What if Government bans Bitcoins?

[Tylev]

Individual governments will be able to prohibit bitcoin, but all states are unlikely to be able to do so. Most countries have already expressed support for the legalization of the crypto currency. The European Union takes the same view, and this is 28 states. In general, bitcoin will be very difficult in a particular country if its government decides to ban bitcoin. The bitcoin will remain, however it will be driven into the shade.

[wasaisi]

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??

You can still use coins in your wallet, but surely you will be tracked directly by the local government if the government has banned bitcoin in your country. But depends on the government too. Do they care about people who still use crypto money when they know that the crypto currency has been banned or not.

[ABIR HASAN]

I think it's true Buying Drugs with Bitcoin. And for this reason Bitcoin has been banned in our country.
I think it's something bad people do.

[Mikebutler92]

I think the government can not ban bitcoins. Bitcoins are legalized and countries have earned a lot of taxes from bitcoin. Those countries won't let that happen.

[nayan_suvo]

Banning Bitcoin? I didn't think there is any chance that government would ban bitcoin. Many countries like USA take a lots of tax from Bitcoin profit. Why would they stop such an earning? I also think banning bitcoin is an old idea at present. Government now understood they can make money from it. So ban bitcoin is not a great idea.

[Sam San]

Governments must first understand and believe that cryptocurrency is not a threat to the financial security of the country and see its benefits.The next step will be the adoption of laws and regulations for the circulation of crypto currency, I think so soon.

[antonhuda]

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 the government prohibits bitcoin or blocks all Bitcoin wallet sites, then we will come back to a time when backwardness, poverty, and ignorance will be met a lot.
If this ban applies automatically the internet will also end and miss information about technology. Adverse effects will occur.

[Hiroyuki879]

If your Country bans Bitcoin, transfer your Bitcoin to a wallet of a foreign country (Coinbase operates in 32 countries). If you want to cash in, then use third party services like Virwox to get USD in Paypal, then use Paypal to get cash in your local currency.

Bitcoin is like Torrent, peer to peer and you can’t block it. If you have access to internet, You can use Bitcoin anytime, anywhere!

[sino22]

I think every country has its own problems and regulations, most governments are afraid to be used in crime, but I'm sure the government will start accepting bitcoin,

[nguli]

I think if bitcoin is not given permission to circulate and the use of bitcoin is not allowed then this bitcoin price will be very cheap because many will sell it because they hear bad news like this.

[johnwest]

Many governments have already tried to ban either cryptocurrencies or bitcoins. They cant practically ban them so they bring in regulations on exchanges so that it gets harder for user to buy/sell. Indirectly telling common people not to use them.

[Elerntta]

I didn't think there would be a global cryptocurrency ban. This is simply impossible, because each country has its own government, and accordingly, its own view of the cryptocurrency. And absolutely not all of them are set to ban this technology on their territory.

[bigbosma]

I thought it would be easy to circumvent these prohibitions. Yes, it will complicate your work with bitcoins, but we will have no other choice. But I still hope that the government's complete ban on cryptocurrency is just our assumption and it will never happen.

[Dondisimo]

If my country bans bitcoin, I will think about moving to another country that is more loyal to modern technology. It seems to me that banning cryptocurrency is wrong and will hinder the development of the country in the future.

[bitcon]

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.

In reality, most of the countries give the green light to Bitcoin. They understand that people can earn on it a lot, exchange it for fiat and then use the traditional money to buy different things and help the economy.

[Bulol]

If all government in all countries around the world bans Bitcoin, thats the end of cryptoworld.

[demonz666]

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??

if in my country there was such a situation then I would definitely choose to move abroad. move to a country that does not prohibit bitcoin. but I think events like this will not happen in my country. because my country adheres to a democratic system so that if the cryptocurrency site is closed, all bitcoin holders will protest.
governments in my country only prohibit making payments with bitcoin. but for investment and trade is still permitted. actually crypto will not threaten a country's economic system. only a large part of the country is afraid of crypto growing uncontrollably and threatening their currencies.

[yurekaa]

the government has banned bitcoin. to date, no country has officially announced if their country legalizes bitcoin. but, until now crypto users are increasing and they ignore the rules of the government and the government just keep quiet when crypto users are increasing. so, the government's decision to legalize or not about cypto, crypto users still exists and they still carry out trading and mining activities.

[waldo13]

Let us all pray for this never ever happen. Many people would lose almost all their money.

[ETHtotheMOON1]

If your Country bans Bitcoin, transfer your Bitcoin to a wallet of a foreign country (Coinbase operates in 32 countries). If you want to cash in, then use third party services like Virwox to get USD in Paypal, then use Paypal to get cash in your local currency.

Bitcoin is like Torrent, peer to peer and you can’t block it. If you have access to internet, You can use Bitcoin anytime, anywhere!

I'm not sure if coinbase is exactly the company you can rely on if your country bans bitcoin, as they will very likely report to the local authorities sooner or later. But there are other options, such as decentralized exchanges.