What if Government bans Bitcoins?

[chaoscoinz]

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's too late to really matter, it is the blockchain that is at the fulcrum of the scene. Without it, Cryptocurrency as we know it today would cease to exist. If Bitcoin were to die, a hundred others will rise in its place. You can't kill an idea, but only impede its expansion.

[AdamRay]

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's too late to really matter, it is the blockchain that is at the fulcrum of the scene. Without it, Cryptocurrency as we know it today would cease to exist. If Bitcoin were to die, a hundred others will rise in its place. You can't kill an idea, but only impede its expansion.

If the government bans Bitcoin, the government will be more in control of transactions and personal information. The bank will receive regular savings and act as a third party in transactions. We will take an additional cost and time for the transaction. This is a big disadvantage compared to using Bitcoin.

[Wesley Gardner]

This will first result in a massive media coverage and as a result cryptocurrencies will be known by more people. Therefore, those who own cryptocurrencies would be more reluntant to sell or give up theirs—ultimately decreasing the supply. This is because they know cryptocurrencies will be hard to obtain in the future.

[iASIC]

This will first result in a massive media coverage and as a result cryptocurrencies will be known by more people. Therefore, those who own cryptocurrencies would be more reluntant to sell or give up theirs—ultimately decreasing the supply. This is because they know cryptocurrencies will be hard to obtain in the future.

The government bans Bitcoin and will control it more easily. Avoid a change in which we have more privacy about information as well as proactiveness with our assets. The bank will act as an intermediary in our transactions and cause us to spend more time and money on our transactions.

[Adam Waters]

I would look at history for an answer to this question. So my question is this:

Did people use cryptocurrencies before governments officially accepted them or had a stance on them?

The answer is yes. If governments banned them, I believe people would still use them. That’s kinda the whole point of decentralized cryptocurrencies. Government can ban them, but cannot stop the use of them.

[paulo013]

if that will happen, of course all of our holdings are will become not usable, also if no trading happen the bitcoin value will go down also the altcoin. but luckly here in my country our government bitcoin is allowed but they warned people to use or invest to bitcoin wisely.

[manfredmann]

Yeah there re possibilities that bitcoin will be ban from the government in a certain country because the system is somehow needs to be registered and should be regulate before introducing to the community. So the government will stepped in and which will probably going to accept bitcoin or not. But for most of the country bitcoin is being acknowledge and accepted.

[gsingh]

Indeed, there have been a lot of governments that have already banned bitcoin in some countries, so there is nothing to be worried about at the moment. just relax and keep holding, that is the best thing that you can do at the moment

[budiarmed]

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 the government only forbids the use of bitcoin as a means of exchange in a country because the government has fiat currency as a means of exchange in the country.

[ngalamunan]

I think the government will not ban bitcoin in the future, because bitcoin improves the welfare of the public, and it also will not happen if the government blocks all existing wallets.

but it could be banned in the future, because we never know how the government's decision on the longer bitcoin state can provide a need for its people

[wallstone]

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.

Your government are very smart to accept bitcoin cause they know that bitcoin is big help to grow the economy of your country and also they they know that bitcoin is a big opportunity for there people to become successful. I think that country that banned bitcoin I think they didn't know the true value of bitcoin

[JennetCK]

A government cannot ban bitcoin. You said it your self, it is decentralized. Bitcoin is not owned by the government. And the question for that, why will the governement ban bitcoin? Does it have an effect to the economy? As for me, it helps more people to get more income tham relying in the government.

[Fappanu]

Whether the bitcoin is banned and we lose access to it. The price of the market will fall and our coins will no longer be seen. But I think that's not going to happen because big money is involved in the crypto currency and it can get huge taxes from our governments. So do not worry about it because it will not happen.

[opendata]

If government ban bitcoin then there is no problem for bitcoin lover we can trade with bitcoin if we have internet connectivity but possible scenario is many peoples afraid to invest in bitcoins and crypto currency market get less investors but government can control their countries exchanges but can't control international exchanges and sellers of localbitcoin.com.

[lestariptr]

If the government forbids bitcoin we can still use bitcoin I think. Because even though the government forbids bitcoin we can still use the bitcoin we have. I mean we can still invest in bitcoin. So do not worry if it should happen. Because bitcoin can not be controlled.

[Cult]

If the government forbids bitcoin we can still use bitcoin I think. Because even though the government forbids bitcoin we can still use the bitcoin we have. I mean we can still invest in bitcoin. So do not worry if it should happen. Because bitcoin can not be controlled.

The thing is that in order to ban bitcoin you need to ban the Internet itself, which would already be a massive attack on the freedom of speech. However, governments still can make using bitcoin more difficult.

[Akenosi]

Bitcoin will still continue to exist even though the government ban it because its decentralized and not quite easy to control. It might only cause the price to fall because people will be panicking in selling.

[Direwolve735]

I think that the world government won`t go to extremes and prohibit bitcoin. Such a step will cast doubt on its activities. People will begin to lose confidence in the authorities, this can lead to public protests and strikes. In my opinion, the best step for the governments of the countries is the legalization of the crypto currency at the state level.

[ntarah langger]

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??

currently some countries have banned bitcoin.
for example china, they forbid bitcoin because they make their own coins.
but also many countries that receive bitcoin well, no need to worry about it, I am very sure one day bitcoin will be accepted globally. in the future

[Vionaa]

Bitcoin is a decentralized cryptocurrency. It means banks and governments have no control of it. However, they could only regulate the use of Bitcoin. A common reason why Bitcoin was banned in some few countries out there because they had a lot of misunderstandings about its technology.