What if Government bans Bitcoins? - page 33.

speedy1987

sr. member

Activity: 462

Merit: 250

Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

Government can't even block the new movie releasing websites so it's not at all possible to block all of the crypto website. Already many countries ban Bitcoin, even though many of the using cryptocurrency from their countries. So it's hard to vanish cryptocurrencies.

joshua0502

newbie

Activity: 93

Merit: 0

I think it would be a big affect for us. Although bitcoin is not the only coin here on crypto but it has the highest potential price market value among the coins. And there will be a big problem coming through the investors who is only coins and their primary is bitcoin. They gave and spent their time just focusing and investing on bitcoin just to have a good profit into the future. And I think the reason they want to ban bitcoin is there is a lot of people who is much more likely to use bitcoin than there own government currency and they're government felt like it will be a big problem for them because a digital money is winning against there own government currency. Another thing is the crypto is a decentralized economy that is why it would be a big factor that the drug dealers and smugglers or etc... is using bitcoin for their transaction due to its lack of security.

seneido

newbie

Activity: 33

Merit: 0

The government doesn't technically have control over it, because it is decentralized. I believe in America, due to legal reason and people using bitcoin to evade tax, they are installing or trying to install ways to crack down on digital currencies. I'm pretty sure it's already there for them to use. If the government has a legit reason to ban bitcoin they will and they might find ways to stop you from using it even if it is decentralized. The government can reduce or restrict the usage but they can't ban it.

dylanarora789

newbie

Activity: 490

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Bitcoin is a decentralized currency mean no one can control over it. Government do not have any control over bitcoin, If they stop accepting
bitcoin then people will find out other alternatives, Like in India GOVT banned bitcoin than peoples had leaved local exchange and start using international exchanges for trading.

Tomborneque_1102

newbie

Activity: 154

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If my Country banned Bitcoin for no reasons, that will be questionable. However, we still need to obey the law if it really happens. But for some Countries, Bitcoin is already banned. I can say that I'm still lucky because I'm living in a Country that allows and promoting Bitcoin.

riskarcher

full member

Activity: 672

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Quote from: Ahmed4200 on July 30, 2018, 12:56:52 PM

Some countries in the world are constantly banning Bitcoin. Because, according to them, Bitcoin will create economic unrest in those countries such as money laundering, corruption, black money, criminal activity etc., and pollute the country's economy. So banned in these countries.

that's why anything related to ICO investments or blockchain systems can not participate in them because there is already a legality of transactions in bitcoin law in every country that tires bitcoin

Ahmed4200

newbie

Activity: 112

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Some countries in the world are constantly banning Bitcoin. Because, according to them, Bitcoin will create economic unrest in those countries such as money laundering, corruption, black money, criminal activity etc., and pollute the country's economy. So banned in these countries.

maloibtc

member

Activity: 322

Merit: 10

I don't think that this will happen in the nearest future and to my mind, this is not the best way to do from the side of the government, which should understand the pros of the btc and its use

LigwagGanern

member

Activity: 307

Merit: 10

Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

When governments bans bitcoin many people will affect to that, they will think a solutiom on how they keeo their bitcoin to the government. Bitcoin is the most popular crypto currency for now because of its price. And many people believe the power of bitcoin and the things that can do with it. We are hoping that someday government will accept bitcoin.

DewiKirana

full member

Activity: 378

Merit: 102

If the government bans bitcoin it will definitely have an impact on bitcoin prices, and if the government blocks all bitcoin trading sites this will be very detrimental to investors and traders. But until now the government is still difficult to block the existing bitcoin circulation.

delarossa

member

Activity: 392

Merit: 12

MINTER

I think if the government banned bitcoin it means bitcoin prices will certainly decrease due to reduced activity involving bitcoin. It may also be that investors will find it hard to invest in bitcoins because access to bitcoin management is hindered by government regulations.

icreative998

newbie

Activity: 79

Merit: 0

Quote from: rolls89 on March 08, 2018, 01:07:53 PM

Looking at the decentralized nature of crypto-currencies,Wonder if govt bans Bitcoins in future??Is it possible let's say by blocking all sites which relate to Bitcoin wallets/payments etc over the internet.In that case what would happen to our existing coins held in those wallets??

in my country The government has not banned bitcoins, but if that happens it's bad. Because I think bitcoin or cryptocurrency has great potential to boost the economy

barsharkol12

newbie

Activity: 197

Merit: 0

unfortunately bitcoin will not be ban here in our country. if that happens i think many investors and especially the market in the crypto currency wil have big loss. and also i heard that in some countries btc is banned because of they use it in an illegal way and other things that can harm their country.

tenebriscaelum

member

Activity: 462

Merit: 11

If government will ban the bitcoins no one will be financially freedom and no one will earn big profit from just posting a reply in this forum. You have to work hard so you will earn big in your work. But in order to earn big you have to work for a long period of time, but if you do not work for a long period of time you will not earn big. Also many people will be poor because of the debts that they have if they did not experience the crypto world. Some people become rich in the crypto. But if you did not experience and know the crypto you will be poor or you will just have many debts.

Voidcrafter

sr. member

Activity: 481

Merit: 250

Bitcoin can not be completely banned. Let in one state, the laws that prevent the development of bitcoin, then in the other necessarily very favorable conditions. If you have money, then you can as a tourist go to another country and solve your issues with bitcoin

[email protected]

newbie

Activity: 37

Merit: 0

ajority of the users who were into bitcoin are self learning. They learn from mistakes as well try to explore more in the cryptocurrency network. Already there were countries around the world where bitcoin is banned. But people who were craze about it find different way to make use of it. So, ban on bitcoin will affect the market growth to some extent

DauntlessGuy

newbie

Activity: 14

Merit: 0

Some people panic about Bitcoin in future, they should not because I feel that the banned countries will soon be legalised once they create the bitcoin infrastructure. It’s too late for governments to shut down the bitcoin.
They can’t ban something they can’t control. It’s too big to be banned, really.

rajkr

newbie

Activity: 224

Merit: 0

Few countries has already banned the crypto currency but main benefit is that it is global currency so i can use it outside my country. Like Thiland has legalized crypto so we can withdraw our money there or we can spend in terms of crypto currency there.

Pettuh4

sr. member

Activity: 812

Merit: 251

Quote from: Jorge158 on July 30, 2018, 05:17:21 AM

It is highly impossible for bitcoin to be banned. The good news is we have some powerful countries like Germany accepting bitcoin and I believe that many other countries will follow suit.

They just don't have the technology or capability to do that yet else they'd have implement it a long time ago. A decentralized cryptocurrency like bitcoin is a hard nut to crack since the network is hosted everywhere they cannot just target one server or computer and succeed in taking it down.

pendong101

newbie

Activity: 117

Merit: 0

Some already banned it and some already approved it, but banning it won't stop you from trading or gaining more you'll just get limited options about it like buying merchant or trading it in local currency

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