If governments block Bitcoin, does Bitcoin have no value?

[CryptoStar19]

"Blocking" bitcoin, while doable with legislation, is not practically possible. There would be no way to enforce a crypto ban... an effort to ban crypto would be as successful as one trying to ban the internet.

Bitcoin is unstoppable financial freedom for the world... quite a beautiful thing.

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[isaac_clarke22]

~

Uhmm no, OP. You know that Bitcoin can be traded personally right?
Whatever the means of the government try to use to stop the usage of Bitcoin, it cannot be stopped. ISP could ban it but people can still be able to use VPN in the end.

[pixie85]

Many governments do this, but the value of bitcoin only increases.

That's right.

Bitcoin was banned in China many years ago and since then it's grew to be much more popular and more valuable. Chinese exchanges moved abroad and kept functioning anyway.
Now they are trying to ban mining and miners are already moving out. That's all this is going to achieve. They'll make people temporarily lose money and panic and then they find a way around it and keep going.

[dmamigo]

In my opinion, Bitcoin or cryptocurrencies will not be banned or blocked by all governments. Few governments don't like cryptos but countries like El Salvador will be there.
There are few countries that thought of blocking it but they are now thinking to consider it as an asset rather than a currency.
People also tend to find a way to use Bitcoin even if it is blocked. For example, P2P was a hit when once it was restricted in our country where financial institutions cannot work with exchanges related to crypto.

[Dread Pirate Roberts]

In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?

What do you mean by 76 billion illegal activities? I think this is a false claim. What else do you say half of the btc transaction is illegal. I think this statement is false and not true. and for the problem if the government blocks bitcoin it doesn't matter tough.and I don't see any point why that would happen.

[Shenzou]

In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?

To be honest these numbers don't make any sense because first of all how will anyone know what the transactions are used for, the government has no control or a way to monitors the bitcoin transactions and track the bad ones from the good ones, and the truth is you can't blame bitcoin for people using it for the wrong purpose, with every thing you will find people that abuse it, and if it was the case money has been used for decades for drugs murder and all the bad stuff, instead of banning it governments could use it for their own good to catch criminals, since it totally anonymous for the criminals it is anonymous to the governments as well.

[MartyGraw]

... about 76 billion US dollars of transactions are involved in illegal activities each year...

I don't normally jump into these discussions, but... well, jeez 

I agree with many of the responses - especially bringing up numbers without sources. We all know that while 97% of the information on the internet is accurate, 74.2% of statistical claims are made out of thin air or from nuthouse hypotheses, and 68.8% of noob comments (including my own) are unresearched or validated.

HOWEVER, I do want to step in and say 2 things about the OP post.

#1 Bitcoin is not the only currency used with criminal activity. US dollar bills (cash) and many other currencies were used for criminal activities far before Bitcoin came along. In fact, criminals are still using cash... and the government hasn't made using cash illegal.

#2 Bitcoin is not managed by any government and since it is decentralized, they can't block it either. They can only block it by blocking access to the internet. Sure, they can make it illegal. They make the possession and use of many drugs illegal, but it still continues.

and a bonus comment... there are no international criminal police. Interpol is an organization that coordinates international law enforcement cooperation, they don't independently enforce or investigate crimes. (But that would be funny to see... a jetboat being pulled over in international waters for speeding in a 'no wake' zone and getting tickets for possession of contraband and not enough life jackets on board.  )

[fara_buduk]

OP" is too dramatic to write this like a journalist cornering news to sell. we all know bitcoin is not like that, crimes happen everywhere and on anything...!!! a ban in one country won't turn bitcoin into priceless maybe only down for a few months and back

[BuNga_cute]

OP" is too dramatic to write this like a journalist cornering news to sell. we all know bitcoin is not like that, crimes happen everywhere and on anything...!!! a ban in one country won't turn bitcoin into priceless maybe only down for a few months and back

It's true that crime doesn't only happen in Bitcoin, it can even happen in fiat too. So it is not wise if we blame Bitcoin because there are some
crimes that use Bitcoin. Criminals can use anything to do evil, not necessarily through Bitcoin. Then one country will not be able to make Bitcoin
dead or worthless, so any country banned Bitcoin, will not harm Bitcoin. As long as there are people who use Bitcoin, of course Bitcoin will always live.

[Rengga Jati]

I really have no idea where you got the data from. Is that only your own calculation and imagination? Based on what analysis or data did you take so that you can conclude the numbers and also statistics? Well, no reason to believe your data here because there is no enough to prove this.
And if the government blocks Bitcoin, which government? there are so many countries in the world and many countries allow and legalize Bitcoin and other cryptocurrencies. So, if BTC is blocked in one country, it doesn't matter because most countries will accept BTC and the community of BTC is very high, impossible to make it of no value.

[xiboothrezi]

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It's true that crime doesn't only happen in Bitcoin, it can even happen in fiat too. So it is not wise if we blame Bitcoin because there are some
crimes that use Bitcoin. Criminals can use anything to do evil, not necessarily through Bitcoin. Then one country will not be able to make Bitcoin
dead or worthless, so any country banned Bitcoin, will not harm Bitcoin. As long as there are people who use Bitcoin, of course Bitcoin will always live.

This is why it is important to have a broad perspective. Anything can be used as a crime tool, even just a pen, it all depends on the user. We all must have often heard: The right man behind the gun. So don't just blame the object, but also pay attention to who the user is.
Often the media presents hyperbole news that scares the general public. Yet the reality is not like that. Government support regarding legality can certainly increase public confidence, but that does not mean that the bans imposed by some countries can destroy bitcoin, because bitcoin has very good potential. That is why many countries have legalized it.

[Alert31]

Bitcoin is a decentralized digital currency which government has no single authority on it. I think government can't block bitcoin as easy as you think. Other countries already legalized bitcoin while the adoption are keep on growing. Bitcoin was use not just an asset but also as currency that can be a payment method although it's just limited so far. Maybe time will come bitcoin will become more useful more than I thought.

[Oceat]

Governments have tried to block Bitcoin before, and in fact on numerous occassions China has tried to do it, in various ways. Even India, also tried to ban it altogether.

That's 2 of the biggest countries on earth trying to block Bitcoin.

Did that affect Bitcoin's value?

I would say, somehow it did manage to make a fud but to whales perspective they were just a small fish that's why they easily gets eaten. And everytime Bitcoin soar to a higher level, you would notice that China always has their own way to make the Bitcoin market to plunge even if they already ban it several of times before.

I don't know if it's a clear market manipulation or just a coincidence I noticed everytime there's a bull run. Although, the wasn't long term either since we do have Bitcoin enthusiasts who continue to support it everyday so the effects of fud is always temporary it's only for weak hands.

[Viscore]

Bitcoin is a decentralized digital currency which government has no single authority on it. I think government can't block bitcoin as easy as you think. Other countries already legalized bitcoin while the adoption are keep on growing. Bitcoin was use not just an asset but also as currency that can be a payment method although it's just limited so far. Maybe time will come bitcoin will become more useful more than I thought.

If bitcoin will become legalize in most of the countries and will be adopted soon as a currency, that's the time it will be more useful compared today. But how would adoption take place if most of the governments are planning to block bitcoin?

Bitcoin is not a centralized currency so even if the government will block bitcoin, it will never create a huge impact on its value. People will still find ways to store and transact bitcoin in times it is needed. Bitcoin will only be totally block if the internet alone will be shut down but i don't think it will.

[iTradeChips]

Putting the numbers aside, I think Bitcoin is hard to be blocked as other countries now has accepted it as either transactional or ok to do transactions with Bitcoin, or as legal tender what like El Salvador did. I mean fiat currency is also being used on illegal activities so I don't want to think that Bitcoin is a bad thing because it is being used in illegal activities. That would be unfair. But going back to your hypothetical question, the answer really is no, we cannot see any possibility that Bitcoin will be block and if ever it will be blocked then rarity or difficulty of access would push its price higher.

[slaman29]

#1 Bitcoin is not the only currency used with criminal activity. US dollar bills (cash) and many other currencies were used for criminal activities far before Bitcoin came along. In fact, criminals are still using cash... and the government hasn't made using cash illegal.

It's not only not the only currency, it's probably among the least used actually and this is statistically proven to be less than 1% of illicit transactions by many sources.

Also it's a really bad choice to be used for illegal purposes because you can't remove the money trail. You can hide it or make it difficult to track but can't completely wipe it unlike other money payments.

[molsewid]

In my opinion, Bitcoin or cryptocurrencies will not be banned or blocked by all governments. Few governments don't like cryptos but countries like El Salvador will be there.
There are few countries that thought of blocking it but they are now thinking to consider it as an asset rather than a currency.
People also tend to find a way to use Bitcoin even if it is blocked. For example, P2P was a hit when once it was restricted in our country where financial institutions cannot work with exchanges related to crypto.

It is impossible that bitcoin will be banned in every governments in the world but the only possible of banning of bitcoin is in few countries like China and yeah they tried it already. But thinking of the possibility that bitcoin will going to be worthless aftee banning is I guess another impossible thing because bitcoin has a value even before the none countries tried to adopt the crypto market. I mean ceyptomarket arises when bitcoin arises too right. Today, it is hard to tell that bitcoin will be worthless because it is impossible.

[Chato1977]

In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?

but will really the government can make this possible? blocking bitcoin cannot be that easy to do as far as how this moves.

OP" is too dramatic to write this like a journalist cornering news to sell. we all know bitcoin is not like that, crimes happen everywhere and on anything...!!! a ban in one country won't turn bitcoin into priceless maybe only down for a few months and back

Yeah an obvious creation of something impossible to happen.

[Kakmakr]

In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?

So who is making up all these statistics? I transferred 1 bitcoin to my brother the other day... what government agency tracked that transaction and then categorized it as legal or illegal? OP's thumb must be bright red from all this thumb sucking numbers and statistics.. right.  

Governments does not determine Bitcoin's value, because the value is determined by Supply & Demand. So, government will target the centralized trading platforms and merchants to influence the demand. What will happen when the governments target those centralized platforms..? Well, they go decentralized and they go onto the Dark markets.... and governments do not get their taxes from those transactions.  

[zanezane]

It will have an opposite effect actually, look at illegal substances and drugs, they are prohibited that's why they have a really high street value and that will be the same for bitcoin, the more that it is prohibited by the government, the more the people want it.