I have concluded that all governments together can't stop bitcoin - page 6.

yazher

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Quote from: ecnalubma on March 14, 2021, 05:29:15 PM

Governments all over the world won’t unite just to ban Bitcoin, they have different understanding about it. If they had plan to kill it they should’ve planned it earlier, now its harder to kill because it is backed by millions of people and institutions around the globe believing in its value.

They already failed when they used the mainstream media to bad-mouth Bitcoin and the result was not good for them as the people wanted to know more about it after hearing it from them. All they can do now is put some taxes on the holders especially those exchanges located in their countries. Those holders who have lots of Bitcoin in their wallets won't get any damage from government threats unless they move their BTC to the exchanges. As long as it stays on their hard wallet no one will know about it.

clippers

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For me, I do not believe that all governments could have ability to stop bitcoin, especially the US. In my opinion, as everyone knows, the United States has issued a lot of U.S. dollars to the market in the past year. If there are no cryptocurrency market or stock market to absorb these funds, it will inevitably lead to inflation. For the cryptocurrency market, usdt is the only legal currency in the market, and these dollars invested in the cryptocurrency field will eventually flow back to the United States. This is a quite good business for the U.S. government, so the U.S. government will not ban cryptocurrencies. And for other countrys like China, issuing own country's digital currency, such as the digital RMB, which allows residents living in this country to conduct digital currency transactions without the use of U.S. dollars. It is beneficial to prevent the outflow of funds. Based on this two opinons, I also could conclud that all governments together can't stop bitcoin.

coolcoinz

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Quote from: BrewMaster on March 13, 2021, 12:42:57 PM

when was the last time you saw even two governments in the world come together in the entire human history? near 200 of them will never come together ever. even during world war they only made alliances that didn't go any further than everyone thinking about their own benfits.
bitcoin in comparison is not a bad thing and many governments have already adopted it.

There were such cases, for instance at times of war. If you want peace-time examples, you can look at the THC ban. It was banned in the US first, but most European countries followed the example and also banned it in the 90s. It's possible for a few governments to cooperate, but to make the whole planet cooperate we'd need an alien invasion.

Alberts_Lob

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Bitcoin is an unstoppable force for good imo

ecnalubma

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Governments all over the world won’t unite just to ban Bitcoin, they have different understanding about it. If they had plan to kill it they should’ve planned it earlier, now its harder to kill because it is backed by millions of people and institutions around the globe believing in its value.

LogitechMouse

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First of all, governments didn't create Bitcoin so how they can shut down it??
Second, I don't think also that there will be governments that will make an alliance just to shut down it.

The only way to shut down Bitcoin right now is to just shut off the internet which is impossible to happen so in short, Bitcoin can't stop by those governments. They can ban it in their country but there will be some governments who will either support it or will not make a move at all. One thing more is that more and more people are using it. Many establishments are accepting it already.

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Quote from: DoublerHunter on March 14, 2021, 02:52:36 PM

^[snip]
Even if the internet will shut down, you can still able to transact BTC using radio wave transmission, through the air.
https://news.bitcoin.com/no-internet-no-problem-how-to-send-bitcoin-by-amateur-radio/

Well, I never know this, --good to know this information you have shared.
I thought that bitcoin will only work on the internet and I read before here in the forum that bitcoin could still process without the internet connection through the use of a third-party SMS wallet provider, but I doubt at the end, it needs an internet connection of course. Thinking about how the transaction unknowledge by the mempool network and now, this amateur radio, it is indeed good and it is unstoppable for sure.

ReiMomo

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OP's conclusion is absolutely right, no one can stop bitcoin and it's impossible to shut down the decentralized network that has on bitcoin.
There are too many countries that tried to ban bitcoin but they have failed because they think that bitcoin is a threat to their financial system and they forced to implement such banning in any crypto-related currencies.

But now, look at the bitcoin price, it is still climbing up even though this year we have heard different negative news towards bitcoin, like banning but still people adopting bitcoin despite that issues.

bandungan

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Quote from: Gozie51 on March 13, 2021, 12:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

I don't think about it if governments will unite around the world and stop bitcoin. I just thought it looked like the government would join in and come up with new rules that don't make sense in the future. So maybe this should be avoided and should be watched out for, because government regulations are definitely not good and are detrimental to bitcoin users.

mindrust

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They don't need to stop crypto itself. All they need to do is shutting down the FIAT gates. That will almost kill crypto instantly. No, not the network that will die... They will kill its value. You will still be able to send and receive your coins but what good is it if the value becomes too low and cannot buy anything?

7788bitcoin

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Since everyone had their opinions on both directions, we cannot expect any government to stop the entire network altogether, if US tries to stop the network then expect countries like Russia, Iran and even North Korea will allow a free ride for everything cryptocurrency related and they can even provide the space for miners and it is impossible to force any country to shut that down unless they start a war because they allow bitcoin mining Cheesy

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We are a decade strong and even if any country wants to restrict or ban it is impossible.

khaled0111

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Technically, it's almost impossible to shut down bitcoin because it's a decentralised network. Practically, anyone can run a full node or mine bitcoin in his basement and no one would notice it.
But then, would bitcoin have any value! On what would you spend your bitcoins if not any regulated service would accept it? It will simply become worthless. Hopefully, this wilk never happen.

eaLiTy

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Quote from: Gozie51 on March 13, 2021, 12:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

If you have heard about Liberty Reserve it was a centralized digital currency and 17 countries came together and shut their operations and during that period of time even i though it was impossible to have a coordinated effort from multiple countries to stop them but i was wrong. In the case of BTCitcoin we know that the government can identify major mining farms and if they can force them to shut then they can disrupt the network and if these major mining farms are shut i have no idea how decentralized we are.

Since you asked whether it is possible, anything is possible if majority of the government thinks that the market is a threat to their monopoly of centralized currency.

DoublerHunter

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Quote from: Wawa2013 on March 13, 2021, 09:22:19 PM

Countries with strong economies like China and America alone cannot stop Bitcoin, this is an indication that there is probably no country that can
stop Bitcoin. Moreover, even a country that has banned Bitcoin cannot ensure that its citizens do not use Bitcoin. As long as there is an internet
connection Bitcoin will always be there. The only way to stop Bitcoin is to shut down the internet all over the world, but it is impossible for that
to happen. Because the internet has become a basic human need right now.

^ And followed by Nigeria and even in India. They keep trying to manipulate cryptocurrencies especially BTC but they always failed on how many attempts.
The decentralized feature of BTC was made this digital currency becomes strong and even government can not stop this even banning is not a solution that their netizen will stop using BTC, they can still able use it through hardware wallet and use exchange like P2P and decentralized exchange.
Even if the internet will shut down, you can still able to transact BTC using radio wave transmission, through the air.
https://news.bitcoin.com/no-internet-no-problem-how-to-send-bitcoin-by-amateur-radio/

CryptocurencyKing

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The minds of people are different and very a lot hence, the possibility of people having a United mind of not using cryptos again is going to be very impossible. Even if there were to be some reason as to why people shouldn't be using cryptos, a new bread of crypto enthusiasts will emerge and as such, people will resume the use of cryptos.

The crypto market can't be stopped. It would have been possible should crypto be bounded to a nation or territory but its obviously not and even though the government were to be united on eradicating or banning crypto, its still not going to happen.

Fatunad

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Quote from: Gozie51 on March 13, 2021, 12:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

If they do able to do so then they have it done already earlier which it wont able to make this big as of this moment but even though that bitcoin is uncontrollable or cant be stopped
but government could still really make out steps or regulations that would really be resulting into hardship on dealing with it, not only just limiting to Bitcoin alone but
in other altcoins in the market as well.It cant able to stop bitcoin or getting rid of it thats why we do see lots of banning and prohibitions but still
we are progressing in terms of adoption and recognition.

Iranus

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Now there is no time for wasting their time to stop Bitcoin, Already china government tried multiple times to ban and stop Crypto in their country but they are failed. Indian Govt also tried to prevent their people from crypto related business but they can't. Recently South Africa/Nigerian Govt and Bank attempt to ban Cryptocurrency but people showed them the Premium Price of Bitcoin, and they sold Bitcoin at premium price. So now it is time to accept decentralized system cause everyone is wanting it, If government will attempt to go against their people however the outcome will not be good.

Asuspawer09

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Quote from: Gozie51 on March 13, 2021, 12:22:16 PM

I get to be thinking what about all the government of the world unite and decide to stop bitcoin and cryptocurrency ? Grin

I have wondered if this is possible to happen despite bitcoin being decentralized. Within me, I don't think that is no more possible because bitcoin is now unstoppable. Just like water is to the fish, bitcoin is the light of the earth.

What do you say yourself ?

Kinda true and I agree with that I don't think they can stop bitcoin at all even though every government united to stop it, just because it is decentralized unless if the community will be the one to stop.

The only way that bitcoin will stop if no one uses it anymore in the community, being decentralized even though bitcoin is banned in some country we can tell that they are people that could easily bypass that in that country.

But it just a matter of how things could turn out, they could control the bitcoin if they try to invest in it as well, banning bitcoin in every country could surely limit the transactions.

kryptqnick

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I thought that op would offer some arguments and analysis of the effects of global effort against Bitcoin instead of just assuming that the govs can't stop it. A conclusion can only be formed when there was some prior reasoning, I believe, and I don't see it here.
My thought on the matter is that Bitcoin would continue to exist in such a scenario, but the price would be extremely low, and the amount of users would also plummet. So Bitcoin would become a very underground kind of thing that is used only by small groups of people who are willing to go against the laws out of need or out of protest.

cheezcarls

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Indeed! They can only regulate it somehow if we choose to store it in centralized wallets or exchanges that we don’t have the custody of these assets. However, if we store it on decentralized wallets like Ledger, Trust Wallet, etc., there’s no way they can stop it. Like in India, the government has proposed a ban on cryptocurrencies and anyone who is currently buying or holding them will be imprisoned for 10 years. However, they have a change of heart in which they are working on to regulate them instead.

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