Topic: Is it possible for a country to block bitcoins (or even the whole cryptos) - page 6. (Read 2761 times)
July 30, 2017, 11:54:18 AM
Yes, it is possible. Bitcoin is illegal in Ecuador, Bolivia, Bangladesh, Saudi Arabia, Kyrgyzstan and if I were living in those countries I wouldn't dare to use it because they have severe laws so that would be very risky to violate those laws.
July 30, 2017, 11:43:29 AM
Just like the title says, is it possible to block crypto currencies if the government decides to?
They could enforce the ISP to block online payments made or something like that, is it possible?
No I don't think it is possible what they can do is block few bitcoin web wallets in their country but they can't block whole bitcoin network because it is distributed all over the world and it is hard to get all IP of those bitcoin nodes used by wallets. Also anyone can run their own node/wallet in their PC this will make this process even more tedious. They could enforce the ISP to block online payments made or something like that, is it possible?
Even US government haven't thought about this till now because they know how complex this is.
July 30, 2017, 11:41:49 AM
Yes , I think so. I know about a exchange which was blocked by our country because bitcoin wasn't being monitored by the government then and there were huge cash flow through that exchange to banks .
July 30, 2017, 11:38:51 AM
In my opinion it is not possible in every country to block bitcoin (or even all crypto) but depending on the state within the government that does not want bitcoin to break in their official currency ( bank )
July 30, 2017, 11:22:29 AM
Peep to peer decentralized networks such as bitcoin or other cryptocurrencies are designed to circumvent blockage.
July 30, 2017, 11:15:43 AM
In fact, the most important thing is whether it is possible to declare a coin in the tax. For example in Russia there is no regulation for bitcoin, but you could declare profit of trading bitcoin and pay taxes.
July 30, 2017, 11:00:55 AM
Just like the title says, is it possible to block crypto currencies if the government decides to?
They could enforce the ISP to block online payments made or something like that, is it possible?
They could enforce the ISP to block online payments made or something like that, is it possible?
Nope. It is certainly impossible for government to block cryptocurrency use in the country. Although it can be controlled and censored effectively by putting ban on major exchanges. Now suppose if a government decides to ban porn, does it delete files from your computer or server? Exactly not, it simply ban popular sites. But people easily access them via vpn, proxy, etc.
Similarly in case of cryptocurrencies, these can still easily be send/receive using vpn, proxies, etc but buying/selling would become nearly impossible except face-to-face trade.
July 30, 2017, 10:48:36 AM
Yes it is, and very easily in fact.
All they need to do is block websites related to Bitcoin, such as online wallets (i.e. blockchain.info) and also block exchanges.
This alone would kill any hope of Bitcoin becoming popular in a country as the only people who would go out of their way or risk buying would be hardcore Bitcoin enthusiasts, or criminals looking to use it for illegal purposes. This is one big problem Bitcoin has compared to gold, which cannot be easily controlled by the government.
All they need to do is block websites related to Bitcoin, such as online wallets (i.e. blockchain.info) and also block exchanges.
This alone would kill any hope of Bitcoin becoming popular in a country as the only people who would go out of their way or risk buying would be hardcore Bitcoin enthusiasts, or criminals looking to use it for illegal purposes. This is one big problem Bitcoin has compared to gold, which cannot be easily controlled by the government.
July 30, 2017, 10:43:11 AM
Just like the title says, is it possible to block crypto currencies if the government decides to?
They could enforce the ISP to block online payments made or something like that, is it possible?
They could enforce the ISP to block online payments made or something like that, is it possible?
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