What if Government bans Bitcoins?

[Sylon New Account]

If here in the Philippines they ban the usage of bitcoin, I would most probably still use utilize it by using a different wallet outside in the country (we have a wallet provider here in the Philippines). Though this will limit my spending capacity and options, I would not want to waste the opportunity of earning bitcoins that potentially may increase its price furthermore in the future.

My friend interviewed the main lawyer of BSP (Central Bank) about bitcoin and the country's view on it. The lawyer said that bitcoin is treated here not as a currency, but rather as property. Therefore, it is not subject to legal tender which opens a variety of options in terms of payment.

[Naginiya]

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 is no use of currencies if BItcoin get ban in the world via every source possible though governments because if that happens businesses will abandon Bitcoin and its market by turning into fiat once again and most holders will leave the market which can make Bitcoin to hit zero value so nothing to consider about currencies that are stuck in wallets

[looking31]

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 think banning BTC is an old idea now, governments now understood they can make money from it, and probably they can even stop it, too late.

[Maximus-1]

That's the main problem that BITCOIN is facing, governments are really against in Bitcoin without looking for its advantages. But, I still believed that Bitcoin will not easily be banned based on the people who used Bitcoin, and most country have a bitcoin users already.

[ParveZ219]

Government is already banning bitcoin in many areas as crime or the illegal works got increased for cryptocurrencies because the transactions cant be traced...So the government is banning bitcoins..and in future they will also unblock bitcoins.

[Bella Thorne]

As we all know that bitcoin and crypto currency as a whole is decentralized and not easy to be controlled by anyone, the ban will only reduce investors participant but cant stop people from trading btc since its decentralized.

It is really possible that some goverment can ban bitcoin so when it happens a lot of investors will pull put there money in bitcoin and it will really affects the value of bitcoin, it will result a huge dump on the value of bitcoin so hoping that goverment will never ban bitcoin.

[Bulljcak]

I think the government will not ban bitcoin in the future, because bitcoin improves the welfare of the public, and it also will not happen if the government blocks all existing wallets.

it doesnt matter if the government ban btc still the wont stop doing it.they dont control btc.still growing and growing.

[Suketlapangan]

the government can ban crypto as a currency for the payment of goods, but the government cannot prohibit crypto ownership as an asset or investment ..

[tonyvo2017]

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, you can change the ip to access the Bitcoin web sites abroad. You can trade your Bitcoin number for money or continue investing in it. However, in developed countries it is difficult to have a ban on Bitcoin. It is as a potential new market and an opportunity for the future of a new way of trading and storing assets.

[yhan2x]

Probably, some of the country was already banned. But in our country, bitcoin is still growing. Our government know about bitcoin but i think they dont know how to use it.

[jamota]

The government used to be a hardline for cryptocurrency innovation but now they are beginning to adapt to it. Even decentralized crypto features are now starting to look attractive to some governments when they begin to allow the use and trade of Bitcoin and crypto.
Seeing the current trends in financial markets, the future of cryptocurrency is very bright. That really includes Bitcoin.

[ayambawang]

I think that even with the growing popularity of the government, it will learn to accept and legalize BTC, but if the government forbids it, I think it is quite extreme if the blocking is held, it will no longer be valuable, but I am optimistic, the government will think otherwise, they will try to think positively. take the good side and complete the shortcomings, but I don't know when it will happen

[kyledavid]

if government bans bitcoin it will have an effect for the bitcoin price , the volume will decrease as well as the price also . so we must keeps on promoting bitcoin and gain lots of investors so the price will stay up or stable . If there are news regarding bitcoin banning some people do sell theirs as well so we must educate people on how good bitcoin is

[Fika15]

It is likely that we will be difficult to use cryptocurrency, it will also be difficult to invest in ICOs. The point is a disaster if the government bans bitcoin...

[franciscoDC]

So your asking about what IF? i think bitcoin popularity will be down and also its price will be dumped maybe ,because many people now was not recognizing this bitcoin as a illegal,but i think it will not be happen and many people will be not agreed about it.

[btcCoincart]

They did, and it still goes bigger lol. What can’t be controlled should be banned lol

[Mudah_rezeki]

We often hear this news. In our country, bitcoin is banned by the government. But this regulation is not strict. Then in our country bitcoin is very much invested. The poor.

[kcalebkelly496]

i think government banning bitcoins will affect it value.

there many stuffs banned out there by government that are still operating, take an example of drugs.
Government have no choice other than to take bitcoins the way it is.

[Tinker18]

I think Government choose a coutry that need a good source of income so that this country can be life's liftting help by this coin.

[MidKnight]

It would only happen if they have a strong proof that it is only been used for criminal activites or transactions but they can't prove that. They might not  admit but they are not blind and they can see how millions of bitcoin users are there that use it legally like an ordinary fiat.