What if Government bans Bitcoins? - page 50.

Valzzz005

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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??

Actually there are some governments that banned bitcoins beforr and I do not know if up until now they are atill banned on that country and i think that is india and china that banned bitcoins. And As far as I remember the bitcoins price are affected to that and the price became lower of course maybe in that country there are a lot of bitcoins users and then suddenly the bitcoins was shut down in their country that makes them lost it.

najmul33

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Actually, Nothing to happen If bitcoin banned in any county. Because my county already banned bitcoin but I'm still using it. But only have little careful when you are going to buy and sell bitcoin

Kuchiyose

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Quote from: hachiman13 on July 09, 2018, 05:38:40 AM

I doubt any government would go that far as to reject bitcoin. They might just shut down their local exchanges but blocking all sites with relation to cryptocurrencies are very unlikely. Granted that they will do it, they can't prevent people form using bitcoin as there are many ways to do it; like what the silkroad guys are doing.

They can make blocking to play Bitcoin and who will play Bitcoin is just a big government government that will get richer. I think so.

Rafael.angelo

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The question should be like, Can Government ban Bitcoin ? ....No, they cannot bana nything which lies outside their purview of jurisdiction. The idea of nation gives birth to the idea of government but in case of bitcoin, its an entity which isn't governed by any demography or rules except for the rules of blockchain. So No, governments cannot do much about the adoption of bitcoin by banning it but at max they can ban the usage of bitcoin for legal tenders since there is a lack of regulatory methods.

bere1993

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in my point of view i dont think governments try to ban bitcoins these days. It would be possible in the introductory period of bitcoin. Now every government is aware of bitcoin and they know that it is useless if they try to ban bitcoin. Bitcoin has proved that it is not a harmful or illegal thing and so that many governments are accepting bitcoin. bitcoin helps in economic growth and as we know in zimbabwe they have started using bitcoin atm in order to recover from their economic downfall. So i think this thing will not happen

bitfocus

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I don't think anyone can ban Bitcoin as Bitcoin is P2P - at most the government can mark it as legal or illegal for its country.

hachiman13

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I doubt any government would go that far as to reject bitcoin. They might just shut down their local exchanges but blocking all sites with relation to cryptocurrencies are very unlikely. Granted that they will do it, they can't prevent people form using bitcoin as there are many ways to do it; like what the silkroad guys are doing.

jaaeeeyyyy

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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??

The government may block sites but we have this saying if you want you can find a way to do things, so that you can fulfill what you need. Moreover the government can interfere with it but investors will find a way to earn through the help of bitcoin. If that happened the bitcoin investors need to persuade the government on the good sides that the cryptocurrency can help the economy. Government need to be open minded in order to follow the trends.

DungPhan

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There are countries that have banned the internet, but I do not think that will ever happen

gokudera

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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??

If government bans bitcoins and all relate to it just like wallet/paymeny etc over the internet that will be a big problem because how can we get our salary or how we can continues to work in bitcoin. Other said that go to other country that bitcoin is legal and then you will continue in that country your work and get your salary there.

Mcdacillo

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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 own opinion, if bitcoin was banned by government in your country maybe that will be a farewell for you between bitcoin and you. Because you cannot use bitcoin. You cannot withdraw, invest, buy or sell bitcoin. But don't worry because all your holdings in bitcoin will not lost. It will always be there but you cannot see or held your money. I wish bitcoin will be banned in your country or neither mine because we know that bitcoin will help us truly.

ani4

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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??

the only currently viable way to impact bitcoin would be to shut down the internet or energy production... in which case we've got far bigger problems than whether fiat or crypto is worth anything Tongue

Bakugan

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Look ARROUND!

Quote from: kamike on March 08, 2018, 01:25:48 PM

Some countries were already banned bitcoin, and here in my country they did not banned it not because they don't know what to do but they find bitcoin as an interesting and a great opportunity for the people, and a big help in our growing economy.

Users of bitcoin cant imagine what will happen in their life when government ban bitcoin. But I dont think that government can stop bitcoin.

romero121

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Quote from: angrynerd88 on July 07, 2018, 12:03:41 PM

It will create hurdle to open trade but government cant stop the Bitcoin,Bitcoin will survive till internet and electricity exists.Bitcoin is going popular and majority of people want to invest in it but there is no proper channel guide the people to know about Bitcoin and crypto world.

Agreed, majority 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 but the same will never end the life of bitcoin.

angrynerd88

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Hodlers Network

It will create hurdle to open trade but government cant stop the Bitcoin,Bitcoin will survive till internet and electricity exists.Bitcoin is going popular and majority of people want to invest in it but there is no proper channel guide the people to know about Bitcoin and crypto world.

tkaush

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Well it will be a disaster for the entire crypto community and asset holders but according to my understanding considering some major countries such as Switzerland and Belgium attitude towards Bitcoin today it is far from happening so even a country is willing to restrict Bitcoin locally it will be a rare thing to ban Bitcoin entirely

pvtuan34897

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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??

Some Government doesn't allow bitcoin in their country. I think if they don't ban bitcoin and do some business talk like sharing and allowing bitcoin in their country is the most efficient because they will also take some benefit of the cryptocurrency.

BlackPanda

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Some few government of countries had ban bitcoin in the past, what we saw was a sudden price drop in some instances like the Chinese government did last year. But bitcoin price still stage a heavy come back of a bigger price. The truth is that those Chinese traders still find way round to beating the ban of their government. Actually, when it comes to the internet there are many ways of going round ban or restrictions by the government for technology has evolved.

The Internet offers a lot of incredible things, for me we can do anything on the internet. Right you think when the government forbids the use of Bitcoin then we will still be able to use Bitcoin. There are still many ways to use VPN and replace our computer's DNS. So Bitcoin can be said as a financial system that is free to use by everyone, nothing that can inhibit Bitcoin. What can inhibit Bitcoin is when we do not use bitcoin. As long as we use Bitcoin then Bitcoin will still exist and have a selling point.

Captain Sneeze

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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??

I think this is already happening in some countries. If government ban bitcoin it will have a negative impact for all bitcoin users.

shadowdio

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Zawardo

If the government wants to ban bitcoin, the value of bitcoin will surely go down until it will zero and I think this will increase the rate of unemployment in some countries.

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