Topic: What if Bitcoin mining becomes illegal world wide? - page 3. (Read 3250 times)
In order for bitcoin mining to become illegal in the first place, then bitcoin should be illegal, take a look at Venezuela at the moment where the government is cracking down on bitcoin miners just because they thought the use of bitcoins will further devalue their local currency.
I dont think so that governments can make bitcoin mining illegal as bitcoins are decentralised that means it cant be controlled or anyone has power over bitcoins so banning them would be hard or just impossible.But if bitcoin mining is made illegal world wide then bitcoin will die as bitcoin's transactions wont be completed because transactions are completed by the miners.And also that i dont see any reason why would any government ban mining atleast for now.
I have never really thought about that once. But apparently if mining stops, how will transactions be confirmed? Well, it is good the possibility of something like that happening is zero.
You are exactly right, confirming transactions will really a big thing and the possibility for happening is zero reason why what about gold/silver.mining will not be illegal even if it is illegal its not a single mark to find the miners across it is a huge galaxy of bitcoin ocean.
So cheer up with your mining!
Its not that easy, the programming behind the encryption of this cryptocurreny is still in use and adopted by several banks as it is considered the safest mode of trading. Think of it as a new form of bitcoin. Even if the US or other developed countries put a ban on bitcoin mining. it won't be a successful move. New currencies will be created using the source code of bitcoin and the values will be transferred to those new currencies. Bitcoin is like those banned drugs or substances; someone will change an ingredient and BOOM you have a new fresh product. There's simply no way of wining this.
Not a wrong approach the legal status of bitcoin. Bitcoin is not more than encrypted digital programming just like modern banks' digital security codes. There is no reason to ban or make bitcoin illegal if we look from this perspective.
It will be impossible to ban Bitcoin worldwide because it is decentralized an not under anybody's control and miners are also not in one place. If nothing happens to internet nothing will happen to Bitcoins.
Its not that easy, the programming behind the encryption of this cryptocurreny is still in use and adopted by several banks as it is considered the safest mode of trading. Think of it as a new form of bitcoin. Even if the US or other developed countries put a ban on bitcoin mining. it won't be a successful move. New currencies will be created using the source code of bitcoin and the values will be transferred to those new currencies. Bitcoin is like those banned drugs or substances; someone will change an ingredient and BOOM you have a new fresh product. There's simply no way of wining this.
That wouldn't be too bad. The difficulty will go down because large firms would close, however I doubt really that anyone would find out if you have miner in your room. Yeah it would be a risk but for example piracy is illegal today in most of the countries but still if you download a movie its a small chance that they will come after small fish like you.
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
Lets discuss
It seems impossible that all gouvernments working together to ilegalize mining. I do not hope and I beleive this will never happen
I highly doubt that Bitcoin mining will be illegal in every country. In my opinion there will be at least country that will keep Bitcoin legal because... it's money. That's why most countries won't ban it. China probably wanted to check how big influence they have and they managed to make Bitcoin price decline. However, it recovered pretty quickly.
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
Lets discuss
They would have to eliminate every last node; this would require the global cooperation of all governments, basically it would have to get pretty bad lol. The authorities really arent against the mining aspect of the protocol; in fact they rarely legislate against those folk. the only time miners but heads with officials is when they are stealing power or avoiding taxes
notice how China cracked down hard on exchanges, but didnt really address the mining situation, especially given they are the majority of the network.if they want to talk about consumer safety, lets talk about all those janky ass asic farms that used to catch on fire every other week.
If bicoin mining is legal, I think bitcoin will be exploited thoroughly. Payments and transactions are used by btcoin. And this will affect the economy of the government. Because bitcoin is not taxed .. if all bitcoin payments are made, the government will not receive bitcoin taxes. This has led to illegal bitcoin in some countries. The government will prohibit bitcoin mining and this will affect miners for banned countries.
Actually this is the main reason why the people don't believe in Bitcoin investment yet.
If Bitcoin mining becomes illegal we can't confirm anymore the exchanges so it's the end of Bitcoin I think.
If Bitcoin mining becomes illegal we can't confirm anymore the exchanges so it's the end of Bitcoin I think.
So, not all miners are mining bitcoins, there are other good cryptocurrencies which can also mine, ethereum for example. If all cryptocurrencies in the whole world were banned completely, then there would be an Internet disaster, but this should not be fated, because everyone makes profit from it.
This has been illegal from the day of bitcoin into existence. From those day it has been getting circulated as flawless system, and several countries show neutral response for mining and recently in few countries it got banned all because of the illegal usage of power for running the system. Hope in future can expect legalized mining farms around the world.
Will that be an end of bitcoin? If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Lets discuss
I thin that is will not happen. And if it is happen there is also dark web in which illegal things occur such as buying illegla weaponry and drugs. And Darkweb users will use it continuously. Lets discuss
Will that be an end of bitcoin?
No, because I have heard that Satoshi has set up a few nodes and machines already which will still maintain the efficacy of Bitcoins, but obviously not at a worldwide level (means when it goes mainstream).
Quote
If all mining operations becomes illegal all over the world. Why authorities are against bitcoin mining?
Authorities are against it because it is somehow harming the ecosystem by using a lot of electricity and power to mine Bitcoins. They fear to lose it all over the mining equipment when in some areas of few countries, they are not even able to get electricity for an hour properly.
from the first mining is illegal because it does not have official permission, but why is still running, because of course no one is in disadvantage and the government is also difficult to track it.
I don't think that the ban of mining is in the hand of government . Even if the government of a country tries to ban mining there will still be many ways for the miners to keep mining silently . Mining is never going to stop . It is totally associated with internet . Internet is the key requirement for mining and for banning or declaring mining of bitcoin as illegal the government cannot stop the use of internet . Moreover this action can give a head start to many more illegal ways to do mining .
To be honest, mining really wastes a lot of electricity.But this should not be defined as a crime!I think I bought electricity, and I can apply it to any place I want without hurting anyone else.
I think people will still be in Bitcoin and work in the dark because there are so many drugs, weeds and cocaine that can be overcome and they are cheaply sold in the market. If Bitcoin becomes illegitimate, many will be unemployed and many will become impoverished because they are unemployed and lose money from bitcoins.
Jump to: