What if Government bans Bitcoins?

[euronine897]

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??

Governments wont ban Bitcoin but they might make restrictions against its use and some times they might make formal regulations to people who use Bitcoin locally to avoid any negative effect that might occurs due to the usage of crypto currencies by citizens to government economical system because if a large part of the population starts to do everything in Bitcoin how a government will make taxes to transactions and that issues cannot be solved due to the decentralized nature of Bitcoin and its network   

[L lawliet]

very disappointed, indeed the government will give me money if he prohibits bitcoin. if possible then I am willing the government to ban bitcoin.

[1van__]

I think that this is some kind of absurdity, the maximum that they can do is to tax it if they forbid bitcoin, then its owners will be very unhappy and this is fraught with consequences

[inuyahi]

I dont think so because there are a lot of alternative coins instead of bitcoins.

yes there are alot alt but alt is affected by bitcoin. so if bitcoin get ban alt will be hard to survive too
luckily, bitcoin doesnt need goverment regulation. bitcoin can survive without government :p

[Criptomen]

Even those countries that are now against bitcoin, will return to it after they see the progress and benefits that countries receive that are loyal to bitcoin

[$$$sparkles$$$]

Then it becomes illegal. Any transaction made after banning a currency will be treated as a crime since it prohibits everybody from engaging in such transactions. But this is only unfortunate for citizens of a country that actually banned Bitcoin or any other digital currency. But Bitcoin has gained good reviews lately due to some adoption of huge and well known companies. And so banning Bitcoin may no longer be an option for other countries due to this development.

[djcounter]

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??

They can't block sites to prevent reaching your wallet. but they can track your bank account to get tax.

[Mary Ofosuhene]

Government might succeed in banning bitcoin but as long as the internet still exist, bitcoin will still be in existence in countries where Government has banned bitcoin. The bottom line is that, people will continue to pursue bitcoin illegally in the comfort of their homes so long as blockchain technology requires internet to survive.

[abruchifid]

It will not change things much in the future because bitcoin was not designed to be controlled by the government. If governments ban btc and people are willing  to use it, no problem, it is peer-to-peer

[tkaush]

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??

When governments ban Bitcoin and other crypto currencies the value of them will be useless because what is the purpose of having a currency when you cannot use it any where to do any useful thing so currencies will exist digitally in wallets and in exchanges but will have no any value to do anything 

[miramax-10]

Bitcoin and the technology on which it is based are very promising and can bring a lot of benefit to both the state and people if they find it the right application. Therefore, I think that the states will not ban it.

[Thecryptocurrency09]

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??

These days,  some countries are starting to ban bitcoin and is continually doing so. I believe that obe of its main reason is that they cannot do something, the government, to influence bitcoin or does noy have the ability to control a part of it. So far, the only solution we can get is to continually support bitcoin in a way we can.

[Afnan_faizah]

Government can't make Bitcoin dissapear although all governments in this world bans bitcoin, the other nature of bitcoin is the anonimity, so if there is still one computer that save the data of bitcoin then bitcoin will still life, and track computers that save the data of bitcoin is not an easy job.

[infonik]

I always think that as long as a country still does not ban Bitcoin, Bitcoin can survive! But when Bitcoin is banned all over the world, the market will disappear and Bitcoin may become history!

[Zalaster]

If this were possible, then it would already have happened. Today, bitcoin has invested a lot of money from many people around the world. Imagine their reaction to the dawn! Even if this happens, it will not last long, because bitcoin is like the Internet, which can not be controlled.

[nasaktokwatro]

Government doesn't plans to boycott btc for a solitary reason, its prohibiting has various reasons, one the principle is, the lessening of the market of bitcoin with extraordinary misfortune that compels the financial specialists to put resources into it for quite a while, this can be bring about suffocating economy, one other reason is the medications managing that occur through bitcoin installments, as government couldn't control these managing utilizing bitcoin in light of the fact that they can't locate merchant's any data.

[sarungmen]

of course, there will be lots of protests from bitcoin users and will increase the number of unemployed because not a few people depend on bitcoin when the government bans the use of bitcoin automatically they will lose their livelihoods that will have a negative impact on the economy

[jademacoy]

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??

Well are you refering to your government? or our government? Seems we have different government system that is being used from different countries all over the world. All i know that Philippines is one of the good country that embraces cryptocurrency and we are free on cryptocurrency trading.

[damrianto]

the government will not be able to stop bitcoin because bitcoin has super safe and strict technology. All transactions are transparent and spread to millions of servers. So that it is almost impossible to counterfeit the bitcoin database. even though the government has banned many reasons that say bitcoin is illegal and also harms the people, he said, but it's all just a government idea, the proof is that many people are getting rich living with bitcoin.

[NazaConte]

A common reason why Bitcoin was banned in some few countries out there because they had a lot of misunderstandings about its technology.