Will governments ban Bitcoin like they did with Gold?

[Hippocrypto]

Banning it will lose them billions if they're going to consider their citizens that have been transacting and transferring funds through bitcoin. They're losing lots of money if they're about to that. But even if they do, transactions can still continue and many wouldn't care if there's a ban just as what the other countries did, there are still crypto people that are continuing.

Banning in a certain country would be implemented once there's a conflict of interest. Some of the law makers would decide this kind of judgement toward bitcoin, and no one can ban Bitcoin because it continues to run without control of anybody. Government is intimidated with what bitcoin shows to the world, specially todays time that price soars unexpectedly. But to those developing countries, I think it wouldn't be be because they're now shifting to cashless payment using digital currency.

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[bct-user]

IN my country, there are conditions:
- Cryptocurrency including Bitcoin is legal as a commodity and digital asset, there is a law about cryptocurrency and they are leag.SO, they will not ban Bitcoin.
- Exception, crypto is legal for commodity and also digital asset, but it is not legal as Payment method.
However, I personally not mind this because I cannot find merchants that accept Bitcoin.
I only use Bitcoin for trading and also investment and they are legal.

But maybe there are some countries that really ban crypto, but not all countries in the world. This ahs been long time discussion about baning Bitcoin

[ecnalubma]

If they want to ban Bitcoin they should have done it earlier, now that adoption is skyrocketing people will fight for it. We’ve seen so many Bitcoin bans and harsh regulations from different countries, some tried to totally ban it and some are still shaky with their decisions. Its impossible to ban Bitcoin, they can’t control it unless they shutdown internet servers.

[masterrex]

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.

I think the US government won't do that and it's too late to banned Bitcoin now because it was already scattered in almost US state and even in the world and some countries already used Bitcoin and other cryptocurrencies as a source of tax revenues so why banned it if the said industry was already contributing income to the government through taxes its no sense at all, But if the government will push to banned Bitcoin and all cryptocurrencies I think users can go underground because they cannot totally stop bitcoin because it was decentralized thats what I think.

[Lorence.xD]

If they want to ban Bitcoin they should have done it earlier, now that adoption is skyrocketing people will fight for it. We’ve seen so many Bitcoin bans and harsh regulations from different countries, some tried to totally ban it and some are still shaky with their decisions. Its impossible to ban Bitcoin, they can’t control it unless they shutdown internet servers.

Even if they ban it, there is nothing that they can do unless they cut off the Internet in their country, I mean look at Middle Eastern countries, some of them ban pornography but there some analytics that most users come from this part of the region. They can't ban bitcoin because they will suffer the consequences.

[AniviaBtc]

There are governments which already banned bitcoin in their country, like India, Nepal, Bangladesh, and etc.

They prefer having Gold instead of bitcoin that's why it is really hard for them to adopt, they really don't seek information about the development of currencies.

I know that India is trying to legalize cryptocurrency in their country but they are having a hard time to regulate it properly that's why it ended up banning again.

[online73]

Hello everybody. There are not so many countries that have completely banned cryptocurrency - mainly this is the adoption of various fiscal measures for the circulation of cryptocurrency in the country, obeying which, in the end, we can be left without money and with undermined psychological health, because today the power is poorly educated people who write laws in such a way that they can be interpreted as they like. Clearly fiscal laws are being written that do not take into account the interests of those citizens who hold the cryptocurrency. Although illiterate officials are in power, many still understand that it is possible to ban Bitcoin, but it is not possible to enforce this law. Therefore, even those countries that already have a complete ban on cryptocurrency will soften their attitude over time. Young people who are more progressive will come to power - I hope they will come up with such laws under which both the country and the holder of the cryptocurrency will earn good money. In the meantime, the authorities are mainly pensioners who have gone out of their minds - everything will be as it is. I think that governments will not prohibit Bitcoins due to the ineffectiveness of this action.

[amishmanish]

So that's like banning certain Base58 strings? Or banning the use of certain words? Good luck with that!

If they could ban Bitcoin, I think they would have done it by now. If my government bans my investment on which I've been paying taxes, I expect full compensation for my damages.

If OPs comparison is to the ban on Gold by the US Govt, isn't it much easier to implement with Bitcoin? With Gold, they simply ordered people to submit their gold. I believe a lot of people would have hid them in ways that the authorities wouldn't find out. Of course the same can be done with crypto.

Hiding BTC or the involvement in crypto in the same way would be far more difficult depending on what level of user one is. Good luck to the coinbase users, for example. The Govt cannot force anyone to stop using BTC individually, but they surely can make it worthless or own all of it through legislation if they want to.

Will they do it though? Not so sure. With crypto becoming one of the few islands of innovation and prosperity, why would they want to stop it?

[gabriela1999]

In my country. The government does not prohibit Bitcoin. But there is no legal provisions on Crypto. The government only recommends that citizens be careful when investing in Crypto because it is not controlled by the Government.

[isaac_clarke22]

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.

The most and least thing they could do only would be ISPs to ban every single trading exchange, because that is how BTC is mostly traded or transferred. Still people have the means to use various softwares like VPN.
Tor is also there for anonymous browsing.
Proxy is also there for reason.
Government banning those sites to not be able to be downloaded? Sure, people will still have the means to distribute those software without a trace.

Bitcoin will still survive.
The power of technology still speaks for infinite possibilities.

[CryptopreneurBrainboss]

Just take experience from what has been happening in some countries that has placed ban on bitcoin so far in the past. None has succeeded as their has been fights coming from all angle in support of human rights and certain specific right which are been denied due to the government recent ban on cryptocurency investment.

Also judging form the government negative reaction toward the currency, if banning was that possible it should have been done a long time ago when the adoption was still struggling and not now we have big institutional investors coming into the industry simultaneously.

While banning of God was very achievable was because of the physical nature and centralization but bitcoin isn't physical nor is it centralized for a central point to be attacked.

[Findingnemo]

They can ban but they can't stop Bitcoin but its not likely to happen in the future. All they will do is to increase the tax rates to insane amount so people will have no choice other than moving to other investment assets or black market.

[ampu]

Cryptocurrencies and gold are prohibited for payment in my country. Even so, we can make some arrangements for the circulation of Bitcoin or gold with assets.
The issue of using crypto or Bitcoin is worse because governments try to come up with arguments like money laundering, Bitcoin mining destroys the environment and so on ...
Even though they ban it, I still believe that Bitcoin will still be circulating because it exists on the blockchain, on the internet and no organization can interfere with it.

[iTradeChips]

In my opinion, Bitcoin has been adopted by a lot of big companies in the bitcoin market. Famous people and Billionaires already created a big hype with Bitcoin and that is really something that needs to taken as a good sign. With that said, I think governments would not doubt Bitcoin, and Cryptocurrency in general. I think what will happen is that governments might join the Bitcoin train and will buy some share so that they can invest on it and make money out of it as well.

[blckhawk]

If they want to ban Bitcoin they should have done it earlier, now that adoption is skyrocketing people will fight for it. We’ve seen so many Bitcoin bans and harsh regulations from different countries, some tried to totally ban it and some are still shaky with their decisions. Its impossible to ban Bitcoin, they can’t control it unless they shutdown internet servers.

Very well said. They should do it earlier but now I don't think they can pull it off since adoption is now increasing and imminent. Yes, some countries could ban it but stop people from using it. Bitcoin is decentralized and that what it makes difficult to control or even ban it unless they cut off all internet connections which is impossible. Besides, some countries already have accepted Bitcoin and benefited from it so I don't think they will ban it. Furthermore, large institutions are already venturing on it that would also another reason why the government will have trouble putting it on prohibition.

[Bilgent]

I think it is already too late to ban Bitcoin from now on. Mass adoption has reached a great level. And the number of BTC investors has increased in an incredible amount so far. Even they try to ban it, they will come across a bad reaction from people. People will still search for ways to continue using BTC.

[decodx]

Just take experience from what has been happening in some countries that has placed ban on bitcoin so far in the past. None has succeeded as their has been fights coming from all angle in support of human rights and certain specific right which are been denied due to the government recent ban on cryptocurency investment.

My thoughts exactly. While there are countries like Iraq and China that has banned Bitcoin, India has been placing restrictions on certain bitcoin companies and service providers. What the government has in its agenda is to regulate any business that involves Bitcoin. The latest note from the finance ministry of India states that Bitcoin and its ilk are illegal in India and the government is looking at legal avenues to impose the ban on the use of the cryptocurrency.

There is a doubt that the government was a right in their decision to put a ban in some countries, but there are certain loopholes in all banning measures to ensure the rightful citizen has access to financial services. In most cases, investors in countries have gone to places which were not affected by the ban to have the green light to invest, therefore giving rise to third party involvement and corruption.

[pankowri]

They can't do it all over because they only can try to control people's investment and make it complicated. As they banned gold far ago but they can't stop using gold and its market. Gold is one of the most demanding material in the world as that they can't stop BTC. For some time they will slow the progress nothing else that.

[virasog]

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.

I don't know about the gold ban because gold is being used everywhere and never heard of anything related to the gold ban. However, governments are trying to ban crypto but they could not. They don't have any control due to which they can ban the crypto. Even if they announce the ban, the people will continue using it.

[Ebede]

From the knowledge I grabbed from the community here I don't think government have the right to ban bitcoin, they can criticism bitcoin but I don't the power to ban it is there, from other countries government who tried to ban I think they find it difficult to do so.