High possibility major governments will BAN Bitcoin in the near future

carlfebz2

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Quote from: Janation on February 04, 2021, 08:32:37 AM

I don't think Bitcoin would be banned that bad.

There are a lot of countries that like the idea of cryptocurrencies. The convenience and speed it offers would really be a great asset for the future of finance and transactions. I don't think they will be worried of how Bitcoin will be developed in the future, I think they will be more worried about how will they make their fiat better.

Everything would be divided because not all would really be going on the same direction and it had already been proved out since there are already governments do already recognized nor had
implemented on receiving their pays via Bitcoin which do signifies that there is really still had some chance for it to be adopted without any problems.

Government doesnt really like decentralization because that would really be removing all of things into their grasp thats why negative and criticisms arent really something
new that you would really see around.

It doesnt matter on what would be their measures because the demand doesnt really limit out nor they would able to stop bitcoin existence even if they do
go fully against with it.

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if governments had intended to ban bitcoin they would have done so a year ago where bitcoin was less accepted. today big companies and big investors are in this bitcoin market and rich people would not invest in something that has no guarantee. look at paypal, they’re doing well since they introduced bitcoin

Quote from: gleisson05 on February 04, 2021, 04:47:35 AM

If undeveloped countries like India ban Bitcoin, it doesn't mean that developed countries will follow.

It is true, and India is similar to China and Russia, these countries are far from democracy and equality between their people and freedom. but there are many countries where bitcoin is very welcome

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Quote from: A62662 on January 26, 2021, 09:11:28 AM

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

The price of Bitcoin would get killed completely, you would be looking at Bitcoin below $1000.

How likely do YOU think this scenario is? Although you might say this is only speculation, IT IS A FACT that these countries are working on cryptocurrencies of their own.

As they already said, users/investors will not shift to another digital currency just because they've made or adapt the system of cryptocurrency. It's very impossible for them to bank decentralized money since they don't have control over it we have multiple ways of accessing it. Killed? It is too much.

A cryptocurrency even a shitcoin can't be killed, they can lose value but can't be killed as they were created and already existed in the world of crypto. Imagine, a shitcoin still exists in the blockchain, what more in bitcoin? thousands of users, a huge community, and a lot of investors.

Ozero

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Governments are likely to start by regulating the circulation of bitcoin as the share of cryptocurrencies increases in the financial sector of the global economy. We remember that the leaders of the G7 countries decided that cryptocurrency does not pose a threat to global financial stability. If this balance is upset due to the increase in the total capitalization of the cryptocurrency, then the reaction of states may be different. Of course, no one will stop the Internet, however, it is quite possible to declare certain types of cryptocurrencies, including bitcoin, a pose of law. At the same time, they can oblige the exchanges not to trade these types of cryptocurrencies, as we have already seen in the example of ripple in the USA, and also prohibit those exchanges that do not comply with this requirement. Also, certain sites that are associated with cryptocurrency will be banned. If strict liability is established for these violations, up to criminal, the cryptocurrency will be dealt a serious blow. I am not saying that this will happen, this is one of the possible scenarios for the development of events.

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Quote from: Amejoaquim on February 04, 2021, 03:57:22 AM

It could be.

And bitcoin can be use for illegal transaction like -> terrorism, money laundering, tax evasion, and other illegal and subversive activity all benefit from the ability to move money in untraceable ways.

let's speculate what false flag will happen in order for crackdown to occur Cool

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Quote from: Amejoaquim on February 04, 2021, 03:57:22 AM

It could be.

And bitcoin can be use for illegal transaction like -> terrorism, money laundering, tax evasion, and other illegal and subversive activity all benefit from the ability to move money in untraceable ways.

Bullsh**
*can be used* for nefarious purposes, yes however, Bitcoin uses a public open ledger with all transactions easily seen and tracked between addresses - hardly 'untraceable'. Now some altcoins - that is a different story.

No matter what coin is used sooner or later conversion to/from fiat WILL occur which brings up the very large elephant in the room which is the fact that fiat is the 'root of all evil' and prime currency used for illicit activities.

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While they may try I believe they'd have less chance than to ban the internet. Unlike Bitcoin the internet is pretty centralized, in the hands of just a few individuals and companies (ISP's, Website Hosts, domain registrations, etc). They might get somewhere shaking out the weak hands in regards to acquiring new Bitcoin by closing the fiat onramps and controlling the exchanges - however they have no way of knowing who holds Bitcoin on a personal wallet, and they can't prevent people from sending / exchanging and getting Bitcoin if they deal with each other directly. Any attempt to seriously ban Bitcoin will only drag it underground more.

Janation

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I don't think Bitcoin would be banned that bad.

There are a lot of countries that like the idea of cryptocurrencies. The convenience and speed it offers would really be a great asset for the future of finance and transactions. I don't think they will be worried of how Bitcoin will be developed in the future, I think they will be more worried about how will they make their fiat better.

gurunanakji777

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Many countries can ban Bitcoin but I don't think bitcoin will be killed completely. Bitcoin will be there with good value. Now I don't see any reason that bitcoin will drop to $1000 value. The scenario you said only speculation on the other hand we can expect more countries will make it legal. If the countries make their own cryptocurrencies that would be like Tether with fixed value.

gleisson05

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If undeveloped countries like India ban Bitcoin, it doesn't mean that developed countries will follow.

The thing is that more forward-looking and broadminded governments are more likely to attempt to adopt Bitcoin and use it for their own good.

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Quote from: pakhitheboss on February 03, 2021, 11:56:48 PM

The Indian government is also planning to ban crypto, the problem here is how will you enforce the ban. Cryptocurrency is an Internet-based currency if you want to ban it you have to ban the internet or you will have to create a system to keep track of all transactions on the Internet. How will the second most populated country do it, is the question?

The best option is to either regulate it as banning is not possible in this age of technology.

Agreeing with your point of view, blocking an object online is really too difficult in the technology age when technology allows us to have too easy access to an object through many different methods even when the government wants to prevent, except for this point, government laws only make people more curious about this product and technology, India is a very typical country when people know more about bitcoin when the government tries to get rid of it. Strengthen and establish relationships with Bitcoin and create a team of highly specialized work in the near future with Bitcoin is something to do with the country wise

Amejoaquim

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It could be.

And bitcoin can be use for illegal transaction like -> terrorism, money laundering, tax evasion, and other illegal and subversive activity all benefit from the ability to move money in untraceable ways.

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Quote from: k@suy on January 31, 2021, 12:13:52 PM

Quote from: bryant.coleman on January 31, 2021, 12:06:31 PM

There will be a very noticeable impact on the market, if the governments try to ban Bitcoin. Don't forget the fact that the recent bull run was triggered by institutional adoption of Bitcoin, especially from PayPal. If the government imposes any sort of restriction, then these institutions are going to pull out immediately, resulting in a bloodbath at the market. Bitcoin will exist, but the global adoption will be severely affected.

Bitcoin and other crypto might be affected with any single fud or any single news from the government if they want to banned it in their country but as we all know crypto runs thru online I think it will take so many months or years before they can fully implement it, I don't know how do they stop people from using it, especially now many companies and even well known personalities are into bitcoin now such as Elon, so I don't think they will ban it, possibility is low.

They could definitely ban it if it confronts their interest. Look at India, the moment they about to release their own version of digital coin issued by the government or central bank they outright ban bitcoin and punish those bitcoin users.
The government will always try to get rid of anything that blocked its interest and more specifically in pursue of money and resources. But one thing people need to remember, banning bitcoin is one thing but enforcing the law and detecting the users are another thing.
I bet they need to allocate huge resources if they truly want to impose the law of bitcoin banning.

pakhitheboss

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The Indian government is also planning to ban crypto, the problem here is how will you enforce the ban. Cryptocurrency is an Internet-based currency if you want to ban it you have to ban the internet or you will have to create a system to keep track of all transactions on the Internet. How will the second most populated country do it, is the question?

The best option is to either regulate it as banning is not possible in this age of technology.

bitterguy28

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Quote from: A62662 on January 26, 2021, 09:11:28 AM

The major governments of the world have for some time been laying the groundwork for their own national cryptocurrencies. Does that matter? Yes, it matters a lot. Bitcoin will be a direct competitor.

Any Proofs about this ? While other countries think that Bitcoin is a competitor of their currency , other countries see this differently so Please be guided on that matter.

Quote

Why do they do this? To remain in financial control and to stop financial crime like whitewashing of funds from happening. Is it likely to happen? Yes, the US banned holding gold privately in the 1930's. So that the US government was to be a monopoly gold holder in the US.

Well Don't make US as an Example because of course They will always Look for Dollar welfare but does the situation really favors them now?

Quote

There is a clear danger that the US, Europe, China, Japan and others will get togheter and flat out ban and even criminalize the usage and holding of Bitcoin. Resulting in after the ban, if you are cought using and holding BTC, you would get a huge fine or jail term.

|Lol Japan? Europe ? China? maybe they will not support Bitcoin But they will support other coin that in the end will favor bitcoin still.

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Quote from: ecnalubma on February 03, 2021, 10:57:31 AM

I think the Bitcoin ban will only turn into a myth in the near future, only a hermit country will do that for they don’t understand the technology behind it. Banks don’t need to fear Bitcoin, its not competing against the fiat rather its the best alternative investment to gold.

From what I can see, the main competition right now is between cryptocurrency and stocks/mutual funds. And that is the reason why some of the governments are feeling uneasy right now. They feel that if cryptocurrency provides a better return compared to the stocks, then people will start moving their money from the stock market to the cryptocurrency market. This will have deep implications, such as reduced tax revenue, rise in unemployment, weakening of the national currency.etc. If the competition was between cryptocurrency and gold, then the governments won't be bothered to a great deal.

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They can certainly try, however it is futile and will only result in what is called a "prisoner's dilemma". They ban but others won't. There's too much already by institutions at this point and it's just going to get messy.

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I think the Bitcoin ban will only turn into a myth in the near future, only a hermit country will do that for they don’t understand the technology behind it. Banks don’t need to fear Bitcoin, its not competing against the fiat rather its the best alternative investment to gold.

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Quote from: AGD on January 29, 2021, 05:40:23 AM

OP, I'm waiting for an answer ... I say 'no major government will BAN Bitcoin in the near future.' Any amount. Escrow somebody?

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bryant.coleman

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Quote from: Kakmakr on February 03, 2021, 12:56:48 AM

The governments must just accept the natural evolution of Crypto currencies, if they start "banning" Crypto currencies. The first thing that will happen after a ban, would be the "new" revolution of Crypto currencies. The developers will be motivated to create more decentralized market places and exchanges and this whole experiment will go underground.

What will the impact be of this "revolution" for these governments? Answer : All those transactions will not be taxed and a whole new secondary economy will be created that are free from government control and manipulation. Wink

So what do you think? The government guys will just sit back and watch this, while their revenue intake dips? The governments need tax revenue to survive and if they think that cryptocurrency is being used for tax evasion, they will come down really hard. The idea of "decentralized marketplace" is good in theory. But it needs to be seen whether it can be implemented in real or not. For my part, I am not in favor of avoiding taxes by using cryptocurrency. Let's pay the tax that is due and use cryptocurrency at the same time.

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