate here as a matter of fact, they recently approve some crypto related companies to operate here.

Now a day we know many countrys banning bitcoin because of the good pricing and i think government scared to become popular and become a known investment so that government banned so that it easy to control easely because we know if the bitcoin will the main investment and currency the government did not get a  tax.in my country bitcoin will not ban because i think the government did not know or the government did not interesting the bitcoin so its good so that all persons use bitcoin will continue to invest.

[ichai]

BTC is unstoppable via its tech -blockchain-

How can governments ban that technology regardless it's BTC or another crypto? They absolutely have to shut down all Internet connection. Is that possible for today's world? NO... So the BAN process is not permanent and partial as we see on some governments.

No worry States and Governments have to deal with Blockchain ad Crypto World 

If the government bans Bitcoin, paper money will continue to circulate in the economy as it is now. The government will continue to control every transaction and personal information as it is now. The bank will still receive cash inflows every year. And we will face more risk when trading or depositing against Bitcoin.

[prediction on bush]

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 ban bitcoin many bitcoin users will protest but i think it wont happen because bitcoin is decentralized and no one can control.

[Marcel666]

It is highly improbable that there would be a global ban on crypto currency.
There us so much potential in this technology.
Gov'ts can adopt it and regulate it at worst.