Topic: If bitcoin gets banned in a country, does altcoins get banned along with it? - page 3. (Read 399 times)

I think most countries' laws will address crypto as a whole rather than bitcoin specifically... so the answer is probably yes.

I think yes, They are all type of cryptocurrency and they all have the same functionality. Because cryptocurrencies are decentralized and anonymous, the government does not have the power to control them and they can use by some people to criminal activities or tax  evasion and that is one reason bitcoin banned by  government

I believe yes because the government does not emphasis that is only bitcoin which is banned they might be focusing much to bitcoin since it is the most popular crypto currency but when a certain implement banned of crypto exchanges they are referring to all cryptos not only bitcoin alone besides of bitcoin is banned I don't think people will ever continue working for other alts knowing the fact that the most expensive one is prohibited in their countries.

Yes when Bitcoin is banned in any country all altcoin will be affected. All altcoins took after Bitcoin and what affect bitcoins affect altcoins.

It depends on the law and what Government is actually banning, if it is crypto currency and it is interpreting what they mean by it, then yes altcoins can also get banned. On the other hand it could be just bitcoin and then you have nothing to worry about.

Yes , sure!  This because country ban is a cryptocurrency ban not only Bitcoin ban .

It's true that banning something in country doesn't really mean that the entire country will stop using it but a majority of the law abiding citizens will move out of it. I am not sure that China has already banned bitcoin, but if they do it, I expect a drop of around 60% of chinese bitcoin users. There are people who wants to play and stay safe, especially the employed mass of the country. They will not want to use bitcoin after the ban because if they are caught by the regulatory agencies for doing something illegal and produced in the court of law, they will not be able to join a private job and their whole career will be doomed. So if China ban bitcoin and any other crypto currency, they will be first to move out of crypto market by selling their holdings.

[
ICO is a different story all together. It's controversial and I support a strong regulation around it. In my experience of few years in the crypto market, I have come across a lot of ICOs that have ran away with investor's money or never came back with the promised product in the market. We are still having such ICOs where the website is not operating after the crowd funding phase and no value in the market for the same reason.

EtherGreen is one of the examples. I have around 4k Green token but since the website is not operating and support is not replying, the coin doesn't have value in the market and no one wants to buy it. Think about those investors those who have believed in their ideas and invested heavily in it. So a strong regulation is needed in ICO space, otherwise ICO will just become another hyip market. So here I support the decision taken by China.


Bang on! I don't expect any country to release their own crypto currency, but even if they do, it will be strictly centralized and it will make the monitoring easy for the regulatory agencies. So even if my country release any such thing, I will be least interested as it doesn't not serve the purpose of crypto currency at the first place.

Maybe you get point there but its hard to control everything online, I am aware that few websites are blocked and people have to use VPN to access particular websites and all. This is one example how certain countries have control over the people and when you think of it, country is just an imagination in our minds but we all follow its principles because we feel safe with it. China is big market for crypto world and I personally wouldn't like it to go away. They could "ban" it but still it doesn't stop people from using it, I am not sure about their laws there. Thankfully I don't live in China to have these problems :X

I am not sure, maybe ICOs could be banned due to their own rules then
 "The People’s Bank of China halted operations for digital currency trading platforms in Beijing and Shanghai in mid-September over concerns that the unregulated markets could pose major financial risks."

Yeah seems like countries are looking forward to issue their own currencies first time I hear about China, guess I wasn't paying attention, it looks like those will be ripple-alike currencies where mining and all is centralized.

Thanks for this article!

I tend to think of it as creeping normalcy. Of course there are ICOs out there that scams investors but the ban was a blanket ban. Meaning people are stuck with only existing alts. How it was beneficial differ on who you talk to. For example they are claiming it prevented a bubble, etc. http://www.scmp.com/news/china/economy/article/2122691/beijings-bitcoin-ban-helped-china-dodge-scary-cryptocurrency

There are rumors that the ban may be lifted this year. Whether that happens or not, remember China have it's own pet project crypto and that will affect how they treat alts and bitcoin.

Most of the time that is exactly what happens, When they ban Bitcoins, other cryptocurrency are all involved but because Bitcoin is the pioneer in that field they mention it's name rather except when the government has an ulterior motive behind.

Altcoins are branches of bitcoin. Thought both of the are crypto currencies it turns out that they are still after to bitcoin's legend of being a currency. Since bitcoin is the known crypto currency or our so called digital currency, what ever against this crypto currency could basically be against also to its branches, alternative coins. It is not the bitcoin really being banned but the crypto currency itself.

I don't think that other crypto currencies will be banned too since there are only few people who accept other digital currencies besides bitcoin. As far as I know there are some countries who said they will be banning crypto currencies and ICOs on their country but they can still use it online.

Chances are high that if Bitcoin will be banned on a certain country, same thing will happen to Altcoin. They are banning cryotocurrency in general based on their personal reasons. Gladly, there are only few countries wmthat banned cryptocurrencies and there are countries that find it benifitial to their people. Hoping that Bitcoin and ither cryptos will be legal in most of the countries in the future.

The altcoin is based on the development of bitcoin. If the bitcoin is banned, then the altcoin will be blocked, there is no reason that only banned bitcoin for circulation of the altcoin. That's impossible. For example, just forbidding bitcoins for the circulation of altcoin, the price of the altcoin will probably increase very high. I keep a few altcoin. If prices increase I am very excited.

Countries do not ban Bitcoin, they ban cryptocurrencies, so using any coin will be forbidden.
Luckily, few are the countries that took such decision, besides it is always possible to use a foreign account where Bitcoin is not banned.

Every other currency is based on bitcoin. The structures of altcoins are made similar with foundation of BTC. Their consumer approach may vary but the bottomline is - they're BTC based. If a country wants BITCOIN to be banned. It will be necessary for them to ban any other cryptocurrency too. Mainly, government doesn't like the decentralization of BTC. But this is a main feature of any digital currency. That's why banning bitcoin would mean banning other crypto. Just like a chain reaction.

Our country does consider it as a cypto currency and do not consider bitcoin as alone. So at present the committee report is awaited and soon in coming time things will get clear and if they frame laws to regulate it will be for all cypto currency and if they decide to ban than all cypto currency will get banned.

the possibility of bitcoin is not prohibited but there will be regulation must pay taxes. especially if many become bitcoin users.

Of course, bitcoin is the main one of all altcoin. bitcoin and altcoin are both crypto currencies. plus altcoin is more risky than bitcoin which must have a very unstable price.

To prohibit crypto currencies is a great folly of government officials. For one stupidity always follows another.
For me, it will not be a surprise if the ban is imposed on bitcoin, and the altcoyins will be left out of account .. officials-they are like that !!!