What if Government bans Bitcoins?

[altercreed]

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.

No matter how good bitcoin will be as a factor of lifting one's economic growth is still nothing to country who really are close minded to the blockchain technology. If government really bans bitcoin in our country, so be it but they can't stop me from doing what i believe can change my life forever.

[Marlo0619]

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 I gues they can ban bitcoin or other cryptocurrencies but it will never be stopped. They can't block all the sites of cryptocurrencies and wallets because there are so many programmers out there that can and will find a solution to make and continue the cryptocurrencies. So for me, cryptocurrencies can be banned but it will never die.

[Telybin]

If the government forbids bitcoins, the market will go down for a while but it will not be dead. This is a very difficult market to control and destroy it.

[metvloz69]

In my opinion, many people will go bankrupt because of this! Some investors have made a lot of betcoin bets because this is a great bargain. But does any country want to ban the bitcoin as it benefits the people of their country? Only to limit the bitcoin because if the ban is really a very wrong action

[Fatanut]

They can't block all the sites of cryptocurrencies and wallets because there are so many programmers out there that can and will find a solution to make and continue the cryptocurrencies.

It's called Virtual Private Network (VPN). In China, famous social media sites are actually blocked. There's a documentary about this and all they do is use a VPN. The only downside is that VPN slows down the connection a lot. People don't want to miss out with what's going on and will always try to find out what the government is trying to hide to them. So when all crypto websites are blocked, people will be curious and try to find out 'what's behind the wall'.

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

What I see as a solution is people selling their bitcoins in exchange of Paypal funds. It's a digital currency and you don't have to put the money to your bank account. The money doesn't have to be seen by the government. This is a very easy solution to the "government banning bitcoins" problem. You get your Paypal verified. You do a P2P transaction with someone from a different country. And then you spend the money on Amazon, eBay or whatever online shopping site that you locally have. They are accepting Paypal funds. I used to use an unverified Paypal account but that's prone to being frozen when there's so much funds going in and out of your account. You don't want that to happen to your account, it takes 180 days (6 months) to get unfrozen.

You can also just use Purse.io so you can buy something from the Internet directly with your bitcoins. They are even giving discounts (15% discount) to bitcoin users.

Honestly there's a lot of workaround and the government will be just plain dumb to ban bitcoins. Bitcoin greatly helps some individuals and that makes the economy grow. As long as crypto isn't the reason why the economy is so messed-up, I don't see any point in banning it. They are just missing out. Bitcoin users are mostly tech savvy people. They are always in front of their computer and the workarounds that I have mentioned can easily be done by anyone of us. The ones that don't know how will be forced to learn it.

[ahamir]

It is possible for government to ban cryptocurrency.in fact we think it is likely. on other hand if government will get more taxes  then government don't ban the bitcoin. its wsy is very easy it is web msrket policy
so I think government will not ban this policy.

[Caelanpelley]

I think if the government forbids bitcoins then all will collapse. The money market will fluctuate. There will be a lot of companies going bankrupt. Because bitcoin is the most valuable coin. Bitcoins have a great influence on the world of electronic money. There are many people who invest in bitcoin.

[mjaranzasu]

If the government forbids bitcoins, the market will go down for a while but it will not be dead. This is a very difficult market to control and destroy it.

I think even the governments ban it people will still find ways how to bypass it and they can never stop the market to continue running. But I just hope this thing will never happens.

[MonaLeeTracy]

If the government forbids bitcoins, the market will go down for a while but it will not be dead. This is a very difficult market to control and destroy it.

I think even the governments ban it people will still find ways how to bypass it and they can never stop the market to continue running. But I just hope this thing will never happens.

yes I agree, indeed every person has many ways, even though in reality the government sometimes has banned the use of bitcoin. but everyone has a way to get into bitcoin.

[Fineyokoma]

I think it will be very bad for all groups of society. We should develop and encourage new technologies that will make our world better so cryptos can not be banned

[deepakg2m]

Truly speaking , there will not be much changes. Firstly, governments of all the countries around the world would not unite to ban CRYPTOCURRENCY worldwide. So you can easily get your coins exchanged in some other country.Secondly, some countries governments had already accepted and legalised CRYPTOCURRENCY.

[mooccowmoo]

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 other crypto in their jurisdiction.

[MrRiuss]

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 is impossible for the govt to blocking all sites which relate to bitcoin, etc. people always can find a way to access that, so not to worry about that. it only makes a little problem

[rasp]

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??

Nothing would really happen - everybody knows what VPN is (look at Iran where Telegram is banned - the iranians are still widely using it as a source of news and trading activities).
It is almost impossible to somehow restrict the payments made in btc since there is no way to unclose the identity of a payer.
So no worries, even if bitcoin is banned in certain countries it will still be widely used.

[Cryptomania843]

Bitcoin can be banned by some countries who are afraid of losing control of their economy and that the government still wants to have its say in the economy. What is certain is that not all countries will ban it, some countries like Venezuela sees in Bitcoin an opportunity to become independent and not to be controlled anymore by the United States. There are always two camps and so Bitcoin will not disappear. It is true that Bitcoin is about to change the world economy and we must take the time to do it and especially give it time to stabilize.

[ogzramiz]

it will not be necessary for the countries to sublet this trend. crypto money stocks were toys in the hands of whales.

[Baksobakar]

Yes we know that some country banned bitcoin.but if the other  country follow also to banned bitcoin many people will be affect,there are many people  earn money for bitcoin. bitcoin help them to have a better life  and better future even when they don't have work.

I think that if bitcoin is allowed by the government but they certainly warn people to use or invest in bitcoin wisely.
if that will happen, of course all our ownership will be easy to use, also there is a trade going on the value of bitcoin will rise also the altcoin.

[twiifm]

The market is literally going down so bad. I don’t know what to do. But for governments, i don’t think that they will try to destroy bitcoin. They only do some regulations.

[Pakwan12]

That's is a bad decision that they made if they ban one country that many people use Bitcoin to earn money to  there daily needs and to there future.many  people will be affected if they ban bitcoin.

[PIMPdev]

I don't think that this is possible just because government cannot ban something that is not belong to it, if government will not allow to use cryptocurrency people are having an opportunity to go to the another country.