What if Government bans Bitcoins?

[mitchr4]

I'm not afraid if bitcoin is banned in my country, besides I can use bitcoin because its anonymous use makes the government will not know who is still using bitcoin. It's just difficult to exchange bitcoin to fiat money.

[1714671011]

1714671011

[pankowri]

Nothing will happen I think. Because, Bitcoin is still not legalize in my country and we don't know when it will be legalized. By the way, still we are using this. We know, it is a risky one but we love crypto. Government can say many things, everything doesn't good but we need to our own decision for every moment of our life. We have a choice and we have rights to do any things for ourselves to lead a happy life.

[dimiinx]

The debate over the virtual currency continues to emerge amid the skyrocketing bitcoin trend. Until the end of 2017 alone, bitcoin users increased by 1,200 percent.

In early 2018, the government began to take decisive steps to suppress the development of bitcoin in Indonesia. Bank Indonesia (BI) as the financial regulator in Indonesia considers cryptocurrency as an illegal and unrecognized currency.

[btccoffee]

I think it is realy hard to permanently ban bitcoins around the world because this is discentralise even only one or two network are still working bitcoin will still survive thats why bitcoin is realy strong that even government cant control it.

[boranes]

They can't ban bitcoins buddy, no one can do that unless they shut down entire internet. Few countries made crypto not legal but why, what is the reason, they can collect tax from traders, investors and all people who are doing business with bitcoins, bitcoin can do more good things than bad. They always say bitcoin is used for frauds, money laundering but how much real money is used for the same thing? They could ban paper money too.

[yamete kudasai]

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??

Don't worry because it will never gonna happen because bitcoin is decentralized. And if your government bans certain websites, you can always use VPNs to access those websites. And it will be impossible to track you unless you publicise your current state with cryptocurrency. You can 'incognito' yourself by laying low in this industry.

[Bitdressa]

maybe for now can not forbid because of this positive access is not negative access. and also this can make people earn extra income is very tolerable to live day-to-day.

[rh72]

I think that government bans bitcoin because there is no regulation. So that it is dangerous for the users.

[Sandijoee]

I think the government will not be able to ban bitcoin. Because in the world already many bitcoin and bitcoin users have also been supported by people in this world. Even developing countries have already received bitcoin. So if I think the government will not be able to ban bitcoin and eliminate it.

[Zicadis]

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.

Its possible to do this on a national level but bitcoin having grown some roots I think its too late for this even the managed to blacklist some bitcoin sites people will always find ways to bypass the site blocking as this isn't all about games and fun, its a lifestyle to many!

In that case what would happen to our existing coins held in those wallets??[/b]

Funds will remain there safe and sound unless someone other than you has access to the private keys you will not find your crypto coins.

[oni4an]

And why do they suddenly forbid? Are you reading the news? On the contrary, all governments allow Bitcoin one after another. It would be interesting to hear the reasons why it should suddenly be banned?

[Blackmoon84]

I think it is not easy the reason some countries have made the national currency to the state and recognized the world,
like japan but there is a lot of bad information about bitcoin from the past and until now there is no real proof that bitcoin is illegal and also endangers state finances and it is important to help improve human resources if bitcoin persists, as it is very helpful to me in economy.

[marlouied04]

it is very unfortunate. because people cant experience what bitcoin does. Many people are very happy in bitcoin because its more freedom in here than in the banking system.

[lazygin006]

It would be a disaster if most governments start to ban Bitcoin. However, I don't see that happening as Bitcoin is not just a money making machine. It is rather a revolutionary technology that will help with the growth of how we deal with our money and currencies in the future.

[Liternyy]

the government does not make sense to prohibit bitcoin, because it has so many advantages, it will be able to help the world economy, eliminate corruption with which everyone has been fighting for so long, and finally bitcoin is a new perfect currency for the future, which if any country prohibits it luxury of civilization and the progress of new technologies!

[Marlo Stanfield]

It would be a disaster if most governments start to ban Bitcoin. However, I don't see that happening as Bitcoin is not just a money making machine. It is rather a revolutionary technology that will help with the growth of how we deal with our money and currencies in the future.

But if they are worried that Bitcoin is going to have a negative effect on their own currency that they issue with their central bank, then it isn't too far of a stretch to say that they might try to ban it. Either in just words, or actual actions online to make it more difficult to run nodes and such.

[BIOX]

I think some countries like China  won't ban it because around 80% of bitcoins (BTC) being mined  in China, the Chinese government will have a major influence over the market. Of course some countries have strict laws against BTC but it is quite weird.

[muratdur]

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 cannot even imagine what would I do if my country will forbid and ban cryptocurrencies. Literally I cannot move out from country because I have my family here my church, but I don't know where I'm going to go.

[marites]

If a government banning the operation or using of bitcoins to their society it means bitcoins will have no space to use on their country that is the end of bitcoin.,but you can use bitcoin outside of your country.

[ELOCIN]

That's still fine with me though it will be very hard to accept it at first. I gotta move on and find another ways of doing crypto because i believe there are still other countries who are using cryptocurrencies as part of their economic progress.