What if Government bans Bitcoins?

[Betheng10]

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??

Middle eastern countries were able to ban porn sites and once you were caught holding/ storing any porn on any medium, you will be jailed.

Your coins on your wallet will ve rendered useless once government banned sites especially online wallets. It will be there once you were able to access your account again. It will only be possible if you go out of the country though.

Now imagine if all countries ban bitcoin.

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[Nakedbitcoin]

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 bitcoin encounter big problem if this happened government allowed to ban bitcoin.especially when they push to block the all sites. Their is totally no transaction to be done because all sites is dead. But I think this won't not happend because as we see and heard  the news their are a lot of progressive country are now using bitcoin.

[bitfocus]

Bitcoin is Decentralized and P2P - so, does any ban matter?

[TooDumbForBitcoin]

Bitcoin is Decentralized and P2P - so, does any ban matter?

They will need to ban overall internet to ban Bitcoin network. It is impossible but ban on a operational level will make effect on the overall crypto market. Hope we far now from this

[Painbird]

if every county's banned bitcoin then  cryptocurrency face lots of problem. but I hope it's not happened. many county's I see that they are including vat system in bitcoin.so it is blockchain technology so not for banned.

[dongajow]

I think though governments ban cryptocurrency it can stand alone and survive. Because many powerful hands in world needs crypto for their money making where dead of crypto will surely a huge loss for them. But if governments ban crypto it will have a overall negative effect by reducing crypto holders.

[dillema018]

They can block bitcoin if they going to remove all the internet connection all over the world even if you block it in your country they will find a way to use bitcoin and they cannot ban it in just what we say specially now that there is a lot of adoption of bitcoin and they used it as a payment so how they can ban this if some of the government official use it.

[SummerBliss]

The point is does government owns Bitcoin or its supply?
The answer is NO

Bitcoin exits in a decentralized manner. Even if government bans fiat to BTC exchange which they can actually do, BTC won't die. BTC was developed to replace fiat. if people will still continue to trust Bitcoina as a currency, it will go on existing.

[olalaMaty]

If the government really bans the bitcoin, it is a sad thing for the bitcoin and bitcoin trading is considered invalid and thus the price and investment in the bitcon will be significantly affected

[Ezenwanyi]

I do not believe that government is capable of banning bitcoin, this is considering that bitcoin is a decentralized virtual currency.
Government has no control over it , so theres no way they are going to ban bitcoin successfully.

[dutchkay]

Countries can ban bitcoin within their premises not globally. At least the Chinese are not the ones in control they are fund of blocking sites. Bitcoin is global and decentralized so shutting it down will be really hard. There is no central server that handles all transactions just as bit orrent. Even if there is a way to stop and halt all tray there are some people who will still be using it among their own community. The die hard fans.

[cryptochain5]

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 it. they can only ban bitcoin within their premises not globally.

[Ike.daniel]

It certainly won’t be easy, as bitcoin doesn’t operate in a manner that makes integrating it with existing financial models easy.

[cizatext]

It not possible for the government to ban bitcoin activities due to the fact that bitcoin is a decentralized commodity which is just a store of value which is base on the blockchain technology and at that no government or any institutions can clime down on bitcoin to the extent of banning it activities.

[Pab]

Than we will have problems to exchange crypto to fiat
But it doesn't looks like to govs will ban crypto
I see more and more positive news and whatever govs like that or not people make money in crypto market even big serious investors so i don't see it will happen

[art.vrn]

The main reason why governments prohibit crypto-currencies is the lack of centralized control over processes.

[otandelapaz]

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 a government is planning to ban Bitcoin or crypto-currencies in general, they will not JUST ban those sites for wallets etc. It would be a lot of work for them. They will simply ban or prohibit the exchange of cryptos to a legal tender and they will also prohibit transactions (buy/pay) using cryptos.  That way, your cryptos will be useless in their territories.

[travieso]

Melihat sifat terdesentralisasi dari mata uang kripto, Bertanya-tanya apakah pemerintah melarang Bitcoin di masa depan ?? Apakah mungkin katakanlah dengan memblokir semua situs yang berhubungan dengan dompet Bitcoin / pembayaran dll melalui internet. Dalam hal ini apa yang akan terjadi pada koin kami yang ada disimpan di dompet itu ??




I think the government will not do such a thing. This is already a lot of bitcoin users and the government does not want to take risks, in my country the government only calls for bitcoin not a safe investment.

[Rainbow009]

Circulation of Bitcoin is restricted in some states, but a global ban us unlikely. There are kkts if potential in bitcoin and the blockchain technology. It is the future of exchange  and no one wants to be left behind.

[Sirnero111]

I would not want to say it can be possibly but at the same time governments lack the authority and power to act against a decentralized currency like Bitcoin.