Will Bitcoin collapse by a global government crackdown?

[denzkilim]

The government cannot destroy itself because of the dispersion of Bitcoin. However, they can control and restrict the use of bitcoins within their jurisdiction.

For example, they can close the bank accounts of encrypted money companies, and they can prohibit the creation of any related business. If only a few countries ban encrypted currencies, the impact will be limited, because businesses will only move to more friendly jurisdictions.

This is exactly what happened after China banned its domestic order Exchange last year. Although it's almost certain that one or more governments will pursue Bitcoin in the same way, I think it's almost impossible to achieve a global ban. It's a different matter to assume that the United Nations will reach such a consensus.

In addition, Bitcoin is already legal in Japan. It would be very harmful if the United States, the European Union, the United Kingdom and China jointly banned encrypted currencies

Bitcoin is also legal in the United States

And in a couple of them it can even be rightfully and legitimately considered legal tender, though at a local level only (and as a commodity at a federal level). But that's not my point. Simply put, you can't ban what you can't prevent. Bitcoin is like gravity in this respect. Technically, you can pass a law or proclaim a court ruling that would ban gravity for good but will such an order have any effect on it?

Even if governments ban the usage of Bitcoin, all they can do is to restrict some trading platforms in their respective countries but they cannot stop their citizens from having a Bitcoin wallet and there are a lot of ways to have it, the government know exactly, that they cannot ban this technology completely and there is no way of doing it. But we are lucky enough that most of the governments in this world are not against Bitcoin or Crypto Currency, only some minority countries ban the usage of this technology.

[DigitalCyberius]

It would depend. If it was simply policy making it illegal, then it would most certainly affect the price, probably drastically dropping it. If at all possible that there was a global takedown of BTC, then obviously it would be worthless - except for maybe collector's items (a Bitcoin paper wallet!). As it is, it seems like it would be a pretty difficult thing to do to shut down Bitcoin (I certainly won't say it's impossible). Not too far-stretched to imagine a global ban, as we're moving closer to the Biblically foretold one world government ruled by the Anti-Christ.

For now, Bitcoin is accepted in several countries.

Have a good day,
The Cyberius team.

[mornabo]

There is not something like global government
Governments in most countries are changing every few years
 Government in any democratic country don't create the law
It is legislation procedure to create law in democratic country
There are countries what are not so much friendly for bitcoin and we can imagine that banking industry will like to create kind of regime but it will create rebel immediately
Tell me also how will be possible for anybody to crackdown bitcoin
Bitcoin belongs to internet and it can be to costly to shutdown or limit internet in whatever way

Agree, each government has its own rules and views afterall, so we don't need to worry about bitcoin's global government crackdown issue. precisely what we have to worry about is that there are individual crackdowns like hackers, they might do that, because the network on the internet is very likely to be hacked by them

[zee11225]

most likely if the government prohibits the circulation of bitcoin in each country, yes of course, bitcoin will sometimes experience a serious decline. but in reality there are still countries that agree with bitcoin. so we don't have to worry.

If bitcoin collapses until it's destroyed, I don't think it's possible, even though many countries prohibit its use, because transactions occur in cyberspace.
But a decline in the number of users is very possible because there are still many who think that following government regulations is better than fighting them, because fighting the government can result in breaking the law.
Now there are still many countries that legalize bitcoin so there is no need to worry, even more countries are predicted to legalize it.

[waynechong1995]

I think not, not at least for many countries I believe as they possess limited harm and promote more advanced ways of using blockchain, it's not just bitcoin that government should crack down but shitcoins that was obviously proposed as long term scam projects, too much effort is needed to take down bitcoin completely, in our society a digital store of value is necessary I believe against fiat

[deisik]

The government cannot destroy itself because of the dispersion of Bitcoin. However, they can control and restrict the use of bitcoins within their jurisdiction.

For example, they can close the bank accounts of encrypted money companies, and they can prohibit the creation of any related business. If only a few countries ban encrypted currencies, the impact will be limited, because businesses will only move to more friendly jurisdictions.

This is exactly what happened after China banned its domestic order Exchange last year. Although it's almost certain that one or more governments will pursue Bitcoin in the same way, I think it's almost impossible to achieve a global ban. It's a different matter to assume that the United Nations will reach such a consensus.

In addition, Bitcoin is already legal in Japan. It would be very harmful if the United States, the European Union, the United Kingdom and China jointly banned encrypted currencies

Bitcoin is also legal in the United States

And in a couple of them it can even be rightfully and legitimately considered legal tender, though at a local level only (and as a commodity at a federal level). But that's not my point. Simply put, you can't ban what you can't prevent. Bitcoin is like gravity in this respect. Technically, you can pass a law or proclaim a court ruling that would ban gravity for good but will such an order have any effect on it?

Even if governments ban the usage of Bitcoin, all they can do is to restrict some trading platforms in their respective countries but they cannot stop their citizens from having a Bitcoin wallet and there are a lot of ways to have it, the government know exactly, that they cannot ban this technology completely and there is no way of doing it. But we are lucky enough that most of the governments in this world are not against Bitcoin or Crypto Currency, only some minority countries ban the usage of this technology

They could still try it

Indeed, no sane government will go for it as you can't ban something which you can't prevent (and Bitcoin obviously falls into this category of unpreventable things), but there are enough rogue governments as well and yet more those somewhere in between which could actually try to ban crypto. Whatsmore, a few countries already did just that, like certain African countries which see Bitcoin as a threat and competitor to their weak fiat currencies

[Abiky]

There is no reason for panic. Most large and influential states accept and legalize cryptocurrency. While not quite clear position on this issue in China. There, as always, they are looking for their own way to mastering cryptocurrency.
I think that we have already passed the point of no return on this matter. The main thing is that people appreciated the advantages of cryptocurrency and, given this, governments will not be able to completely ban the circulation of cryptocurrency.

Completely agree with you, mate. At this point in time, it's very difficult (if not impossible) to be able to take down cryptocurrencies at their entirety. Bitcoin being the main innovator in this space, has enabled thousands of "copies" to emerge thanks to its open source design. Nowadays, Bitcoin and several other cryptocurrencies have massive hashrate and nodes available on the network. The only thing governments can do is to restrict people to trade cryptocurrencies at centralized exchanges, but they cannot stop its usage whatsoever.

One way or another, people will find alternative ways to get access to Bitcoin in case governments become too oppressive. However, this is very unlikely because governments have seen Bitcoin and other crypto beneficial for taxing purposes. Therefore, as long as Bitcoin can be taxed and easily traced, governments will continue to actively support it. Just my thoughts

[xWolfx]

Even if governments ban the usage of Bitcoin, all they can do is to restrict some trading platforms in their respective countries but they cannot stop their citizens from having a Bitcoin wallet and there are a lot of ways to have it, the government know exactly, that they cannot ban this technology completely and there is no way of doing it. But we are lucky enough that most of the governments in this world are not against Bitcoin or Crypto Currency, only some minority countries ban the usage of this technology.

I agree with you here. It won't really stop it, it will have the same effects than alcohol in the times of the prohibition. Would it make Bitcoin cheaper, at first i believe that it totally would. Later it may or may not recover depending on what investors do really.

However, i think that the more widely adopted it is. The higher the price will be.

[serjent05]

Most probably but it will not be a sudden effect but a slow decline I believe. Since there are still countries that have not yet been penetrated by cryptocurrencies so as other countries start banning bitcoin and other cryptocurrencies, other countries that are not yet into it will just be starting to try so will not really be a sudden fall. But talking about all countries banning it, it will surely die I think.

[Abiky]

Most probably but it will not be a sudden effect but a slow decline I believe. Since there are still countries that have not yet been penetrated by cryptocurrencies so as other countries start banning bitcoin and other cryptocurrencies, other countries that are not yet into it will just be starting to try so will not really be a sudden fall. But talking about all countries banning it, it will surely die I think.

Governments' attempts to destroy Bitcoin these days will fail altogether because of how big it has become. It's hard to reach unanimity among all the governments of the world, as they can't agree upon many things in real life. Which means that if a specific country bans the usage of Bitcoin, there will always be countries which support it. The odds of Bitcoin collapsing by a global government crackdown are becoming low each day.

Now that governments have found out that it's easy to tax Bitcoin, they'll allow it to grow for the foreseeable future. Despite this, we should be prepared for any situation as the Blockchain industry is still highly uncertain. Just my thoughts

[Argoo]

If all governments have banned the circulation of Bitcoin and other cryptocurrencies, I think that after a certain time they would cease to exist. Most people would not have long relied on government bans, and the state’s exchange and cryptocurrency exchange platforms would close. Separate groups of people would still use cryptocurrency, but it would not play much value.
However, we see that in practice this is unlikely to happen. The main states have already legalized cryptocurrency or are going to do it. Cryptocurrency continues to develop successfully.

[Johnzky]

Why would they want to crackdown on crypto when they are and could
earn revenue by taxation? Most countries at the moment treat crypto
the same as any other commodities or shares they get taxes when
it goes back to FIAT.

Those governments that has a crackdown policy for crypto are the countries that who’s afraid of the decentralization and anonymity of cryptocurrency because in this area they will be gone from the corruptions and illegal activities they are having right now.so thats why they are eager of banning our market.but lookt Japan whose one of the most progressive and developed country that accepted bitcoin opn hand to use as currency

[takngantuk]

not really, crypto is completely independent so even though all countries forbid it as long as there are those who need it, they will survive. and I don't think there is a country that will ban crypto in the future, it's hard for them to ban when the technology has thousands of benefits.

[sijonru]

If all governments have banned the circulation of Bitcoin and other cryptocurrencies, I think that after a certain time they would cease to exist. Most people would not have long relied on government bans, and the state’s exchange and cryptocurrency exchange platforms would close. Separate groups of people would still use cryptocurrency, but it would not play much value.
However, we see that in practice this is unlikely to happen. The main states have already legalized cryptocurrency or are going to do it. Cryptocurrency continues to develop successfully.

Bitcoin will not collapse even though the government as a whole prohibits its use, but cannot develop because limited space and bitcoin users are considered illegal.
This will not happen because there are still many countries that legalize bitcoin and even provide extensive space to develop, because the country is aware that digital money will not be rejected in the future. So they prepare themselves now and are ready when the time comes.

[Abiky]

not really, crypto is completely independent so even though all countries forbid it as long as there are those who need it, they will survive. and I don't think there is a country that will ban crypto in the future, it's hard for them to ban when the technology has thousands of benefits.

That's certainly true, mate. Cryptocurrencies are independent, due to their open and decentralized design. Anyone can support a blockchain network at will without restrictions whatsoever. In case the governments become too oppressive, one could easily join alternative or private networks to continue supporting cryptocurrencies. No matter how hard governments and other third parties try to circumvent or limit the usage of Bitcoin and other cryptocurrencies, they'll never succeed largely because of how much time passed since their inception.

One thing to have into consideration is that blockchain networks have many nodes and miners supporting them (compared to its early days). Which means that it has become computationally expensive to perform a successful attack on a blockchain network, making a full crackdown highly unlikely. All that governments can do now, is to simply join Bitcoin or be left behind in the old banking system. So far, they've seen crypto as highly beneficial to them which is a good sign that Bitcoin and altcoins will be here to stay for a long time. Just my thoughts

[shoreno]

not really, crypto is completely independent so even though all countries forbid it as long as there are those who need it, they will survive.

Do you read the title ?  It says global , global means all country .  how can one cash in if there is no available store that will allow fiat to bitcoin deposits  .  the only way to obtain a crypt is via online ( ex. Working online for bitcoins , working on bitcoin faucets and maybe buying bitcoin online using other payment methods such as credit card and others )   one thing is for sure , this crackdown thing can cause for the price of bitcoin to decline but it will not collapse instantly  .

[BeGoods]

Most probably but it will not be a sudden effect but a slow decline I believe. Since there are still countries that have not yet been penetrated by cryptocurrencies so as other countries start banning bitcoin and other cryptocurrencies, other countries that are not yet into it will just be starting to try so will not really be a sudden fall. But talking about all countries banning it, it will surely die I think.

We already know that the prohibition rules adopted by several countries some time ago successfully made the prices in the market shook and fell very deep. I can't imagine what will happen to bitcoin and crypto if all countries forbid it, it might collapse to crypto ?

[conected]

Most probably but it will not be a sudden effect but a slow decline I believe. Since there are still countries that have not yet been penetrated by cryptocurrencies so as other countries start banning bitcoin and other cryptocurrencies, other countries that are not yet into it will just be starting to try so will not really be a sudden fall. But talking about all countries banning it, it will surely die I think.

We already know that the prohibition rules adopted by several countries some time ago successfully made the prices in the market shook and fell very deep. I can't imagine what will happen to bitcoin and crypto if all countries forbid it, it might collapse to crypto ?

- I think the government ban on crypto and bitcoin is not the main reason for the crypto market to fall deeply, this ban is only a tool for whale groups, they use this information and create strong waves, pushing the market price down to the lowest possible level for the purpose of accumulation and ready for the pump wave. And people always think that the government ban directly affects the price of crypto while whales are the main reason for this story, bitcoin and crypto can still bring certain benefits, so governments of nations will not ban it completely or destroy it, the evidence is that until now, bitcoin still exists and grows

[valentin68]

No, bitcoin will not collapse by a global government crackdown. Bitcoin can collapse if the internet would collapse.

The bitcoin network would become unusable if one day the internet will be shut down. I guess there is no person on this planet that could want to do this. His money in the online banks will be lost, his friends would hate him, if the internet will be shut down.

[Vaskiy]

No, bitcoin will not collapse by a global government crackdown. Bitcoin can collapse if the internet would collapse.

The bitcoin network would become unusable if one day the internet will be shut down. I guess there is no person on this planet that could want to do this. His money in the online banks will be lost, his friends would hate him, if the internet will be shut down.

Cryptocurrency network is functional through internet connectivity, some form of offline access is possible, but the same is limited. The internet too gets advanced with time, and the next important thing is the mining process which is the backbone to the cryptocurrency network. So, global government crackdown cannot collapse bitcoin.