Topic: If governments block Bitcoin, does Bitcoin have no value? - page 4. (Read 565 times)

Regardless of how much power the government may display, no matter how many times it tries to restrict its citizens from using bitcoin, people will always find a way to access it no matter what. The government does not have enough capability to block or completely shut down bitcoin. Also, bitcoin is a decentralized currency which means the government or any other organization does not have power nor control over it. Do not be too afraid of seeing countries banning bitcoin because it wouldn't last long and investors will still find a way on how they can access and earn profit from it.

Bitcoin and indeed cryptocurrency generally are decentralized. I hope you know what it means. It means It has no central control. So the government cannot do anything against it

I think what governments do only made regulation like block access to bitcoin wallet, exchanges, etc. And nothing can disrupt people to use bitcoin freely although must bypass the internet connection to access it. So, bitcoin will still have it's value. As long there are internet still on.

Value is subjective, and is determined by you, not others. It will be valuable (or not) for you, no matter what the gov or anybody else says.

For some people it won't be worth hiding from the State, for others they will value it more because the State is not involved. The result is the price market.

Those who keep their bitcoins considers them more valuable than selling them. Its that simple really, the value of things is clearly explained by the Austrian School of Economy, and this includes bitcoin.

The true holders know exactly why they are holding it, and are not lemmings followers without knowing why, Those won't change their minds overnight for no real reason.

bitcoin cannot be controlled by one person, so it is difficult for the government to stop bitcoin, even to block bitcoin, the new government has succeeded in blocking bitcoin, the government must block all internet, and cannot play on digital, we have to go back to the past, fight using reeds, and cooking using wood.. keep dreaming of blocking bitcoin..

In your World, illegal activity does not alway translate to evil/immoral activity otherwise we would have alots of things that are legal in your World easily qualify as evil/ immoral.
I think we should probably have a balanced forum where the immoral usage of both fiat and crypto can be transparent/fairly highlighted so that we can determine which one qualifies to exist.
A Just and reasonable security agencies would accept currency system that helps them fight crime easily without breaking the laws.


The value of Bitcoin is determined by its tech, ideals, uniqueness, security and usefulness. So as long as it continues to be useful, unique and secure it will remain valuable.  If tyrants join hands to ban humans from fetching water from the streams or using herbs, that won't stop herbs or water from streams from being valuable or used morally by people even though it's Illegal to use them or will it?

I don't believe in the percentage of illegal bitcoin use that the OP mentioned in the thread because it's so inaccurate when there's no evidence from research done. Although bitcoin can also be used for illegal activities, the percentage may not be as large as stated in the OP's post. As currencies, bitcoin and fiat can also be used for things that are against the law and are considered reasonable because bitcoin is accepted as a mean of payment (currency).

Government can't block bitcoin and its network, but they can only force all citizens not to use bitcoin with extreme witness. Do you think the current government is really thinking about doing it with bitcoin? I'm pretty sure the government won't do it as long as they get lots of other benefit like taxes.

In a statist, authoritarian society like you describe where bitcoin is illegal, bitcoin becomes MORE valuable in order to protect oneself and one's assets from these controlling tyrannical totalitarians.   At least it becomes more valuable to people who cherish liberty and the freedom to life one's life freely.

As far as nonsense like "Almost a quarter of bitcoin users , and nearly half of bitcoin transactions, are illegal." I don't believe that is remotely accurate.   Illegal where?  China?  Australia? Austria?  India? US?  Taiwan?  Hong Kong?  Mexico?  Brazil?  South Sudan?  Korea?  North Korea?  If you meant that half of all bitcoin transactions are illegal somewhere, I would agree, but the rest of the world shouldn't care what China, Cuba, North Korea or other totalitarian country thinks.  

So, yes, bitcoin, encryption (non-backdoored) and crypto will be even more important if countries turn towards a repressive, confiscatory, autocratic regimes.  Let's hope they don't go down this illiberal path, but with the rise of the authoritarian socialists/fascists in the US nothing is certain.  If the entire world adopts these despotic, oppressive rules like you describe, bitcoin will be a haven for the black market, free thinking individuals until liberty returns to the world.

Where is the 46% and what is the source of it, the fact that BTC is embargoed by governments or countries is a lot, but BTC is still going strong, so what does that prove? There is only one thing I can say that BTC is a very valuable asset and people aspire to have it.

Could you please provide sources for this information?
From what I read about the percentage of illegal operations in the cryptocurrency market and the fiat market, it is almost the same.
Using the argument that Bitcoin is mainly used for illegal transactions to ban it, is a very big manipulation.

They made Bitcoin transactions illegal but no one has tried banning it on a large scale, AFAIK. China never used its GFW to ban Bitcoin connections. It's perfectly simple to start blocking them, but circumventing them is quite easy too. Just make sure you can use Tor and run your node through it.


Well, nobody knows whether it is overstated or understated. I think I saw it from a report which collected data from the various known crime and that is what they concluded. There is simply no way to tell how accurate it is. I'd argue criminals would prefer using privacy coin for something like this, unless its a ransomware, most uses Bitcoin.

Bitcoin will still have value, even if the government block bitcoin. But if only one government block bitcoin while the other government still allows people to use bitcoin, that will not have a big effect. But the important is as long as the internet still exists and people can use the internet and use bitcoin, bitcoin will have value.

Maybe the illegal activities using bitcoin have been exposed too big than the good activities using bitcoin, so people out there think that bitcoin is only for illegal activities. If they can see that bitcoin is only a tool and will depend on how people use bitcoin, they will not see the bad. Instead, they will use bitcoin for good things.

You are just using random numbers here. No government can ban bitcoin completely, because even if they suspend any local exchanges and block and bitcoin related website, people can buy/sell bitcoins by suing p2p methods and social medias there will be also underground black markets allowing people buy/sell bitcoins without of any problem. So, even if all the governments ban bitcoin, he investors and traders will do their job, only some newbies may do panic sell, this can the worst theory happen to bitcoin. However, this is very much unbelievable to see all the governments suspend their local exchanges in their countries.

This is totally wrong and fake information, and it has been researched and proven that less than 1% of all bitcoin transactions are used for some illegal activities.
To see how laws can be very stupid we can see that once upon a time it was illegal to own gold, it was illegal to cross the street if you had darker skin, plant was illegal, etc.
After watching how FBI cracked Silk Road marketplace I found out that many of those ''illegal activities'' are created by them with their manipulations and lying.

Governments tried to ban Bitcoin but that is not really possible in same way like you can't block torrent or internet, so they decided to add more strict regulations, and they can actually use Bitcoin to track every transaction that makes their job much easier in some cases.
That is why privacy solutions and mixers like Chipmixer are very important, and Bitcoin value can only get bigger in time.

China has already banned Bitcoin and cryptocurrency, as the government prefers Chinese to only deal with the digital yuan. However, there are still so many Chinese who are holding and trading Bitcoin. Yes, it can be difficult to be involved with Bitcoin when your government is a control freak like China, but they know they can never implement the ban unless they will be assigning one police to each person 24/7.

Now, talking about your main point. I think this has been discussed in this forum so many times. And I don't think the figures you are bringing here is still true, as illegal transactions involving Bitcoin dropped dramatically when criminals realized that all transactions are actually recorded in the blockchain and is there for anyone to see. Bitcoin is anonymous but not a private coin...maybe we should learn the big difference.

46% Bitcoin transactions for criminals! where do you get this data from?
and one more thing you should know that the government has no power to block Bitcoin

you can still use the tor network or VPN when the government in your country does stupid things like blocking all crypto exchange sites in your country
Bitcoin will continue to have "value" even when governments around the world reject it

What I believe is, If you have these numbers or whoever is coming up with these numbers if actually are true, should also be able to identify whoever is involved in these illegal Bitcoin transactions. How do you know if or which Bitcoin transactions are Illegal if you don't know who is transacting the transaction? I believe all these are always in a bid to portray Bitcoin Bad and besides, Not all Governments will Block Bitcoin cos we are even beginning to see Bitcoin adoption By Countries.

I don't think so because I am pretty sure that not every government is going to block bitcoin and even if they do so, people will find a way, in my opinion, it will rather have an adverse effect because it becomes illegal but the demand is still there so the prices are going to go up.

Blocking bitcoin, no ways guys and girls!

For starters how do you block something you don't control? But there is an indirect way that could have a negative impact on crypto like electricity and internet regulation, as these two are at the core of it and could have a temporal impact. But crypto (bitcoin) being decentralized counters these effects and prevents the network from breaking down.

There are multiple usages of Bitcoin and people are free to use it. They have rights to be their own banks with Bitcoin, so as you. It is the initiative that Satoshi Nakamoto brought to us.

Source of those figures you used, please.

Governments can not block Bitcoin, can not destroy Bitcoin network that is globally decentralized.

Governments can not steal your bitcoin if you don't give them your private keys. The discussion ends.