If governments block Bitcoin, does Bitcoin have no value?

[franky1]

if government prohibits alcohol will there be no  moonshine?..... no.. moonshine sales increase
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever

[azharul91]

We can see that bitcoin is one of the best valuable crypto in the cryptocurrency market. It's position is going very prefer than others crypto.But if government block Bitcoin, we believe that our life can not stopping there.Than our own life is going down,so than too difficult to running our personal life.So i trust that government didn't block Bitcoin, if government block Bitcoin we told that bitcoin valu will be decrease.

[peter0425]

if government prohibits alcohol will there be no  moonshine?..... no.. moonshine sales increase
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever

salute @Franky1 great example to explain why the government cannot totally banned bitcoin and even if they wanted yet people will make way to deal with it.

declare this illegal and it will be more functional.

[AicecreaME]

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?

Illegal activities on bitcoin is one of the reasons why some countries banned it on their place. Government keeps on regulating it because of the rumors about it such as scams and schemes associated with it (like what people say). I think we can request our government to slightly loosen their grip on crypto as long as it's proven that there's really no fraudulent and criminal activities going on. However, we can't do anything if ever they decide to ban it totally. If ever, we can no longer use bitcoin and our coins will be worthless since we can no longer use them.

I also think they can't just block bitcoin that easily because of the blockchain technology it uses. But certainly not all countries will ban it all at the same time, so users can still use several ways to utilize their accounts if ever such thing will happen.

[Alisha-k]

Let's assume your random figures are accurate and seeing how Bitcoin ease the criminal activities of hoodlums it still can't guarantee the government the power to ban bitcoin since it's policy isn't centralized and has no form of paper documentation. Bitcoin has an image not because it can't exist without one but for the aid in the  imagination of it's investors. The government cant ban crypto currency the can only limit the flow within their region.

[AakZaki]

Bitcoin should not be blocked, even though Bitcoin has transactions that will show who is behind the crime, because transactions made with Bitcoin and recorded by the blockchain cannot be deleted, so transactions can be traced to the root.

Another reason for blocking Bitcoin in some countries is because Bitcoin consumes a lot of resources so it is not environmentally friendly and the value of bitcoin with high volatility is very risky.

But recently Elon also stated that 50% of Bitcoin miners use clean and environmentally friendly energy.

[22bits]

If governments block Bitcoin, does Bitcoin have no value?

Like other responders, the government(s) can't block bitcoin per se as I see it.  The most draconian thing they could do is to make some laws restricting or outright banning exchanges from allowing fiat deposits that can then be exchanged for bitcoin.  There will be some regulations of some kind coming down the pike but unlikely that exchanges will be banned in my opinion. 

[mr_ROBOTT]

I do not want to compare bitcoin to anything else, but let me give you an example:
If we look at the history of companies and exchange offices that operate separately from the central bank, they also transfer a large amount of smuggled money.
All you have to do is go to an exchange shop and give them your money (earned in anyways) and receive the same money in your account in another country like Russia.

Is that all we know about Bitcoin and its vast network?

[clint25n]

he government can't block bit coin, because the government can only order its people not to invest in bitcoin, even though not all countries use digital currency. even elsavador has just made it a legal tender. so in this case the government must review repeat in terms of blocking the digital currency

[Tahsin Kabir Kollol]

We often hear that if the government bans Bitcoin, will Bitcoin be worth it? We all know that since the creation of Bitcoin, governments of almost every country have tried to ban and control it. Attempts have been made to prevent it from spreading among the people by issuing various prohibitions and notifications. But it did not succeed in its real purpose and its popularity has increased day by day. As a result, governments and organizations in various countries have begun to consider and approve the use of Bitcoin. So it can be said that it is not possible for any government to have complete control over Bitcoin which cannot completely eliminate its use from the people.

[geegaw]

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.

Quite an interesting example and I also agree, sometimes the bans from the government make us more curious and pay more attention, when we know what the product has and what benefits it brings, due to the difficulty of spreading, the value will become very expensive. I don't have such interestingly linked thoughts and fantasies, Bitcoin can be said to be a natural product in the online market, it belongs to the production of individuals and people have organized together to create the underground market as it is now, bitcoin will have value as long as the underground market exists and is not related to the government

[lixer]

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?

Uuhm… I don’t think your stats there are accurate. Where did you get those stats that up to 46% of Bitcoin transactions are illegal? I think that is wrong. You should have left a link to the source so that we as well can check it. From what I know, which I am very sure, and it was according to CNBC.com, only 0.34% of cryptocurrency transactions were illicit transactions. Before now it has been around 2%, so that means there has even been a decrease.

So, how did you come up with the 46% you have here? And in case you don’t know, fiat is more often being used for illicit activities more than Bitcoin. Bitcoin doesn’t even come close to the rate at which fiat is being used for that.

[slaman29]

if government prohibits alcohol will there be no  moonshine?..... no.. moonshine sales increase
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever

We have seen it all happen before exactly like this and we see it happening in present situation. Gambling is mostly illegal where I live, so people find underground places to gamble. The result? They lose out on tax revenue and they can't keep an eye on the gambling, it's always a lose lose situation with these bannings.

[temple]

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.

Very good example here. It is actually a very very good example. The drug industry is a decentralized farming scheme that you can never shut down. If you shut down one farm, there is another somewhere else because there is incentive for it You would have to fully eliminate the incentive in order for anyone to still see an opportunity to farm drugs.

That is impossible because government will never want full privacy for their civilian population. They also will never want full financial free and capital mobility for their population. For as long as government is not going to credibly provide that (which is almost a contradiction in and of itself), Bitcoin and other cryptocurrencies with a purpose serving civilian society beyond what government is willing to do, will keep thriving.

[Luqman]

What government do you mean? I am sure that not all governments will block Bitcoin moreover Bitcoin is legal in many countries.SO, why should worry about this? Bitcoin is not centralized. No one can block Bitcoin. Probably, it only can make the market price of Bitcoin influenced by the FUD. We know that many people around worldwide are involved in Bitcoin and it doesn't only focus limit on one country.

[Mituletr]

It is impossible for all governments to block Bitcoin. Bitcoin can be consumed and exchanged for other currencies, so it becomes valuable. As long as it continues to be useful, unique and safe, it will remain valuable.

[FairUser]

Anyway, I don't think this problem will exist, banning the use of BTC is almost impossible, it just reduces the scale of human use.
However, the current situation seems to be going very well as there are already countries accepting and using BTC.

[Sayeds56]

Anyway, I don't think this problem will exist, banning the use of BTC is almost impossible, it just reduces the scale of human use.
However, the current situation seems to be going very well as there are already countries accepting and using BTC.

It is next to impossible for any government to ban Bitcoin Transactions as it most de-centralized currency and P2P transactions will continue, there is no way to stop it. However, use of Bitcoin for criminal activities is a Major concern which should be addressed by introducing new Anti Money laundering Legislations.

https://www.blockchainconsultus.io/cryptocurrency-crime-uses-ways-stop/

[FIFA worldcup]

Anyway, I don't think this problem will exist, banning the use of BTC is almost impossible, it just reduces the scale of human use.
However, the current situation seems to be going very well as there are already countries accepting and using BTC.

It is next to impossible for any government to ban Bitcoin Transactions as it most de-centralized currency and P2P transactions will continue, there is no way to stop it. However, use of Bitcoin for criminal activities is a Major concern which should be addressed by introducing new Anti Money laundering Legislations.

https://www.blockchainconsultus.io/cryptocurrency-crime-uses-ways-stop/

Don't know why government always have the lame excuse that bitcoin is the reason of money laundering. If somehow, bitcoin and crypro is vanished from the planet, will there be no money laundering using fiat 

[Rajamuda]

if the government is not too strict, I don't think it will affect. but if the government is really serious about being very strict on it.. it might affect but still bitcoin will not die.