What if Government bans Bitcoins?

[gpucoolingmethod]

I believe a few countries around the world have already banned it. Although I doubt any large countries will follow suit.

[stownbridge]

I do not know if any force in the world is capable of doing this in the world. They can harm, detain for a reason of fear, new. It is not possible to stop technical progress in any way.

[monirmostafiz]

Already has banned Bitcoin in many countries. Bangladesh government is not sharing any good information about Bitcoin. Considering this I am afraid about bitcoin in my country.

[grabpopcorn536]

If what you say is true I think it would be bad, but I still see Bitcoin still exists. Their government can not ban all, for the government:
- Do not see Bitcoin as official currency
- Not used for transactions and signing with banks
- Do not support the participants.
But the government can not stop people from participating, Bitcoin is completely harmless only those who do not understand Bitcoin and hostile forces see Bitcoin as an enemy. There is no reason for the government to block websites that are related to wallets, which could be considered invasive of privacy when they are not illegal. You can rest assured with this.

[juragane]

yes you are right the government is currently very hard to ban the circulation of bitcoin and some countries have banned the circulation of bitcoin which ultimately makes the price of cryptocurrency fall.

[emberbekas]

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??

Before the government does that, they will certainly give an announcement so that all people who have crypto currencies will immediately convert it to fiat. And if all countries treat the same thing then the crypto currency will disappear by itself. But believe me, that the government will not take unilateral actions by not giving advance warnings.

[Sand King]

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 countries where bitcoin is banned but here in the Philippines i think it is legal  because there are some seminars that are conducted for cryptocurrencies or bitcoin. I can say that I'm lucky to be a citizen in this country. But if the time comes that my government will ban bitcoin in our country that will be complicated.

[Vaflia]

Many governments have already banned bitcoin. For example in China. As you can see, it didn't affect people. They use the p2p market to sell or buy and generally have not given up on crypto support.

[verpobs]

big technologies bring big risks too. if a country is blocking btc, it wants to use its own crypto currency, not because it sees the block chain worthless.

[Jyominall]

Well, then bitcoin will lose its popularity and people start to use it only in illegal business and(or) darknet as it was few years ago.

[sneeze11]

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 if government ban bitcoin I will find a way to continue working here. Actually some country banned it but the worker did not stop to work here because they know that they can earn here and can be rich or successful.

[akihiro101117]

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 will definitely not going to happen. cryptocurrencies are decentralized if they have to shut it down, they have must done it years back before it was in the mainstream which didnt happen. it is hypothetical

[MinerFTW]

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 something like this happens, it will not be very pleasant because then all coins will be useless and worthless. But in general I very much doubt that something like that can happens.

[uyenkt]

that really happens, we will still find a way to trade either through some sorts of dark web or private network to trade still

[classictee]

If government of a country ban crypto, another country will be trading crypto, all country government can not ban at the same time. Bitcoin will continue to exit, when China ban, Indian legalize it. Such is how it will always be

[denzkilim]

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 something like this happens, it will not be very pleasant because then all coins will be useless and worthless. But in general I very much doubt that something like that can happens.

Governments can ban the websites of crypto currencies especially those web wallets and exchangers but not every government will do this kind of action against crypto currencies because the majority of the government in this world knows the potential of this technology. Only the minority of the countries will do this kind of action especially those closed-minded countries that see Bitcoin and other forms of crypto currencies as a threat to their economy and to their citizens. We all know that we can't please every people to appreciate this technology and innovation in our monetary system and it is normal if some or more people are against crypto currencies because it is part of the balancing system in this world if you know what I mean.

If the worst case scenario will happen just like the OP said: "What if Government bans Bitcoins?" and this happened in almost every countries in the world it will be a total disaster to everyone who hodls or possess crypto currencies because when Bitcoin is banned all over the world the value of almost every alternative crypto currencies will surely fall in an unimaginable way. (don't worry this won't happen )

[equator]

If government of a country ban crypto, another country will be trading crypto, all country government can not ban at the same time. Bitcoin will continue to exit, when China ban, Indian legalize it. Such is how it will always be

.

Who told it that Indian legalized the bitcoin, Indian have banned usage of bitcoin on april 2018 itself and now their legal war going on between government and local exchanges. But even then we are using bitcoins through P2P exchanges and dealing through localbitcoins exchange as the deal is between direct buyer and seller accounts.

[Ronyx]

I think the government will have a hard time banning bitcoin as a whole because bitcoin has become big and very popular, maybe in the future the government will look for ways to get tax from bitcoin exchanges in the country.

[altcoinhunter01]

It is already banned in so many countries but now the time comes when many countries try to make regulations about cryptocurrencies and legalize it as more and more people start putting their money in it. If the regulations come into effect then we will see a huge new investment by those who invest only in regulated markets.

[Melchizedek1]

The bitcoin is a decentralised and virtual way of making payments in today's financial world.... governments will have to fault the bitcoin on legal and legitimate issues to be able to pull down crypto