Government ban on crypto

[MUG1WARA]

I'm not convinced Bitcoin would be banned in the USA.  Gold has a market cap of 10-11 trillion dollars and it is not being banned.  Bitcoin just touched the trillion dollar market cap.  It will take decades to even come close to Gold's market cap imho.

Getting banned doesn't really matter what marketcap it has, the government can place ban on bitcoin for a stoopid reason, but even if they do place ban on bitcoin, it's never going to affect your bitcoin in your wallet, because the bitcoin is urs and no one can take it from you, also the government placing ban on bitcoin is a big joke, its just like locking a gate that has no fence  , the citizens will still make use of bitcoin no matter how tight the restriction is in their country.

[1714987462]

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[gabriela1999]

With the growth and demand of people about Bitcoin is increasing. Especially investment funds, businesses, large organizations have been investing in Bitcoin. If the government now wants to ban Bitcoin. That is really difficult. If they want to ban bitcoin maybe they should decide a few years ago.

[amihada]

I have heard this news for a long time now it is proven that the government cannot prohibit bitcoin, the price of bitcoin is getting more expensive, in 2018 bitcoin is cheap, the government is unable to prohibit it, especially now that bitcoin is increasingly in demand by the rich for investment so there is no gap to ban bitcoin.

[tygeade]

When it comes to banning bitcoin, the government can do that, without minding any of the things you have said. Yup, I have seen countries where there are politicians that are investing in Bitcoin but still yet their government banned it. The question should be whether the government banning bitcoin will be able to stop people from being used? The answer to that question is going to be a NO; even if the government decides to ban despite everything you have mentioned, it still won’t stop people from making use of bitcoin, that’s the power of decentralization.

If Bitcoin was centralized, then they will be able to take it down, and I believe they would have done that when it was starting newly. I believe the reason why they didn’t push too hard was because they knew they can’t stop it from being used since it can still be used peer to peer.

[bitcoinnftorg]

There is a good probability Bitcoin could be outlawed, similar to when the U.S. government made it illegal for individuals to own gold (the Gold Reserve Act of 1934).
This is why Bitcoin NFT might be a good idea:
https://bitcoinnft.org

[ropyu1978]

the issue of government restrictions on crypto has already blown, I think the ban is just an issue and will remain an issue forever, the proof is that if us ban bitcoin, of course they have done it many years ago, but the proof is that they let bitcoin continue to grow and will continue to be supported by big company, if the government wants to ban bitcoin, now I am sure it will be very difficult, because it is too late ...

[xiboothrezi]

the issue of government restrictions on crypto has already blown, I think the ban is just an issue and will remain an issue forever, the proof is that if us ban bitcoin, of course they have done it many years ago, but the proof is that they let bitcoin continue to grow and will continue to be supported by big company, if the government wants to ban bitcoin, now I am sure it will be very difficult, because it is too late ...

We all also know that bitcoin is quite controversial, even though it has many benefits that are increasingly understood by many people, bitcoin can also be used freely on the black market or other illegal activities, which is why many governments place restrictions on the use of bitcoin. I think that limitation is also a form of economic sovereignty, where the government regulates the currency in effect in the country.

We should not argue about this anymore, as long as we can use and utilize it, according to the rules set by the government, then everything will be fine. even if there is a ban, there is still a "way"

[Abiky]

Getting banned doesn't really matter what marketcap it has, the government can place ban on bitcoin for a stoopid reason, but even if they do place ban on bitcoin, it's never going to affect your bitcoin in your wallet, because the bitcoin is urs and no one can take it from you, also the government placing ban on bitcoin is a big joke, its just like locking a gate that has no fence  , the citizens will still make use of bitcoin no matter how tight the restriction is in their country.

Exactly. Bans won't have a direct effect over your Bitcoin holdings whatsoever. As long as you control the private keys, you control the coins. It would've been another story if you had Bitcoin on a centralized wallet or exchange. Governments could simply confiscate your coins or even take down the service altogether with ease. That's not possible with non-custodial wallets and decentralized exchanges. While a government ban will reduce mainstream adoption of Bitcoin and other cryptocurrencies, the underlying Blockchain network will remain "untouched". People will be able to get access to the decentralized economy via other means which don't involve a middleman or third party. As long as crypto remains decentralized, there should be nothing to worry about.

Nonetheless, I doubt most countries would want to ban Bitcoin. They would be missing a huge opportunity to profit from taxes if they'd "banned" people from using it. As long as it's easy to collect taxes from Bitcoin and other cryptocurrencies, governments will give the "green light" for the growth of the industry in general. India has realized this and it shouldn't be long enough before both China and Russia join the game. Just my opinion

[Karartma1]

Turkey did it.
The Turkish Central Bank has banned the use of Bitcoin and other cryptocurrencies to pay for goods and services. The news came as a thunderbolt to 80 million Turks who have long found cryptocurrencies a solid refuge from the huge loss of purchasing power of the national currency, the Turkish lira (TRY).
The news is not completely unexpected: it's long been rumoured that Bitcoin was about to be squeezed, even though there's been a soar in its popularity, in conjunction with a not exactly brilliant domestic monetary situation.
Good luck Turkey, Turkish bitcoiners will hodl anyway.

[willoweb]

As soon as the major financial centers of the world agree on a common policy regarding bitcoin and alternative cryptocurrencies, we will see how quickly its value will soar even higher. Legalization is already underway in a number of developed countries, developing countries are also not lagging behind this process. Those governments that will ignore this process will be left behind the train that rushes into the future swiftly and with no alternative. It's a matter of competition, like the once-sound monetary policy with conventional currencies.

[ene1980]

As soon as the major financial centers of the world agree on a common policy regarding bitcoin and alternative cryptocurrencies, we will see how quickly its value will soar even higher.

It is a hope that the major financial centers of the world will agree on a common policy  . The market has soared to a level that we should expect some kind of regulation in the near future and i am sure everyone is expected and curious to know what kind of taxation they will be implementing.

Legalization is already underway in a number of developed countries, developing countries are also not lagging behind this process. Those governments that will ignore this process will be left behind the train that rushes into the future swiftly and with no alternative. It's a matter of competition, like the once-sound monetary policy with conventional currencies.

The cryptocurrency market will be well and good without the government intervention, just let the market thrive and even if they want to come up with regulation it should be to weed out the scammers and not the restrict the investors in any way shape or form.

[Swordsoffreedom]

You know that not all countries in the world are crypto-friendly. In the meantime, various countries have tried to prevent their people from using cryptocurrency but have failed miserably. The Chinese government has repeatedly banned Bitcoin mining and tried to centralize Bitcoin but to no avail. The Indian government intervened in the use of Bitcoin in their country but they were unable to stop people from using Bitcoin. A few days ago, the Nigerian government confiscated the bank accounts of Bitcoin users in their country, but the government's decision was thumbed down, and Bitcoin has been the first premium value transaction in their country.

[Leonardo7]

You need to understand that the government can do nothing about bitcoin, if they could do something about it, this could have been done long time ago. It's the evil banking sector and the capitalist trying to inspire the government against bitcoin, it's public knowledge that it's already a lost battle. This technology is bigger than any government combined.

[Argoo]

You need to understand that the government can do nothing about bitcoin, if they could do something about it, this could have been done long time ago. It's the evil banking sector and the capitalist trying to inspire the government against bitcoin, it's public knowledge that it's already a lost battle. This technology is bigger than any government combined.

Do not underestimate the capabilities of states. We can be convinced of this even on the example of the SEC lawsuit against Ripple Labs, which is currently under consideration. As soon as the lawsuit was filed last December, the price of ripple immediately fell several times, after which the US cryptocurrency exchanges suspended the listing of ripple on exchanges. One can imagine what will happen if states at the G20 level decide to ban the circulation of cryptocurrencies, and then many states duplicate this decision at the national level with the establishment of criminal liability for such a violation. In fact, all cryptocurrency exchanges and exchangers will stop working, and the cryptocurrency will be driven into the shadows, only a few enthusiasts will be able to make transactions with each other, and by that time the price of the cryptocurrency will fall to the depreciation level, since there will no longer be sufficient demand for it.
Therefore, it is better for cryptocurrency not to conflict with states.

[BuNga_cute]

You need to understand that the government can do nothing about bitcoin, if they could do something about it, this could have been done long time ago. It's the evil banking sector and the capitalist trying to inspire the government against bitcoin, it's public knowledge that it's already a lost battle. This technology is bigger than any government combined.

Do not underestimate the capabilities of states. We can be convinced of this even on the example of the SEC lawsuit against Ripple Labs, which is currently under consideration. As soon as the lawsuit was filed last December, the price of ripple immediately fell several times, after which the US cryptocurrency exchanges suspended the listing of ripple on exchanges. One can imagine what will happen if states at the G20 level decide to ban the circulation of cryptocurrencies, and then many states duplicate this decision at the national level with the establishment of criminal liability for such a violation. In fact, all cryptocurrency exchanges and exchangers will stop working, and the cryptocurrency will be driven into the shadows, only a few enthusiasts will be able to make transactions with each other, and by that time the price of the cryptocurrency will fall to the depreciation level, since there will no longer be sufficient demand for it.
Therefore, it is better for cryptocurrency not to conflict with states.

I agree that we should not underestimate the government, even if it fails to control Bitcoin, but it is not a good thing to have problems with
the government. As you said, when XRP had problems with the SEC, XRP prices had fallen quite deep and were left behind by many of its investors.
Even though XRP was surprisingly back on its feet, it was best to avoid conflict with the government. I want the government to be more open
to cryptocurrency, because if the government can legalize cryptocurrency in my opinion the world economy can be better. But unfortunately there are
still countries that do reject and prohibit their citizens from using Bitcoin, although I believe the citizens still have a way to keep using Bitcoin,
it would be great if all countries could accept Bitcoin. I believe it can happen, we just need to be patient until it becomes a reality.

[Abiky]

You know that not all countries in the world are crypto-friendly. In the meantime, various countries have tried to prevent their people from using cryptocurrency but have failed miserably. The Chinese government has repeatedly banned Bitcoin mining and tried to centralize Bitcoin but to no avail. The Indian government intervened in the use of Bitcoin in their country but they were unable to stop people from using Bitcoin. A few days ago, the Nigerian government confiscated the bank accounts of Bitcoin users in their country, but the government's decision was thumbed down, and Bitcoin has been the first premium value transaction in their country.

Exactly. Each country has its own set of rules from which citizens have to abide. Not every government finds crypto to be attractive. Some consider it to be a threat to their monetary system. It's why countries like China, India, and Russia prohibited the use of Bitcoin and other cryptocurrencies. But they've ultimately failed, because of the decentralized and censorship-resistant nature of crypto/Blockchain tech. The more governments try to destroy Bitcoin, the stronger it gets in the mainstream world. Sooner or later, governments will realize that "banning" crypto is a waste of time. Either they join the crypto/Blockchain bandwagon, or be left behind in the dust.

Nonetheless, nothing in this world lasts forever. Everything will depend on how long people are willing to support Bitcoin and other cryptocurrencies on the market. If governments start banning crypto, then the growth of the industry will stifle. This means a reduced user base, since most people will be afraid to use something that's illegal in the first place. We're going to have to see whenever CBDCs will reduce demand for crypto, or all the other way around. Just my opinion

[tanjiran]

You know that not all countries in the world are crypto-friendly. In the meantime, various countries have tried to prevent their people from using cryptocurrency but have failed miserably. The Chinese government has repeatedly banned Bitcoin mining and tried to centralize Bitcoin but to no avail. The Indian government intervened in the use of Bitcoin in their country but they were unable to stop people from using Bitcoin. A few days ago, the Nigerian government confiscated the bank accounts of Bitcoin users in their country, but the government's decision was thumbed down, and Bitcoin has been the first premium value transaction in their country.

Despite all this controversy, bitcoin is a very effective alternative to dealing with shortcomings in transactions using conventional currency. besides that bitcoin is very multifunctional, can be a trading commodity and an investment tool, it can also be used as an alternative payment even though it is not yet fully.
the development of technology makes us have to continue to evolve, however, all things inevitably have positive and negative sides. use this opportunity as best as possible to maximize profits.

[nicecrypto]

I consider the banning of crypto by some governments and financial institutions as "myopic". It is an inevitable improvement in the financial space and the world entirely, how can you ban such a wonderful evolution of finance and expect to be ahead in the financial space.

I would say, because I still believe that bitcoin is in it's early stage things like this is bound to happen because people are resistant to new innovations and since it even has everything to do with the financial aspects of every Government, we could continue to see this resistance and ban on crypto but I believe there will be some form of more acceptance even by this government years down the line once they fully understand that Bitcoin or cryptocurrencie is part 9f the system now.

[Iceblast]

maybe the US applies the rules of bitcoin not to legalize or illegal, but the US government provides more rules where bitcoin in the US must run according to the rules and directives of the government. it is natural, because each country has its own rules for what is in the country

[caelangilbert]

yes maybe when it is still below $100 and only a few people know bitcoin but now I think its impossible at this stage big player already own bitcoin they wont let it, but gov still can make money from it like applying tax or whatever