Bitcoin can be banned or stopped by governments

[Abiky]

Even if they banned all centralized exchanges and declared it illegal, it would be difficult to ban it outright. But if that happens, the global acceptance of bitcoin or the expectation that bitcoin will become widespread will be gone, and the one who has the most difficulty is us, no one else. So let's not expect that to happen.

Although the government cannot completely ban bitcoin, we do not need to make a public statement against them. We will be even more disadvantaged when we deliberately go against them, they are still the strongest in this world.

I sure hope governments and crypto industry leaders work together to make our world a better place. A full ban from worldwide countries, would certainly stifle Bitcoin's ability to reach the masses. I'm pretty sure most governments will regulate the industry, instead of going against it. As long as they're able to tax Bitcoin, there should be nothing to worry about.

I think governments will eventually admit that Bitcoin cannot be stopped no matter what. We can thank Satoshi and the rest of the Bitcoin community for keeping it as decentralized and censorship-resistant as possible. If Bitcoin was centralized, it would've been doomed by now. Who knows if it gets to live alongside Fiat for generations? Just my thoughts

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[romero121]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

i am something less experience and has bad english so ignore

parable of the government and central bank trying to ban cryptocurrency, especially bitcoin.


source >>> google

the government may be able to intervene in cryptocurrency exchange platforms, and centralized altcoins but intervening in bitcoin is an impossibility.  already millions of people who love bitcoin, if you want to turn off bitcoin then the government must restart millions of people's minds

In a simple image the reality is well explained. It isn't an easy think as the governments think. Maybe in the early days if they have planned to stop its usage, the governments might've got an opportunity. Now scenario is different and people are well aware of the need and they keep on making loopholes even if something is done outright to stop its usage.

[Ryu_Ar1]

Even if it's like that, it's not a guarantee that they will ban it forever.
We may even know how many times there have been some regulatory changes to legalizing or illegalizing bitcoins in recent years.

As for those who have bigger economic conditions I think as long as they have the thought of buying bitcoins at cheap prices why not because regardless of what I use your words even though in China it has been banned but there are still a handful of people who are still in Crypto and it is possible that there will be several people with high ranks not because we also don't know what is there as a whole because information about China is sometimes always limited.

I believe all governments will not be able to ban bitcoin forever, including China. Simply because of taxes, with the rapid growth of bitcoin, it is almost certain that bitcoin will grow bigger and bigger, and if they still want to continue to ban it, it will only take more effort, time, and money. Meanwhile, they can legalize and regulate it so they can earn a huge tax. Whether bitcoin is good or bad in the eyes of the government, it is less important than the tax they will collect from it.

I thought so too but indeed for now it seems a bit inconvenient because when there is fud it is clear that China has always been the country most often in my opinion making some things that can actually have an impact regardless of anything.
But on the other hand see some discussion about china like the thread Bitcoin & China time to time waving History

the high cost of electricity for the miners and discouraging new firms in this field are unsatisfying. China always manipulated and triggered some policies on Bitcoin during the bull run. China was 50%+ Mining Hub of the Bitcoin network but due to time-to-time, changes in policies currently china is contributing 22% to the Bitcoin network.

With such a high mining rate for them I think china is still a bit wary of the electricity supply they are spending even though it's clear the taxes are going to be something profitable and I think even if they re-legalize bitcoin in the end their manipulation will still be the same as year after year previously.

[WatChe]

In a simple image the reality is well explained. It isn't an easy think as the governments think. Maybe in the early days if they have planned to stop its usage, the governments might've got an opportunity. Now scenario is different and people are well aware of the need and they keep on making loopholes even if something is done outright to stop its usage.

Can government completely ban Bitcoin or not? To find answer to this question one must consult Bitcoin Whitepaper, on very first line we find this:

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." Bitcoin Whitepaper

Bitcoin was designed from scratch to overcome limitations of existing financial system, where every transaction has to go through a central authority for approval. Since there is no central authority in Bitcoin then how can it be banned ? Go through Bitcoin whitepaper and we can find answer that why governments are againest it and why it cant be banned.

[Abiky]

Can government completely ban Bitcoin or not? To find answer to this question one must consult Bitcoin Whitepaper, on very first line we find this:

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." Bitcoin Whitepaper

Bitcoin was designed from scratch to overcome limitations of existing financial system, where every transaction has to go through a central authority for approval. Since there is no central authority in Bitcoin then how can it be banned ? Go through Bitcoin whitepaper and we can find answer that why governments are againest it and why it cant be banned.

Bitcoin was designed to be a decentralized and censorship-resistant cryptocurrency. It cannot be stopped no matter what. But that would depend on how far the community is willing to keep Bitcoin that way. If decentralization is compromised sometime in the future, you can say goodbye to Bitcoin for good. Remember what it's said in the real world: "The price of freedom is eternal vigilance". We must remain vigilant to protect Bitcoin from falling into the government's hands.

As long as it remains decentralized, Bitcoin will be able to reach the masses without any obstacles or shortcomings. All a person needs to access the Blockchain is an Internet connection (and a VPN if you're living in a country where BTC is banned like China). With how far Bitcoin has gone, it seems to me that it will last for generations. Just my opinion

[lizarder]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

If governments could ban Bitcoin they would have done it a long time ago as they want now. They don't really want to ban bitcoin, but rather want to regulate.

If you mean the ban imposed by the government of India and the regulations starting to re-enforce “Cryptocurrency and Legal Digital Currency Bill Regulations 2021”. So what exactly do they want to ban cryptocurrencies and create regulations. The answer is I think "Project self launch digital eye" and most countries prohibit and make regulations just for this purpose. If you look further, almost all countries don't really ban cryptocurrencies, they just want to regulate and control them like fiat.

[serjent05]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

i am something less experience and has bad english so ignore

Government can ban people from using Bitcoin, thus banning Bitcoin in their premises but the government can never stop Bitcoin operations because it is too decentralized for the government to control.  Every individual can participate in Bitcoin operation thus it will be impossible for the government to impose its authority on the Bitcoin network.  They can just implement their authority to their constituents but not Bitcoin.  Besides, if the government has the power to stop decentralized services, they could have stop torrents and yet they failed to.

[Marvell1]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

If governments could ban Bitcoin they would have done it a long time ago as they want now. They don't really want to ban bitcoin, but rather want to regulate.

If you mean the ban imposed by the government of India and the regulations starting to re-enforce “Cryptocurrency and Legal Digital Currency Bill Regulations 2021”. So what exactly do they want to ban cryptocurrencies and create regulations. The answer is I think "Project self launch digital eye" and most countries prohibit and make regulations just for this purpose. If you look further, almost all countries don't really ban cryptocurrencies, they just want to regulate and control them like fiat.

Totally agree, the government doesn't want to completely ban bitcoin, what they want is to control it. Banning bitcoin won't do them any favor, but if they can find a solution to control it, they will get a lot of benefits from it, especially the huge tax we will pay them. They always make threats to ban bitcoin but so far, they have not done that, they are just trying to buy time to find a way to control it. I believe there will be a lot of regulation for bitcoin and crypto this year, let's wait and see how it plays out.

[nimogsm]

Well,first of all there must be a reason for a complete ban, this is the first moment.If the government does not manage to control it and somehow influence the processes, it is only their personal problems.Users will continue to use it as long as there is an Internet.Only in the complete absence of communication and access to the network it is impossible to use it.But we understand that in the age of digital technology, this ban looks at least stupid and does not make any sense.

[Z390]

The only way Bitcoin can be stopped is if every whales and investors all come together and decide to sell off all their Bitcoin without some part of the world willing to buy, create a massive panic fear and watching the value go all the way down but, this is impossible because there will always be some people who will want to buy from the old owners, it's already to late to stop Bitcoin.

[lizarder]

Totally agree, the government doesn't want to completely ban bitcoin, what they want is to control it. Banning bitcoin won't do them any favor, but if they can find a solution to control it, they will get a lot of benefits from it, especially the huge tax we will pay them. They always make threats to ban bitcoin but so far, they have not done that, they are just trying to buy time to find a way to control it. I believe there will be a lot of regulation for bitcoin and crypto this year, let's wait and see how it plays out.

They are always looking for reasons that regulation is a guarantee of user safety on the other hand they continue to issue crypto and bitcoin bans, from here we can see the relevance of these two points. So it can be concluded that they are not really banning bitcoin, but rather trying to control it systematically. While I don't want to go too far and assume what they want, it seems that so far they have failed to do so.

Because people increasingly understand that bitcoin decentralization in particular can provide a sense of security for the investments made, even though there are no regulations and any guarantees regarding risks, fluctuations and others, so these regulations can be said to be not too important.

[PhoenixZephyrus]

I sure hope governments and crypto industry leaders work together to make our world a better place. A full ban from worldwide countries, would certainly stifle Bitcoin's ability to reach the masses. I'm pretty sure most governments will regulate the industry, instead of going against it. As long as they're able to tax Bitcoin, there should be nothing to worry about.

I think governments will eventually admit that Bitcoin cannot be stopped no matter what. We can thank Satoshi and the rest of the Bitcoin community for keeping it as decentralized and censorship-resistant as possible. If Bitcoin was centralized, it would've been doomed by now. Who knows if it gets to live alongside Fiat for generations? Just my thoughts

I mean of all of the major forms of "currency" in the recent history of man, Bitcoin is the one with the most censorship resistance. Gold was better in this sense than fiat, but still not ideal because the very physical nature of gold made it difficult to transport and trade in, and susceptible to government intervention. Fiat is totally regulated by the government it is issued by, its completely centralized. Bitcoin isn't - but its not anonymous either - that is something a lot of people don't understand. Every transaction publicly available in the blockchain and allows forensic analysis. But at the network level, it is permission-less, there is no human intervention that decides if a transaction is allowed or not.
That is what makes Bitcoin censorship-resistant, and more so compared to other kinds of currency.

[mendace]

I mean of all of the major forms of "currency" in the recent history of man, Bitcoin is the one with the most censorship resistance. Gold was better in this sense than fiat, but still not ideal because the very physical nature of gold made it difficult to transport and trade in, and susceptible to government intervention. Fiat is totally regulated by the government it is issued by, its completely centralized. Bitcoin isn't - but its not anonymous either - that is something a lot of people don't understand. Every transaction publicly available in the blockchain and allows forensic analysis. But at the network level, it is permission-less, there is no human intervention that decides if a transaction is allowed or not.
That is what makes Bitcoin censorship-resistant, and more so compared to other kinds of currency.

Bitcoin is considered the most censorship-resistant form of currency due to its decentralized nature and the absence of human intervention in the network that decides if a transaction is allowed or not. Unlike gold, it is easier to transport and trade and less susceptible to government intervention. Unlike fiat, it is not regulated by the government. However, it is not completely anonymous as every transaction is publicly available in the blockchain, allowing for forensic analysis.
Additionally, the use of cryptographic techniques in Bitcoin also adds an extra layer of security and protection against censorship. Transactions are verified through complex mathematical algorithms and are recorded in a transparent and public ledger, making it difficult for any single entity to manipulate or interfere with the network. This makes Bitcoin a preferred choice for individuals and organizations seeking a decentralized and censorship-resistant form of currency for their transactions.

[AnonBitCoiner]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

i am something less experience and has bad english so ignore

Cannot do this because Bitcoin is fully decentralized and they even don't know the creator of BTC then how then can ban BTC. China tried to ban BTC in their country but did not succeed. Government can only ban on crypto related transaction from credit card and bank but alternative of this P2P is available. So as far as I know it is not possible without damaging all Blockchain codes.
 Second only some country may be ready to do this but not all because two countries already adopted BTC as a legal payment then how they will help to ban crypto? If they do, they are shooting themselves in the foot. Banning Bitcoin is not solution. India already announced 30% tax on crypto so don't think they will in favor of banning BTC.

[Z-tight]

The only way Bitcoin can be stopped is if every whales and investors all come together and decide to sell off all their Bitcoin without some part of the world willing to buy, create a massive panic fear and watching the value go all the way down but, this is impossible because there will always be some people who will want to buy from the old owners, it's already to late to stop Bitcoin.

BTC cannot be stopped, it is not a cryptocurrency that is controlled by whales, i know there are altcoins that some whales control >70% of it, and when these few whales sell their coins, it causes fud and the altcoin will collapse. BTC isn't like that, BTC is a global currency and it isn't controlled by a few whales. I know there are bitcoiners that have a lot of BTC, but even if these whales sell their massive amounts of BTC, it won't stop the BTC network, it would only affect the price of BTC for sometime.

The only way BTC can be stopped is if someone or a few people or miners control more than 50% of the mining hashrate, but that isn't ever going to happen, BTC network is secured from collapse, it is only the price that can fluctuate.

[armanda90]

BTC cannot be stopped, it is not a cryptocurrency that is controlled by whales, i know there are altcoins that some whales control >70% of it, and when these few whales sell their coins, it causes fud and the altcoin will collapse. BTC isn't like that, BTC is a global currency and it isn't controlled by a few whales. I know there are bitcoiners that have a lot of BTC, but even if these whales sell their massive amounts of BTC, it won't stop the BTC network, it would only affect the price of BTC for sometime.

The only way BTC can be stopped is if someone or a few people or miners control more than 50% of the mining hashrate, but that isn't ever going to happen, BTC network is secured from collapse, it is only the price that can fluctuate.

Bitcoin not controlling by one individual and not possibility for stopping, different with altcoin have dominance by the developer holding above 70% and investor holding under 30% is not enough how controlling with stable price. For OP question about Bitcoin can banned or stopped by government seems has possibility after several countries announce for banning Bitcoin transaction. I don't think miner have power for controlling Bitcoin more than 50% and have positive impact with anonymous dominance from Bitcoin still on stable price.

China have adopted and banned Bitcoin last several years but not having big impact yet and make Bitcoin price drop, I think an countries can banned Bitcoin as payment transaction or investment assets but they don't have control to stop their people keep investing in Bitcoin.

[Davidvictorson]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

i am something less experience and has bad english so ignore

Technically, the government may not be able to outright ban bitcoin, but they can regulate and monitor it through this means: KYC whenever a purchase is made. For example, Apple or Microsoft may have to report to the government the wallet that sent the transaction, which will definitely include the customer's details. It will also include the amount transferred.

[DoublerHunter]

Indian government (maybe other also)  say that " to ban cryptocurrency we need global help" my question is : can bitcoin be banned if all government will agree to ban bitcoin

i am something less experience and has bad english so ignore

Technically, the government may not be able to outright ban bitcoin, but they can regulate and monitor it through this means: KYC whenever a purchase is made. For example, Apple or Microsoft may have to report to the government the wallet that sent the transaction, which will definitely include the customer's details. It will also include the amount transferred.

^But the government has nothing to do if people will use BTC, we have different ways to use BTC that we did not reveal ourselves.
You will encounter KYC if you will use centralized companies just like you have said, but if you will use a decentralized platform in purchasing and exchanging BTC I think you are fine. That is why the government has no option to accept and regulate BTC than people using it illegally and they don't have a right to stop it.

[Casdinyard]

With combined efforts from multiple countries, bitcoin can indeed be stopped. But that is a farfetched fever dream if you ask me. Approximately 80-90% of the world's current bitcoin-user population must be banned or prohibited from using bitcoin in order to effectively dump bitcoin's price and have it lose its blue-chip status. But as we all know with conflicts brewing in between borders this is so impossible. Then again, I'm not saying that conflict is good because it is not. I'm just pointing out the futility of the idea that bitcoin could be stopped. Which in paper it could be, but in practice? No.

[samcoin]

With combined efforts from multiple countries, bitcoin can indeed be stopped. But that is a farfetched fever dream if you ask me. Approximately 80-90% of the world's current bitcoin-user population must be banned or prohibited from using bitcoin in order to effectively dump bitcoin's price and have it lose its blue-chip status. But as we all know with conflicts brewing in between borders this is so impossible. Then again, I'm not saying that conflict is good because it is not. I'm just pointing out the futility of the idea that bitcoin could be stopped. Which in paper it could be, but in practice? No.

I agree with you as the world has two groups of nations that have conflicting interests, and Bitcoin with the popularity it reached, could be used as economical tool, so if a group of nations banned it, the others would encourage it and leverage it to serve their interests. Who knows, maybe some countries are using Bitcoin to evade restrictions imposed by other countries.