Will Bitcoin collapse by a global government crackdown?

[dothebeats]

Crackdown means every branch of bitcoin, from individual users to large, registered services are being hunted. There aren't any of those happening, so idk how would that be an issue for bitcoin, especially on the collapse that you're referring to. If anything, regulators and governments are pushing for the legislative bodies to create a regulatory framework to which bitcoin and crypto would fall under, greatly enhancing the protection for citizzens who are using the said currencies.

[Upgate]

Surely if every government of the world crack down on bitcoin and get it banned it would definitely collapse.
But I don't think it's possible for every country in the world to come together and collectively place a ban on bitcoin

[geegaw]

Surely if every government of the world crack down on bitcoin and get it banned it would definitely collapse.
But I don't think it's possible for every country in the world to come together and collectively place a ban on bitcoin

Yes, crackdowns from governments all over the world will make crypto and bitcoin worlds collapse but as you said, this situation is not possible when there are still some governments supporting bitcoin, some governments are always neutral in this event, and when governments are not interlinked, the collapse will not come. In addition, bitcoin and crypto still offer certain benefits to the economy, even useful about technological improvements, and with these values, it can also explain why bitcoin does not collapse, governments do not really want to crackdown it

[Ucy]

Imagine if ancient authorities had crack down on gold/precious metal ownership. they would have been seen as evil tyrants, right?     If everyone is lukewarm global crackdown of anything will become a norm in the future.
Well ,I think they will eventually control this things , not ban them totally. It is just matter of time.

[Xardasim]

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?

Ban by all governments can destroy the price. How do you think mining will be done? So much electrical current will certainly attract attention.  In my opinion if the governments wanted to ban, they would. I hope they realize that digital money system is more innovative and useful, and they have been expecting the right time.

[vv181]

The latest buzz that hanging around and affecting in cryptocurrencies communities in wholesome indicates that Cryptocurrency, in general, isn't matured yet technically, and in term of user knowledge.

Personally, It might sound contradicted with my first statement but it actually isn't. The reason Bitcoin could survive until today and beyond is because the community has a pillar. A foundation of awareness that Bitcoin has a potential to free us from a financial matrix. furthermore, the underlying technologies of BItcoin that support it.

It is indeed governments has an immense effect on the whole world ISP regulations, but the only way to shut down completely BItcoin is to erase Internet from the whole world and burn all the storage that contain Bitcoin blockchain.

[hatshepsut93]

This topic has been brought up many times, even since Bitcoin's inception, so if you're interested in this topic, you can dig up a lot of discussions and articles. Basically, Bitcoin was created to be indestructible, you'd need to erase it from all the computers in the world that run it, which means millions of machines across the globe. But global government crackdown would have a significant negative impact on Bitcoin, it would be hard to organize large-scale mining, liquidity will be low, etc. Bitcoin will become a very niche tool in this scenario, instead of an alternative global currency.

[Matthewmorris4]

in my opinion it could collapse because now the government is not serving and opening up opportunities for bitcoin to emerge in this country so for me nowadays bitcoin is not as easy as it once was

yes, if we are really smart, crypto must stay away from politics which always has something to do with the local government because I'm sure they must have refused from the start. Many economists also don't recommend not entering the crypto world because of the risk, if they give advice, the market conditions will be different

[CaptainKid]

I find it hard to believe that bitcoin can be banned in all countries, since in some countries it is already accepted as a means of payment and its popularization is gaining momentum, but it can be assumed that if every country strictly prohibits operations with bitcoins, many people will stop investing, and to use him

[pixie85]

There will never be a global government crackdown because there's no global government.

Really guys do you expect that opposing economies like USA and Russia will decide to ban Bitcoin together? What about countries that are already accepting it and building laws around it like South Korea, Japan, Malta.

There's no global conspiracy to destroy Bitcoin! Threads like that prove that this bear season is pushing you into panic mode.

[Ridwan Fauzi]

I have heard a lot about a country that will give a crackdown on someone who uses bitcoin like India which can be categorized as a criminal act, but it only makes the price decrease and it is only temporary that there are still many bitcoin users in that country . That means that every strict regulation given by the government will not make bitcoin destroyed and dissolved, there will always be people who make bitcoin survive and have value.

[Irvinn]

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?

I think that the point of no return, at which all governments could prohibit the use of cryptocurrency, we have long passed. Many states have legalized Bitcoin and other cryptocurrency, and it makes a profit for both the state and citizens. We can see this by the example of Japan, which in this respect is noticeably ahead of other states. Therefore, I think that the general prohibition of cryptocurrency by all states is no longer possible.
If something happens and it does happen, then of course, for cryptocurrency and its users, this will be a big blow. However, citizens of different countries can always use a cryptocurrency for settlements between themselves and here the states can no longer do anything.

[Lieldoryn]

I am sure that the global government is a fake. Bitcoin can collapse only through the joint actions of whales. They are easy to manipulate prices. When will the panic sell they will buy a maximum of coins and sell them later at a high price. Only those who are not afraid to lose everything will win and will keep bitcoin indefinitely.

[GymClassHeroes]

Here is a simple analogy, Rhino horn and cannabis thrived on black market even with government crackdown. It became less "attractive" when government introduced some legislation.The point is,bitcoin will do well when there is a government crackdown, it will just metamorphose into something more useful within a certain niche.It already has a use-case sceanario

[1Referee]

Governments don't like each other, it's just so that they tolerate each other to a certain (mostly financially motivated) degree.

I'm pretty certain that most governments are better off regulating the centralized ecosystem around Bitcoin rather than to attack it and have people go 'underground' and be way harder to follow and combat.

Drugs obviously is a completely different category, but the interesting aspect of it is that most countries in the world are extremely hostile towards drugs, and it still manages to be a market worth hundreds of billions of dollars, and that on a yearly basis. In other words, you can't prevent people from using something they want to use (regardless of how harsh the penalties are), especially when it comes to something like Bitcoin that provides financial freedom and an actual utility as money.

[BigBrother]

I think that it still will not prevent people from using bitcoin and perhaps its price will only be higher. For those who are afraid to invest in cryptocurrencies because it is not supported by the government of some countries, such a massive ban can have an impact. But for the rest people, this will only fuel interest in bitcoin.

[vgk88]

I do not think that governments will ban Bitcoin and other cryptocurrencies. If the government prohibits cryptocurrencies, then they can fall dramatically at a price, but I don’t think they will die. I think it will be difficult to trade cryptocurrencies, but I think that demand for cryptocurrencies will remain.

[Abiky]

We can simply use an encrypted internet connection to connect the node. Use something like dnscrypt for example, and you can connect again with other nodes. I'm not really sure the government wants to ban Bitcoin (blocking their connection) because it's just a waste of resource. They might try to shut down any cryptocurrency exchange though so that people won't be able to cash out. But we can still trade offline, or use something like Bisq.

I don't think government crackdown will happen, but if it does, I believe we can find a solution for that.

That's certainly true, mate. In the event of a global government crackdown, there's always the choice of alternative networks and decentralized exchanges. While this is very unlikely to happen, we cannot discard the possibility that it could happen someday if Bitcoin and other cryptocurrencies become a concern of national security (like criminals using it at a large scale to conduct illegal transactions, etc). If Bitcoin and other cryptos remain taxable property (like they are now), then they'll be supported by the government for a long time. 

What Global crackdown?

Most governments already accepted Bitcoin either as a currency <Japan> or a commodity <rest of the world>  In any way, if governments decides to "ban" Crypto currencies, people will just go underground with it. <Trading on the Darknet and on Black markets>

They cannot stop the Bitcoin network, because it is decentralized and nodes are spread all over the world. <Similar to how torrent networks are unstoppable at the moment.> 

Yes. But I believe that a global crackdown will occur if governments are deeply interested in forming a single world currency for the New World Order. Once that unified currency becomes active, then other alternatives (like Bitcoin, Fiat, etc) will be eliminated until the world is using the “One Global Currency” as the only medium of exchange. All countries will have a common currency, becoming much easier to track the world's transactions.

It sounds terrifying but if it becomes a reality, then cryptos and all fiat money as we know it will be dead in the future. There will only be "One Global Currency" for the world. Despite this, if a global crackdown never happens, then Bitcoin and other cryptos will continue to flourish in the mainstream world.

[Janation]

Most likely that could happen if many countries make a bitcoin ban in their country which makes the limitations of bitcoin. Certainly things like this will make bitcoin decrease in price

I don't think that the ban will be a problem.

We all know that there are a lot of countries that do not like Bitcoin or any of the crypto currencies but not all of the countries ban these since they all know that there is something in there that can help the country or help their people. Some banned Bitcoin, some don't and I do respect their reasons for banning Bitcoin but I think it is better not to ban them.

[digitalcryptocoin]

What Global crackdown?

Most governments already accepted Bitcoin either as a currency <Japan> or a commodity <rest of the world>  In any way, if governments decides to "ban" Crypto currencies, people will just go underground with it. <Trading on the Darknet and on Black markets>

They cannot stop the Bitcoin network, because it is decentralized and nodes are spread all over the world. <Similar to how torrent networks are unstoppable at the moment.> 

True.

Completely agree.

But still, if the government takes major action against BTC or crypto then it might be dump hard as people from all over the World remove their interest. So ultimately it will impact on price., which is the most volatile characteristic of Bitcoin. And finally, collapse.