Will governments ban Bitcoin like they did with Gold?

[milani]

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.

In theory everything in our world may happen. And in history and nowadays we can find proofs to that. Sometimes very unexpected things happen. Of course the influence is strong enough on lots of processes governments of different countries and united organisations have, despite we all would not like it to be so. But in my opinion in case they had such a strong desire to ban crypto worldwide, they would have done it already. In most cases the question with crypto even is profitable sometimes for someone's PR, sometimes for other things.

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[Vishnu.Reang]

The government already tried many times to stop and ban bitcoin but they always failed on doing it because bitcoin cannot be stopped they will just waiting their time for doing it. The price of bitcoin as of this day is high which makes it more interesting for many people and many counties, some countries already exploring the world of cryptocurrency especially bitcoin, and mass adoption is already happening little by little no one can stop bitcoin unless the internet connection will shutdown worldwide and will never back again.

You can't generalize governments all around the world. There are some regimes which tried to ban Bitcoin. Perfect examples are Thailand, India, Bangladesh and Bolivia. But at the same time, there are others which were receptive towards cryptocurrency from the very beginning. I am talking about countries such as Japan, Germany and Switzerland, which legalized Bitcoin and regulated it's trade from the very beginning. And then there are the vast majority of the countries, where the legal status of cryptocurrency is unclear.

[Trinx01]

Even though they ban it they cannot still prevent people from exploring cryptocurrency, just like in our country wherein cryptocurrency is not yet legalized but still, a lot of people are using cryptocurrency, they keep on selling and buying bitcoin or altcoins in different exchanges, bitcoin is a successful cryptocurrency, I confuse on the government why they keep on banning bitcoin, well, in fact, it can give us a lot of benefits and can rise to give good stand for the economy.

[lifeforcepools]

They're already doing it. But at the same time, they themselves are interested in making a profit with bitcoin

[radjie]

some governments have banned their citizens from using digital currency (Bitcoin), perhaps because it is feared that people will feel comfortable using Bitcoin compared to the existing local currency or maybe there are other compelling reasons.  However, in my country now digital currency is widely known and the government supports this technology, but it cannot be used directly for transaction tools, it is possible for the government to support this digital currency because it can increase tax revenue that must be issued to its users.

[Myleschetty]

Are you a US citizen? And if yes why centralize the ban, why not make it known where the ban you think that it can happen, US isn't the whole world you know, but even at that I don't think with the adoption greater than it was in past, that the ban on bitcoin would materialize,

While US isn't the whole world, let's not forget they're a world power and what ever they do has a major impact on that section of the global economy. If the US government was to successfully ban bitcoin (which is quite impossible) the rest of the whole would follow suit especially those nation that has a strong relationship with the US government or rely on them for aid).

Agreed, if the US government stance is against Bitcoin others country will follow but it good that US is a country that love innovative technology and they also understand if they are against crypto while some countries legalize it while crypto manage to be successful it may somehow degrade their power.
Aside from that, the US and other country can not totally ban Bitcoin they can only place some restrictions (just what happen in China, Nigeria, India etc) cause they don't have control over Bitcoin.

[Abiky]

Too late to ban it now, now that big money is involved and they are benefitting from taxes. Perhaps on some countries with little to no development on the cryptocurrency side of things, this is possible. But for those countries which already have established communities for bitcoin and crypto? It will be difficult. Besides, how would the ban play out if people can still use it underground? It's a futile endeavour, and probably just a waste of resources, too, for the government's side.

It may be too late for governments to ban Bitcoin from the face of the Earth. They ever-growing number of nodes and miners, makes the network more decentralized and resistant against third-party interference. The only way governments will be able to successfully "ban" Bitcoin is if they begin to crack down on centralized exchanges themselves. But then, people will be able to acquire Bitcoin via other means (decentralized exchanges, off-chain transactions, etc). I doubt major countries will want to ban Bitcoin as they would lose a huge opportunity to profit via taxes. As long as tax collection on crypto is possible, Bitcoin will be here to stay.

Nonetheless, no one knows what the future of Bitcoin will be. Who knows what will happen once CBDCs are introduced by mainstream governments? Will they declare Bitcoin and other cryptocurrencies as "illegal" in order to force people to use the new digital Fiat system? Or will CBDCs live alongside Bitcoin for years to come? The more Bitcoin grows in popularity, the more banks will become furious. Since governments don't want to lose control/sovereignty over people's money, they might do everything in their power to stop people from using Bitcoin. Even if governments are able to gain taxes from Bitcoin right now, there's nothing stopping them from changing their stance in the future. Whatever happens, Bitcoin will survive (although with a smaller user base) thanks to its decentralized and censorship-resistant nature. Just my thoughts

[Renampun]

*government is mostly an institution filled with old men...
if they did it at a time when the internet had not developed this fast then they would certainly be able to get banned from Bitcoin but now the internet has grown tremendously and millions of people no longer obey their words. banned Bitcoin is a fantasy.

[Slow death]

What do you think?

governments are not going to meet just to ban bitcoin mainly at the current stage. but some countries can put tough rules and even ban bitcoin ( mainly African countries are able to ban bitcoin without any problem). but in general this will not harm bitcoin. The current bitcoin stage does not allow all governments in the world to be banning bitcoin at the same time, because this market has already grown a lot, it is already consolidating itself like other markets and this brings more legitimacy to bitcoin.

Now what will really be a problem will be KYC, no doubt that it will be something that all governments are implementing and will be strict in inspections, bitcoin laws may also be tough in the future

Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it?

they don’t need to ban because they can implement more rigorous KYC, so this idea of banning is something that doesn’t make much sense in the current scenario

Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

definitely could survive but at a very low price and without a lot of volume, probably over the years would die

[Hypnosis00]

*government is mostly an institution filled with old men...
if they did it at a time when the internet had not developed this fast then they would certainly be able to get banned from Bitcoin but now the internet has grown tremendously and millions of people no longer obey their words. banned Bitcoin is a fantasy.

Banning for Bitcoin is too much and not they should do it just because they think it is too late for them as they are old already. Because if they are concerned about the future and what they can offer to the next generation, they should support it rather than banning. But I was believing it won't go like this, banning isn't the looks to what we saw. It might be a conflict of interest but for sure they will understand this and accept that Bitcoin can't able to controlled and let it stay decentralized.

[Twentyonepaylots]

A country can ban bitcoin usage in their territory, but the fact that there are at least 164 more countries who will be willing to accept a revolutionary piece of tech as bitcoin is still good to me. Countries can definitely impose regulations or even bans on anything they deem unhelpful or parasitic towards their people, just like what they do with drugs. If they see bitcoin as a drug that wastes away their people's brains, then they may definitely impose stricter regulations or even banning for it. But looking at its current benefits to the people, I highly doubt this ever happening.

[Kayum10029]

What else can I say, Bitcoin has not been seen much in my country till date, even those who are involved in Bitcoin are suppressed by the government through various legal measures.  So in my country there is not so much headache about the legality of bitcoin.  My country believes in paper money, they don't believe in cryptocurrency at all.

[bryant.coleman]

What else can I say, Bitcoin has not been seen much in my country till date, even those who are involved in Bitcoin are suppressed by the government through various legal measures.  So in my country there is not so much headache about the legality of bitcoin.  My country believes in paper money, they don't believe in cryptocurrency at all.

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.

[Golftech]

What else can I say, Bitcoin has not been seen much in my country till date, even those who are involved in Bitcoin are suppressed by the government through various legal measures.  So in my country there is not so much headache about the legality of bitcoin.  My country believes in paper money, they don't believe in cryptocurrency at all.

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.

The news circulationg around the country that's planning to ban Bitcoin just provide the ideas

for their citizens, due to unknown system people got curios and start seeking for any information

regarding to this system, and once they've found the opportuities, they'll grab it and like what

you noticed, it's adding more interested investors and end users.

[lienfaye]

Im not certain on the stance of US government regarding bitcoin. But knowing that bitcoin is already recognized and big companies are started adopting it, I think its not going to be easy to implement banning of bitcoin. However if they do so, it can create a huge impact to crypto world because US is an influential country.

On the other side, here in our country I dont think they will ban bitcoin. They are giving warning even before that btc is an speculative asset but the decision to engage yourself is on investor's discretion. If they have plan to ban btc in the first place then it must happen before when btc is not popular yet. Now that btc has many users here snd they're also benefiting to the taxes given to traders using centralized exchanges I think it wont happen.

[bounceback]

If we look recently, almost all governments have legalized bitcoin in their respective countries, moreover, the current price of bitcoi is getting higher and its popularity is also increasing in each country.
So I personally think the government will no longer prohibit its people from adopting bitcoin.

[rodskee]

If we look recently, almost all governments have legalized bitcoin in their respective countries,

What? are you serious?  or are you stupid .
can you give those countries , those ALMOST ALL that now legalized Bitcoin , Do you understand what you are saying here?
or you just spamming with your nonsense posts?

moreover, the current price of bitcoi is getting higher and its popularity is also increasing in each country.

Again what's your basis on this?
don't fool people here because it is not the countries adoption that makes the price increase instead this is from companies that entering bitcoin.

So I personally think the government will no longer prohibit its people from adopting bitcoin.

Talk to Yourself .

[bakasabo]

A bit strange to read such thing as "US ban Bitcoin like they did with gold". Did the US really banned gold? I think they are on top place among countries who has gold reserve. US were always crazy about gold. How many year did they spend in Nevada's gold mines? Probably thanks to US gold mining  became so popular.

If the governments ban Bitcoin - how they are gonna control who still hold or trade Bitcoin? Specially with an era of VPNs. That is simply impossible to monitor in overall bans in a scale of a whole country. And as Bitcoin is a good source of income, why would government ban their another source to collect taxes from? I dont believe government will ever ban Bitcoin on purpose.

[geegaw]

A country can ban bitcoin usage in their territory, but the fact that there are at least 164 more countries who will be willing to accept a revolutionary piece of tech as bitcoin is still good to me. Countries can definitely impose regulations or even bans on anything they deem unhelpful or parasitic towards their people, just like what they do with drugs. If they see bitcoin as a drug that wastes away their people's brains, then they may definitely impose stricter regulations or even banning for it. But looking at its current benefits to the people, I highly doubt this ever happening.

Today, every ban seems to have become worthless when we look at the price of bitcoin, particularly information that some governments have mentioned and celebrity statements, most countries are choosing bitcoin as a place to further stimulate the economy. Regulation is something that countries are very stressed out with in crypto, they no longer care about banning when the interests of the people are so heavily placed here, some mistakes in decisions and bans could lead to the outrage of the majority and affect economic recovery.

[oHnK]

The effect that BTC has on the high volume of purchases and skyrocketing prices has made countries that ban BTC experience anxiety.  They continue to report the bad effects that can be caused by investing in BTC.  Even though the facts are not that bad if we can manage the investment we have.  They continue to limit activities in crypto with a fairly strict policy, then they make competitors for BTC such as CBDC.  Yes, they are the economists who drive inflation