Topic: Effects of Banning Bitcoin ? - page 3. (Read 10286 times)

Such chaos won't happen in the world, if bitcoin gets banned. The reason is that, bitcoin is used by very few percentage of users around the world compared to other digital currencies and fiat used worldwide. So this won't make big impact upon world movement but affects the economy much.

Okay so, bitcoin is outright banned in some countries, so the banning of bitcoin is already a reality. The major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general. My questions to you guys are: What do you think will happen to bitcoin? If any, what is your plan of action and what would you like to see from the community in terms of continuation and development? Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

I'll give my thoughts first. I think bitcoin will grow and develop into what we want it to be regardless of the legal status. Fundamentally what bitcoin represents is anti-authoritarian and governments banning of it should not much of an impact fundamentally. Sure the price will suffer for at least a while although still climb "to the moon" probably, but as far as technical development and social spreading goes, I think that will continue. Unfortunately that could mean that it operates in the black market only for a while which would slow things down but I do think that would be a temporary affect. I am curious though if the governments could have a strong enough desire to destroy bitcoin or prevent it from growing past a certain point, that they could actually do that. So I wonder what you guys' thoughts are.

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

If bitcoins is banned totally there will be chaos all over the globe as many people have saved their money as bitcoins .otherwise the litecoins price will increase a lot and people will change to it .

If Bitcoin banned means nothing will happen for ordinary people, only the online gambler will suffer, but they also choose another way to do online gambling. There are already other cryptocurrencies are there in the market. So people will use that currency. And those who are accepting bitcoin as their payment method they also choose another way of transaction. Only first few days people will suffer.

if a lot of people quit bitcoin then the demand for bitcoin will fall and proce down not hike (up). cause The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.

The effects of banning bitcoin in the country is the people will lose their business and other poor people who uses it will be down when they ban it i think the country who bans it is the corrupt country because bitcoin is don't have a tax coming into the government and other people will not interested in the bank accounts if the bitcoin will become popular.

I'm wondering what would happen if Bitcoin would get banned and suddenly Bitcoin 2.0 gets released, lol.

Banning Bitcoin means a lot of people being forced to quit BTC, so a price hike to at least half of the value it has right now. Some people are running their business on Bitcoin, even Microsoft and Steam accepts it, so that would affect the price too. The effects would be negative, of course.

Of course it can, You already have noticed some countries who consider banning of bitcoin(but that doesnt mean that bitcoin is gone). Restricting bitcoin is a lighter word for banning.

I don't think they will ban bitcoin even if they want to ban it they can't because a lot of people use bitcoin already and the bitcoin is scattered around the world so they can not prevent everyone from using it , that is why in some countries they are either embracing the fact that bitcoin is good and easy to use and popular , and other are encouraging people to use thing similar to bitcoin.