Bitcoin cannot be banned

[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.