Topic: What if Bitcoin mining becomes illegal world wide? - page 7. (Read 3250 times)
Can governments actually ban Bitcoin? Well, if the government banned bitcoin, which I find extremely unlikely, they wouldn't do so by banning bitcoin. They would pass a law banning anything that had the properties of bitcoin. For instance, any peer to peer system of value transfer.
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
Making bitcoin illegal is just going to make the prices rise in little time, since there is little or no miner left Lets discuss
to confirm transactions on the network, then the miners left can hype their transaction fees to make much.
It think that not much would happen at first. The price would fall, yes. But just because something is declared to be illegal, it does not mean people don't do it anymore.
Miners have their mining hardware, that hardware can't be used for anything else.
They would keep on mining until somebody pulls the plug that provides them with electricity.
Then bitcoin would have the real problem because no new blogs would be mined, no transactions could be made.
That would be kind of the end then.
Of course that is never going to happen!!
It is impossible to ban such expensive coin which gives new way to trade and the whole world will know about the importance of bitcoin so there would be no chance of ban BTC. It has more advantages in investing in any of other business so without doubt we should invest in the bitcoin and enjoy the benefit and profits of this long lasting business. Miners have their mining hardware, that hardware can't be used for anything else.
They would keep on mining until somebody pulls the plug that provides them with electricity.
Then bitcoin would have the real problem because no new blogs would be mined, no transactions could be made.
That would be kind of the end then.
Of course that is never going to happen!!
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
Making bitcoin illegal is just going to make the prices rise in little time, since there is little or no miner left Lets discuss
to confirm transactions on the network, then the miners left can hype their transaction fees to make much.
I do not think that bitcoin will be banned all over the world, because it is a very convenient currency that improves the lives of many people. Those countries that prohibit simply do not yet understand all the advantages of crypto currency.
I also think that how it is possible that a currency be blocked and illegal throughout the world. And who should do it. It will need a strong reason to illegalize bitcoin worldwide, because I don’t think that there is any problem with bitcoin besides people are warm welcoming bitcoin and are widely invested in it. And if it is done so that it will become illegal then may the people will never trust any crypto currency. 
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 don't think authorities are against bitcoin mining and the illegality of it will be baseless. They are just the ones who process the transactions. And if mining will be illegalized, btc transactions can still be created. Actually, it's not the legality we should be worrying about since it will unlikely happen drastically. The question should be what will happen when mining became unprofitable anymore and miners lose their interest in it.
Just create new nation and accept bitcoin mining. ez. nothing can ban on worldwide even heroin
It think that not much would happen at first. The price would fall, yes. But just because something is declared to be illegal, it does not mean people don't do it anymore.
Miners have their mining hardware, that hardware can't be used for anything else.
They would keep on mining until somebody pulls the plug that provides them with electricity.
Then bitcoin would have the real problem because no new blogs would be mined, no transactions could be made.
That would be kind of the end then.
Of course that is never going to happen!!
Miners have their mining hardware, that hardware can't be used for anything else.
They would keep on mining until somebody pulls the plug that provides them with electricity.
Then bitcoin would have the real problem because no new blogs would be mined, no transactions could be made.
That would be kind of the end then.
Of course that is never going to happen!!
That's extremely unlikely however if it were to happen and bitcoin mining was impossible then bitcoin could just switch to another protocol.
There will be no problem in the demand of the bitcoins, there will be massive correction and price will be down for some time. But bitcoins have their own users, who wants to use decentralized currency and they will continue to do so. People will continue to hold and invest into the bitcoins via dark web.
full member
Activity: 182
Merit: 100
They say a thin line separates genius and madness.
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
If that happens the price of bitcoin will be very high due to the law of supply and demand in my opinion.Lets discuss
but making it illegal may result in people losing interest in it thus lowering the price. It really depends on what is the reaction of the people if mining becomes illegal.
I don't think that all countries of the world would declare bitcoin mining illegal at the same time.We could see that china has banned bitcoin exchanges now.But at the same time,we could see that other south asian countries like japan has legalized bitcoin and south korea,vietnam are soon to legalize bitcoin.So,even if one country bans bitcoin mining,bitcoin mining would be continuously done in mining farms located in other parts of the world.So,there would be no difficulty in confirming transactions and it would not be an issue at all.
If mining becomes illegal? On what basis? I don't think that will ever happen, but if i'm wrong, it would be the end 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
Lets discuss
I guess if that happened, it would be the end of bitcoin. Of course that it's also illegal to download movies, games, etc, if you don't have a license for them, and many other "internet activities", and that doesn't really stop people from doing it. The problem is, that if mining becomes illegal, then it wont attract investors, and it would probably be impossible to exchange them for fiat, so I don't see why anyone would keep or mine them.
I understand that governments don't really like them, because trey represent a decentralized and anonymous way of storing value, so it's hard form them to force people to pay taxes, and as it gets more popular, you will continue to see people changing fiat for BTC, and governments and banks will lose power.
Anyway, I don't really see why mining would become illegal. I think if it gets well regulated, it will find its way to be good enough for governments to tolerate them. Also there is already to much money invested in BTC, that don't come from the common user, and normally those guys have a big influence on government decision, so I don't think that BTC will ever become illegal.
if it does happen then it will make market share bitcoin and altcoin become chaotic and people will experience panic because then bitcoin may be forbidden to use. but if you look at the current state I'm not sure this can happen, because bitcoin has such great power and begins to be part of the world's financial system. if bitcoin can be received freely then doing mining is also allowed / legal.
Since, the question says illegal and not impossible, so I would assume in this hypothetical scenario that it's still happening but illegally. In that case, I guess the community will increase transaction cost to cover for mining cost and it will no longer be cheaper to transact. The price will go down since less people will be willing to transact in it.
If mining becomes illegal, hmm will probably find another way , PoW is not the only choice. No all cryptocurrencies need mining, Ripple does not need for ex.. In case we have such problem a solution will come up 100%
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 don't really understand why this would happen. There is no real reason why all governments would go against mining. Even if it does happens, in theory, Bitcoin will essentially end. This is because mining actually validates every block and every transaction in the blockchain. If it stops, essentially BTC transactions would end up in a stagnant state, essentially stopping BTC to a standstill.
Well, in case all the governments in this world can be united in just one issue and that is making Bitcoin mining as illegal then it can get hard for Bitcoin since we need miners to confirm all the transactions made with Bitcoin. But would that really be possible? Can they really unite just for that issue? I think that is a very silly question.
Of course, that would be clearly impossible. However, in case something will really happen sort of a miracle that governments can get united then we can find other ways to do Bitcoin mining...and am sure there can really be good alternatives.
I guess it is really about time that we took some rest about this issue because this is not really deepening the discourse and this is already becoming like a childish topic.
Of course, that would be clearly impossible. However, in case something will really happen sort of a miracle that governments can get united then we can find other ways to do Bitcoin mining...and am sure there can really be good alternatives.
I guess it is really about time that we took some rest about this issue because this is not really deepening the discourse and this is already becoming like a childish topic.
This is a nice question, if bitcoin mining becomes illegal in yhe world today, who would illegalize it? What sanctions are they preparing to impose on chine, russia, japan and all others that are mining today? The only thing i see here, is that there will be deficit or lack of supply of bitcoins, and since that mining is the only thing that is illegal and bitcoin itself is not, the value of bitcoin will again shoot up, just by having a fraction of bitcoin could easily give you a fottune then. Hopefully this will not happen, bitcoi. Can still give us morr brnefits in the future, we all kniw that though bitcoin is volatile, in tends to go sideways at some point, giving us an average on hiw much bitcoin is being valued after it rallied from time to time.
Jump to: