What if Government bans Bitcoins?

[Kayuslawal]

Either they ban it or not it will never change or make any effect on btc and the adoption, we need to understand that bitcoin is decentralized not easy to control.

[heroson]

When it happens or when a country, getting tax from bitcoinsusers bans bitcoin, then its also gonna be a huge loss for a country itself.And also because bitcoin is getting expanded day by day, i personally dont think its really good to ban it. I thinl after some years it would be legal even in those countries, where bitcoin is banned.

[Otsu]

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 this is going to happen, probably we won't be able to recovered our crypto earnings in the web wallets because we don't have access on it. And also, if this will be implement worldwide, perhaps bitcoin's popularity and it's value will be go down and will never rise again.

[sacred32700]

Usually for now government do not mind the use of bitcoins because it does not affect the economy but the businessman's  are aware what is happening in using bitcoin because they are the pro in managing money and earning. The government will just care on using bitcoins if the price is too much and all the people use it and do not work.

[Pattart]

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 several countries thst already ban the bitcoin at their country, at first it has a big impact to the price of bitcoin but as the time goes by, thr price of bitcoin back to its normal price or maybe it is start to increase slowly.

Yeah it affects the market in general, but the ban does not mean anything on the use of bitcoin, we know that some countries
forbid it and so do my country, but I am still free to use it? you don't need to be afraid and worried about this..

[trauchot]

I think this is impossible because many countries have legalized bitcoin and profits from taxes will not hurt them. Even if this happens, they will simply find a new cryptocurrency that will be in bitcoin place, but I do not think this will be the case because the profits received from bitcoin are too high and no one will do anything at the moment.

[Snakerist]

It will crush crypto markets, but cryptocurrencies will not die. They wil still be used by ssome groups of people.

[beezunus]

if the government bans bitcoin and I think there are many countries that have already done that, then I will still look for ways to still be able to access and use bitcoin

[Dessy Nurvianti]

I think government can't bans bitcoin. Because bitcoin is a currency that has it's own rules. This doesn't mean government bans bitcoin but only restrict, in some countries government just restrict bitcoin not bans it, the goal is to avoid misuse. If government want block all sites related with bitcoin, it can be done, but what will supporters bitcoin say? someone will try to fight it.

[olyolali]

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??

in my opinion as long as the internet network in this world there are still all crypto and wallets will still be accessible. if only banning and blocking the web, there will be another web.
and crypto will stay alive until the end of the year.

[Gamblet]

I think that this is unlikely. I do not know what could be the reasons for this. The government can introduce tough regulatory measures but a complete ban I think will not.

[seniorita]

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??

And now, Bitcoin already got banned in few country, surely inventor in their country can't do anything against it. Nothing happened to their wallet, they just prohibited to use crypto currency in their country, they can still use it if they change country.

[adnandanish102]

Government doesn't aims to ban btc for a single reason, its banning has multiple reasons, one the main is, the dwindling of the market of bitcoin with great loss that constrains the investors to invest in it for a long time, this can be result in drowning economy, one other reason is the drugs dealing that take place through bitcoin payments, as government couldn't control these dealing using bitcoin because they can't find dealer's any info.

[Arumi.Bilqis]

this is not a reason or news that always stands out because governments in some countries do not legalize the existence of bitcoin but if there is a ban it will not be achieved because so many countries have used it as an economic driver in every developing country of the country and hope that my country's bitcoin will be better and the government can accept its existence

[Odlanyer]

Some countries already banned bitcoin because government can't understand bitcoin will help us to become rich and because of bitcoin it makes a money bitcoin has a very good impact on the finances and welfare of the people.

[xena2]

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.

i hope they won't But seeing how famous and uncontrollable bitcoin is,  it might trigger the government to ban it. Hiring experts for the job. It will be a breakdown to us who do bitcoin.

[Fretcy]

All the Governments will not take the same strategy at the same time one accepts and the other rejects it does not matter, if in your country the Government who is not ready to accept bitcoin technology then there is nothing to worry all  I would say is to go where it is legal to use. In Developed countries the Government has accepted bitcoins with both hands as they know that this technology has the capacity to improve the economic conditions of the world.

[shashikamal]

Governments can blcok you from using certain Crypto Exchange sites, Online Wallet sites & can impose some rules & regulations to avoid visiting & using them. No one can block or use your funds in the exchanges or wallets as long as you are holding credentials. Many governments already restricted dealing in Bitcoin & not legalized since it is decentralized & higher rate of volatility. But some of the forward thinking governments are in action to inspect use case of the crypto currencies to speed up the whole financial world. Blockchain technology has all the requirements to speed up, regulate, Low cost & most efficiency ways to revolutionize the world. This can't be neglected. Since this use case of crypto, has to undergo through inspections in order to not to get cheated anyone from using this in ground level. The importance of blockchain technology will be accepted by each & every government in the near future but we need to be patience till then.

[stiffbud]

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??

Bitcoin doesn't work like that. It's peer to peer crypto payment system, so no one can stop it as there isn't any centralized server of bitcoin so it is impossible for the government to stop bitcoin. The only way a government can stop bitcoin is by stopping the internet access of the people and that's the basic right of people so they can't restrict the people to use internet.

[gabmen]

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??

Bitcoin doesn't work like that. It's peer to peer crypto payment system, so no one can stop it as there isn't any centralized server of bitcoin so it is impossible for the government to stop bitcoin. The only way a government can stop bitcoin is by stopping the internet access of the people and that's the basic right of people so they can't restrict the people to use internet.

Well you do realize that people will be hesitant to use something that has been illegalized right? Yeah there are ways to have access even if ip addresses are banned but not all users would want to risk being reprimanded so there will be a serious decline in usage if that happens