Will Bitcoin collapse by a global government crackdown?

[deisik]

That will not happen bitcoin will be not banned
Look how many institution from fiat economy is looking for way to integrate bitcoin
Bakkt is good example ETF yet another i think will be more
There is also many traders who  know very well  that bitcoin is great source of incomes
So rather i don't think so i think that we will have further integration
We also need to notice that govs are not able to shut down anythink
All kind of legislation are created by parliaments  not govs
In democratic countries are also courts
There are also new election in any democratic country every few years
That what you are talking about can happen only in countries where is directorate

That's true. However, there's nothing stopping governments from completely banning cryptocurrencies and introducing a single global currency of their own. Right now, most governments are friendly to crypto for taxing and experimental purposes. Once crypto becomes strong enough to handle worldwide payments, then governments can start devising their own digital currencies in the future. Then, they'll go against cryptocurrencies like Bitcoin and Ethereum to promote the use of their newly-issued digital fiat currency

It is no more than your thoughts (as you said yourself)

Governments can't agree on a lot of more important things and now they should be all of a sudden "banning cryptocurrencies and introducing a single global currency of their own". Why should they necessarily ban cryptocurrencies to introduce a global currency? Bitcoin and other cryptocurrencies are a small aberration in the grand scheme of things, objectively and financially. And that leads us to the inevitable conclusion that the lack of a global currency is a proof that there is no agreement among governments, and thus no chance of banning cryptocurrencies universally. Pretty simple, isn't it?

[HiDevin]

To be honest I doubt it, but it will decrease the interest in bitcoin in general. I would still probably see bitcoin being used illegally like how drugs are used illegally.
It isn't going to happen anyways, if they wanted to stop bitcoin from growing, why didn't they regulate it when bitcoin was $20,000?
Most people also know about it now and know how to use it for the most part, so I don't think bitcoin isn't going anywhere.

[Snyderfx2]

I do not think so, being a decentralized currency and censorship-resistant, it is able to withstand even attacks by governments and continue its development.

Of course one of the main reason why bitcoin is decentralized and use blockchain technology is to withstand attacks from centralized organizations and also bitcoin cannot collapse entirely or in a large scale due to a single government crackdown and that is the main advantage of a decentralized system but with a significant restriction it can definitely do a big damage to the entire bitcoin system and its price because investors, traders and holders are very concern about government view towards bitcoin specially when comes to make decisions to sell, hold or buy so it won't collapse but there can be a huge damage

[Abiky]

It is no more than your thoughts (as you said yourself)

Governments can't agree on a lot of more important things and now they should be all of a sudden "banning cryptocurrencies and introducing a single global currency of their own". Why should they necessarily ban cryptocurrencies to introduce a global currency? Bitcoin and other cryptocurrencies are a small aberration in the grand scheme of things, objectively and financially. And that leads us to the inevitable conclusion that the lack of a global currency is a proof that there is no agreement among governments, and thus no chance of banning cryptocurrencies universally. Pretty simple, isn't it?

Yes. That's true. Governments cannot agree in many things nowadays, which makes it practically impossible for them to destroy Bitcoin in the future. Bitcoin and other cryptocurrencies are too big to fail these days. I believe that if governments would've wanted to put an end to Blockchain technology, they should've done so within the early days of Bitcoin back in 2009.

Now, it's been a decade since Bitcoin has emerged. Blockchain technology has improved so much, that there's now privacy coins with unique anonymity features which makes them harder to trace. Even if the development of Blockchain and cryptocurrencies will be put to an end by governments around the world, crypto will survive due to its open sourced and decentralized nature. That means that anyone can run a full node to support a specific cryptocurrency's Blockchain without limitations. With the available technologies today (like Tor, i2p, etc) Bitcoin and crypto is here to stay.

Yes they will be a major breakdown in bitcoin which will lead to losing interest in blockchain. But I don't think such will happen because governmental bodies are beginning to see the importance of bitcoin and Cryptocurrency generally.

Governments have seen this new trend of cryptocurrencies and Blockchain technology, very beneficial to them. If governments continue to tax cryptocurrencies, then they'll be here to stay for a long time. This is because, taxing crypto makes them a legitimate medium of exchange. They've been extremely beneficial for governments (like the US) mainly for taxing purposes. It's very unlikely that at some point, governments would turn against cryptocurrencies like Bitcoin and Ethereum (unless they become a threat to national security).

Despite this, time will tell what lies with the future of Bitcoin and other cryptocurrencies' stance among worldwide governments.

[Julunguul]

The government does have an important role in the development of the crypto world. It can even be stated that when the government makes a decision, this will directly affect the price of crypto. A negative decision will certainly produce a negative thing and when the government makes a supportive decision it will make a positive development towards the direction of crypto development.

The problem is that the government cannot understand how crypto will work, they misunderstand it. They only know that crypto can be used as a tool for money laundering, even though it can be more than that and certainly later we can solve this problem. Their prohibition is truly the party that understands crypto becomes overwhelmed

[deisik]

It is no more than your thoughts (as you said yourself)

Governments can't agree on a lot of more important things and now they should be all of a sudden "banning cryptocurrencies and introducing a single global currency of their own". Why should they necessarily ban cryptocurrencies to introduce a global currency? Bitcoin and other cryptocurrencies are a small aberration in the grand scheme of things, objectively and financially. And that leads us to the inevitable conclusion that the lack of a global currency is a proof that there is no agreement among governments, and thus no chance of banning cryptocurrencies universally. Pretty simple, isn't it?

Yes. That's true. Governments cannot agree in many things nowadays, which makes it practically impossible for them to destroy Bitcoin in the future. Bitcoin and other cryptocurrencies are too big to fail these days. I believe that if governments would've wanted to put an end to Blockchain technology, they should've done so within the early days of Bitcoin back in 2009

I can't quite agree that cryptocurrencies are too big to fail now

As we already see them failing whether you like it or not. It doesn't mean that Bitcoin is necessarily going to fail (though who knows), but I definitely can't say the same in regard to the rest of cryptocurrencies, with probably only two exceptions, those being Litecoin and Dogecoin which seem to have real use. Further, it's been a decade since Bitcoin appeared but we don't see a lot of application yet. So how big will it be if we remove the speculative component from it?

[Abiky]

I can't quite agree that cryptocurrencies are too big to fail now

As we already see them failing whether you like it or not. It doesn't mean that Bitcoin is necessarily going to fail (though who knows), but I definitely can't say the same in regard to the rest of cryptocurrencies, with probably only two exceptions, those being Litecoin and Dogecoin which seem to have real use. Further, it's been a decade since Bitcoin appeared but we don't see a lot of application yet. So how big will it be if we remove the speculative component from it?

Well, if you look at the infrastructure of most popular Blockchain projects (like BTC, ETH, DOGE, ...), you'll notice that they're still alive and running with numerous nodes and miners supporting them. I was referring that cryptocurrencies are too big to fail based on these facts. Of course, if we base ourselves on transaction activity, Dogecoin and Litecoin are widely used in the mainstream world. Even Dogecoin is being more used than Bitcoin Cash itself.

While I agree that there's not a lot of application yet for cryptocurrencies, I believe that's bound to change in the future as they become widely regulated by governments worldwide, and the hype of Blockchain tech comes to an end. If I were to name a few cryptocurrencies that will last for a lifetime, those would be Bitcoin, Litecoin, Dogecoin, and Ethereum. The rest may lose support in the future if there's no real uses for them. Mainstream adoption is key here for any crypto to become successful.

As for a global government crackdown, it seems very unlikely right now. But who knows? Anything could happen in the future

[otong]

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? 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.

Nonetheless, what are your thoughts about this?

Survive maybe yes, but what need to concerned is if they ban exchangers all over this world. It means we can't trade it or maybe exchange it into fiat anymore. And then maybe P2P transaction will come, but will a little hard to decide how many price of it.

if the crypto transaction was banned in the whole world, of course, many people would withdraw and not continue their journey. because their journey has been difficult. so they sometimes backed away. but I think that every difficulty is a solution.

[Burogh]

I do not think so, being a decentralized currency and censorship-resistant, it is able to withstand even attacks by governments and continue its development.

Of course one of the main reason why bitcoin is decentralized and use blockchain technology is to withstand attacks from centralized organizations and also bitcoin cannot collapse entirely or in a large scale due to a single government crackdown and that is the main advantage of a decentralized system but with a significant restriction it can definitely do a big damage to the entire bitcoin system and its price because investors, traders and holders are very concern about government view towards bitcoin specially when comes to make decisions to sell, hold or buy so it won't collapse but there can be a huge damage

Government can stop bitcoin. The thing that can make bitcoin stop is community. If community think bitcoin is not secure anymore as store of value, people will leave bitcoin and not use it anymore. People always looking for security and government only can regulating

[reality18]

An entire collapse due to a government crackdown? No! Just as there are some governments against Bitcoin, there also some governments in supports of Bitcoin. One of the advantages of decentralization is that no single body owns absolute control over the market, hence governments can only cause damage to Bitcoin to some extent but not entirely destroying it.

[mescalito]

Bitcoin network can't be destroyed. It doesn't even need to use the Internet to function. https://bitcointalk.org/index.php?topic=2091860.msg49574549#msg49574549

[Siren]

The government will not do that because if they cannot even stop corruption mhow can bitcoin be?Each governments has been fighting corruption for long time but yet theres always here.

But if this happens surely bitcoin will collapse in face of the legalization then after the illegal adoption will happen ,if they cant stop drugs in physical form,then what more bitcoin in virtual ?

[Rooster101]

If the government can effectively control the bitcoin, it will going to collapse but I doubt if all governments will agree to the idea of banning the bitcoin globally. A group of countries called G20 are planning to impose a global regulations instead of banning to counter mney laundering, terrorism and other crimes that uses cryptocurrencies. These moves by the governments will prove that  they not going to make crackdown on cryptocurrencies because according to them crypto is important for global ecobomy.

[BlackPanda]

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? 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.

Nonetheless, what are your thoughts about this?

Basically Bitcoin can be used so easily because as long as we have internet access we will be able to use bitcoin. Some countries have indeed banned the use of Bitcoin, but everyone can still use Bitcoin because there is a lot of access that we can use. Actually the role of the government is very large in making a trust in the market, the Government will influence whether Bitcoin can be a commodity that is trusted or not. the role of the government is very vital, and if it is true that the government will ban Bitcoin it is evident that the decline in Bitcoin prices is just waiting for time.

[deisik]

I can't quite agree that cryptocurrencies are too big to fail now

As we already see them failing whether you like it or not. It doesn't mean that Bitcoin is necessarily going to fail (though who knows), but I definitely can't say the same in regard to the rest of cryptocurrencies, with probably only two exceptions, those being Litecoin and Dogecoin which seem to have real use. Further, it's been a decade since Bitcoin appeared but we don't see a lot of application yet. So how big will it be if we remove the speculative component from it?

Well, if you look at the infrastructure of most popular Blockchain projects (like BTC, ETH, DOGE, ...), you'll notice that they're still alive and running with numerous nodes and miners supporting them. I was referring that cryptocurrencies are too big to fail based on these facts. Of course, if we base ourselves on transaction activity, Dogecoin and Litecoin are widely used in the mainstream world. Even Dogecoin is being more used than Bitcoin Cash itself

That's not my point exactly

I don't deny these things as such but all this infrastructure will be useless if people stop using these currencies. Really, what's the purpose of miners if no one is sending transactions anyway? It is impossible to transact without miners, and they are required (as long as we use PoW), but they are definitely not everything which is required here and certainly not the most important pebble on the beach

Further, I didn't mean Bitcoin or Dogecoin (you can also add Litecoin to them) as these are likely the only coins which have real value backing them up and coming from real world use (e.g. Dogecoin being a coin of choice for gambling). On the other hand, I don't think of Bitcoin Cash or Ethereum as something worthy of investing long term (apart from aggressively short selling them on rebounds)

[nellakarisma]

if in my personal opinion. bitcoin won't collapse bro. because so many people from around the world already love bitcoin. if the government globally joins to destroy bitcoin it is very likely that bitcoin will collapse. and I'm very sure that nothing will ever happen. bitcoin will always have a bright future.

[michellee]

I do not think so, being a decentralized currency and censorship-resistant, it is able to withstand even attacks by governments and continue its development.

Of course one of the main reason why bitcoin is decentralized and use blockchain technology is to withstand attacks from centralized organizations and also bitcoin cannot collapse entirely or in a large scale due to a single government crackdown and that is the main advantage of a decentralized system but with a significant restriction it can definitely do a big damage to the entire bitcoin system and its price because investors, traders and holders are very concern about government view towards bitcoin specially when comes to make decisions to sell, hold or buy so it won't collapse but there can be a huge damage

Government can stop bitcoin. The thing that can make bitcoin stop is community. If community think bitcoin is not secure anymore as store of value, people will leave bitcoin and not use it anymore. People always looking for security and government only can regulating

Yes, the government can stop bitcoin, I am sure they can. But the problem is they need to shut down the internet connection in all of the world because bitcoin is connected with the internet. Although the government ban bitcoin, I am sure people will search another way to use bitcoin if they think bitcoin can bring more benefit to them. But I don't think that the government will stop bitcoin and I think they are thinking about what they can do with bitcoin.

[deisik]

Yes, the government can stop bitcoin, I am sure they can. But the problem is they need to shut down the internet connection in all of the world because bitcoin is connected with the internet. Although the government ban bitcoin, I am sure people will search another way to use bitcoin if they think bitcoin can bring more benefit to them. But I don't think that the government will stop bitcoin and I think they are thinking about what they can do with bitcoin

They don't need to shut down the Internet

In fact, they don't even need to ban Bitcoin directly as cracking down on major exchanges will suffice for bringing it down. It won't kill Bitcoin, not in the least, but that will make its use not worth it. Strictly speaking, Bitcoin is not a great threat to governments anyway (I mean major ones), so they don't need to do anything yet. But we can already assess the effect of such intervention by an example of ZCash. It was banned on a couple of important exchanges and now it is of no interest to anyone

[Juggy777]

The government will not do that because if they cannot even stop corruption mhow can bitcoin be?Each governments has been fighting corruption for long time but yet theres always here.

But if this happens surely bitcoin will collapse in face of the legalization then after the illegal adoption will happen ,if they cant stop drugs in physical form,then what more bitcoin in virtual ?

Hey there’s no way government can be the death knell of bitcoins, as they cannot stop people from using bitcoins, at max they can ban it but people will always find ways to use it. If you’re not aware now governments are taxing bitcoins, and some have even made it a legal currency to earn more revenues from it. In many USA states you can pay off your taxes in crypto’s, which shows that government is going to adopt crypto’s not kill it.

[Snyderfx2]

The possibility is much lower for a government to crackdown the bitcoin network because it is not centralized to any location in the world so unlike other large expanded organizations bitcoin cannot break down from a single strike and that is the main reason why it was able to survive during last couple of years facing many restrictions which is a bold significant quality in bitcoin network that comes with decentralization and blockchain technology