What if Government bans Bitcoins?

[Ravion]

Bitcoin can't really be banned. It's on the internet. If people really want to use it they can. Is the government going to ban Bitcoin mining?
Sure, they can ban mining within their country. For example, Venezuela has banned imports of all mining equipment into the country a few months ago. But as long as Bitcoins are being mined somewhere the people can keep exchanging Bitcoins.
If a government bans Bitcoins in that country, most people wouldn't use it, as they would want to be law abiding citizens. But some people would still continue to use it.

[sky4242]

In the past many countries have prohibited bitcoin. Because of the Bitcoin online currency, many governments are worried about this currency. So they are not using bitcoin. Bitcoin will be banned if people will lose the great opportunity to get up.And this will have an impact on the meaning of money. It is not good for a person, society, nation or country.

[riptv]

If my government bans bitcoins , than I would actually continue my life , maybe it does bit matter but not so much , so I will live without bitcoin , and I am not going to loose big things maybe comparing with someone who has invested a lot in bitcoin !!

[cizatext]

Well for the government to be able to ban bitcoin then it will have to ban the internet first because without that there is no way the government can ban bitcoin transactions because the internet is the lifewire of all online connection and bitcoin being a highly decentralized commodity is stored on the internet.

[Tduty]

Governments ban bitcoin means in your country's government or the whole world's governments? If you are talking about your country's government, Then that will be no problem for bitcoin and your wallet will be safe like before. Because bitcoin is a digital currency, your wallet is in online, So, if your country government ban bitcoin, then still you can use bitcoin wallet by VPN or other proxy sites. If you asking about the unite governments of the world ban bitcoin then that will be a huge problem for the bitcoin and crypto markets.

[macartem]

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 not, because they don't have the authority to do it. Still, people will find ways to circumvent all prohibitions

[MileyPeardon]

Highly unlikely. It is best to allow it and tax it, and create incentives to use local currency instead. There will be uproar with prohibition.

[ultra insting]

Very unfortunate If it happens about the ban, but I think it will not happen if there is a gap to open up opportunities for bitcoin

[Kimberley_Isham]

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'm sure that goverments will not be able to block all sites and hack wallets. The principle of decentralization protects us.
Despite the fact that many states are trying in every possible way to prohibit the crypto currency, they simply can not stop the interaction of citizens with the network.
Thus, to prohibit bitcoin is simply useless, since its code will correspond more quickly than the next ban on its use will be ready.
Even the most severe punishments and prohibitions, do not stop users, but only warm up their interest in the crypto currency.

[dead_m92]

Well it has already happened on a lot of countries already, i would not be surprised if there are more and more of them trying to regulate it or just to ban it definitely. This is weird anyways

[syarifudin]

perhaps why the state forbids bitcoin for tax evasion, it could happen, every country sees the bitcoin differently

[jak3]

I think Bitcoin is a great concept it should be treated extremely preciously but a lot of governments are already banning Bitcoin even in my country they have banned Bitcoin. I don't care because Bitcoin does not have to rely on government they cannot see how much money you have and they cannot simply try anything about you using Bitcoins show it clearly cuts the transaction between you and government and you are free to transact anything you like without showing anyone are giving anyone any cut.

[Hendrahendri]

probably because of the government's fear of fraud. Bitcoin can be juxtaposed with fraudulent MLM
The exchange rate bitcoin indeed continue to soar, but unfortunately the number is limited. There are only 21 million bitcoins to be contested by users around the world. Not to mention the bitcoin can only be obtained by deciphering complicated mathematical code that can not be done directly by humans.
therefore, miners can easily sell bitcoins at high prices to those who are tempted by virtual investments. Moreover, many circulated stories about someone who managed to double the bitcoin that he bought several years ago.

[Escan0r]

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??

We can only wait until there's more news that bitcoin is received in your country. Because if we use bitcoin while in tires by the government maybe it will make you a fugitive to be searched for already know that bitcoin is legal and still use it. You will be tracked by the government because it still uses bitcoin.

[fernandoclause]

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 the government prohibits and blocks everything associated with cryptocurrency then all your assets will be burned and losses are very much a lot because it can not be used for anything.

but do not worry, the government will not block cryptocurrency sites,
because I think cryptocurrency will win in the future

[Linhkej]

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 the government prohibits bitcoin, keep the bitcoin in your wallet. Bitcoin sites will not be blocked and there are still many other solutions for you so do not rush to sell them. That ban may be temporary, because bitcoin can actually solve many problems for the government and be the forerunner of the future.

[tutorroma]

The government has the ability to ban Bitcoin, but now other countries have no plans to ban it except China. I don't think other countries will ban it in the future, but it's possible to let Bitcoin exist on a wider scale with an asset tax.

[coinsocieties]

I think yes bitcoin can ban or totaly block  bitcoin around the world if they realy come together and block bitcoin but i think it wont happen in real life because bitcoin earn a huge community already.

[donalfonso]

As long as people still have apetite to deal in crypto,  a government ban on BTC can be made ineffective. At least drugs are banned in some countries, some countries èven ban pre marital sex and prostitution but as long as there are people willing to deal any ban can be rendered uselse's.

[jmvzlfyg]

I think the government will not easily ban it, because with the expansion of the community, bitcoin's influence has been increasing. If bitcoin can create taxes for the government, it may soon be used by more people.