If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how such a ban would be enforced. It is impossible for a government to seize Bitcoins, unless the private keys are handed over.
However, the majority of citizens and institutions prefer to stay on the safe side of the law. The demand for Bitcoin would plummet a 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.
The crypto is already illegal and out of their reach they can’t do anything about it so the question is how legal the crypto currencies can get to get raised in value and be more stable.
Topic: What if Government bans Bitcoins? - page 59. (Read 6112 times)
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 is "technically" not possible to ban bitcoin. Even though some countries have banned it already but they couldn't cut down the usage of bitcoin in their country.
We can take Bangladesh as an example. It was one of the first countries that declared bitcoin as illegal. But if we look at the market, you will see a lot of Bangladeshis actively earning bitcoin from various activities. But everything is underground. They are not doing it openly. It is very similar to drugs. Drugs are banned worldwide, but still being used by those individuals who want to use it.
Bitcoin will remain active in underground markets even if the government bans it. Because governments don't have such infrastructure to stop its usage.
I think it is not easy the reason some countries have made the national currency to the state and recognized the world,
like japan but there is a lot of bad information about bitcoin from the past and until now there is no real proof that bitcoin is illegal and also endangers state finances and it is important to help improve human resources if bitcoin persists, as it is very helpful to me in economy. , I hope bitcoin keeps going up and going around the world
like japan but there is a lot of bad information about bitcoin from the past and until now there is no real proof that bitcoin is illegal and also endangers state finances and it is important to help improve human resources if bitcoin persists, as it is very helpful to me in economy. , I hope bitcoin keeps going up and going around the world
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 is very simple to understand what would be the after effect if this really happens in the future. After the ban governments may or may not give you chance to take out the money that you have invested into it. If they give you then there will be panic selling of every dime of coins plus many of the exchangers going scam, many ICO projects running away with funds as nobody cares anymore. This was the market will start drying out drastically and the prices will drop with negative exponential rates. Thos who will sell earlier will get most of the investment back and others will start loosing the ROI.
One point will come when the whole investment will be down to zero and thus the prices will be zero all over. The end of crypto currency.
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??
Governments can do lots of things but i doubt if they can block BTC sites or ban bitcoins just like that without proper legislation procedures.There are no legislation on BTC in most countries so there will be no grounds to banning it.
Actually nothing will happen. Although government have no excuse for banning bitcoin and any other crypto, But if it happening then you don't need to worry.
In future there will be some exchanges that will have total security of your accounts.
because Necessity is the mother of all creations.
So Keep yourselves calm & Keep trading.
In future there will be some exchanges that will have total security of your accounts.
because Necessity is the mother of all creations.
So Keep yourselves calm & Keep trading.
As a matter of facts, Bitcoin will not be banned. On the contrary, cryptocurrencies will be accepted worldwide. But for a very high price: governments will regulate and cryptocurrencies will no longer be decentralized.
I think banning BTC is an old idea now, governments now understood they can make money from it, and probably they can even stop it, too late.
I think there is no chance that governments would ban bitcoins. Most countries including USA, gains a lot of taxes from bitcoin profits. Why would they stop such an earning? besides I think that most fund companies and investing companies invest and trade cryptocurrencies, they would not accept such a ban. All they like is fud and fomo
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 is possible for governments to ban the use of cryptocurrencies. In fact, I think it is likely. (https://bitcointalksearch.org/topic/my-prediction-by-2025-the-us-will-ban-all-use-of-non-regulated-cryptocurrenc-3078312). Many things are prohibited by governments (drugs, for example), but whether or not a ban would be effective or not depends on many factors.
In any case, the primary result of a ban by the U.S. and other countries would be a drop in the price. If very few people use cryptocurrencies as a result of the ban, then they would not be very valuable.
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.
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??
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