Effects of Banning Bitcoin ? - page 6.

d@nte

hero member

Activity: 490

Merit: 500

Quote from: hawkins on December 11, 2016, 10:31:11 AM

perhaps many people would complain about it. Well, most people in the world have invested their money in the form of bitcoin, even many people who have a high rank, invest the money they have in bitcoin. Well, maybe there will be some crisis, and I am sure it will be bad.

If there was some kind of panic selling, it would be something temporary. This would not prevent people from using Bitcoin, which would continue to be a decentralized form of payment.
Perhaps this would even help to promote Bitcoin, so the ban would not be a wise decision from governments.

chixka000

hero member

Activity: 910

Merit: 500

Quote

the major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general.

Yes they could have to but they didn't that says a lot tho.

Quote

What do you think will happen to bitcoin?

Bitcoin would of course still remains bitcoin? The status of being illegal is not justifiable tho. Different country,different people and different rules.

Quote

If any, what is your plan of action and what would you like to see from the community in terms of continuation and development?

Stick to the main platform. Why am i using bitcoin? then that answers that one tho. There is no point of using bitcoin if you don't have anything to gain or contribute on it.

yayayo

legendary

Activity: 1806

Merit: 1024

Quote from: Makinson on December 11, 2016, 08:16:11 AM

There is no legal basis for the ban of bitcoin. It is just a virtual goods. It is the same as other computer codes.

Sorry, but that's nonsense. There's already legal basis to suppress various forms of computer codes today. Think of malware for example. "Hacking" is considered a crime in the majority of jurisdictions. Moreover governments tend to be very creative when it comes to prohibitions. If there is no legal basis, then it will be quickly designed...

Besides that, even modern fiat money can be considered a virtual good, because the biggest amount of it only exists in electronic form. Various states have already recognized Bitcoin as a form of money.

ya.ya.yo!

hawkins

hero member

Activity: 1204

Merit: 500

perhaps many people would complain about it. Well, most people in the world have invested their money in the form of bitcoin, even many people who have a high rank, invest the money they have in bitcoin. Well, maybe there will be some crisis, and I am sure it will be bad.

stark101

newbie

Activity: 42

Merit: 0

Quote from: ?? on ??

Quote from: stark101 on November 26, 2016, 04:46:49 AM

Although there is nothing that can stop a government or central bank from banning bitcoin but banning bitcoin is very difficult to enforce. Why? because bitcoin has no centre to attack, there is no single organization or person that controls Bitcoin, and theres no way for the users to stop their transactions by pay outing or sending each others bitcoins. But of course, it is also likely that a ban on bitcoin in a country can have a negative effect on adoption on the country.

That's total ban is the one that will make bitcoin stop to be used for a certain country. And that will make some effects in the economy of bitcoins, I'm thinking of the potential investors, if they intend to reason out of that banning of bitcoin for a country. Possibility that it will be also banned in other countries and they will think that their investments will be popped up like bubbles and will simply be gone, so they will pull out their investments.

Yes, banning bitcoin can make the country, the economy and the users in it get more affected. Why? Because to ban bitcoin, governments would have to ban all forms of communication. But theres a big possibility that government wont do that, because in my opinion it is the right to the people (users) to fight against banning it because the legality of bitcoins activities will depend to the users using it and what they do about it.

barbara44

hero member

Activity: 2548

Merit: 605

Quote from: Rooster101 on November 21, 2016, 08:09:23 PM

I think it will be hard for every government to ban bitcoin unless they totally ban the internet. Bitcoin is digital currency and as long as the internet exist, the bitcoin will also exist and the people will continue to use it as long as there is internet available in their area. But assuming that they had successfully ban the bitcoin, there will be effect on its price, investments and digital wallets and internet merchants that use bitcoins will also affected.

Moreover it is not centralized that the country's government will inform the owner that you cannot have our country users, like if Paypal wants to limit Indians from using it then they can since its controlled by the owners but remember bitcoins have no owners, its a currency owned and managed and powered by people.

Zadicar

legendary

Activity: 1386

Merit: 1020

DGbet.fun - Crypto Sportsbook

Quote from: Makinson on December 11, 2016, 08:16:11 AM

Quote from: Victorycoin on December 11, 2016, 08:02:22 AM

Quote from: vasrasus on December 10, 2016, 08:21:21 PM

Quote from: puddlejumperzz on December 10, 2016, 05:26:44 PM

Banning bitcoin is free more advertising. Everybody is going to want to know what the government is afraid of. Usually the ones that ban it are in the countries that need it most.

The more they restrict it , the more the people will be curious and will think of using it. This is somehow the government not to focus to . There are lots of issues in every country that they need to focus more so banning often in countries are not appropriate to do so.

We can see that is exactly what is playing out in China and Russia, they toyed with banning of bitcoin, but it turned out the people rather embraced bitcoin the more. Awareness of bitcoin and the technology behind it, is an eye opener on many salient issues and no one comes into the truth and goes back to lies and pretense. One thing is certain, bitcoin is a true global currency and at no time will all the governments of the world come to an accord to ban bitcoin, some will always differ.

There is no legal basis for the ban of bitcoin. It is just a virtual goods. It is the same as other computer codes.

Even if its a code but we should accept that bitcoin is already building a name and also its a digital currency even its being built by a code but it does give some effects not on minimal but as a whole and even governments already realizing its existence and some are seeing already that its a threat on some matter. Banning it couldnt able to stop bitcoins adoption though.

Makinson

newbie

Activity: 63

Merit: 0

Quote from: Victorycoin on December 11, 2016, 08:02:22 AM

Quote from: vasrasus on December 10, 2016, 08:21:21 PM

Quote from: puddlejumperzz on December 10, 2016, 05:26:44 PM

Banning bitcoin is free more advertising. Everybody is going to want to know what the government is afraid of. Usually the ones that ban it are in the countries that need it most.

The more they restrict it , the more the people will be curious and will think of using it. This is somehow the government not to focus to . There are lots of issues in every country that they need to focus more so banning often in countries are not appropriate to do so.

We can see that is exactly what is playing out in China and Russia, they toyed with banning of bitcoin, but it turned out the people rather embraced bitcoin the more. Awareness of bitcoin and the technology behind it, is an eye opener on many salient issues and no one comes into the truth and goes back to lies and pretense. One thing is certain, bitcoin is a true global currency and at no time will all the governments of the world come to an accord to ban bitcoin, some will always differ.

There is no legal basis for the ban of bitcoin. It is just a virtual goods. It is the same as other computer codes.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: vasrasus on December 10, 2016, 08:21:21 PM

Quote from: puddlejumperzz on December 10, 2016, 05:26:44 PM

Banning bitcoin is free more advertising. Everybody is going to want to know what the government is afraid of. Usually the ones that ban it are in the countries that need it most.

The more they restrict it , the more the people will be curious and will think of using it. This is somehow the government not to focus to . There are lots of issues in every country that they need to focus more so banning often in countries are not appropriate to do so.

We can see that is exactly what is playing out in China and Russia, they toyed with banning of bitcoin, but it turned out the people rather embraced bitcoin the more. Awareness of bitcoin and the technology behind it, is an eye opener on many salient issues and no one comes into the truth and goes back to lies and pretense. One thing is certain, bitcoin is a true global currency and at no time will all the governments of the world come to an accord to ban bitcoin, some will always differ.

Przemax

hero member

Activity: 574

Merit: 500

In my opinion making bitcoin illegal would mean a consfication from a government and selling out the bitcoins, lowering the price down. But in all due respect, this banning could only be attainable in countries that novadays put in work a corporate law of intelectual property - like Germany. Germany already legalised a bitcoin to some degree. I cant imagine any country outside of US and Canada that would be able to ban bitcoin if they cant go after the internet piracy.

Wandering Soul~

sr. member

Activity: 406

Merit: 250

Wolf

Even if it's banned in your country, It will still be available to use in other countries and just use vpn or Tor network cause it will be impossible to completely banned it, you have to ban the internet itself first

There might be a chance that the countries that banned it will unbanned it some time when there will be a massive usage and popularity of bitcoins and they will realized its benefits for their people however the regulation of bitcoin is most likely to happen in somr countries

Xester

hero member

Activity: 994

Merit: 544

Quote from: BossMacko on December 10, 2016, 09:03:32 PM

The effect of Banning of Bitcoin in a country is that they will get tax from all legal transaction on the other hand the effect of it to bitcoin users is we are force to use government entity to use as transaction and when we do that we pay for taxes,vat etc etc. One example of that is here in the Philippines government are banning Casino that are based here in the country and does not pay taxes. So if they will be able to Ban all that illegal Casino here, then all gamblers are obligated to gamble only in casinos that pays taxes to the government. With that Bitcoin will slowly die if users are being prohibited to use Bitcoin

The effects of banning bitcoin will be simple. If a certain country bans bitcoin it doesnt mean that you cannot have access to bitcoins but the only thing that will change is your ability to cashout your bitcoins or to convert it into cash. In addition the sites or exchangers that deals with bitcoin will no longer available in your country. But if you really are a wise person you can use vpn to hide your ip address so you can access the forbidden site, then you can trade your bitcoins to dollars then you can transfer your dollars to your dollar account then to your visa card. Instant withdrawal.

But of course when it is banned it means it is illegal, so just dont be caught.

Rizky Aditya

hero member

Activity: 700

Merit: 500

Quote from: 20kevin20 on December 10, 2016, 02:36:01 PM

Quote from: HateEU on December 10, 2016, 01:58:29 PM

If your country ban bitcoin i think that you can still earn bitcoin and life good.How your couuntry can controll your secret bitcoin wallets?If you use bitcoin and send to skrill or paypal or other your country cant see your transaction and you are winner.

Your ISP provider can look on your Internet browsing history and find out if you are using Bitcoin in such an easy way. You are being monitored by your ISP and your data can be sent to anyone at any time. This is why I hate the governments seeking for control...... Why can't we just have freedom?

Yeah it is really easy for people to see what you are looking at. If you do it on a work computer, the admin can come on and see your browsing history. But most of the times you get warnings from your isp if you are doing something illegal online.

davinchi

legendary

Activity: 2100

Merit: 1058

Quote from: charmingfreddie on November 21, 2016, 05:48:12 PM

Banning bitcoin will make it more popular, especially during/after a financial crisis. How can they stop it? They cant!

Yeah actually banning would make sure that people who don't know about bitcoins would know about it with that news and its better for our community, and remember its humand tendency that whenever we are stopped from doing something we do it the most. So lets see ho they stop me from using bitcoins Angry

BossMacko

hero member

Activity: 1134

Merit: 502

The effect of Banning of Bitcoin in a country is that they will get tax from all legal transaction on the other hand the effect of it to bitcoin users is we are force to use government entity to use as transaction and when we do that we pay for taxes,vat etc etc. One example of that is here in the Philippines government are banning Casino that are based here in the country and does not pay taxes. So if they will be able to Ban all that illegal Casino here, then all gamblers are obligated to gamble only in casinos that pays taxes to the government. With that Bitcoin will slowly die if users are being prohibited to use Bitcoin

delliaerd

hero member

Activity: 672

Merit: 500

Quote from: Nevis on December 10, 2016, 08:43:49 PM

Its not a big deal if a small country with a small amount of bitcoin users will ban bitcoin.But its different if countries like china will banbitcoin.That will be a big problem,bitcoin may go down in that way

China is big country of bitcoin's user as i known. So if china ban or prohibit their civilians to use bitcoin it will make a big affects for existence of bitcoin.
But i think it will not happen because china have handle power about existence bitcoin, moreover the government in china should have great reason to ban bitcoin as well.

Nevis

hero member

Activity: 560

Merit: 500

Its not a big deal if a small country with a small amount of bitcoin users will ban bitcoin.But its different if countries like china will banbitcoin.That will be a big problem,bitcoin may go down in that way

vasrasus

hero member

Activity: 946

Merit: 500

Bcnex - The Ultimate Blockchain Trading Platform

Quote from: puddlejumperzz on December 10, 2016, 05:26:44 PM

Banning bitcoin is free more advertising. Everybody is going to want to know what the government is afraid of. Usually the ones that ban it are in the countries that need it most.

The more they restrict it , the more the people will be curious and will think of using it. This is somehow the government not to focus to . There are lots of issues in every country that they need to focus more so banning often in countries are not appropriate to do so.

Conus

full member

Activity: 236

Merit: 250

Quote from: 20kevin20 on December 10, 2016, 02:36:01 PM

Quote from: HateEU on December 10, 2016, 01:58:29 PM

If your country ban bitcoin i think that you can still earn bitcoin and life good.How your couuntry can controll your secret bitcoin wallets?If you use bitcoin and send to skrill or paypal or other your country cant see your transaction and you are winner.

Your ISP provider can look on your Internet browsing history and find out if you are using Bitcoin in such an easy way. You are being monitored by your ISP and your data can be sent to anyone at any time. This is why I hate the governments seeking for control...... Why can't we just have freedom?

This is correct, however when you log into a VPS, your ISP is monitoring your activity, not that of the VPS. Because of this, would you not be able to use bitcoin if your VPS is in a country where bitcoin is available? I know for work, I have logged into VPS from another VPS for the purpose of repairing a computers settings remotely.

Victorycoin

hero member

Activity: 1134

Merit: 517

Quote from: 20kevin20 on December 10, 2016, 02:36:01 PM

Quote from: HateEU on December 10, 2016, 01:58:29 PM

If your country ban bitcoin i think that you can still earn bitcoin and life good.How your couuntry can controll your secret bitcoin wallets?If you use bitcoin and send to skrill or paypal or other your country cant see your transaction and you are winner.

Your ISP provider can look on your Internet browsing history and find out if you are using Bitcoin in such an easy way. You are being monitored by your ISP and your data can be sent to anyone at any time. This is why I hate the governments seeking for control...... Why can't we just have freedom?

Have you ever used a vpn to connect to another vpn and then to another, what ip would you have at the end of the day? I dont think anonymity online is an issue if one is out to achieve it, so banning bitcoin - something free and borderless is simply asking people to put on their thinking caps. Bitcoin represents freedom and no price is big enough.

Topic: Effects of Banning Bitcoin ? - page 6. (Read 10290 times)