What if Government bans Bitcoins?

[LigwagGanern]

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??

When governments bans bitcoin many people will affect to that, they will think a solutiom on how they keeo their bitcoin to the government. Bitcoin is the most popular crypto currency for now because of its price. And many people believe the power of bitcoin and the things that can do with it. We are hoping that someday government will accept bitcoin.

[maloibtc]

I don't think that this will happen in the nearest future and to my mind, this is not the best way to do from the side of the government, which should understand the pros of the btc and its use

[Ahmed4200]

Some countries in the world are constantly banning Bitcoin. Because, according to them, Bitcoin will create economic unrest in those countries such as money laundering, corruption, black money, criminal activity etc., and pollute the country's economy. So banned in these countries.

[riskarcher]

Some countries in the world are constantly banning Bitcoin. Because, according to them, Bitcoin will create economic unrest in those countries such as money laundering, corruption, black money, criminal activity etc., and pollute the country's economy. So banned in these countries.

that's why anything related to ICO investments or blockchain systems can not participate in them because there is already a legality of transactions in bitcoin law in every country that tires bitcoin

[Tomborneque_1102]

If my Country banned Bitcoin for no reasons, that will be questionable. However, we still need to obey the law if it really happens. But for some Countries, Bitcoin is already banned. I can say that I'm still lucky because I'm living in a Country that allows and promoting Bitcoin.

[dylanarora789]

Bitcoin is a decentralized currency mean no one can control over it. Government do not have any control over bitcoin, If they stop accepting
bitcoin then people will find out other alternatives, Like in India GOVT banned bitcoin than peoples had leaved local exchange and start using international exchanges for trading.

[seneido]

The government doesn't technically have control over it, because it is decentralized. I believe in America, due to legal reason and people using bitcoin to evade tax, they are installing or trying to install ways to crack down on digital currencies. I'm pretty sure it's already there for them to use. If the government has a legit reason to ban bitcoin they will and they might find ways to stop you from using it even if it is decentralized. The government can reduce or restrict the usage but they can't ban it.

[joshua0502]

I think it would be a big affect for us. Although bitcoin is not the only coin here on crypto but it has the highest potential price market value among the coins. And there will be a big problem coming through the investors who is only coins and their primary is bitcoin. They gave and spent their time just focusing and investing on bitcoin just to have a good profit into the future. And I think  the reason they want to ban bitcoin is there is a lot of people who is much more likely to use bitcoin than there own government currency and they're government felt like it will be a big problem for them because a digital money is winning against there own government currency. Another thing is the crypto is a decentralized economy that is why it would be a big factor that the drug dealers and smugglers or etc... is using bitcoin for their transaction due to its lack of security.

[speedy1987]

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 can't even block the new movie releasing websites so it's not at all possible to block all of the crypto website. Already many countries ban Bitcoin, even though many of the using cryptocurrency from their countries. So it's hard to vanish cryptocurrencies.

[manojnilanga]

Banning cryptocurrencies can done by governments if it is necessary. But it will not stop the people from using cryptocurrencies because of the decentralized nature of the cryptocurrencies. But the problem is, if main countries like USA, european countries ban cryptocurrencies, it will reduce the value of the cryptocurrencies.  

[nabilanur]

I think any government would go that way on reject bitcoin. they may simply stop working their native exchanges however be block all sites with reference to cryptocurrencies ar not possible. Granted that they're going to bang, they cannot stop individuals from victimization bitcoin as there ar some ways to try to to it; like what the Silkroad guys do.

[oni4an]

They can certainly forbid, that's right. But how will they be guided? Now everyone is trying to earn a cryptocurrency, not to forbid it. I think, if there are literate financiers in the country, they will not forbid anything.

[gbsray]

Governments will begin to ban Bitcoin as soon as they feel a real threat from it. So far, despite the huge capitalization, BTC does not pose a threat to the main payment methods.

[alexlee4694]

Some countries were already banned bitcoin,  but the're still countries that bitcoin is alive because government don't know what to do bitcoin. That's why some countries are banned bitcoin because they scared that someday can't control the proliferation of bitcoin to their country.

[kumarrajuiitd]

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 is possible for governments to ban the use of cryptocurrencies. In fact, I think it is likely. (https://bitcointalk.org/index.php?topic=3078312.0). Many things are prohibited by governments (drugs, for example), but whether or not a ban would be effective or not depends on many factors.

In any case, the primary result of a ban by the U.S. and other countries would be a drop in the price. If very few people use cryptocurrencies as a result of the ban, then they would not be very valuable.

Government can ban bitcoin but its transactions can not be stopped. For this internet has to be ban. The banning of individuals country of bitcoin will give the opportunity to other country to regulate it and causing transferring of crypto business.

[ellehcar]

If the government bans bitcoin and other cryptocurrencies, it will definitely lose its value. If they declare it as an illegal commodity to own or to use, then people would be daunted to do so and they would lose interest in it. Frankly speaking, it isn’t far from the reality since the government sees it as a great competitor. Their economic power through the use of fiat currency is weakened with the emergence of digital currencies, since they don’t have exact control over it. But if this happens, I think, a lot of people will resort to strikes, especially now that bitcoin is gaining awareness and recognition about its numerous advantages and benefits over local currencies. Let’s just pray that the most that the government will do with it is to regulate, not ban.

[Sergey698698]

the government takes a long time to ban bitcoin, because the longer the more users.
so i guess that will not happen .

[safarabela]

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??

The government forbids people to use bitcoin as a means of payment because the state has a legitimate currency. The government only prohibits the use of bitcoin as a payment system.

[EEE14]

This risky however incredible undertaking, I mean crypto, won't bite the dust and won't be vanquished! I am certain that he government will sometime acknowledge it as the best money choice being helpful and safe. A ton of nations have accepted it

[#CR7]

Nothing will happen I think. Because, Bitcoin is still not legalize in my country and we don't know gone it will be legalized. By the overdoing, nevertheless we are using this. We know, it is a dangerous one but we high regard crypto. Government can make known many things, anything doesn't affable but we way to our own decision for each and every one one moment of our computer graphics. We have a other and we have rights to get sticking to of any things for ourselves to along as well as a glad computer graphics.