What if Government bans Bitcoins?

[magmar]

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 plausibility that administration will boycott bitcoin. In actuality, a portion of the existent nation as of now boycott it. I figure they can boycott it yet not completely cut of the utilization of bitcoin. There are as yet a constructive side of utilizing it and I trust the greater part of the general population know to it. If at any point they boycott it, your coins and keys will remain and nobody can get to it aside from you.

[thenameisjay]

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??

Then the bitcoins we have would be stagnant. If there will be no movement then there will be no one able to buy bitcoins from other people. It will be stuck there and the price will either die or make bitcoins useless therefore reducing the price to zero. Rendering it useless would definitely kill it.

[johnmartinda]

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.

[stayeduptolate]

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 we all know that bitcoin is a decentralised crypto currency and there is no such proper authentic regulating body over bitcoin so if speaking directly bitcoin is entirely a independent crypto currency and no government has authority to ban it unless they legalise it in their nation, as bitcoin is a independent crypto currency so one country can ban bitcoin only in its nation only and if more specifically speaking then it can only stop its people from using domestic exchange only , they cannot ban it internationally.

[julielyn]

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.

If the government banned the bitcoin it would be difficult for us to transact with bitcoin and access our accounts but it is still a bit of a problem that the government would bite the bitcoin if that happens so long ago.

[KeezAZA]

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??

China intends to block all sites related to the trade in cryptocurrencies and initial offers of coins. This step will be a continuation of Peking's previous attempts to "liquidate" digital currencies by closing the associated Chinese sites.

[connexus]

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 countries who really banned bitcoin and other crypto currencies but they cannot forced the people not to use and invest in bitcoin. Of course with the use of internet do they really have the capacity to control the sites that are being used in the crypto currency there are so many ways to be used so that the government cannot trace the users.

[alexandermd]

i dont think that government will ban bitcoin as in near future bitcoin will become a major part of the business world

[gladydark]

I think it is impossible to unify the network all over the world, so we need not worry too much about our coins.

[jaaeeeyyyy]

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.

Just like my country, they are not against on bitcoin trade or in bitcoin itself. They just limit the movement of bitcoin here and put some regulations to evenly control the flow of bitcoin. I guess our government are into studying the potential of bitcoin and its blockchain system to hopefully use in the future financing matters.

[ranman09]

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 you are referring on technically banning bitcoin through blocking the links or url networks? Not sure. But most replies here are about the government banning bitcoin via legal laws.

If its the technical side you are asking. I think it will still work as long as there is the Onion network.  And they can't ban onion network because the government uses it. The more user the onion network has, the more secure it will be.

[Tan_avia)vl.]

You can see the situation a little wrong. Just now there is a tendency to resolve Bitcoin in many countries, not its prohibition. Every day more and more organizations welcome cryptocurrency, the case for countries.

[cryptoalfs76]

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??

Will,if this things would happen in the future that the world government prohibited or ban the bitcoin,i thinks all of us have no escape because they have the right to stop or to hold everything what they want,because they are the law,and only thngs thats we pray thats this implementation could not been happen,because everything about in cryptocurrency investment would been collapsed.

[Kuchiyose]

For the time being, some areas have banned the existence of Bitcoin but Bitcoin is a free currency and will be people interested to have it.

[arabellascott21]

It just limits the use of bitcoin in the country. Meaning merchants will not be allowed to accept bitcoin as payment. but citizens can still use btc, invest in it as the government doesn't have the control over that.

[Lalafell]

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.

That's a good news, cause your country are open minded in cryptocurrency they know that bitcoin is help for there people to become successful and also they know that bitcoin can reduce poverty and unemployment person and give opportunity to grow the economy of your county. I hope one of this days another country accepted bitcoin.

[papasmurph]

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 I have to be honest, I do not know what exactly will happen. But in my opinion, in order to have some overwhelming consequences, it must become global. That is, each country should ban it. Otherwise, you can always use it where it is not forbidden. That's what I think.

[Akenosi]

Either they  ban it or not, bitcoin is staying for long, the importance the blockchain will soon be known and open the every body around the globe.

[doblok]

if indeed there is a ban on bitcoin in this country then many impacts will occur and the government is actually just limiting how its development so that all goes well and actually the presence of bitcoin is very helpful to the economy of this country and the government will still allow someone to have bitcoin because of the presence of bitcoin many changes that occur especially in terms of our economy is getting better

[svetochka.yakovleva.93]

for me if bitcoin is banned in my state, then I can deal with it bypassing the state system, since the Crypto currency is decentralized and I can do it wherever I want