Topic: If governments block Bitcoin, does Bitcoin have no value? - page 2. (Read 565 times)
We often hear that if the government bans Bitcoin, will Bitcoin be worth it? We all know that since the creation of Bitcoin, governments of almost every country have tried to ban and control it. Attempts have been made to prevent it from spreading among the people by issuing various prohibitions and notifications. But it did not succeed in its real purpose and its popularity has increased day by day. As a result, governments and organizations in various countries have begun to consider and approve the use of Bitcoin. So it can be said that it is not possible for any government to have complete control over Bitcoin which cannot completely eliminate its use from the people.
he government can't block bit coin, because the government can only order its people not to invest in bitcoin, even though not all countries use digital currency. even elsavador has just made it a legal tender. so in this case the government must review repeat in terms of blocking the digital currency
I do not want to compare bitcoin to anything else, but let me give you an example:
If we look at the history of companies and exchange offices that operate separately from the central bank, they also transfer a large amount of smuggled money.
All you have to do is go to an exchange shop and give them your money (earned in anyways) and receive the same money in your account in another country like Russia.
Is that all we know about Bitcoin and its vast network?
If we look at the history of companies and exchange offices that operate separately from the central bank, they also transfer a large amount of smuggled money.
All you have to do is go to an exchange shop and give them your money (earned in anyways) and receive the same money in your account in another country like Russia.
Is that all we know about Bitcoin and its vast network?
Quote
If governments block Bitcoin, does Bitcoin have no value?
Like other responders, the government(s) can't block bitcoin per se as I see it. The most draconian thing they could do is to make some laws restricting or outright banning exchanges from allowing fiat deposits that can then be exchanged for bitcoin. There will be some regulations of some kind coming down the pike but unlikely that exchanges will be banned in my opinion. 
Bitcoin should not be blocked, even though Bitcoin has transactions that will show who is behind the crime, because transactions made with Bitcoin and recorded by the blockchain cannot be deleted, so transactions can be traced to the root.
Another reason for blocking Bitcoin in some countries is because Bitcoin consumes a lot of resources so it is not environmentally friendly and the value of bitcoin with high volatility is very risky.
But recently Elon also stated that 50% of Bitcoin miners use clean and environmentally friendly energy.
Another reason for blocking Bitcoin in some countries is because Bitcoin consumes a lot of resources so it is not environmentally friendly and the value of bitcoin with high volatility is very risky.
But recently Elon also stated that 50% of Bitcoin miners use clean and environmentally friendly energy.
Let's assume your random figures are accurate and seeing how Bitcoin ease the criminal activities of hoodlums it still can't guarantee the government the power to ban bitcoin since it's policy isn't centralized and has no form of paper documentation. Bitcoin has an image not because it can't exist without one but for the aid in the imagination of it's investors. The government cant ban crypto currency the can only limit the flow within their region.
In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?
Illegal activities on bitcoin is one of the reasons why some countries banned it on their place. Government keeps on regulating it because of the rumors about it such as scams and schemes associated with it (like what people say). I think we can request our government to slightly loosen their grip on crypto as long as it's proven that there's really no fraudulent and criminal activities going on. However, we can't do anything if ever they decide to ban it totally. If ever, we can no longer use bitcoin and our coins will be worthless since we can no longer use them.
I also think they can't just block bitcoin that easily because of the blockchain technology it uses. But certainly not all countries will ban it all at the same time, so users can still use several ways to utilize their accounts if ever such thing will happen.
if government prohibits alcohol will there be no moonshine?..... no.. moonshine sales increase
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever
salute @Franky1 great example to explain why the government cannot totally banned bitcoin and even if they wanted yet people will make way to deal with it.if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever
declare this illegal and it will be more functional.
We can see that bitcoin is one of the best valuable crypto in the cryptocurrency market. It's position is going very prefer than others crypto.But if government block Bitcoin, we believe that our life can not stopping there.Than our own life is going down,so than too difficult to running our personal life.So i trust that government didn't block Bitcoin, if government block Bitcoin we told that bitcoin valu will be decrease.
if government prohibits alcohol will there be no moonshine?..... no.. moonshine sales increase
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever
if the government starts a war on drugs will there be no drugs?.. no.. theres more street dealers than ever
if the government stats making prostitution illegal will there be no whores? .. no.. theres more prostitutes than ever
It will have an opposite effect actually, look at illegal substances and drugs, they are prohibited that's why they have a really high street value and that will be the same for bitcoin, the more that it is prohibited by the government, the more the people want it.
In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?
So who is making up all these statistics? I transferred 1 bitcoin to my brother the other day... what government agency tracked that transaction and then categorized it as legal or illegal? OP's thumb must be bright red from all this thumb sucking numbers and statistics.. right.
Governments does not determine Bitcoin's value, because the value is determined by Supply & Demand. So, government will target the centralized trading platforms and merchants to influence the demand. What will happen when the governments target those centralized platforms..? Well, they go decentralized and they go onto the Dark markets.... and governments do not get their taxes from those transactions.
In Bitcoin-based transactions, about 76 billion US dollars of transactions are involved in illegal activities each year, accounting for about 46% of the total Bitcoin transactions. Almost a quarter of bitcoin users, and nearly half of bitcoin transactions, are illegal. Therefore, from a quantitative point of view, the use of Bitcoin is enough to become the target of attention of governments and international criminal police. If governments block Bitcoin, does Bitcoin have no value?
but will really the government can make this possible? blocking bitcoin cannot be that easy to do as far as how this moves.OP" is too dramatic to write this like a journalist cornering news to sell. we all know bitcoin is not like that, crimes happen everywhere and on anything...!!! a ban in one country won't turn bitcoin into priceless maybe only down for a few months and back
Yeah an obvious creation of something impossible to happen. In my opinion, Bitcoin or cryptocurrencies will not be banned or blocked by all governments. Few governments don't like cryptos but countries like El Salvador will be there.
There are few countries that thought of blocking it but they are now thinking to consider it as an asset rather than a currency.
People also tend to find a way to use Bitcoin even if it is blocked. For example, P2P was a hit when once it was restricted in our country where financial institutions cannot work with exchanges related to crypto.
There are few countries that thought of blocking it but they are now thinking to consider it as an asset rather than a currency.
People also tend to find a way to use Bitcoin even if it is blocked. For example, P2P was a hit when once it was restricted in our country where financial institutions cannot work with exchanges related to crypto.
It is impossible that bitcoin will be banned in every governments in the world but the only possible of banning of bitcoin is in few countries like China and yeah they tried it already. But thinking of the possibility that bitcoin will going to be worthless aftee banning is I guess another impossible thing because bitcoin has a value even before the none countries tried to adopt the crypto market. I mean ceyptomarket arises when bitcoin arises too right. Today, it is hard to tell that bitcoin will be worthless because it is impossible.
#1 Bitcoin is not the only currency used with criminal activity. US dollar bills (cash) and many other currencies were used for criminal activities far before Bitcoin came along. In fact, criminals are still using cash... and the government hasn't made using cash illegal.
It's not only not the only currency, it's probably among the least used actually and this is statistically proven to be less than 1% of illicit transactions by many sources.
Also it's a really bad choice to be used for illegal purposes because you can't remove the money trail. You can hide it or make it difficult to track but can't completely wipe it unlike other money payments.
Putting the numbers aside, I think Bitcoin is hard to be blocked as other countries now has accepted it as either transactional or ok to do transactions with Bitcoin, or as legal tender what like El Salvador did. I mean fiat currency is also being used on illegal activities so I don't want to think that Bitcoin is a bad thing because it is being used in illegal activities. That would be unfair. But going back to your hypothetical question, the answer really is no, we cannot see any possibility that Bitcoin will be block and if ever it will be blocked then rarity or difficulty of access would push its price higher.
Bitcoin is a decentralized digital currency which government has no single authority on it. I think government can't block bitcoin as easy as you think. Other countries already legalized bitcoin while the adoption are keep on growing. Bitcoin was use not just an asset but also as currency that can be a payment method although it's just limited so far. Maybe time will come bitcoin will become more useful more than I thought.
If bitcoin will become legalize in most of the countries and will be adopted soon as a currency, that's the time it will be more useful compared today. But how would adoption take place if most of the governments are planning to block bitcoin?Bitcoin is not a centralized currency so even if the government will block bitcoin, it will never create a huge impact on its value. People will still find ways to store and transact bitcoin in times it is needed. Bitcoin will only be totally block if the internet alone will be shut down but i don't think it will.
Governments have tried to block Bitcoin before, and in fact on numerous occassions China has tried to do it, in various ways. Even India, also tried to ban it altogether.
That's 2 of the biggest countries on earth trying to block Bitcoin.
Did that affect Bitcoin's value?
I would say, somehow it did manage to make a fud but to whales perspective they were just a small fish that's why they easily gets eaten. And everytime Bitcoin soar to a higher level, you would notice that China always has their own way to make the Bitcoin market to plunge even if they already ban it several of times before.That's 2 of the biggest countries on earth trying to block Bitcoin.
Did that affect Bitcoin's value?
I don't know if it's a clear market manipulation or just a coincidence I noticed everytime there's a bull run. Although, the wasn't long term either since we do have Bitcoin enthusiasts who continue to support it everyday so the effects of fud is always temporary it's only for weak hands.
Bitcoin is a decentralized digital currency which government has no single authority on it. I think government can't block bitcoin as easy as you think. Other countries already legalized bitcoin while the adoption are keep on growing. Bitcoin was use not just an asset but also as currency that can be a payment method although it's just limited so far. Maybe time will come bitcoin will become more useful more than I thought.
~~
It's true that crime doesn't only happen in Bitcoin, it can even happen in fiat too. So it is not wise if we blame Bitcoin because there are some
crimes that use Bitcoin. Criminals can use anything to do evil, not necessarily through Bitcoin. Then one country will not be able to make Bitcoin
dead or worthless, so any country banned Bitcoin, will not harm Bitcoin. As long as there are people who use Bitcoin, of course Bitcoin will always live.
Often the media presents hyperbole news that scares the general public. Yet the reality is not like that. Government support regarding legality can certainly increase public confidence, but that does not mean that the bans imposed by some countries can destroy bitcoin, because bitcoin has very good potential. That is why many countries have legalized it.
Jump to: