Will governments ban Bitcoin like they did with Gold?

[Abiky]

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.

[LoyceV]

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.

[tinopener]

I think it's worse than that. I think the whole world, the United Nations, G7 etc will do something to clamp down on Bitcoin because of electricity use and climate fears.

I'm a long term hodler, but I've started selling for the first time because this is starting to worry me.

I'm anticipating a huge crash soon as these fears hit.

However, I will buy back in as I'm sure the cryto community will do something to mitigate this, like some miners are doing with green electricity.

Who knows... maybe it will move to proof of stake too.

[AB de Royse777]

Over 10 years is a long time and bitcoin has gone through a lot. If this was possible then we would have died already. So just relax, I think it's impossible to destroy all nodes and hypothetically say they destroyed all live nodes - how would anyone destroy the copies that are stored in individual drives?

I think it's worse than that. I think the whole world, the United Nations, G7 etc will do something to clamp down on Bitcoin because of electricity use and climate fears.

They can try and why would we think that they never tried it. It's just an angle to have debate and that's all. Practically, the possibility is near to zero.

Why even this topic today @OP? :-D

[tinopener]

Over 10 years is a long time and bitcoin has gone through a lot. If this was possible then we would have died already. So just relax, I think it's impossible to destroy all nodes and hypothetically say they destroyed all live nodes - how would anyone destroy the copies that are stored in individual drives?

I think it's worse than that. I think the whole world, the United Nations, G7 etc will do something to clamp down on Bitcoin because of electricity use and climate fears.

They can try and why would we think that they never tried it. It's just an angle to have debate and that's all. Practically, the possibility is near to zero.

Why even this topic today @OP? :-D

I said the international community would "clamp down" on it. I didn't say they would ban it like individual countries might be able to.

You need to read up on ESG in the wider investment universe to get some perspective on this, because it will affect the price big time.

[dothebeats]

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.

[Artemis3]

Even if they do, it is pointless. They will only hurt themselves more in the long run. The Genie, is out of the bottle, i cannot be put back no matter what.

So yeah, gov evasion is one of the things this was designed for since the beginning. Yeah they can bother people and oppress them, as the State is always ready to do; but that doesn't mean they can stop it. Hiding gold is much harder than hiding some words. And the beauty of it is that those words can carry $1 or the half the world's wealth. Takes the same space and effort to hide.

So yeah, State meddling with money, its over.

[wxa7115]

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.

Right now they cannot do it or people are not going to stop wondering why they are doing something like this when things like marijuana is being legalized, first we need to look at the circumstances that lead to the banning of gold ownership and it basically happened because the biggest crisis on the century hit governments incredibly hard.

And we are seeing that circumstances are aligning themselves with a new crisis coming during the next decade, so I think governments will at some point ban bitcoin, but things are not going to be as easy, people are going to do everything they can to maintain their wealth and if they have to choose between obeying the law and having the possibility of buying food they will choose the latter and will keep using bitcoin even if it is illegal.

[Lanatsa]

They have done it already when bitcoin is just starting to make some smoke if government do able to do so then they had done it a long time ago.

with this current crypto situation then its clear that they cant really stop bitcoin or crypto as a whole this is why some of government do rather accept
nor adopt it instead.

Decentralized things cant really be controlled nor surpressed it down even though they can really make influence into those platforms attached to it
but it wont be enough on getting rid of it.

[albon]

I think it is too late to do something about Bitcoin, after it has built up a market value of billions and has millions of investors around the world, any country can ban Bitcoin, but it will still survive and no government can prevent people from investing it even if they impose sanctions, because decentralization will protect investors to show their identity.

[nakamura12]

Government can't control people to invest in bitcoin but they can try to ban bitcoin in their country. Still, some people will find a way to be able to own a bitcoin even though bitcoin is banned in a certain country. In my country, the government didn't ban the bitcoin instead they made use of it to earn profit. There is even an app that let's people trade and hold bitcoins as long as they want

[jonval21]

Governments will be able to ban Bitcoin, but Bitcoin represents money and people will never give up money, just because of that they will not be able to follow the rules or regulations that a government has or imposes on them, the US has many restrictions, even for some casinos to those who are not allowed access there.

It is normal for a country to want to have control of the entire economy as banks do, with Bitcoin the debt ends, this does not suit governments or banks, that's why they want to ban bitcoin, as well as gold, it they do, they don't allow people to achieve their Financial Freedom.

[Twinkledoe]

Government can't control people to invest in bitcoin but they can try to ban bitcoin in their country. Still, some people will find a way to be able to own a bitcoin even though bitcoin is banned in a certain country. In my country, the government didn't ban the bitcoin instead they made use of it to earn profit. There is even an app that let's people trade and hold bitcoins as long as they want

Now, that a lot of powerful companies are into bitcoin market, I don't think governments will continue the pursuit of banning the use of bitcoin. It is already too late to have that kind of sanction to bitcoin. And also, even before, if they did want to ban, they couldn't control it fully. Right now, I believe those countries making bitcoin as illegal entity are reviewing their decisions. Hearing PayPal or Tesla integrating bitcoin in their system, will make up their minds that dealing with bitcoin is not bad after all.

[kawetsriyanto]

If they could ban Bitcoin, I think they would have done it by now.

Agree, the governments should already ban Bitcoin if they want and can do it. But in fact, they don't do it, which means they let Bitcoin exists and develops. Moreover, Bitcoin already becomes an important thing for all people around the world. They can gain money and do business through Bitcoin, it is very helpful to improve people's income and the world's economy as a whole. With these considerations, the governments have no strong reasons to ban it now.

[Iron Fist]

Some nations have moved to shut down Bitcoin exchanges and prevent their citizens from transacting in the digital currency. This does not mean that every nation can shut down Bitcoin. The system is decentralized and exists outside the authority of any one governmental body.  This makes it safe from central banks and governments.
Bitcoin has become increasingly mainstream over the past couple of years, and an increasing number of individuals and businesses have started using it to conduct legitimate transactions and buy goods and services. I don't think it would be in government's best interests to try to ban Bitcoin at this point.

[aoluain]

This is like "Closing the gate after the horse is gone" only there is no gate!

The only actions governments can take is heavily regulating the entry
and exit points to Bitcoin.

I cannot see the US banning Bitcoin after it is allowing people and companies
(private and public) to buy, hold, trade and sell it.

Anyway Bitcoin will exist regardless of what governments do.

[eaLiTy]

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?

We have seen governments coming together in the past and Liberty Reserve is a prime example but that was a private centralized digital currency even though they had servers in a few countries the government was able to come together and shut them for good but when it comes to BTCitcoin it is not that easy even though the government can shut a few mining farms but not the entire network.

[Sterbens]

if this happens, then we will really be very difficult to access all of our assets in bitcoin. we all know that access to interact with bitcoin will clearly be watched and controlled. the government has access to close the bitcoin space, but are they sure they can cover our anger which in fact will attack the government system much more aggressively. that's what will happen can be easily caused chaos. the government doesn't necessarily shut us down, and we have a way of getting in.

[tabas]

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.

[decodx]

If they decide to ban the cryptocurrency it'll just come back stronger as the alternatives would be worse. A strong community would come back in its place to support this currency in all circumstances. That's why the probability of legalization is much more likely than ban. Its far better to adopt the future than fearing it.