What if Government bans Bitcoins?

[Ursuladaughter]

If that's really the case, maybe we should hope for a different future for Bitcoin and the crypto market. Because the government is a great launcher for mangroves cryptocurrency development and can dominate every transaction of the nation.

[deloreswest]

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 crypto world would crumble but i dont think its impossible and also its too crazy to ban entire cryptocurrency cause many people already invest on it and thats mean the goverment are not act what they suppose to be, goverment should protect their people and also have to keep developing the country, bans crypto just as like bans the technology behind it.

[billionaireSHS]

Ofcourse when government started to ban bitcoin in a particular country it is the start to avoid bitcoin or to stop using it. Since we all know that government is very powerful we need to follow the regulation that the government provide or executed. In that case, I conclude that it is hard for people who are depending so much with bitcoin in the particular country because since its already done their job was already done, so the best way to do is to find an stable job.

[MinSiu]

Actually the government already ban bitcoin in some countries, i am afraid that bitcoin will be banned worldwide

[Rashid555]

In present time it will not happen that government will ban bitcoin in the whole world and mostly people use it over the internet and it is good to keep crypto because if not use today then we can use it in the future and we can also keep it for next generation it is not to finish in the world crypto is ever growing and ever useful in the world.

[rindayle]

I believe that national governments can only limit the impact of bitcoin, but if you want to tighten the conditions. The government has the right to adopt a law that will strictly regulate the use of bitcoin. I think that in the future bitcoin needs to be legalized to seriously scale.

[Dr.Osh]

In present time it will not happen that government will ban bitcoin in the whole world and mostly people use it over the internet and it is good to keep crypto because if not use today then we can use it in the future and we can also keep it for next generation it is not to finish in the world crypto is ever growing and ever useful in the world.

another thing we can do if it happens is to look for another business. but I hope they don't do that, of course there will be a lot of losses if they do that, because now, so many unemployed people have been in their business in the cryptocurrency world.

[fuer44]

bitcoin that has been saved in the wallet, will not disappear. but if the exchange site is blocked by the government, then bitcoin in the wallet is useless. because it cannot be sent to anyone, and cannot be exchanged into fiat. circulation in the market, it will also stop because bitcoin is considered worthless if the redemption site is blocked. but that for bitcoin holders, for the economy in general, it doesn't have much effect if bitcoin is blocked.

[syntac]

maybe it could happen, but I'm sure, that not all countries do this. like in my own country, for example, bitcoin and crypto are growing very rapidly, and so far the government has not prohibited playing bitcoin. because it feels the presence of bitcoin is very helpful for the economy of the community by having the effect of reducing poverty in my own country.

[muchachita14]

If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how exactly it will enforce such a ban. It is impossible for a government to seize your Bitcoins, unless you decide to handover your private keys. However, the majority of citizens and institutions like to stay on the right side of the law. So the demand for Bitcoin would plummet if the government decided to ban it. All exchanges in that country would also be shuttered and buying/selling Bitcoin would be difficult and risky. This would suffocate Bitcoin in that country and the government’s objectives might be achieved.

[manismanja]

if the government prohibits the circulation of bitcoin then the price of bitcoin can be influential and certainly will make the price of bitcoin fall and collapse because many people will panic.

[kangbasir]

if the government prohibits the circulation of bitcoin then the price of bitcoin can be influential and certainly will make the price of bitcoin fall and collapse because many people will panic.

They will not drop it frontally, my assumption is that they have to consider some altcoins to be legalized if bitcoin is considered bad. Prices will indeed go down, but there is a massive recovery after that from Altcoin. The government's problem with bitcoin is the governance of systems that do not have CEOs and cannot be accounted for, but they support the development of blockchain systems that cannot be separated from bitcoin.

[Keeping Up]

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??

as of today i believe that there have already been a lot of countries that bans bitcoin.
but here we are still engaged with bitcoin.
no matter how hard it will be there will always be those dedicated supporters of bitcoin that won't let it go despite of all the odds they needed to conquer.
and i hope they will continue to do so in the coming days

[Bandarbakso]

maybe the government forbids it because you don't know what bitcoin doesn't know far enough if the government participates in investing in a coin. I'm sure he won't ban it. And if the government bans botcoin, I will introduce bitcoin to him and ask for a lot of money.

[kerjakuat]

It mean game over for that country. it depend what will that going to do after the banned of bitcoin. but that will not stopping from other to buy bitcoin as bitcoin are anonymous. What is bad it sure make bitcoin price drop and regain a bad negative from it.

[joebrook]

It mean game over for that country. it depend what will that going to do after the banned of bitcoin. but that will not stopping from other to buy bitcoin as bitcoin are anonymous. What is bad it sure make bitcoin price drop and regain a bad negative from it.

It's not necessarily game over for the country, they can still participate and invest in bitcoins by using a socks proxy and they can cash out their coins whenever they want by using any exchange. The government will be depriving themselves of revenue though.

[Karie_Legend]

It mean game over for that country. it depend what will that going to do after the banned of bitcoin. but that will not stopping from other to buy bitcoin as bitcoin are anonymous. What is bad it sure make bitcoin price drop and regain a bad negative from it.

It's not necessarily game over for the country, they can still participate and invest in bitcoins by using a socks proxy and they can cash out their coins whenever they want by using any exchange. The government will be depriving themselves of revenue though.

If the government prohibits the Bitcoin investors in the country must have a good thing to keep all the investments they have done so far.

[Shiversnow]

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??

I think if they banned bitcoin and even the wallets, payment and etc. it will probably result to a negative situation because many people will panic and they will stop on investing. Even they banned there is a chance that you can still use your bitcoin but you need to transfer to another countries which bitcoin is not probihited.

[conceivedspoon2]

With the look of things and situations especially fundamental news about bitcoin it is likely or nearly impossible to ban its operation. Blockchain technology is a way of the future coming. Businesses are working and threading towards this direction. So, it is just to create panic so that the price can go down and this same people carrying the bad news buy more at lesser price.

[reverseflash]

if the government prohibits the circulation of bitcoin then the price of bitcoin can be influential and certainly will make the price of bitcoin fall and collapse because many people will panic.

Any ban by the state on access to any resources on the Internet leads only to the fact that almost instantly there are bypasses. Panic can occur only in people who do not understand the principles of the Internet, and the number of such illiterates is constantly decreasing. Therefore, there is no need to fear the ban on bitcoins on the part of the state.