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Author Topic: What will happen if bitcoin to fiat exchanges are banned ?  (Read 286 times)
Malithcrypto1996
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June 18, 2018, 11:47:06 PM
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Lets assume that starting in USA all bitcoin to fiat exchanges are banned. Will people be still interested in Bitcoins? I believe the applications of the blockchain are many, however, most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ?? 
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June 19, 2018, 12:12:12 AM
 #2

Far too difficult to do such a thing, methinks.

And let's say it did happen.
The answer is simple. Use a different exchange, that allows you to cash out, rubles, say, (Just an example) and then convert those to dollars on a  more conventional exchange.

Think about virwox. Basically the oldest "safe" way to convert BTC to paypal.
You aren't buying dollars with bitcoin. You buy linden dollars. So you don't have to worry about the legal implications of fiat purchases.

It doesn't matter how hard a government squeezes.
There will always be loopholes, and crypto has an important role to play, yet.
So people will exploit those loopholes, and trade their way to fiat, somehow.
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June 19, 2018, 12:19:58 AM
 #3

This is one that is very much feared by many people or many bitcoin users, but I think there is still a solution to it all, and I think by doing the exchange using paypal I think that is a good idea.

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June 19, 2018, 02:49:49 AM
 #4

If the flat exchanges are banned then the people who start trading on the individual level through the platforms like Localbitcoins. Localbitcoins and your bank account is not linked with each other and not anyone other than the parties involved in the trade get any information about your bank account so you will be able to use even the banking channels in the above-mentioned case. However, such decision will affect the profitability of domestic exchanges as they will have to focus only on crypto trades.

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June 19, 2018, 03:30:11 AM
 #5

Lets assume that starting in USA all bitcoin to fiat exchanges are banned.
why should we assume that? and why USA? the world doesn't start and end in USA, there are lots of other countries most of which are more interested in bitcoin than USA...

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I believe ~ most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application

most people are interested in both. it is like an incentive. you get to use a decentralized currency while gaining profit because of its increasing adoption hence rising price.
the number of people who only care about the fiat value of bitcoin and nothing else is not that many, it is usually newbies with little money invested in bitcoin wanting to become rich over night.
not to mention a lot of millionaires who are interested in bitcoin Because it is decentralized and nobody can control it so they want to park their money in bitcoin.

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June 19, 2018, 08:10:49 AM
 #6

 - The price of bitcoin will decrease significantly.
 - People who are using Bitcoin as an investment will disappear.
 - Dark activity will return to the majority of users of these currencies.
The above scenarios are the worst that could happen if trading is banned globally. The ban in the US or trading platforms will not have a significant impact.
You can use online selling sites "localbitcoin & Paxful" as an alternative

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June 19, 2018, 08:37:54 AM
 #7

Lets assume that starting in USA all bitcoin to fiat exchanges are banned. Will people be still interested in Bitcoins? I believe the applications of the blockchain are many, however, most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ?? 
I think if that happened maybe there will be the other ways to exchanged it. Nothing is impossible to the people who have much determination to do it. And if that happened there will be make a big effects to bitcoin adaptation because there will be the facts that the volume of investors will be decreasing.

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June 19, 2018, 08:40:40 AM
 #8

It is impossible to happen. Maybe USA can BAN the Bitcoin to Fiat exchange in their land but on the other countries they cannot.
This is the fact and the US already know this. They will just eat dust if they BAN bitcoin to fiat exchange.

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June 19, 2018, 08:41:19 AM
 #9

Lets assume that starting in USA all bitcoin to fiat exchanges are banned. Will people be still interested in Bitcoins? I believe the applications of the blockchain are many, however, most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ?? 
I hope people will find someother payment option to convert their bitcoins into fiat but this will greatly affect the crypto currency prices due to fall of demand in the coins.Localbitcoins maybe the best option we have when the exchanges not offering fiat conversion and we may see more sites like that LBC if that needed.

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June 19, 2018, 08:56:19 AM
 #10

When that happened most of the people are automatically loosing interest to this system because at first it can't be useful anymore because it can't exchange already in fiat so it will be useless to people. Unlike in our current time it's very demanding because the people knows that it is very helpful to us because anytime we can able to exchange it and used it. But I hope that it won't happen so all of us will still enjoying to this system.

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June 19, 2018, 08:56:59 AM
 #11

Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ??  

I agree with your assessment, unfortunately. Bitcoin came into popularity as an asset with explosive gains in value, so the general public views it as such. Think about it: Bitcoin is a currency (or should be, at least) and is meant to be spent, but it's more associated with HODLing and Lambos than decentralization and payment systems.

I think the bottom line is that people don't find any real utility in Bitcoin in its current iteration. It definitely has niche cases like cross-border money transfers where it's hard to top, but that's too obscure a use-case for most people to actively start using it. Few people also see little use for decentralization, because most of the population who can take risks are not under a failing economy. While the current financial systems do have a lot of flaws, most seem to be rather satisfied with them.

But yeah, if Bitcoin technology advances far enough that it's just as easy, if not as easy, as swiping a credit card, people will start taking its utility seriously. That's my two satoshis on the matter at least.

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June 19, 2018, 09:03:28 AM
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If someday all the fiat currencies do so then bitcoin is just a thing that has no value unless cryptocurrency payment methods are introduced.

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June 19, 2018, 09:06:48 AM
 #13

Lets assume that starting in USA all bitcoin to fiat exchanges are banned. Will people be still interested in Bitcoins? I believe the applications of the blockchain are many, however, most people are attracted to Bitcoins because of its fiat value (or USD value). Deep under I believe that people are really not interested in the use of bitcoins in a decentralized platform/application but more interested in converting Bitcoins in to USD. Fiat currencies still seems to be the norm. Any ideas ?? 
Of course Fiat currencies have a preference, with a crypto currency, otherwise why then the cost of Bitcoin in dollars, if you can just compare with another crypto currency.
When Bitcoin is banned on exchanges, where it can be converted into Fiat, the crypto currency will be only digits in the purse in the Internet.
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June 19, 2018, 09:10:25 AM
 #14

Will it be possible to ban cryptocurrency to fiat ?  If this happened actually the usage and patronizing of bitcoin will be reduced as it will mainly be used for personal services at a very low volume. Unless as bitcoin is developing that more merchants and online shops begin to accept bitcoin for payments.

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June 19, 2018, 09:12:42 AM
 #15

I think if that will happen many people are feeling hopeless with that situation because bitcoin is base from dollar before we proceed to our wallet,i think people will abandoned bitcoin if in that case.

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June 19, 2018, 09:19:39 AM
 #16

I think it will lessen the users of bitcoin because most of the users use bitcoin because of converting their bitcoin into fiat money so what is the use of your investment after all if you cant withdraw it thru fiat?. Buying online? so for the seller what will be the use of bitcoin if they will  restock their item unless the product they will be getting accepts bitcoin. Its hard to visualize what will happen to bitcoin after that kind of banned.

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June 19, 2018, 09:27:40 AM
 #17

If the exchange of bitcoin for fiat money in America is prohibited, people can still use bitcoin for online stores. I think there are still many poor countries who want to use bitcoin as a means of payment and rejection from USA is not the end of bitcoin.
And do you know why the American government forbids bitcoin for their currency exchange? They just want the dollar to continue to soar and depress the value of other fiat money, while people turn to bitcoin because they lose the value of their fiat money which is constantly eroded by the dollar.
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June 19, 2018, 09:30:16 AM
 #18

Such a scenario never prevails around the globe, however high the restrictions might be there won't be complete ban of bitcoin to fiat exchanges. As day by day the usage and user base keeps growing can expect more bitcoin to fiat exchanges to come to functioning.

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June 19, 2018, 10:24:55 AM
 #19

We will return in a few years in the past) China banned BTC and what happened? Short squeeze down after fast bounce and growth.

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June 19, 2018, 10:32:59 AM
 #20

i think major gouvernements dont search to ban bitcoin to fiat exchanges  , it's not a major concern , the real concern of gouvernements it's regulation and transparency on paying taxe
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