Topic: What if Government bans Bitcoins? - page 6. (Read 6112 times)

This will negatively affect the growth of some countries in the world and thee lives of certain people most especially in less developed countries where people are into cryptocurrency. Although this may not even have any negative effect on some certain developed nations because they are economically okay already. If the government of my country bans it, it will not favour some certain set of people especially the youth because it has through it Many of us are living financially independent on our parents.

Probably people will work secretly and hidden for government will not allow that on their country. Buts as people are practical and needs money probably they will work for it even it is illegal. In some other cases it will be only ban for me if the government will be not passing a law that letting them to know how much your current asset was. Also passing a law to pay your tax base on your crypto you are holding.

Fortunately even bitcoin is not admitted as the currency in my country but my government doesn't banned it but if someday the government are considering bitcoin is illegal and they decide to banned bitcoin then nothing i could do besides following the rule because if bitcoin banned then build bitcoin exchange also illegal so if i have bitcoin then that would be useless because i could not convert it into my local exchange also if i still use bitcoin although it's illegal which mean i'm against the law so it would not good for me.

If bitcoin is banned, the first thing that comes to mind is "How?" I will not panic at all about bitcoin getting banned. I will panic about how powerful the government is that they are able to successfully banned bitcoin. But then if we are going to be real here, bitcoin can be banned but you are still able to use it simply because there will be workarounds which will allow us use and earn bitcoin.

Bitcoin gets banned in my country, then I will just learn a new skill and earn money from that. I have earned enough money from bitcoin. Enough to live for a month without having any income and that gives me time to prepare to pick myself up and get a day job based on the skills I presently have.

I agree, it's not actually a "what if" anymore, there are many countries that have already banned bitcoins and other related activities, although some, not in its entirety, only in different aspects. However, if most or many countries would ban cryptocurrencies, then it would really hit the market big time because that's one big chunk of where the support the market needs is coming from. The support the community gives it is really a game changer, and it can make or break not just coins, on their own, but the market in its totality. However, in contrast, if more governments would see its beauty and help it grow, for sure, it would bring out something good.

Not all countries ban Bitcoin, but now we are looking some countries having soft corner for bitcoin & they are deciding how to handle bitcoin.
In my country bitcoin is not ban, but government warning people trade their own risk, the reason is no stability in digital currency.

If you found ban bitcoin then you can use international exchanges to trade bitcoin.

No need to wait for the future, even now there is a country that prohibits Bitcoin. and if this happens in my country, then I will stop working in Crypto, and will start living as before. because I don't want to violate the rules made by the government, I am a law-abiding person.

Which will be quite hard since different transactions have different taxes and it differs in every country. The only thing that they can do is create their own cryptocurrency which is going to be centralized where people have to submit to the KYC policy. It's pretty much just banks implementing the blockchain technology into their systems. No point in implementing blockchain technology right now as the banks are good as they are now. It will only be a waste of resource and will open up the idea of cryptocurrency to everyone. I can totally see the government being very late in implementing blockchain in their system because of the same reason.

It's both hard and easy to hide your income with something like cryptocurrency. It's hard because there's the public ledger and people can trace you. At the same time, it's easy to hide your trails with the right tools that can let you stay anonymous and untraceable.

I can only imagine how much bitcoins you have if that is your solution to this problem. That's a lot of money and time gone. What I can see as a good solution in here is trading your bitcoin in exchange of Paypal funds from a forum like this where there's a Trust system. Only one scam, no matter how big or how small, and the seller's trust rating is ruined.

I think the government will not ban Bitcoins. I think the government is thinking how to tax this whole thing with a tax so that no one can hide even a small part of their income. The government needs to receive taxes.

I think nothing bad will happen because there is an anonymous exchange, and p2p sharing. People will still exchange btc and this will not affect the market.

The government used to be a hardline for cryptocurrency innovation but now they are beginning to adapt to it. Even decentralized crypto features are now starting to look attractive to some governments when they begin to permit the use and trade of Bitcoin and other crypto in their jurisdiction.

Government can't do this. Because internet is everywhere. Here in our country (Philippines) they can't ban Bitcoin because we're now using wallets that has Bitcoin and a secret exchanger for Filipinos to trade Bitcoin and other altcoins (pro.coins.asia) Why not improve the use case on the coin since many people will need this after governments stealing our money via tax as they don't improve the country that we live on, instead, they keeping our money in their pockets especially banks.

How can governments ban bitcoin when it is a decentralized network and even they make some technological restrictions locally to its people I don't think it will be considered as a bitcoin ban because still desired individuals will find ways to do transactions with bitcoin because the technology is very advances and internet is widely expanded in the world anything is possible with necessary tools so bitcoin ban is useless

I doubt that governments will ban Bitcoin and if they are going to that it must done international scale but not by one government but if that happens nothing will be able to do with Bitcoin or its network because as a currency or as an asset it will useless in the current economical system and tokens will remain in the Internet doing nothing 

Government cannot ban bitcoins because it is decentralized.It means it cannot be controlled by anyone, not even the government.But if this is the case, people will react and will not like tha ban of ;bitcoin especially those who are business owners.

Guess what else is banned? Drugs. Yet the government is unable to keep the drugs out of even the very strict and controlled environment of prisons. There is no way that the government would be able to enforce any bitcoin ban effectively. Government banning anything only makes it more profitable.

If they were to ban bitcoin, they would have already done that. Not until they get benefit of it.

The same way they ban anything. They declare it illegal. Some people break the law, some of those people get caught and face the consequences. I don't think governments can kill bitcoin, but they sure can ban it.

As long as you are the only one who has the private keys, nobody is able to take your bitcoin including governments.

Just keep the private key, take a vacation to a bitcoin-friendly country, trade for fiat in person, take the cash home.