What if Government bans Bitcoins?

[dinapawitra]

I think, the government will not ban bitcoin in the future... They will also need bitcoin as a payment tool... Because bitcoin is the future crypto... We might be easier to make payments with bitcoin, because wallet-wallet will be easier again accessed by users... The possibility of people paying using local money will be small, because they prefer to save money and pay for it using bitcoin...

[bsce1-1]

As far as I know, they will not legalize bitcoin towards to the certain country like Philippines. Here in our country bitcoin is not legal because majority in the citizen in the Philippines, they think this is scam just like they hear somewhere so that they perception about in this field is a fraudulent task. If the government legalize crypto money, there have many benefits that may be cause of growing such certain county. They can levy a tax to become a budget for a country's projects. That really can develop a country.
 
 

[Cidpollendina]

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.

[Changadithethor]

Enforcing a ban on bitcoin and crypto is theoretically possible but would come as such a low cost/reward ratio they would never do it. And I don't think that governments could entirely ban bitcoins.

[conanshinichi]

Before taking any legal step towards banning bitcoin. The government will definitely consider the loss of investor and companies. To recover the loss, the government will provide some ultimatum to trading companies to return users investment and make an exit from the market.

[cudomixi]

If the site holds your private keys and it is shut down, yea you could lose them. Control your keys for true ownership. Move them to a private wallet.

[GreenRydia]

As we all know that bitcoin and cryptocurrency 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.

[horaceN]

Your coins exist on the global blockchain. So long as you hang on to your private keys or your seed somehow (memory) you can use or restore your keys anywhere in the world.

[DennyPen]

Theoretically, website blocking is possible. Blocking big websites, advertising, etc. will obviously move the price down, but won't prevent people from using btc. Bans work more like a mechanism to suppress the price to the desired level, load up on btc, and then remove those bans and restrictions to sell high. Something like that - easy and obvious, but working in the long run.

[peterstark]

Just keep the private key, take a vacation to a bitcoin-friendly country, trade for fiat in person, take the cash home.

[tonyparker]

As long as you are the only one who has the private keys, nobody is able to take your bitcoin including governments.

[kobecury]

The same way they ban anything. They declare it illegal. Some people break the law, some of those people get caught and face the consequences. I don't think governments can kill bitcoin, but they sure can ban it.

[LastHope99]

The same way they ban anything. They declare it illegal. Some people break the law, some of those people get caught and face the consequences. I don't think governments can kill bitcoin, but they sure can ban it.

If they were to ban bitcoin, they would have already done that. Not until they get benefit of it.

[Trupik]

Guess what else is banned? Drugs. Yet the government is unable to keep the drugs out of even the very strict and controlled environment of prisons. There is no way that the government would be able to enforce any bitcoin ban effectively. Government banning anything only makes it more profitable.

[ellorinjeff]

Government cannot ban bitcoins because it is decentralized.It means it cannot be controlled by anyone, not even the government.But if this is the case, people will react and will not like tha ban of ;bitcoin especially those who are business owners.

[Naginiya]

I doubt that governments will ban Bitcoin and if they are going to that it must done international scale but not by one government but if that happens nothing will be able to do with Bitcoin or its network because as a currency or as an asset it will useless in the current economical system and tokens will remain in the Internet doing nothing 

[bluehive21]

How can governments ban bitcoin when it is a decentralized network and even they make some technological restrictions locally to its people I don't think it will be considered as a bitcoin ban because still desired individuals will find ways to do transactions with bitcoin because the technology is very advances and internet is widely expanded in the world anything is possible with necessary tools so bitcoin ban is useless

[ATrsh29]

Government can't do this. Because internet is everywhere. Here in our country (Philippines) they can't ban Bitcoin because we're now using wallets that has Bitcoin and a secret exchanger for Filipinos to trade Bitcoin and other altcoins (pro.coins.asia) Why not improve the use case on the coin since many people will need this after governments stealing our money via tax as they don't improve the country that we live on, instead, they keeping our money in their pockets especially banks.

[rancakadu]

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 permit the use and trade of Bitcoin and other crypto in their jurisdiction.

[vfrcbv911]

I think nothing bad will happen because there is an anonymous exchange, and p2p sharing. People will still exchange btc and this will not affect the market.