What if Government bans Bitcoins?

[zimpleskill]

I don't see that happening at all... How could government ban such a lucrative crypto currency, i think there is no chance that governments would ban bitcoins. Because Most countries like USA and others gains a lot of taxes from bitcoin profits. So  Why would they stop such an earning? besides most financial companies now invest and trade cryptocurrencies, so it won't sound well to any government stopping it at any time.... Instead it spreads to other countries more .

[AntiMage007]

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.

"Bitcoin is a decentralized cryptocurrency. It means banks and governments have no control of it "  This is the main reason most governments take a decision to ban cryptocurrency because they can't control it, But there are so many features have but the most government no get any use of this technology for their works that's the problem, If government understand the features they will not ban cryptocurrency because cryptocurrency is the future 

[Goozzi]

I think this will never happen. I do not even want to think about it. Blockchain is the future. Because economically literate and generally some of the most developed countries, such as Japan and Switzerland, are not what they blocked, but on the contrary, they supported and actively develop crypto-currencies !!!

[Gary Joness]

To see what will happen, look at drugs. They are banned for sure but it doesn't mean it has disappeared. Every activity is underground. Likewise, Bitcoin, once getting banned, won't be legally used but will be traded underground as long as there are still demands for Bitcoin.

[Stephen Martinss]

The situation will be similar to drugs. But unlike drugs which are harmful, Bitcoin is potential and has many good sides as well as innovative characteristics. So I guess there will be a fierce opposition from frenzied investors. In case the opposition doesn't bring any good effect, Bitcoin will remain active underground like drugs.

[aryaadikariyansyahsuwarto]

if it does happen then certainly all the coins are stored therein will also disappear, really apprehensive .. !!!

[bigblackdeck45]

Just like how government banned the use of drugs but still people are using it low key. I think banning of bitcoin can't really stop people from using bitcoin. Hell if my country banned bitcoin I will still use and buy it but not out in the public but on the down low.

[2start]

at this time the government in my country still has not legalized bitcoin and bitcoin can not be used to buy goods directly, but little by little the development of cryptocurrency and bitcoin started good so I'm sure someday our government will legalize it.

[BLAST2MARS]

It already happened in other countries but the demand is really high that the Chinese would even migrate their business to other countries to continue. Government can't stop people's passion in bitcoin so the majority will change that decision in the long run if they have banned it.

[Kelvinikke]

Believe me mate they would never do such a thing. Do you think they don't know about cryptocurrencies and how much it is fetching people. they are definitely investors themselves just that they might not announce it in public and mind you some governments have already opened its doors to crpytocurrencies for instance South Korea, Zimbabwe and Kenya.

[ParveZ219]

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??

Government has already banned bitcoins and cryptos in many countries...As many illegal works are using bitcoin only...As like drug peedlars and the people who are illegally selling guns, all are using bitcoins for trading as bitcoin is totally anonymous...So Govt is banning bitcoins...And many spam reports are also there may be...That what is the reason before banning bitcoins.

[Raline]

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.

countries that support the existence of bitcoin is very helpful to us who are in the country to still be able to make money from Bitcoin .. your country attracts sir , where is it?

[Ava Duvall]

i don't think they are illegal anywhere but the government wants what it cannot control.  in some countries cryptocurrencies are not currencies, and are not protected by laws. but i the government cant do anything about it

[Guesstures012301]

I think government can't ban bitcoin, beacuse in the first place there's no government is holding the bitcoin. Government can't do anything about bitcoin. Bitcoin is decentralized and it is not easy to control or to hack the whole of bitcoin.

[vonnyaries]

i think if the governtment just banned in one side i think (just block the content about bitcoin and cryptocurrencies) i think youc coin and your asset will be there, it can't be transffered into any wallet because the owner of the private key is you. so s long you not access the wallet and transfer the coin into another account i think that your coin will be there forever

[charlemagne_15]

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 possibility that government will ban bitcoin. As a matter of fact, some of the existent country already ban it. I think they can ban it but not totally cut of the usage of bitcoin. There are still a positive side of using it and I believe most of the people are aware to it. If ever they ban it, your coins and keys will remain and no one can access it except you.

[befriendmywater]

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??

do not worry. Some countries are prohibited from trading in bitcoins in all forms but traders can still trade normally. Because we can change the IP and can log into the trading platform to trade. I've tried it and it worked fine.

[aileenc]

If your government bans bitcoin, just find some other country to invest in bitcoin. Some countries find bitcoin as an interesting opportunity for the people, and a big help in their growing economy.

[Furious 7]

different from my country, initially banned but gradually Government began to look at blockchain technology and currently almost legalize Bitcoin trade.
I'm sure it will get better, in the future.

[Hafamot]

The only reason governments have to ban BTC is because of inflation, and the advantage even out weight just that due to the technology on which it is based. Government should rather concentrate on how to make use of this technology rather than finding ways to ban crypto.