Will governments ban Bitcoin like they did with Gold?

[kiki8899]

If the governments of all countries ban Bitcoin by legislation, this will show the great horror of Bitcoin, indicating that Bitcoin will greatly shake the regimes of those countries, and the result is that Bitcoin will be deeply rooted in the hearts of the people.

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[lisanona]

Bitcoin is not like gold. Gold has a practical value endorsement, but Bitcoin does not. If Bitcoin is banned, then Bitcoin will eventually die out.But as long as a country recognizes Bitcoin, then Bitcoin is valuable, or only a few local tyrants recognize that Bitcoin is also valuable.

[Vishnu.Reang]

If a certain country bans cryptocurrency, then in the end the citizens of that country are going to suffer. Take the case of India for example. When the news of an impending ban came out, large number of users in India sold their coins in panic. And within the next 2-3 months, the exchange rates went up by more than 100%. On the other hand, investors in more cryptocurrency friendly countries such as Russia and Japan don't face these issues. They are profiting from their investments and they can chose the time when they want to sell their crypto-assets.

[ene1980]

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Take the case of India for example. When the news of an impending ban came out, large number of users in India sold their coins in panic. And within the next 2-3 months, the exchange rates went up by more than 100%. On the other hand, investors in more cryptocurrency friendly countries such as Russia and Japan don't face these issues. They are profiting from their investments and they can chose the time when they want to sell their crypto-assets.

Why would anyone sell off the coins in panic if a country bans Bitcoin, there are several ways to hold the coin and cash out and there are many P2P exchanges as well which will sort these kind of issues. You only need to blame yourself if you sell off the coins in a panic.

Some of these countries might ban here and there and that will not affect the market as long as there no global ban and it is highly unlikely for a trillion dollar market even though everyone is expecting the market to be regulated.

[Abiky]

From what I have seen, the government bans usually have just the opposite effect on the popularity of Bitcoin. I have seen the same from Nigeria and India. When the government authorities proposed to ban cryptocurrency there, the popularity just rocketed and the number of users newly registering to various exchanges and P2P platforms went up by manytimes. Actually I should congratulate these government guys for popularizing Bitcoin.

Ironic, isn't it? Bitcoin comes out more popular than it was before after a government ban takes place. This shows us that people are interested in a truly censorship-resistant kind of money outside the scope of governments and central banks alike. Governments are already noticing their efforts in tackling Bitcoin's usage are futile, leaving them with no choice but to embrace it. Taxation would be the path for Bitcoin and other cryptocurrencies' widespread acceptance in the mainstream world.

Nonetheless, I don't think any government will be able to ban Bitcoin in its entirely like they did with Gold some time ago. The US may end up with fierce regulations towards the crypto/blockchain industry. But it'll never ban Bitcoin because it can be easily taxed throughout centralized exchanges. What governments will do is track and trace Bitcoin transactions in order to catch malicious actors on-chain. With surveillance/analytics tools like those provided by Chainalysis, it'll be easy to enforce the law on transparent blockchain networks like Bitcoin and Ethereum. The ever-growing popularity of Bitcoin will lead central banks into creating a CBDC of their own. Regardless of the FUD by some wealthy people (Warren Buffet) and mainstream media, Bitcoin will become bigger and stronger than ever thanks to its decentralized and censorship-resistant design. It's sound money that's many times better than Gold. Just my opinion

[Kasabus]

The more opposed, the more miserable.
When it cannot be banned, you should think about how to comply.

If a single country decides to ban bitcoin, not only the citizens itself will suffer but even the government officials do. They will find it hard how to ban a currency which transactions are not totally visible. And bitcoin as a decentralized in nature, provides that no single entity or group is capable to ban it or shut it down.

Bitcoin cannot be banned legally but there might be restrictions along with it. And the more they see bitcoin as a hindrance to fiat, the more people will be even attached to it. Gold was banned some years ago but when it comes to bitcoin, it's better to comply than banning it.

[sapnu]

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

There are plenty of countries already that has banned bitcoin and it is not so far from happening that every country will come together against bitcoin. It might be something we should be scared of but after all we still have the decision on what we are going to do with our financial freedom. There are many people who lives in countries where bitcoin was already restricted yet they still manage to find ways on how they can access and earn from it. The government might have the power to stop other people but there will always be some who would find ways no matter what.

[datguyian]

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

Banning gold is easy because you can stop it at the airport, it is visible and physical. You just confiscate it if somebody tries to transport it. Much harder, if not impossible with Bitcoin in my opinion.

[ropyu1978]

if the government bans bitcoin at a time when not many people understand bitcoin, I think it can happen, but if the government wants to ban bitcoin for now, I think this is very difficult, because bitcoin has been around for a long time. than 12 years, and Rich people have also played a lot in bitcoin, like Brian Armstrong, Sam Bankman, Chris Larsen and others, making it difficult for the government to deal with rich people like them.

[speedy963]

You know what op, in today's time, it's quite hard to find anything that would be impossible to happen in this industry. Just look at what happened with doge and other meme coins that are utterly useless, didn't we think last time that such things happening are impossible? The case with this one is quite the same. Indeed it is already quite too late for the crypto industry to be banned entirely. But even so, it is doable if a scenario like what you said really does happen where different countries all unite and agree to ban crypto currencies(but then again, unity is impossible when we talk about the whole world). And so, proves that possibilities are endless in this industry.

[capcaypro]

this will be very difficult to happen, even though it is prohibited there are still many people who still hold bitcoin and farm bitcoin even though it becomes illegal. and I think this prohibition is very difficult to happen, even if it happens the impact will certainly be very large and a few years after this prohibition will definitely be reopened and legalized again, because back to what was previously there will be many people who will do it even if it becomes illegal.
and how to eradicate this will surely be as difficult as eradicating crime and drugs in the world.

[conected]

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

There are plenty of countries already that has banned bitcoin and it is not so far from happening that every country will come together against bitcoin. It might be something we should be scared of but after all we still have the decision on what we are going to do with our financial freedom. There are many people who lives in countries where bitcoin was already restricted yet they still manage to find ways on how they can access and earn from it. The government might have the power to stop other people but there will always be some who would find ways no matter what.

- Indeed, many countries have noticed the volume of capitalization being pumped into the crypto market, too much attention and when the media has been talking too much about crypto, the government already knows this time is in need of restriction but compared to many other issues, crypto is only a temporary threat and needs temporary solutions. Many people in banned countries are still quite comfortable with computers and phones in accessing bitcoin, perhaps the consensus of the governments is still too long to be implemented

[ziyaaa]

There are already some governments that prefer banning Bitcoin for this reason. China is the biggest example. They are afraid of the cryptocurrencies as they can cause yuan to devaluate too much. But for example, the USA is not doing such thing. It is also aware of this threat but it is working on this to prevent such thing from happening.

[Lanatsa]

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

There are plenty of countries already that has banned bitcoin and it is not so far from happening that every country will come together against bitcoin. It might be something we should be scared of but after all we still have the decision on what we are going to do with our financial freedom. There are many people who lives in countries where bitcoin was already restricted yet they still manage to find ways on how they can access and earn from it. The government might have the power to stop other people but there will always be some who would find ways no matter what.

- Indeed, many countries have noticed the volume of capitalization being pumped into the crypto market, too much attention and when the media has been talking too much about crypto, the government already knows this time is in need of restriction but compared to many other issues, crypto is only a temporary threat and needs temporary solutions. Many people in banned countries are still quite comfortable with computers and phones in accessing bitcoin, perhaps the consensus of the governments is still too long to be implemented

Or wouldn't really be implemented at all because no matter how hard they would try but still wont be enough if we do talk about banning it completely or getting rid of it.

We have seen lots of situations on where some governments in other countries which they do make out such banning and prohibition but what happened?

Most of the government is fully aware that they couldn't do such thing if turns out to be mainly support and due to technical factors then
some of them do give up with that common goal.

[Issa56]

From the little experience am having I believe the government won't be able to ban bitcoin they way they banned gold, the only thing I believe the government can do is keep on crashing bitcoin price but u don't believe bitcoin can't be ban. People have been saying different things but I just believe all what they are saying is just to scare people government can't really do anything about bitcoin because the way bitcoin and cryptocurrency is currently I believe with time government won't have choice than to adopt it.

[grabpopcorn536]

I think ban trading as a currency, they can't ban people from holding as an asset. In fact, many countries ban gold from being used for payments because it would put their national currency at risk.
Bitcoin has been recognized by many organizations and countries so they already have laws for cryptocurrencies. I'm not too worried about bans because they are temporary. Governments have to keep up with the trend because now institutional investors and people around the world are supporting Bitcoin.

[iamsheikhadil]

I don't really know about other countries but me living in a democracy, am sure any democratic country will think many times before making such a move, specially when there's a large percentage of the population is using or trading the crypto that they want to ban and punish the holders for. But yeah, some countries, they can place bans on it by punishing with jail to anyone who's involved in it, and automatically a fear will create and many if not most people there would stop using it, but then again, the government would just be exposing to the world how bad they are even in 21st century!

[harlequininja]

This is a pretty good article here:

https://www.epsilontheory.com/in-praise-of-bitcoin/

The problem is not banning bitcoin. They will only do everything to make it as traceable as usual transactions and then they will create more derivatives and dump it on wallstreet...Like they did with gold and silver. Then they have full control again, while some think Bitcoin means opting out or censorship resistance.

The only way to keep Bitcoin a free and censorship resistant money is to improve privacy further and setting standards when it comes to efficiency of mining facilities.

[samsul1234]

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

hello sir, yes i understand what you are asking, i think the government is too late to ban bitcoin at this time, because of the large pattern and circulation, it is likely that the government will let everything run as it is, bitcoin is currently in a larger development phase, everyone the program has also been updated, so the barrier will not be able to ban bitcoin because now bitcoin is growing faster and bigger

[Obito]

I don't think that they will be able to do it though, they don't have the enough resources especially the third world country to monitor evryone who uses bitcoin or cryptocurrency, the people will find a way to not get caught using it.