Topic: What if Bitcoin mining becomes illegal world wide? - page 4. (Read 3242 times)
I only know that if bitcoin becomes illegal, a lot of people will become poor.
Drugs are illegal world wide, but people produce and use them. If BitCoin mining becomes illegal, people do not stop their mining hardwares. They continue to mine illegally. This situation affects the price of BitCoin, it will drop a bit and BitCoin shifts from world wide money to world wide web money which it was born in world wide web.
Bitcoin will never be illegal world wide, its impossible. But if mistakenly it does, well that will be bad for business for us all bitcoin lovers.. Pray it doesn't come to that.
I have always thought and shares my opinion that one of the risk of Bitcoin is it is being banned by the government of a specific country. But with this idea, given that it is actually possible, then it will just be a big lost to ever Bitcoin holder. But I don't think that this will happen just in one click. If this will happen, it will happen country by country and nation by nation. 
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
When mining ends then bitcoin will end. Who will process the blocks for confirmation, PC's will have a hard time processing those transactions,
This assumption is absolute fantasy. If the government wanted to do this, it happened much, much earlier, still in its infancy. In addition, to prohibit bitcoin, means to ban the Internet on the entire planet. And hardly all countries of the world will come to such a cardinal unified decision.
And it seems to me that the bikoin after such a significant increase in the price, what is all illegal - drugs, illegal weapons, etc. But still, this is fantastic)
And it seems to me that the bikoin after such a significant increase in the price, what is all illegal - drugs, illegal weapons, etc. But still, this is fantastic)
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
Even if mining is banned all over the world, there must be a few guys who mine secretly in their home. The difficulty of the network should go down because of the ban and people can solo mine again. If there's no people brave enough to mine secretly then bitcoin is dead. Lets discuss
If bitcoin mining will become illegal world wide then it is all game over for bitcoin because there is no miners that will mine bitcoin and support the network and that is the time where bitcoin will not be useful anymore because the life of bitcoin is depending on the network called blockchain so if there is no miners will strengthen the network then all of the things that we worked for bitcoin will be pop out like a bubble.
Okay, what if I decide to make Bitcoin legal in my family after it has been made illegal? Lol; we just share it among ourselves. By the way, I don’t it’s possible for all countries to ban Bitcoin cause from what I’m seeing, lots and lots of them are getting interested. No need to mention them.However, bitcoins are being accepted more than rejected nowadays, so no worries. There are going to be legalizing around the globe within next five years.
A lot of things are considered illegal yet many people still support it. If mining is banned or declared illegal, it would still continue albeit in a limited capacity or in the shade. But I can’t see any good reason for any government to label it as illegal, unless of course they charge super high for the transactions and becomes unlawful that the only way to stop it is by illegalizing it.
Bitcoins are not legal worldwide, Governments can't stop people from mining bitcoin and trading it. Also there is actually some countries (Germany, Japan..) legalized Bitcoin already.Will that be an end of bitcoin,I hope it will never happen, because later on the impact will be very harmful and not beneficial for bitcoin..
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
it's hard to tell the outcome of it because the government can't ban bitcoin mining worldwide because there are countries that make bitcoin legal like japan they use it as a payment method now but nothing is impossible it may happen but not now i think. Lets discuss
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
I have not had such a tought of such since I started with crypto currencies. Looking at that, people who earns very much high from mining will do all they can to make it legal, by highering a lawyer to stand for it's legal use in the country. And if the use of bitcoin holds more people as a democratic government, the people will win. Right??
But let's not wait for such a thing to happen.
Then miners would mine illegally. It's not something they will stop doing, when they have so much money invested in it and specialization acquired over so many years.
Also remember, people do much riskier things when there is money to be made.
Also remember, people do much riskier things when there is money to be made.
if bitcoin becomes illegal world wide, i think there is a chance for people to still using bitcoin, maybe they will use in deepweb because in that place, everything is legal (i guess). but for the other, they will not using bitcoin and perhaps they will save their bitcoin only without doing anything and waiting until it gets legal.
Ya if Bitcoin becomes illegal world wide .So that's a time to invest in Bitcoin becomes more the people in the bitcoin . And the value of the bitcoin is increased in that time so maybe they will use in deepweb because in that place, everything is legal if bitcoin mining becomes illegal world wide .
if bitcoin becomes illegal world wide, i think there is a chance for people to still using bitcoin, maybe they will use in deepweb because in that place, everything is legal (i guess). but for the other, they will not using bitcoin and perhaps they will save their bitcoin only without doing anything and waiting until it gets legal.
Ya if Bitcoin becomes illegal world wide .So that's a time to invest in Bitcoin becomes more the people in the bitcoin . And the value of the bitcoin is increased in that time so maybe they will use in deepweb because in that place, everything is legal if bitcoin mining becomes illegal world wide .Hence all the Miners will loss his invested money some how.
if bitcoin becomes illegal world wide, i think there is a chance for people to still using bitcoin, maybe they will use in deepweb because in that place, everything is legal (i guess). but for the other, they will not using bitcoin and perhaps they will save their bitcoin only without doing anything and waiting until it gets legal.
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
First of all, this will never happen. There will always be countries that will not ban bitcoin mining and bitcoin mers can simply relocate to that country. Even if it does happen then people will simply continue mining - no way governments will knock on everyone's door to check whether they are running bitcoin mining equipment or not.
So yeah, there will always be miners even in the worst of circumstances - as long as they've got internet and electricity.
Governments are anti-bitcoin mainly because they see it as a threat to them, as it is decentralized. But i don't think they'll go as far as banning all btc mining or at least yet.
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.
This is only the start of battle and hope it won't get into a matter of losing it all of a sudden.But being illegal, I don't think so. Because more countries are making bitcoin legal and it could be also into mining of course. Maybe it happens become illegal, only to the country that bitcoin isn't established yet.
If the bitcoin banned worldwide, i thinks thats the goodbye because its the end of bitcoin, no one can use it if its already banned. But this is impossoble because bitcoin is now part of the technology.
Yeah no one can use bitcoin when it is banned. But what is the reasons to ban it? I don't see any reasons to ban bitcoin worldwide.bitcoin can help the economy to grow so i think they will not banned bitcoin.
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
In most cases, bitcoin mining is perfectly legal. In a few countries, however, bitcoin mining, as well as the possession and use of bitcoin is illegal. If you live in North America and most of Western Europe, bitcoin mining, as well as possession, is not only legal, but local regulatory frameworks actually provide certain protections and basic oversight. Sometimes, people falsely believe that bitcoin mining is like counterfeiting money, but this simply isn’t true. You’re not creating fake duplicates of a national currency, but instead creating an entirely new currency. By and large bitcoin mining is a perfectly legal activity. Even in a few countries that do regulate the use of bitcoin, such as Iceland, mining bitcoin is still legal. Many countries, including most African countries, have not passed any legislation for or against bitcoin, and have generally remained silent on the issue. It’s important to keep a close eye on these countries, because the regulatory environment could change at the drop of a hat.
Jump to: