What if Government bans Bitcoins?

[Oleg345678]

I think the government will not ban Bitcoins. I think the government is thinking how to tax this whole thing with a tax so that no one can hide even a small part of their income. The government needs to receive taxes.

[Fatanut]

I think the government will not ban Bitcoins. I think the government is thinking how to tax this whole thing with a tax so that no one can hide even a small part of their income. The government needs to receive taxes.

Which will be quite hard since different transactions have different taxes and it differs in every country. The only thing that they can do is create their own cryptocurrency which is going to be centralized where people have to submit to the KYC policy. It's pretty much just banks implementing the blockchain technology into their systems. No point in implementing blockchain technology right now as the banks are good as they are now. It will only be a waste of resource and will open up the idea of cryptocurrency to everyone. I can totally see the government being very late in implementing blockchain in their system because of the same reason.

It's both hard and easy to hide your income with something like cryptocurrency. It's hard because there's the public ledger and people can trace you. At the same time, it's easy to hide your trails with the right tools that can let you stay anonymous and untraceable.

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

I can only imagine how much bitcoins you have if that is your solution to this problem. That's a lot of money and time gone. What I can see as a good solution in here is trading your bitcoin in exchange of Paypal funds from a forum like this where there's a Trust system. Only one scam, no matter how big or how small, and the seller's trust rating is ruined.

[molenracing]

No need to wait for the future, even now there is a country that prohibits Bitcoin. and if this happens in my country, then I will stop working in Crypto, and will start living as before. because I don't want to violate the rules made by the government, I am a law-abiding person.

[umar22pk]

Not all countries ban Bitcoin, but now we are looking some countries having soft corner for bitcoin & they are deciding how to handle bitcoin.
In my country bitcoin is not ban, but government warning people trade their own risk, the reason is no stability in digital currency.

If you found ban bitcoin then you can use international exchanges to trade bitcoin.

[Xising]

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 agree, it's not actually a "what if" anymore, there are many countries that have already banned bitcoins and other related activities, although some, not in its entirety, only in different aspects. However, if most or many countries would ban cryptocurrencies, then it would really hit the market big time because that's one big chunk of where the support the market needs is coming from. The support the community gives it is really a game changer, and it can make or break not just coins, on their own, but the market in its totality. However, in contrast, if more governments would see its beauty and help it grow, for sure, it would bring out something good.

[RODRIGO DUTERTE]

If bitcoin is banned, the first thing that comes to mind is "How?" I will not panic at all about bitcoin getting banned. I will panic about how powerful the government is that they are able to successfully banned bitcoin. But then if we are going to be real here, bitcoin can be banned but you are still able to use it simply because there will be workarounds which will allow us use and earn bitcoin.

Bitcoin gets banned in my country, then I will just learn a new skill and earn money from that. I have earned enough money from bitcoin. Enough to live for a month without having any income and that gives me time to prepare to pick myself up and get a day job based on the skills I presently have.

[EDGARMEDINA]

Fortunately even bitcoin is not admitted as the currency in my country but my government doesn't banned it but if someday the government are considering bitcoin is illegal and they decide to banned bitcoin then nothing i could do besides following the rule because if bitcoin banned then build bitcoin exchange also illegal so if i have bitcoin then that would be useless because i could not convert it into my local exchange also if i still use bitcoin although it's illegal which mean i'm against the law so it would not good for me.

[loof99]

Probably people will work secretly and hidden for government will not allow that on their country. Buts as people are practical and needs money probably they will work for it even it is illegal. In some other cases it will be only ban for me if the government will be not passing a law that letting them to know how much your current asset was. Also passing a law to pay your tax base on your crypto you are holding.

[Gogdo]

This will negatively affect the growth of some countries in the world and thee lives of certain people most especially in less developed countries where people are into cryptocurrency. Although this may not even have any negative effect on some certain developed nations because they are economically okay already. If the government of my country bans it, it will not favour some certain set of people especially the youth because it has through it Many of us are living financially independent on our parents.

[Denigmatic]

This is the main problem faced by BITCOIN, governments are really disgusted in bitcoins, not looking for their advantages. But I still believed that Bitcoin would not be easily banned based on people who used Bitcoin, and in most countries there are already users of bitcoins. I was so happy last month when I heard about one country that bitcoin approved, and this is Germany.

[Austino1]

Yes it is possible for government to ban bitcoin but I think if there should be a ban on bitcoin it will not be world government. Cis most government will understand that they are the peoples government and their people are into bitcoin rather they will find a way to harmonise the difference

[INSeed]

That would be called Fascist Communism my friend!

[CoachCC]

First, what government are you talking about? And how can you ban anything you do not control? Is that at all possible? I don't believe so. But if a government tries to ban it, they will have to put up with the situation when money goes underground and the government will have to face decrease in tax payments which it cannot control.

[valkyrie_12Vl]

some countries already banned cryptos due to different factors, but as long as there would be a country that sees it as an opportunity, it would still be valueable. if a worldwide ban would happen that would be the only time that bitcoin would have no value at all and our existing coins would be useless. if your country would ban it you should have some ways of accessing your wallet before the ban and convert it to its monetary value immediately.

[CryptoSifus]

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??

What if governments ban water? Will everyone stop drinking it?
The more these criminals try to control us, the more we will find freedom in spite of their efforts.
Remember that government is a religion and it only holds power over you if you believe in it.
Weak people abdicate their sovereignty and that's what ruling elites rely on to maintain their illusion of control.
No one has the right to rule you and as long as what you do does not harm anyone or infringe on their personal liberties then you are a free person.
More people need to wake up to the fact that governments are merely an enforcement branch of the banking cartels.
F Bankers F governments and F anyone who believes they have the right to control me or what I do.

[deppil]

Probably people will work secretly and hidden for government will not allow that on their country. Buts as people are practical and needs money probably they will work for it even it is illegal. In some other cases it will be only ban for me if the government will be not passing a law that letting them to know how much your current asset was. Also passing a law to pay your tax base on your crypto you are holding.

The point is that people who are already comfortable using bitcoin will ignore the government's statement. they will still use bitcoin
whatever happens. moreover bitcoin still remains anonymous right? so the ban won't make it too difficult for you to use bitcoin

[sinkfish]

resistance is futile. how 1% gonna control 99% of the people forever. some how they gonna accept it when majority of the people are using it.

[RlanaS]

When it comes to the internet there are many ways of going round restrictions by the government. Most likely, the government cannot completely block access to bitcoin to people.

[Kasliono]

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??

In my opinion, absolutely when all of the governtment of the countries in the world ban bitcoin and blocking all sites which relate to Bitcoin wallets/payments etc over the internet. It will be made the bitcoin die. But It is impossible to be happened. Because the government cannot ban something without anyreasons, also when they ban something which all of their Citizen love without anyreason, it will make chaos in that Country. So, it won't be happened.

[Microresque]

I think there is no chance that governments would ban bitcoins.

Most countries including USA, gains a lot of taxes from bitcoin profits.

Why would they stop such an earning?

Besides, I think that most fund companies and investing companies invest and trade cryptocurrencies, they would not accept such a ban.