Bitcoin cannot be banned

[satb]

An interesting read on the economics of Bitcoin:

https://www.unchained-capital.com/blog/bitcoin-cannot-be-banned

Excerpt.

The Progression of Denial & Stages of Grief

The skeptic’s narrative consistently shifts over time. Stage one of grief: bitcoin could never work – it is backed by nothing. It is nothing more than a present-day tulip mania.  With each hype cycle, the value of bitcoin rises dramatically and is then followed by a correction. Often extolled as a crash by skeptics, bitcoin fails to die and in each instance, it finds support at levels higher than prior adoption waves. The tulip narrative becomes tired and the skeptics move on to more nuanced issues, re-anchoring the debate.  Stage two of grief follows: bitcoin is flawed as a currency. It is too volatile to be money, or it is too slow to be a payments system, or it cannot scale to satisfy all the payments in the world, or it wastes energy. The list goes on. This second step is a progression of denial and it is a significant departure from the idea that bitcoin is nothing more than nothingness.

[romero121]

People have difference of opinion regarding the same. Bitcoin can't be compared with tulipmania which is just a hype, but bitcoin isn't a hype. It is a technology backed asset that works on the supply to the demand availability. As it is manipulative whales always try to get the best out of the same through the price fluctuation happening with time. This at times show large scale growth and undergoes correction. For this reason it can't be said as a bubble. The price grows as a wave, and the grief is being experienced by the users who doesn't believe upon the growth of the market, but with panic invest for profit.

[cryptoangel]

Bitcoin is a decentralized cryptocurrency, so it will never banned in this world. May be some countries are stop the crypto transaction because of some regulations and bad news on spam. But every investors are know the Bitcoin potential so it will always raise on further years and one day it will be globalized. May be this statement is useful to understand the crypto hunters.

[Naida_BR]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

[YuginKadoya]

This is what I liked about Bitcoin even if other countries would have a way to stop transaction with cryptocurrency we can still hold and invest through it and let the cash flow in your wallet, I think many investors really keeps on coming back if Bitcoin price would suddenly make another jump with its price,

I think many Bitcoin enthusiasts really understand that Bitcoin cannot be taken down by just cutting all processes of the transaction and they can still find ways in making transactions in a more Annonymous way.

[1Referee]

They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

It would suck initially, but considering that there are thousands upon thousands of individual miners distributed globally, it's extremely hard for one single government ban to affect Bitcoin seriously long term speaking. In fact, it will make people more aware of the importance of decentralization. It's one thing to visualize theoretical attacks on Bitcoin, but it's a whole new thing to see governments actually employ an attack.

That's also why running a full node shouldn't cost too much. How do you prevent it from costing too much? By not letting the blockchain grow unnecessarily fast, hence the reason the scaling roadmap of Bitcoin is very conservative. It's more about using the existing block space more efficiently, which is what upgrades such as Schnorr allow you to do.

[khaled0111]

I can't understand why some people are still arguing about the same subjects over and over again. All these questions were answered hundreds of times but it seems that those people can't accept the fact that Bitcoin is here to stay.
Even governments can't ban it because of the simple fact that it is decentralized. (They would if they could)

I didn't like the comparison of Bitcoin with alcohol and drugs though, it is completely irrelevant.

Governments could not successfully ban the consumption of alcohol, the use of drugs

[Febo]

Bitcoin cannot be banned

You also cant ban anyone to use it. It is permisionless and no one need to ask anyone for permission to use. it.

[realr0ach]

(((Government))) doesn't want to ban Bitcoin.  The only possible endgame evolution of all non-fungible, digital shitcoins is a permissioned ledger, Chinese social credit score surveillance system where all it's users are monitored in real-time like cattle.  Use an actual fungible monetary unit if you don't want to empower the state like physical metals.  Anything non-fungible is garbage and by every single dictionary defintion doesn't even qualify as money in the first place.

[blckhawk]

At this point in time, total ban is near impossible to implement. Its decentralized nature works like the internet does, it already established a mesh of interconnected nodes that power up the network, and censorship is too difficult now to conduct. Government can just accept cyrptocurrencies now and the only thing they could do to stop people from using it is doing a national internet ban, which is impossible and would certainly break their economy.

[Wexnident]

BTC has already entered the market and much supply has already been spread out to various people, so I'd suppose it's possibility of being banned is already at a minimal. Addressing the issues of volatility, it is volatile because supply is still being increased by miners, and in the past years, it has increased by a lot. Once more halvings pass, BTC release would be pushed into a minimal amount, which should make its volatility disappear, or at the very least, reduce it to minimal effects.

Plus, with how the demand of BTC is now, with it growing based on supply and demand, I doubt BTC would die off anytime.

[LogitechMouse]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

[TGD]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

The more they put restrictions, the more people get curious about it, as many countries already said they were alarmed in popularity of bitcoin but they can't stop it's spread in their countries as many investors were smart enough to see it's ability to increase in future. Technology have created ways to create systems that will put there limits no use like in China even they ban exchanges, many chinese were still able to use exchanges every now and then thru VPN, going in other countries etc.

[barabarian1]

Bitcoin is a decentralized cryptocurrency, so it will never banned in this world. May be some countries are stop the crypto transaction because of some regulations and bad news on spam. But every investors are know the Bitcoin potential so it will always raise on further years and one day it will be globalized. May be this statement is useful to understand the crypto hunters.

yes i agree with you. no one can stop bitcoin because bitcoin is decentralized and moves freely. bitcoin will continue to grow even though there are some countries that refuse and ban bitcoin I think it's no big deal and can't stop bitcoin. in fact, I see that every year the number of countries receiving and bitcoin users is increasing. because they are aware of the potential of bitcoin which can provide huge benefits for humans. and I am optimistic that as more countries and companies adopt blockchain, then they will also adopt bitcoin.

[oktana]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

many countries are friendly to mining activities, China has even become responsive to prohibitions they have ever done, this is also always related to business, the fact is like that. Bitcoin moves decentralized and does not depend on reserves of certain fiat, impulsive restrictions only have an unstable effect on their own fiat, many people will choose bitcoin as a companion currency.

[Yaunfitda]

Exactly, and the attack vector of those skeptics doesn't hold grounds long term. That's why bitcoin still survives this day. It is so resilient that critics will have to evolve as well, otherwise their whole argument won't take effect anymore.

And we might find skeptics turns into believers for all we know because they know that bitcoin is the future no matter what kind of attacks they're going to throw in our direction.

[Wind_FURY]

^^ Bitcoin is decentralized and it can never be ceased.

Because why? In a Bitcoin with cartelized mining, who actually secures the network?

However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

Ban all mining all at once? That's not very realistic.

[Wysi]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

many countries are friendly to mining activities, China has even become responsive to prohibitions they have ever done, this is also always related to business, the fact is like that. Bitcoin moves decentralized and does not depend on reserves of certain fiat, impulsive restrictions only have an unstable effect on their own fiat, many people will choose bitcoin as a companion currency.

Yes no one can Bitcoin as its not centralized and moreover how can a government ban something which they don't have control over all they can do is just threaten and warn people to avoid bitcoin and as far as Chinese influence is concerned whatever they do has a hidden business motto so we cannot consider them serious when it comes to crypto.

[Oceat]

It would take an entire country worldwide to effectively ban Bitcoin and it's Bitcoin mining industry but that's just too impossible to happen, not in a million years would happen. Therefore, the government cannot ban Bitcoin and that's what makes it unique up to this day. The government can make a lot of regulations but they can't effectively ban Bitcoin alone.

[Hippocrypto]

The decentralization feature of Bitcoin makes it unbanned unlike fiat currency that is already centralized. Government can create paper money whenever they want.

Bitcoin can't be banned however, the government can ban it on their country because we saw some of the countries already that have banned Bitcoin to be used in their country but even though they banned it users always find their way to use it like using VPN's etc. Fortunately, there are more supporters of Bitcoin than not supporters. As a famous quote said "If you can't beat them, join them" so instead of banning it, they just supported it.

The more they put restrictions, the more people get curious about it, as many countries already said they were alarmed in popularity of bitcoin but they can't stop it's spread in their countries as many investors were smart enough to see it's ability to increase in future. Technology have created ways to create systems that will put there limits no use like in China even they ban exchanges, many chinese were still able to use exchanges every now and then thru VPN, going in other countries etc.

But behind all the curiosity of people, bitcoin continued to catches the attention of many new users. Unlike the old days, we can't hear any good news about crypto due to it wasn't popular that time. Banning issues only erradicates when FUD spreaders tried to create chaos, because they thought that would divert everybodys mindset on holding bitcoin as a strong asset.
For now, adoption grows heavily despite of market value declination which was considered as stable price fluctuations.

[samcrypto]

It would take an entire country worldwide to effectively ban Bitcoin and it's Bitcoin mining industry but that's just too impossible to happen, not in a million years would happen. Therefore, the government cannot ban Bitcoin and that's what makes it unique up to this day. The government can make a lot of regulations but they can't effectively ban Bitcoin alone.

They know this and some government are already give up on dreaming to control bitcoin that what they started to adopt it. If they will ban bitcoin in your place, you can always go travel and use bitcoin to a friendly country where allows you to enjoy the money you have work for without experiencing any delays. Bitcoin will always survive, no one can stop bitcoin and banning bitcoin is not a good way stay away from this era.

[Dart18]

That is the cue. It is backed by nothing.
The real question is who would bring it down? Of course it would just be the government who loves equality over them.
They dont want anyone getting rich without a joib which is like them.
With what to do? Nothing.
Directly it is the contol. If you are one of the richest group in this world you want control with everything which cannot be achieved by a mere farmer.

[Reid]

A bubble.
That is what I always hear.
But as of now, it is still not proven.
This aint the US mortgage anymore.;
They have that kind of though because of the 911 too,.

They are afraid to risk now, But I have my own idea. Just waiting for it to be passed.

[The Sceptical Chymist]

Stage one of grief: bitcoin could never work – it is backed by nothing. It is nothing more than a present-day tulip mania.  

It's funny, but that's exactly what I thought about bitcoin when I first heard about it, when I didn't understand how it actually worked.  Years before bitcoin was created, there were some "internet currencies" like Flooz that failed and I didn't realize that those weren't decentralized in the way that cryptocurrencies are.  It took me a while to realize what the advantages of bitcoin are.

There's always been this question of whether bitcoin could be banned, and while it certainly can't be stopped entirely it could be legislated out of existence--but it would take a coordinated effort on the part of all the governments of the world in order to do it.  If bitcoin mining suddenly became illegal around the world, or if possession of it became illegal, do you think people would still be using it like they are today?  I don't think so.  It might find use for criminal activities, but that would be about it.

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

[beerlover]

This is not something we didn't really know before. I mean there are two ways to approach what a "ban" is.

One is, there is nothing really stopping you from buying/selling bitcoin even if your government deems it illegal, killing a person is illegal as well but there are people who still kill other people which means you can't really stop people from doing something but you can at least make it illegal so you can jail them later when they are caught.

Same idea for bitcoin, they can make it illegal but you can still trade it and if you are caught there would be a fine probably, I doubt it would be jail but it would probably be cash fine where you have to pay a certain penalty for it. The other way is governments can't even ban it because it is anon and they don't have proof of who owns which coins if we all store it on our computers, how could they track it?

[BChydro]

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

That was a good speculation, the CIA created bitcoin is a speculation and that has some steam but what ever the situation is i am sure the CIA have all the information and all the data and communication that is taking place online and if they want to find the real person they can even if you hide behind any TOR and the domain is registered by Satoshi and i am sure those details will be available and there is no way he could hide those transactions.
The reason why the government is not banning bitcoin is because they will open up the dark market, it is better to allow trades in the open than forcing the market underground.

[lionheart78]

~snipped

The society is like a human body, its first reaction to an unknown entity is to deny it. thus. just like Bitcoin as it was new to people and since it is not created by an established government, people will have a strong rejection towards it but most of these rejections or denials only fuel Bitcoin and its community to strive harder and prove these people who are skeptical, wrong.

[Wexlike]

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

That was a good speculation, the CIA created bitcoin is a speculation and that has some steam but what ever the situation is i am sure the CIA have all the information and all the data and communication that is taking place online and if they want to find the real person they can even if you hide behind any TOR and the domain is registered by Satoshi and i am sure those details will be available and there is no way he could hide those transactions.
The reason why the government is not banning bitcoin is because they will open up the dark market, it is better to allow trades in the open than forcing the market underground.

I always find it quite interesting to see the list of the countrys who officially banned Bitcoin:

• Afghanistan
• Pakistan
• Algeria
• Bolivia
• Bangladesh
• The Republic of Macedonia
• Saudi Arabia
• Vanuatu
• Vietnam

That's the source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

I'm really surprised about Vietnam though.

[wajik-tempe]

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

That was a good speculation, the CIA created bitcoin is a speculation and that has some steam but what ever the situation is i am sure the CIA have all the information and all the data and communication that is taking place online and if they want to find the real person they can even if you hide behind any TOR and the domain is registered by Satoshi and i am sure those details will be available and there is no way he could hide those transactions.
The reason why the government is not banning bitcoin is because they will open up the dark market, it is better to allow trades in the open than forcing the market underground.

I always find it quite interesting to see the list of the countrys who officially banned Bitcoin:

• Afghanistan
• Pakistan
• Algeria
• Bolivia
• Bangladesh
• The Republic of Macedonia
• Saudi Arabia
• Vanuatu
• Vietnam

That's the source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

I'm really surprised about Vietnam though.

I would add Indonesia as one of the country that banned bitcoin but indonesia has it's own cryptocurrency exchange but not regulated by the government. I think people on those all country still having and trading bitcoin freely but they just cannot buy something in their country with bitcoins.

[alani123]

To be honest, I wouldn't compare the treatment bitcoin gets as something that goes through the seven stages of grief. There's no universal sentiment in my opinion. Afterall, bitcoin is something anyone could use for his own purposes. To me, you don't have to be a capitalist, communist (or anything in specific for that matter) to appreciate bitcoin, or to hate it even. The truth is that it can not be shut down, but to pretend that everyone thinks of it the same is also a fallacy if you ask me.

[AbuBhakar]

That's the source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

I'm really surprised about Vietnam though.

While Malaysia, Singapore. Japan or other near Asian countries even Philippines doesn't have say on banning or putting restrictions but more plans in adaption for blockchain and crypto easy transaction, its sad that they are not still open for adoption as they don't want to accept any payment thru bitcoin but there are no news whether exchanges and other activities are allowed. If so lucky are those Vietnams who still mine, trades as once it's allowed they already saved allot. .

[1Referee]

The other way is governments can't even ban it because it is anon and they don't have proof of who owns which coins if we all store it on our computers, how could they track it?

I don't think governments care much about the minority that uses Bitcoin and they can't trace. I'm pretty sure that even without Bitcoin this generally more adapted minority would be impossible to trace for governments. It's something they already accepted.

Regulations are a very effective measure to track the majority of the users. Exchanges have to comply with regulations and they will do everything to not break any laws. Coinbase is an example of how a very strict exchange can function as a massive honeypot for governments to figure out who owns what amount of Bitcoin, and what people do with their coins.

Due to Bitcoin's transparent nature, every step after the withdrawal to one's personal wallet can be followed. Coinbase already deploys such tactics to boot users off its platform in case they have used a gambling site, or a service their banking partners don't want users to do business with. Once you sign up to an exchange and verify yourself, gone is your "anonymity".

[acdc]

But I've long suspected that bitcoin was created by some government agency anyway, and that the US government at least isn't going to make it illegal.  The US banks kicked off the 2008 crisis, and if the banks and financial system had failed, bitcoin could have been the savior.  I think the government realizes this and that's why they haven't regulated bitcoin more than they have.

That was a good speculation, the CIA created bitcoin is a speculation and that has some steam but what ever the situation is i am sure the CIA have all the information and all the data and communication that is taking place online and if they want to find the real person they can even if you hide behind any TOR and the domain is registered by Satoshi and i am sure those details will be available and there is no way he could hide those transactions.
The reason why the government is not banning bitcoin is because they will open up the dark market, it is better to allow trades in the open than forcing the market underground.

I always find it quite interesting to see the list of the countrys who officially banned Bitcoin:

• Afghanistan
• Pakistan
• Algeria
• Bolivia
• Bangladesh
• The Republic of Macedonia
• Saudi Arabia
• Vanuatu
• Vietnam

That's the source: https://cryptonews.com/guides/countries-in-which-bitcoin-is-banned-or-legal.htm

I'm really surprised about Vietnam though.

As far as I know Vietnam does not ban bitcoin.
Some of my friends in Vietnam still hold Bitcoin as an asset and it is completely legal, they only ban the use of Bitcoin as a means of payment.
In Vietnam, there are still many active exchanges, such as remitano and bcnex.

[ecnalubma]

Those countries who banned Bitcoin not really banned the Bitcoin itself but banned their government and citizens from utilising the technology. Banning Bitcoin is total myth but it is possible if the government ban the internet first. 

[topbitcoin]

Those countries who banned Bitcoin not really banned the Bitcoin itself but banned their government and citizens from utilising the technology. Banning Bitcoin is total myth but it is possible if the government ban the internet first.

And people nowadays really smart and they still can use anything to access bitcoin site like wallet, exchanges, etc although their government already blocked their access. With that maybe exchange already do something to prevent them to get any problem with regulation from some countries with KYC. But to fully banned, like what you said, need to ban internet or maybe internet must be dissapear first from the country.

[bitvalak]

An interesting read on the economics of Bitcoin:

https://www.unchained-capital.com/blog/bitcoin-cannot-be-banned

Excerpt.

The Progression of Denial & Stages of Grief

The skeptic’s narrative consistently shifts over time. Stage one of grief: bitcoin could never work – it is backed by nothing. It is nothing more than a present-day tulip mania.  With each hype cycle, the value of bitcoin rises dramatically and is then followed by a correction. Often extolled as a crash by skeptics, bitcoin fails to die and in each instance, it finds support at levels higher than prior adoption waves. The tulip narrative becomes tired and the skeptics move on to more nuanced issues, re-anchoring the debate.  Stage two of grief follows: bitcoin is flawed as a currency. It is too volatile to be money, or it is too slow to be a payments system, or it cannot scale to satisfy all the payments in the world, or it wastes energy. The list goes on. This second step is a progression of denial and it is a significant departure from the idea that bitcoin is nothing more than nothingness.

But the interesting thing is that many of the governments have adopted the blockchain and on the other hand they hate bitcoin and even forbid it.
At this point, I think you understand what I mean, because there is an attempt by the government to monopolize this system.

[karanggatak]

I don't think anyone can stop bitcoin globally because there is no decentralized bitcoin authority that can stop bitcoin. America and China can't even stop bitcoin. China can only issue a regulation prohibiting bitoin in its country. bitcoin is still growing rapidly in other countries. bitcoin can be banned or rejected by certain countries. the prohibition of bitcoin makes its citizens unable to access and invest in bitcoin. but I am always optimistic that if more and more large countries support and adopt bitcoin, other countries that initially reject bitcoin will also be able to accept bitcoin later.

[Cherylstar86]

Those countries who banned Bitcoin not really banned the Bitcoin itself but banned their government and citizens from utilising the technology. Banning Bitcoin is total myth but it is possible if the government ban the internet first.

And people nowadays really smart and they still can use anything to access bitcoin site like wallet, exchanges, etc although their government already blocked their access. With that maybe exchange already do something to prevent them to get any problem with regulation from some countries with KYC. But to fully banned, like what you said, need to ban internet or maybe internet must be dissapear first from the country.

As time passed by those users like traders and crypto currency enthusiasts are clever enough due to the experienced that they have. Many are scammed by those not legit negotiation as they can't stop them as well as the dominant of bitcoin. Also, I don't think that it can easily be banned but still possible, and it takes many sectors from the government that can be totally banned on the country but it will not be banned globally and here in cyber world.

[bitcampaign]

let them say bitcoin will die, but I believe that bitcoin cannot be killed by a big country though, I like the way it works because it makes it easier for people to make transactions without having to have a third party, the more they try to drop bitcoin but bitcoin will continue to grow with many large communities every day, those who say democratic countries should be ashamed of banning all people's rights to use bitcoin

[Harlot]

Just by even looking at our news about current developments you will see that more and more governments are being in favor with having a crypto industry in their country. Even the ones who have a conservative  government or has strict views with crypto are starting to change their views and opinions about it, this only means that they are starting to see the benefits and opportunities they will have economically and financially if they become a crypto friendly country. The cons are also not that bad if they can be prevented with enforcement and additional laws.

[bitbunnny]

Just by even looking at our news about current developments you will see that more and more governments are being in favor with having a crypto industry in their country. Even the ones who have a conservative  government or has strict views with crypto are starting to change their views and opinions about it, this only means that they are starting to see the benefits and opportunities they will have economically and financially if they become a crypto friendly country. The cons are also not that bad if they can be prevented with enforcement and additional laws.

Of course and that is logical development of situation. Governments also want to benefit from cryptocurrencies and they are aware they've become a part of the modern society so they have to find the way how to fit it in the formal legal and economy system the best. To my opinion all those theories about Bitcoin ban didn't have any solid ground and sone members of Bitcoin community just wanted to feel as rebells or kind of outcasts.
Maybe only few underdeveloped and countries with strict authoritary governments will decide to go with ban but that will only be exception.

[matchi2011]

let them say bitcoin will die, but I believe that bitcoin cannot be killed by a big country though, I like the way it works because it makes it easier for people to make transactions without having to have a third party, the more they try to drop bitcoin but bitcoin will continue to grow with many large communities every day, those who say democratic countries should be ashamed of banning all people's rights to use bitcoin

With how communities are reacting to this industry, most government will no longer suppressed the use of bitcoin and more and more people
will be there to support this crypto coin, innovations are being embrace and part of that is this crypto industry to move forward and continue
to have more support. It's a matter of time when all those countries will change mind regarding to this market.

[alexsandria]

From the very nature of itself decentralized meaning no central authorities controlling at the center of it, thus, permissions, deployment, and other stuff that can control it ain't existing. Though it can be manipulated by whales but it is a different story though. The nature itself defies such banning stuff out there, bitcoin really cannot be banned but the use of it can be, though transactions can be made under the surface level wherein government are blinded.

[LouVandetta]

There were some countries that have tried to banned bitcoin and the use of them and cryptocurrency in general. Well, those government cannot really stopped its people from using bitcoin. There is always a "way" for them to use it. The harder they tried to restrict bitcoin only made more news about bitcoin keep coming hence make a lot of people that never heard of bitcoin become curious. It makes bitcoin spreading all around the world. And people started to wonder why is it restricted and all. And nowadays more countries starting to adopt bitcoin and blockchain, so other countries might follow if it's prove its worth.

[barota]

why banning bitcoin ? because bitcoin is a fast transaction that help marchent of all country in world . that can help merchant that make product and want sell . i think there no benifit of banning bitcoin for all people . it is deficult for creating again this popularity bettwen all users of internet that already created since 10 years at latest

[Lagduf]

There'll always some people who confront something and they will become denial like that for another decades until bitcoin prove itself. Most of the people also said that bitcoin couldnt work because it;s backed by nothing but I don't think that's true. Everything in this world has value because people says so, like diamond which is only a transparent stone and it's expensive because people says so even though it's not a rare mineral.
even if bitcoin banned no one could actually stop people from using it, basically it's true that it's actually cannot be banned.

[Wexlike]

There'll always some people who confront something and they will become denial like that for another decades until bitcoin prove itself. Most of the people also said that bitcoin couldnt work because it;s backed by nothing but I don't think that's true. Everything in this world has value because people says so, like diamond which is only a transparent stone and it's expensive because people says so even though it's not a rare mineral.
even if bitcoin banned no one could actually stop people from using it, basically it's true that it's actually cannot be banned.

It's more interesting to see how the cryptocurrency space works when the whole Internet is shut down like currently in Iran. We all have to hope for satellite internet sponsored by SpaceX apparently.

Link: https://www.engadget.com/2019/11/17/iran-shuts-down-internet-access-fuel-protests/

[bitvalak]

It is impossible to stop bitcoin which has a decentralized system, all transactions are recorded on the blockchain and anonym.
Except for just stopping its circulation through government regulations which in my opinion make no sense. But in my opinion it doesn't limit how bitcoin can develop into bigger than it is today.

[bitcampaign]

let them say bitcoin will die, but I believe that bitcoin cannot be killed by a big country though, I like the way it works because it makes it easier for people to make transactions without having to have a third party, the more they try to drop bitcoin but bitcoin will continue to grow with many large communities every day, those who say democratic countries should be ashamed of banning all people's rights to use bitcoin

With how communities are reacting to this industry, most government will no longer suppressed the use of bitcoin and more and more people
will be there to support this crypto coin, innovations are being embrace and part of that is this crypto industry to move forward and continue
to have more support. It's a matter of time when all those countries will change mind regarding to this market.

yes that's what happened in my country, it really takes time for all countries to accept about this blockchain technology innovation and understand also about the use of bitcoin, since 2017 the government in my country prohibits bitcoin from being a currency because the law prohibits it, so every payment transaction anything will be banned with bitcoin and at the time the rules are a bit corner and now bitcoin is said to be a digital asset so it's not too bad than before and other restrictions

[LargoCoin Foundation]

It is impossible to stop bitcoin which has a decentralized system, all transactions are recorded on the blockchain and anonym.
Except for just stopping its circulation through government regulations which in my opinion make no sense. But in my opinion it doesn't limit how bitcoin can develop into bigger than it is today.

To be completely fair BTC is not anonymous at all. If the measures aren't taken by an individual to make transactions concealed the whole history can be easily tracked using specialized software, both by companies and individuals. So please don't confuse anyone that it's anonymous, it's pseudonymous. But there's way to make transactions more stealthy by using mixers and other measures, you can read tons of materials about it. Another point is that BTC can be easily stopped by stopping all exchanges that exchange it to fiat currencies, guess I don't have to explain that.

[jets567]

The reality now is that Bitcoin was banned on some countries but because of it's decentralization wherein people can use it anonymously so whether the government like it or not their citizens will find ways to be involve in crypto as long as they don't get caught. Even if the government don't give their full support, I'm pretty sure that Bitcoin will still exist because we have a huge crypto community that continuously use these technology.

[FanEagle]

Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

The power that they have over the bitcoin is that they can regulate it but they can never ban it or even be able to control it because of its locked system. When we even talk of regulating it, they can only regulate it by manipulating it the way that china is doing so that people can get discouraged about it, and still at that, people can get discourage about using it as digital asset but can never get discouraged about using it as means of payment.

This is still the easiest means of making payment across the bother that I have ever seen and this is also one of the benefit that some countries that have adopted it have seen that is making them give full support and even if countries like china ban mining, there will still be some countries that will be opened to accepting.

[Hamphser]

The reality now is that Bitcoin was banned on some countries but because of it's decentralization wherein people can use it anonymously so whether the government like it or not their citizens will find ways to be involve in crypto as long as they don't get caught. Even if the government don't give their full support, I'm pretty sure that Bitcoin will still exist because we have a huge crypto community that continuously use these technology.

Well, it's very basic that people will use the available choices that doesn't look like a good idea to them but technically not a bad idea for the government too. And it is using the anonymous surfing apps just to use their crypto besides, the government can't really ban any usage of cryptocurrency to the people, they can just ban the exchanges for trading it inside of their country.

[DoublerHunter]

The reality now is that Bitcoin was banned on some countries but because of it's decentralization wherein people can use it anonymously so whether the government like it or not their citizens will find ways to be involve in crypto as long as they don't get caught. Even if the government don't give their full support, I'm pretty sure that Bitcoin will still exist because we have a huge crypto community that continuously use these technology.

Well, it's very basic that people will use the available choices that doesn't look like a good idea to them but technically not a bad idea for the government too. And it is using the anonymous surfing apps just to use their crypto besides, the government can't really ban any usage of cryptocurrency to the people, they can just ban the exchanges for trading it inside of their country.

^ You completely mean that using a VPN? Of course, we can hide our identity when using crypto or Bitcoin but it is only for using Bitcoin transactions. When it comes to converting into fiat there's 40% you will recover due to KYC implementation in some custodial wallet which is following rules in government. Nevertheless, the government can't ban Bitcoin but they had control to manipulate users. For further explanations look at this article, https://cryptoslate.com/why-certain-countries-ban-crypto/.

[Mahanton]

The reality now is that Bitcoin was banned on some countries but because of it's decentralization wherein people can use it anonymously so whether the government like it or not their citizens will find ways to be involve in crypto as long as they don't get caught. Even if the government don't give their full support, I'm pretty sure that Bitcoin will still exist because we have a huge crypto community that continuously use these technology.

Well, it's very basic that people will use the available choices that doesn't look like a good idea to them but technically not a bad idea for the government too. And it is using the anonymous surfing apps just to use their crypto besides, the government can't really ban any usage of cryptocurrency to the people, they can just ban the exchanges for trading it inside of their country.

^ You completely mean that using a VPN? Of course, we can hide our identity when using crypto or Bitcoin but it is only for using Bitcoin transactions. When it comes to converting into fiat there's 40% you will recover due to KYC implementation in some custodial wallet which is following rules in government. Nevertheless, the government can't ban Bitcoin but they had control to manipulate users. For further explanations look at this article, https://cryptoslate.com/why-certain-countries-ban-crypto/.

You are right and we know that Bitcoin is always been pegged with Fiat value so we would really end up on converting to fiat which means we are still tied up with regulations.
Yeah it sucks to hear that out but thats the sad reality yet regulation and law will always be ahead into anything.Banning services that do involves crypto/btc will
surely have that big effect on the entire crypto market.

[Visbay]

It is impossible to stop bitcoin which has a decentralized system, all transactions are recorded on the blockchain and anonym.
Except for just stopping its circulation through government regulations which in my opinion make no sense. But in my opinion it doesn't limit how bitcoin can develop into bigger than it is today.

Yeah hard to stop infect it’s growing more and more with the passage of time. Now bitcoin is being accepted around the world. Few more countries have adopted bitcoin so I think it will be more strong. Bitcoin has a lot of supporters who are keeping it alive and it’s getting even more famous with time. Bitcoin price is also improving I am sure it will remain the same forever.

[owengtam09]

It is impossible to stop bitcoin which has a decentralized system, all transactions are recorded on the blockchain and anonym.
Except for just stopping its circulation through government regulations which in my opinion make no sense. But in my opinion, it doesn't limit how bitcoin can develop into bigger than it is today.

I agree I don't also think that bitcoin can stop, it can use online so anytime we can use it every time and everywhere we want even if the government will say that they are banning bitcoin to their country as long as it is accessible we can still use bitcoin. Unless all bitcoin sites in your country will be banned by your government including bitcointalk.

[Colt81]

In my own personal opinion, bitcoin can be banned because even bitcoin is decentralized that it cannot be controlled. The government will still find a way for it will be shutdown, that is why we should be careful with our actions, especially for those people who do scams because if this kind of scam activities in cryptocurrency was increased they would probably turn it down.

[error08]

The value of bitcoin comes from the people's faith that a decentralized currency is a better way for an alternative or probably could be the main currency.
However, a country could ban bitcoin to be used as a means of payments replacing fiat currency due to the government's power to rule the country, although not everyone will obey to regulations.

[Silberman]

An interesting read on the economics of Bitcoin:

https://www.unchained-capital.com/blog/bitcoin-cannot-be-banned

Excerpt.

The Progression of Denial & Stages of Grief

The skeptic’s narrative consistently shifts over time. Stage one of grief: bitcoin could never work – it is backed by nothing. It is nothing more than a present-day tulip mania.  With each hype cycle, the value of bitcoin rises dramatically and is then followed by a correction. Often extolled as a crash by skeptics, bitcoin fails to die and in each instance, it finds support at levels higher than prior adoption waves. The tulip narrative becomes tired and the skeptics move on to more nuanced issues, re-anchoring the debate.  Stage two of grief follows: bitcoin is flawed as a currency. It is too volatile to be money, or it is too slow to be a payments system, or it cannot scale to satisfy all the payments in the world, or it wastes energy. The list goes on. This second step is a progression of denial and it is a significant departure from the idea that bitcoin is nothing more than nothingness.

Bitcoin can and it will be banned by most governments around the world, what they cannot do is to enforce that ban since they do not have any control over the network, this will most likely happens because the economy of the world will stop growing and it will begin to contract and people will realize that the economic growth they supposedly experimented was felt only by the rich so even if bitcoin is illegal they will find a way to use it if it is of benefit to them.

[crossabdd]

indeed on the scale you provide, all that is true. Bitcoin cannot become a global currency due to large fluctuations, privacy, anonymous nature. so it is very difficult to entrust this to a country. and the weakest for currencies is, basic decentralized. this is the main reason that bitcoin does not qualify as a currency. and will continue to be a controversy in the future.

[owengtam09]

In my own personal opinion, bitcoin can be banned because even bitcoin is decentralized that it cannot be controlled. The government will still find a way for it will be shut down, that is why we should be careful with our actions, especially for those people who do scams because if this kind of scam activities in cryptocurrency was increased they would probably turn it down.

How they can shut down the bitcoin if they didn't know whos the owner of it? And in my opinion, even if they banned bitcoin maybe that is only a site of a bitcoin, like this forum, or online bitcoin stores and those bitcoin wallets will not accessible in their country they can ban the site but the bitcoin itself will never be banned.

[kapalmabur]

In my own personal opinion, bitcoin can be banned because even bitcoin is decentralized that it cannot be controlled. The government will still find a way for it will be shut down, that is why we should be careful with our actions, especially for those people who do scams because if this kind of scam activities in cryptocurrency was increased they would probably turn it down.

How they can shut down the bitcoin if they didn't know whos the owner of it? And in my opinion, even if they banned bitcoin maybe that is only a site of a bitcoin, like this forum, or online bitcoin stores and those bitcoin wallets will not accessible in their country they can ban the site but the bitcoin itself will never be banned.

it's just that the regulation must be carried out because if you regulate Bitcoin in the country then Bitcoin will not be misused,
such as financing terrorism and money laundering, indeed bitcoin can never be banned, because this is decentralized,
there is no real owner of bitcoin, we are all owners !, so You know for sure that Bitcoin will always be there

[barota]

bitcoin help lot of traders in the world for selling their production and with fast with bitcoin whatever now or in the future . and bitcoin sign of science and exchange of opinion in trade and economy . and bitcoin in recent years have lot value in the economy ; i think no one will benefit for banning bitcoin

[Silberman]

indeed on the scale you provide, all that is true. Bitcoin cannot become a global currency due to large fluctuations, privacy, anonymous nature. so it is very difficult to entrust this to a country. and the weakest for currencies is, basic decentralized. this is the main reason that bitcoin does not qualify as a currency. and will continue to be a controversy in the future.

How is it possible that you believe that decentralization is a weakness for bitcoin when that is what it has allowed bitcoin to still be here 10 years after its creation? Satoshi knew very well that if he created a coin that was centralized then governments could destroy it as soon as they decided to do so as they have done with many services that do not abide by their rules, satoshi made bitcoin decentralized so no government, bank or any institution could kill it.

[mithun303]

Bitcoin will never banned because it's a digital currency, Bitcoin is widely used in developed countries. but i don't know why Bitcoin has become a band in some countries. For example, i don't know why bitcoin is banned in Bangladesh. i think it should be introduced in Bangladesh. Bitcoin should be introduce not only Bangladesh but also in all countries where it's banned. 

[bitbunnny]

By its nature Bitcoin is hard to ban. It's not part of any system, no regulatory body, it's independent and decentralized. To use it you basicly need only internet acess.
However, some governments may bring certain regulation that use of Bitcoin is illegal or prohibited but users will always find the way. Besides, I don't think there is any general intention to ban Bitcoin, just the opposite, ecept maybe in some countries that don't respect freedom, free economy and human rights.

[rodskee]

indeed on the scale you provide, all that is true. Bitcoin cannot become a global currency due to large fluctuations, privacy, anonymous nature. so it is very difficult to entrust this to a country. and the weakest for currencies is, basic decentralized. this is the main reason that bitcoin does not qualify as a currency. and will continue to be a controversy in the future.

How is it possible that you believe that decentralization is a weakness for bitcoin when that is what it has allowed bitcoin to still be here 10 years after its creation? Satoshi knew very well that if he created a coin that was centralized then governments could destroy it as soon as they decided to do so as they have done with many services that do not abide by their rules, satoshi made bitcoin decentralized so no government, bank or any institution could kill it.

It is already a global currency because Bitcoin spreads the world now and majority of the world are accepting Bitcoin
 already or even if they don't accept at least they
 are not clearing this as illegal currency.there many countries now in which treating Bitcoin as  their legal tender meaning
we already have this as transaction paying currency
.And being decentralized is not a bad approach because yeah there are some government that don't wanna put this in
 to their economy but in future i know,they will understand what
 this is all about.

[Zackgeno96]

^^ Bitcoin is decentralized and it can never be ceased.
However, government can apply strong negative force on it and ban it indirectly. They can regulate mining or other activities that are vital for Bitcoin and paralyzed the network easily.

But the worldwide ban on cryptocurrencies isn't gonna happen as there are countries like Malta which have legalized cryptocurrencies and are safe harbor for many of the companies dealing in the cryptocurrency business. Also i agree with you on the fact that it is decentralized and can't be banned as there will always be people supporting the network and there isn't a central server holding all the information, anyone with a copy of complete blockchain can again start the network if something bad happens.

[el kaka22]

Bitcoin trading, bitcoin exchanges, bitcoin usage and many other things that can be banned and isn't that enough to destroy the market? I mean if the governments come out tomorrow and tell you that you can't store bitcoin, you can't trade bitcoin, you can't spend bitcoin, doing anything with bitcoin is highly illegal and has 100k dollars punishment if you do it with no jail time, just money punishment. Would you continue to use it?

Obviously you can hide your bitcoins from the government and continue to live like that forever which is a fair option but at the same time there won't be many that will do it, I would probably hide it from the government and continue but 50%+ of the people who use crypto right now won't do it. Hence, I think banning is technically not possible but still could hurt the market if any country goes for it.

[STT]

tulipmania which is just a hype

It did contain the tulips which remain to this day and if planted will flower for decades meaning they are quite impressive plants.   The reason some are so sceptical on Bitcoin is they barely accept technology as having a worth of its own, as in the usage and products of using technology not the physical circuits.   Bitcoin is not a physical commodity but it is a software based one and its a new category to consider which some reject as being real at all.
  The price appreciation for BTC lasted much longer then tulips, relative to other value the flowers only had so much usage and eventually people chose to distribute the value elsewhere.  BTC will have adjustments but the key point is whether it continues to have a future usage and demand behind its pricing.

[Kong Hey Pakboy]

From my point of view, bitcoin can be banned and can be restrict in other countries from making transactions in bitcoin, but they cannot cease bitcoin because it is decentralized, which no one can control and manipulate it. That is why governments in other counteues only bans bitcoin from using it.

[mithun303]

The value of the Bitcoin network is increasing over time. It is value never goes down. It gains power bitcoin never sleeps increases value. It is driven by very general market dynamics. In this digital age, Bitcoin represents the transformation of personal value as an exchange. I think all the people in the world have accept it for financial freedom and sovereignty by providing it.