Can any government ban Bitcoin? - page 32.

Christian13

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Quote from: nhoj25 on November 27, 2017, 02:57:05 PM

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

i think If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how exactly it will enforce such a ban. It is impossible for a government to seize your Bitcoins, unless you decide to handover your private keys. However, the majority of citizens and institutions like to stay on the right side of the law.So the demand for Bitcoin would plummet if the government decided to ban it.

dimatu

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Decentralisation makes it impossible for governments to ban bitcoin but they can however make it much more difficult to use and thus reduce its usage.

RomanPetrush

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Everyday the same questins on the forum. No, it's qutite hard to block p2p system. Government will find the whay how to control the users of bitcoin, and will get more benefit than loose. It will have more taxes, and will get more profit from crypto. Blockchain actually gives efficienty. Only one thing which i worry about is that this blockchain system will reduce job places at the government structures.

sempak

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For example, the Indonesian government currently prohibits payment transactions with bitcoin. we must also be able to obey what our government says. because although it is actually in the design for payment the Indonesian government still prohibits and calls for payment with real currency

Siopao

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It is possible for a government to ban bitcoin. If they impose a law against the use of bitcoin for transaction then the people would left with no choice but to follow it. A country would do that when they see bitcoin as a threat to their own currency however i hope that governments can look at bitcoin on a positive side and that it can help the people to be financially stable.

Manchumichael

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Quote from: Kizaki on December 19, 2017, 10:03:01 AM

As far as I know some country already banned the bitcoin, maybe because they see it as a threat that someday it will take charge their country. But I think this will not hinder others to fully influence other people around the world that bitcoin can really help us.

Of course in future bitcoin will affect there economy so some countries are banned bitcoin. But they have one chance to make this legal how means the bitcoin users must pay tax to governament then only it is possible. I think collecting tax for bitcoin transaction is very tough so all governments are banning bitcoin.

ljm8888

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The generation of bitcoin fundamentally protects people's private property rights, because it has no central bank and relies entirely on computers in the world for mining and storing. Unless cutting off the global computer network, bitcoin will not disappear. Bitcoin is a global circulation of electronic money, and traders need only an electronic wallet to carry out global trade. Therefore, the production of bitcoin is a milestone in the history of human history, which is enough to change the history of human trade.

keeee

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Quote from: nhoj25 on November 27, 2017, 02:57:05 PM

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

Yes of course, the government has the power to ban bitcoin in their place because of some major reasons. The government also has the power to legalize it. Most of the countries that legalize the idea of bitcoin have a well developed economy.

Kizaki

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As far as I know some country already banned the bitcoin, maybe because they see it as a threat that someday it will take charge their country. But I think this will not hinder others to fully influence other people around the world that bitcoin can really help us.

Lieldoryn

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The government could theoretically prohibit the citizens to use bitcoins for their country but I do not believe that such prohibitions can take effect. People will just ignore such bans. The only weak spot of every user of bitcoin is the use of Fiat. Banks lose out in competition with bitcoin. They can stop all operations and it will be a very serious blow.

gabmen

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Quote from: Vendetta666 on December 18, 2017, 04:27:13 AM

Yes, as of now there are some countries already banned the bitcoin because they still not be able to find a ways to control bitcoin, it is anonymmous so it makes governments harder to trace and charge taxes on Bitcoin. Beacuase bitcoins are still outlawed and unregulated.

I din't think its a question anymore if any country can ban btc because obviously, since they govern, they can do that. It probably would be a question if they will consider the opportunities that bitcoin presents to its people

Vendetta666

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Yes, as of now there are some countries already banned the bitcoin because they still not be able to find a ways to control bitcoin, it is anonymmous so it makes governments harder to trace and charge taxes on Bitcoin. Beacuase bitcoins are still outlawed and unregulated.

mistletoe

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the way i see it, they all have the power to do it if they see its a threat to the country. Well certain countries have done it.
but of course, this still depends on the type of government the country has

@alaji

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Government of a particular country may not endorse the legality of bitcoin but can never ban the uses of bitcoin what so ever. Bitcoin is decentralized and therefore no government have control power over it. Bitcoin trading is very common in the country not in support of it. So it will be very difficult to stop it uses.

benmartin613

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They are now doing this, banning the use of bitcoin in their country like mining,trading etc, i dont know why they are doing this and i dont think that it will be a major financial issue if bitcoin is used by their people, its not a wise decision to be made for banning bitcoin.

Rrita

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Quote from: nhoj25 on November 27, 2017, 02:57:05 PM

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

yes.government can ban bitcoin officially. but cant control over the bitcoin. bitcoin is a peer to peer,so no once can control bitcoin.

J Gambler

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Quote from: nhoj25 on November 27, 2017, 02:57:05 PM

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

i have been yo countries where some sites are banned or some keywords are not being able to proceed and I think that also works the same way with bitcoin if they are banned. GOVernments can blcok their ip or on how to connect to certain sites

Famnant

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I think that the Gouvernements can ban Bitcoins and all other cryptocurrencies since Marrocos Gouvernement have done that, as you can see in this link : https://www.moroccoworldnews.com/2017/11/234382/bitcoin-morocco-cryptocurrencies-economy/

siti25

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Legality can be eliminated by the government, but the government will not be able to prevent the use of bitcoin in the country. So bitcoin can still be used even though the government banned the bitcoin. If bitcoin is banned, then users can still use bitcoins but they will be very careful.

Laregrell

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Quote from: nhoj25 on November 27, 2017, 02:57:05 PM

Bitcoin has been around the borders of financial markets for less than a decade, but is slowly gaining importance as an alternative asset class.
Can the government of any major country step in and do the unlikely?

they can ban exchange between cash and bitcoin also can make some rules with police to stop using bitcoin.

they can’t ban bitcoin it’s self

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