Will Bitcoin collapse by a global government crackdown?

[spadormie]

As such, what do you think will happen with Bitcoin if all the governments of the world ban it?

Then, bitcoin and other cryptocurrencies will only be used in the black market and for dark web people.

Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive?

It will collapse really hard. Surviving of it might be on a low percentage.

AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.

Wait stale? Is that an adjective for food? If you're not a high profile then nobody in the government will try to supervise you. But, of course, they will eventually control the blockchain in which transaction happens. And they will find out who holds the address of a transaction in blockchain.

[manfredmann]

Well yes because there are loopholes with bitcoin and one of it is the crowdfunding activities where it was being design and copy from the bitcoin system. In fact these coins can be brought using BTC and even traded it once it wi be listed in an exchange. At first crowdfunding was good but later on it went so bad that the number of ICO projects related to scam reaches to almost 80-90% basing on report posted in a blog. Thid could be the reason why government will go down and close bitcoin.

[Abiky]

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.

That's certainly true, mate. Bitcoin is largely flexible as a cryptocurrency providing the means to run it either online or offline. Thanks to its open and decentralized design, anyone can support the Bitcoin blockchain in many ways. Considering all the time that has passed since Bitcoin's inception, it has become harder for governments to act against it. As such, the least they could do is to tax and try to regulate Bitcoin for mainstream use.

Still, if a global government crackdown takes place, people will figure out a way to continue using Bitcoin secretly. Nowadays, all of this is possible with the inception of Tor and i2p. Anonymous and private networks, will serve as the basis for cryptocurrencies if something like this happens.

Nonetheless, everything depends whenever governments are deeply interested in letting Bitcoin grow or all the way around it. Just my opinion

[Natalim]

Well yes because there are loopholes with bitcoin and one of it is the crowdfunding activities where it was being design and copy from the bitcoin system.

It's not a copy, they have their different platform but they use the blockchain but it's not copying.

In fact these coins can be brought using BTC and even traded it once it wi be listed in an exchange.

Most coins are bought with ETH, it's the king of ICO as most project are build in ETH platform.

At first crowdfunding was good but later on it went so bad that the number of ICO projects related to scam reaches to almost 80-90% basing on report posted in a blog. Thid could be the reason why government will go down and close bitcoin.

But you can't blame BTC for that, BTC is just a platform, to minimize the risk of scams the government has to come in with their regulation, or improve the current crowdfunding system and I see Exchanges are facilitating ICO and that's an improvement.

[demonz666]

in my opinion bitcoin won't collapse. because bitcoin has grown rapidly. Bitcoin developers are everywhere. so it will be difficult to tear down bitcoin. and even though some countries reject bitcoin but there are still many people in the country who trade, mine or invest. so I think bitcoin will not collapse because of a strict ban from the government. precisely in the future I think bitcoin will grow further.

[Bonsaiav]

With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.

As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive?

No matter how hard, actions taken by the government, but their strength cannot defeat the power of their people, especially the world community. Therefore I assume, as long as bitcoin's still widely used by the wider community, it seems that the collapse of bitcoin's unlikely to be realized, I think this's what makes bitcoin still exist and can survive until now, IMO.

[Ridwan Fauzi]

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 ?

It will be true, since the price bitcoin just based on speculation. Every users will sell bitcoin if there is a government decide to ban cryptocurrency, although will give short term effect on the price movement. However, if all countries decide to ban cryptocurrency then there are many chance for bitcoin user will sell bitcoin they have. Indeed, that's all depends on the user itself, as far as I know with the movement price bitcoin so far highly susceptible with a country's decision on bitcoin/cryptocurrency.

[Malsetid]

With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.

As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive?

No matter how hard, actions taken by the government, but their strength cannot defeat the power of their people, especially the world community. Therefore I assume, as long as bitcoin's still widely used by the wider community, it seems that the collapse of bitcoin's unlikely to be realized, I think this's what makes bitcoin still exist and can survive until now, IMO.

I doubt. If the government makes bitcoin illegal, there surely will be repercussions when using it. And not many people would be willing to risk getting reprimanded over that. A collapse is highly possible. Though a strict crackdown is unlikely. Most governments don't see why such an innovation should be suppressed.

[kissme09]

It is one of the largest organizations and is considered legal in all regulations. But this does not mean that it can destroy anything it wants. I believe the government cannot do what they wish to with Bitcoin and Crypto. We live in a world with anonymity, they can't control us, and this is great.

[gribble]

It is one of the largest organizations and is considered legal in all regulations. But this does not mean that it can destroy anything it wants. I believe the government cannot do what they wish to with Bitcoin and Crypto. We live in a world with anonymity, they can't control us, and this is great.

Yes the other reason even the government ban bitcoin will not make bitcoin collapse is the internet, the government must ban internet if they really want make bitcoin collapse but i am they can not do that it will make the government collapse too because no internet on there. Bitcoin can not be stoped right now and it is good chance to us because soon or later bitcoin will be addopted by mass in the future.

[PlusOne88]

It would end so easily if all the goverment will ban it. But I think you are not actually looking at the progress being made to cryptocurrency.  Yes there might be some sort of a crackdown but this doesn't effect bitcoin. So far what I have known are those cryptocurrency that could have been doing scams are the ones which I think are being investigated and will be banned. There are so many positive updates on cryptocurrency as of this month and I think you just missed some good news.

[ballerin and giroud]

It is one of the largest organizations and is considered legal in all regulations. But this does not mean that it can destroy anything it wants. I believe the government cannot do what they wish to with Bitcoin and Crypto. We live in a world with anonymity, they can't control us, and this is great.

Unless you use mixing service to still anonymity, if you still use an exchange who need KYC or anything else related to it then government still have a way to track your assets, your transactions and more. I guess that is a misconceptions that should be change from now.