What if Government bans Bitcoins? - page 45.

budiarmed

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Quote from: rolls89 on March 08, 2018, 02:07:53 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??

I think the government only forbids the use of bitcoin as a means of exchange in a country because the government has fiat currency as a means of exchange in the country.

gsingh

member

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Indeed, there have been a lot of governments that have already banned bitcoin in some countries, so there is nothing to be worried about at the moment. just relax and keep holding, that is the best thing that you can do at the moment

manfredmann

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Yeah there re possibilities that bitcoin will be ban from the government in a certain country because the system is somehow needs to be registered and should be regulate before introducing to the community. So the government will stepped in and which will probably going to accept bitcoin or not. But for most of the country bitcoin is being acknowledge and accepted.

paulo013

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if that will happen, of course all of our holdings are will become not usable, also if no trading happen the bitcoin value will go down also the altcoin. but luckly here in my country our government bitcoin is allowed but they warned people to use or invest to bitcoin wisely.

Adam Waters

newbie

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I would look at history for an answer to this question. So my question is this:

Did people use cryptocurrencies before governments officially accepted them or had a stance on them?

The answer is yes. If governments banned them, I believe people would still use them. That’s kinda the whole point of decentralized cryptocurrencies. Government can ban them, but cannot stop the use of them.

iASIC

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Quote from: Wesley Gardner on July 15, 2018, 10:36:05 AM

This will first result in a massive media coverage and as a result cryptocurrencies will be known by more people. Therefore, those who own cryptocurrencies would be more reluntant to sell or give up theirs—ultimately decreasing the supply. This is because they know cryptocurrencies will be hard to obtain in the future.

The government bans Bitcoin and will control it more easily. Avoid a change in which we have more privacy about information as well as proactiveness with our assets. The bank will act as an intermediary in our transactions and cause us to spend more time and money on our transactions.

Wesley Gardner

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This will first result in a massive media coverage and as a result cryptocurrencies will be known by more people. Therefore, those who own cryptocurrencies would be more reluntant to sell or give up theirs—ultimately decreasing the supply. This is because they know cryptocurrencies will be hard to obtain in the future.

AdamRay

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Quote from: chaoscoinz on July 15, 2018, 10:19:16 AM

Quote from: rolls89 on March 08, 2018, 02:07:53 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??

It's too late to really matter, it is the blockchain that is at the fulcrum of the scene. Without it, Cryptocurrency as we know it today would cease to exist. If Bitcoin were to die, a hundred others will rise in its place. You can't kill an idea, but only impede its expansion.

If the government bans Bitcoin, the government will be more in control of transactions and personal information. The bank will receive regular savings and act as a third party in transactions. We will take an additional cost and time for the transaction. This is a big disadvantage compared to using Bitcoin.

chaoscoinz

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Quote from: rolls89 on March 08, 2018, 02:07:53 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??

It's too late to really matter, it is the blockchain that is at the fulcrum of the scene. Without it, Cryptocurrency as we know it today would cease to exist. If Bitcoin were to die, a hundred others will rise in its place. You can't kill an idea, but only impede its expansion.

Marcel666

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It is highly improbable that there would be a global ban on crypto currency.
There us so much potential in this technology.
Gov'ts can adopt it and regulate it at worst.

prediction on bush

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Quote from: rolls89 on March 08, 2018, 02:07:53 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??

If government ban bitcoin many bitcoin users will protest but i think it wont happen because bitcoin is decentralized and no one can control.

ichai

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Quote from: hanzosum on July 15, 2018, 10:02:59 AM

BTC is unstoppable via its tech -blockchain-

How can governments ban that technology regardless it's BTC or another crypto? They absolutely have to shut down all Internet connection. Is that possible for today's world? NO... So the BAN process is not permanent and partial as we see on some governments.

No worry States and Governments have to deal with Blockchain ad Crypto World Wink

If the government bans Bitcoin, paper money will continue to circulate in the economy as it is now. The government will continue to control every transaction and personal information as it is now. The bank will still receive cash inflows every year. And we will face more risk when trading or depositing against Bitcoin.

normanderecho

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Quote from: kwarto on July 15, 2018, 09:54:15 AM

If the government banned cryptocurrency in their nation that would be the end of all. They can do whatever they want because government own everything. They all have the power to kill any business that they thing could harm their citizen. I am lucky because my government loves cryptocurrency to operate here as a matter of fact, they recently approve some crypto related companies to operate here.

Now a day we know many countrys banning bitcoin because of the good pricing and i think government scared to become popular and become a known investment so that government banned so that it easy to control easely because we know if the bitcoin will the main investment and currency the government did not get a tax.in my country bitcoin will not ban because i think the government did not know or the government did not interesting the bitcoin so its good so that all persons use bitcoin will continue to invest.

hanzosum

newbie

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BTC is unstoppable via its tech -blockchain-

How can governments ban that technology regardless it's BTC or another crypto? They absolutely have to shut down all Internet connection. Is that possible for today's world? NO... So the BAN process is not permanent and partial as we see on some governments.

No worry States and Governments have to deal with Blockchain ad Crypto World Wink

kwarto

newbie

Activity: 168

Merit: 0

If the government banned cryptocurrency in their nation that would be the end of all. They can do whatever they want because government own everything. They all have the power to kill any business that they thing could harm their citizen. I am lucky because my government loves cryptocurrency to operate here as a matter of fact, they recently approve some crypto related companies to operate here.

Bitcoinislife09

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Quote from: rolls89 on March 08, 2018, 02:07:53 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??

There is a probability that the government bans the bitcoin. Since it is still also not accepted in other countries like ours. If bitcoin becomes a threat in the economic aspect of the country then they have the right to ban it. Also if it really is being use in illegal or illicit activities. I'm not so sure if the government can have access to all wallets or payments by the user, but if it is, maybe they'll hold those coins and will be studied if you can still claim it or if the government will completely owns it.

tanjiran

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The government does have the full right to regulate the legality of bitcoin in the country. Some countries are strictly prohibited, some are limiting, and some are legal. We must respect and obey the rules. So, it is important to understand the legal status of bitcoin in your country. For example in my country, bitcoin is prohibited if used as a means of payment but is allowed when used as an asset (with a warning that bitcoin is a high-risk investment)

Charles Avilaa

newbie

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If all country banned Bitcoin, that would be a catastrophe for the global economy. The Bitcoin market cap now is more than 100 billion USD, not a small number. So when the ban laws take effect, meaning that Bitcoin is no longer allowed, that amount of money will disappear. Such a huge loss!

chel0

newbie

Activity: 196

Merit: 0

Banning of cryptocurrencies in other countries especially bitcoins are already happening. But here in our country, I don't think it will be banned since our government believed that in bitcoins transactions are faster and fees are lower.Aside from that bitcoins exchange rate like dollars can make you earn more.

erikoy

full member

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SOme of the countries had already ban bitcoin but look on the bright side those countries who are banning cryptocurrency are just preparing for themselves to get a way to regulate cryptocurrency so it could not be abused from money laundering or to finance illegal activities like terrorism. In just few days it will get back to open cryptocurrency with regulations already.

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