Topic: What if Government bans Bitcoins? - page 35. (Read 6099 times)
Many countries prohibit Bitcoin. It is directed, first of all, to bring down the price on cryptocurrency and from that it has ceased to make profit, the society itself has overlooked bitcoins. But it's really nonsense, they just see the opponent's bitcoins as their billions.
It is almost impossible for the governments, as long as people support Bitcoin and believe in it.
Banning bitcoin by the government does not stop people from using it because its decentralized and will never be easy for the government to have control over it.
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??
You know what, we should not trouble ourselves with stuff that is almost impossible to happen. Everything may be possible and we should be open about it but it is very obvious to us, according to the developments of today, which ones are probably going to happen and which ones are not. And looking at how Bitcoin is gaining support from governments, there is no point worrying about your concern.
In some countries, the government banned the bitcoin, but many countries find bitcoin as an interesting opportunity for people and a great help in the economy.
Government doesn't allow bitcoin in their country.Its possible for the government to ban bitcoins. As of now some of the countries are banned by using bitcoin. Because I think bitcoin has helped a lot to meet the economic needs of life in here.
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??
If many countries prohibit Bitcoin activity in the country, it will not affect the amount of Bitcoin you have, but with the prohibition of some countries that will happen is the decline in prices. If very few people use cryptocurrency as a result of the ban, then Bitcoin will not be very valuable. That means your bitcoin amount is safe but you have lost money from the bitcoin price drop. Hopefully it will never happen.
If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how exactly it will enforce such a ban. It is impossible for a government to seize your Bitcoins, unless you decide to handover your private keys. However, the majority of citizens and institutions like to stay on the right side of the law. So the demand for Bitcoin would plummet if the government decided to ban it. All exchanges in that country would also be shuttered and buying/selling Bitcoin would be difficult and risky. This would suffocate Bitcoin in that country and the government’s objectives might be achieved.
Bitcoin has been around the fringes of financial markets for less than a decade, but is slowly gaining prominence as an alternative asset class. Can the government of any major country step in and do the unthinkable – ban Bitcoin?
Flashback – Holding Gold Bullion is a Crime
Those who think that no government (except those run by tinpot dictators) would take the extreme step of banning Bitcoin need a lesson in history. There was a time when holding gold bullion was a crime in America, punishable by a sentence of up to ten years in prison. In 1933, American President Franklin D Roosevelt issued an order requiring all Americans to hand over their gold holdings to the Federal Reserve Bank. The ban on owning gold remained in place for more than four decades, before President Ford legalized gold ownership. This move was made easy by the fact that America had abandoned the gold standard a short while prior and hence had no need to own vast quantities of gold to back up the amount of currency it printed.
Flashback – Holding Gold Bullion is a Crime
Those who think that no government (except those run by tinpot dictators) would take the extreme step of banning Bitcoin need a lesson in history. There was a time when holding gold bullion was a crime in America, punishable by a sentence of up to ten years in prison. In 1933, American President Franklin D Roosevelt issued an order requiring all Americans to hand over their gold holdings to the Federal Reserve Bank. The ban on owning gold remained in place for more than four decades, before President Ford legalized gold ownership. This move was made easy by the fact that America had abandoned the gold standard a short while prior and hence had no need to own vast quantities of gold to back up the amount of currency it printed.
The G20 meeting on the interaction of states with crypto-currencies is scheduled for October 2018. A final decision will be made there.
think there is no possibility that administrations would boycott bitcoins. Most nations including USA, picks up a great deal of charges from bitcoin benefits. For what reason would they stop such a procuring? other than I feel that most store organizations and contributing organizations contribute and exchange digital forms of money, they would not acknowledge such a boycott. All they like is fud and fomo
Some people are fear government regulation could ruin it, but they should not be concerned about . Any attempt control bitcoin simply won’t work. Beyond the difficulties presented by the decentralization of bitcoin itself, governments and regulatory bodies have shown they lack understanding of technological topics, and bitcoin is one of the most complex.
As a government in a particular country bans BTC people will find ways to trade it though. It is a bunch of thousand of dollars so if you will ban it in a country people will probably trade it in other country or into black market. It is money bro, we don't waste it in a snap specially a thousand dollars.
if that day will come. I think we were ready for that, and we're trained in hiding in the goverment, initially running the crypto without knowing the goverment and the bitcoin. so if they ban the bitcoin. there will be a lot of appeal and market failure. so there will be a market lows even more difficult for the goverment of the country to ban it.
Many countries will Ban Bitcoin but by all governments will not happen due to the potential of Bitcoin as a trading asset because already many organizations and investors even banks has already invested in Bitcoin and that amount is huge so we might see few restrictions for Bitcoin from some governments but many will not ban
It is foreseeable future because the government always want to kill bitcoin and they don't want it become global currency
This may happen in the next several years because they want to protect their country from crime and corruption
I do not want to think like that because if the government forbids it, what about my fate and others with those who use bitcoin.
because bitcoin has become my income and made my life better than before, but I am grateful because in my country I can still use bitcoin is only prohibited if bitcoin is used incorrectly or misused.
because bitcoin has become my income and made my life better than before, but I am grateful because in my country I can still use bitcoin is only prohibited if bitcoin is used incorrectly or misused.
think there is no possibility that administrations would boycott bitcoins. Most nations including USA, picks up a great deal of charges from bitcoin benefits. For what reason would they stop such a procuring? other than I feel that most store organizations and contributing organizations contribute and exchange digital forms of money, they would not acknowledge such a boycott. All they like is fud and fomo
Bitcoin as a technology is very strong and hence government cannot manipulate it directly so they try to eliminate the usage of cryptocurrencies indirectly by pressurising the users, domestic exchanges and other companies who are willing to use it. In a worst-case scenario, the government can ban crypto to fiat and vice versa transactions so in such case we will still be able to transact cryptocurrencies for the goods and services. However, such a decision would create more trouble for the government so the government of any large economy would not take such a decision.
I think many who work at bitcoin and invest will be disappointed and many investor will be lost their funds.
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