Topic: What Would Happen If Bitcoin Were Declared Illegal in the USA? - page 2. (Read 3294 times)
January 27, 2017, 06:32:06 PM
I don't live in USA and may be I am wrong with my thought. Are there any restrictions a US citizen to open bank account in a bank which is located in a European country or in a country belongs to Asia continent? If the answer is negative the American bitcoin holders can move their coins to a European exchange say bitstamp or an Asian exchange in Japan or Singapore and convert to local fiat from these exchanges to local banks. After that they can wire transfer to their American bank accounts. Another one choice to use a debit card from a bank outside USA which is loaded with bitcoin and can be used as fiat.
January 27, 2017, 10:01:56 AM
I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy 
After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.
Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.
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If Bitcoin is made illegal in the US, why do you think people (US citizens, of course) will necessarily dump it? I'd rather say they would hide their bitcoins deeper, so that no one could find them since dumping their coins will obviously give the dumpers away. In this manner, we could see the supply squeeze and likely a short expansion in demand because American users will quickly convert their fiat money held in exchange accounts to bitcoins and then withdraw the bitcoins to their personal wallets hidden deep under the mattress
No money, no honey
January 27, 2017, 09:25:51 AM
I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy
After experiencing benefits and good advantages together with the profit out of using bitcoin, no way that majority of people living in the US will just let go the idea of using bitcoin if will declared as illegal. If for a country that has a status of low bitcoin users then it's not that big impact if the government there will declare bitcoin as illegal since majority of people there are being used to it. But for the country of US, which we knows having some numerous bitcoin users here, it will really having a hard time to just make themselves stay away from this cryptocurrency since they already feel what bitcoin can really do.
Literally speaking, it will be give big impact in bitcoin price since I think a major dump will happen. Just didn't know what will be now the based fiat currency price of bitcoin.
January 27, 2017, 08:48:40 AM
I don't think it's likely to happen, but if it does then initially there obviously would a huge reaction to it and thus make bitcoin price to drop but since China is the major center of bitcoin, it won't affect too much. And it's not like all of sudden all the Americans will stop using bitcoin, they will still use but would be stealthy
January 27, 2017, 08:13:36 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If this scenario were to happen, bitcoin's economy may be disrupted, because bitcoin's price is being compared to dollar and if
the dollar is no longer allowed to be compared to bitcoins as a price it will halt the whole economy of bitcoin until it finds the next currency available to be used as a measurement of its price.
January 27, 2017, 07:33:49 AM
It simply means we are looking at another round of crash in the short run which might likely take a long time to recover but one thing am very sure of is that recovery is very certain but timing is the issue. After that happening, then I see other countries following suit which might likely dealt an heavy blow on bitcoin by discouraging quite a number of population in crypto-world then after that the set of people left will only be few..
January 27, 2017, 07:22:49 AM
It would significantly decrease price, thats for sure. How much time would it pass to recover? Maybe it would never recover. Those news would echo around world in few days, psychological damage would be enormous. Yes its only one country, only one market, but look what happened to news from China, it reflects on all crypto world.
January 27, 2017, 06:43:21 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Of course the bitcoin will be sump at the market because of panic selling of it. And beside that many country may influence by that act so either they will take it advantage or ban it too to their country and possible that the bitcoin will be surely dead. Buy I think that is possible because many citizens are supporting bitcoin so that us impossible I think. If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
January 27, 2017, 05:52:41 AM
There are now hundreds of thousands holders in the United States this is only my rough estimate,and they need a huge funds and resources to track bitcoin users,and bitcoin will be traded in the black market driving his price upwards.
January 27, 2017, 04:11:19 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Well of course some people would avoid using bitcoin if its tagged as illegal for fear of being reprimanded by he law. But i don't think that's likely to happen and we may even be seeing bitcoin legalized and accepted by major banks and companies and even goverments. I dont think this illegalization would happen
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January 26, 2017, 11:17:57 PM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
i think what you say its true, i think black market will be the largest market than in trading market because most of people will use their bitcoin in that places and they will avoid to make transaction in upper ground because they can be caught by the system of the government. but i think, bitcoin user will not stay to see this and they will react and give their support to bitcoin because bitcoin have a good future.
January 26, 2017, 11:13:25 PM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Even the USA declare bitcoin as illegal in their country, they have no difference on the first country who banned bitcoin to their nation, on which they do it for doing offense and criminal case but in the long run they revoke their laws and accept bitcoin as good currency, together with China same scenario, so meaning I don't see any reason why would U.S will gonna do that. and if ever that happen nothing change at all in the price value, still everything will be normal and at ease.
China is taking more strict actions against bitcoin exchange market as these exchanges are causing problem for yuan (their plans with yuan).
January 26, 2017, 11:03:39 PM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Even the USA declare bitcoin as illegal in their country, they have no difference on the first country who banned bitcoin to their nation, on which they do it for doing offense and criminal case but in the long run they revoke their laws and accept bitcoin as good currency, together with China same scenario, so meaning I don't see any reason why would U.S will gonna do that. and if ever that happen nothing change at all in the price value, still everything will be normal and at ease.
January 26, 2017, 01:41:29 PM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.
I think a brutal crash would happen too... it sucks to admit it, but that's how it is. The price is at the mercy of a big country banning it, if they ban it, even if it has no relevance at a functional level (since bitcoin will be working no matter what they do), it would have a psychological impact and the price would crash.
But after they ban it... that's all, they have used their biggest card. So bitcoin will keep growing in the long term without the fear of the ban. Thats why i think they will never fully ban it.
I agree, once you are not able to convert Bitcoins into one of the major currencies we are doomed. The price would fall instantly as all Americans try to sell their Bitcoins at once.
Even though the chances are small of such events there is always the risk. I would not put all my money just into bitcoins.
January 26, 2017, 01:27:34 PM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Although I think it's impossible to declare Bitcoin illegal in the USA, let's imagine what would happen in that case. Most US citizens are law-abiding people so they would stop using Bitcoin in case it was declared illegal, but most likely they would sell their coins first. Then the price of Bitcoin would drop 50% or even more IMO.
I think a brutal crash would happen too... it sucks to admit it, but that's how it is. The price is at the mercy of a big country banning it, if they ban it, even if it has no relevance at a functional level (since bitcoin will be working no matter what they do), it would have a psychological impact and the price would crash.
But after they ban it... that's all, they have used their biggest card. So bitcoin will keep growing in the long term without the fear of the ban. Thats why i think they will never fully ban it.
January 26, 2017, 11:35:00 AM
I think the US dictates to all the world what is in trend. So in the case of banning bitcoin by USA government other countries could repeat it. Probably except Russia 
i don't think so, europe is very clear on the matter they have a different opinion than the usa, bitcoin will continue to live there it does not matter what USA want to do
the same for other big country like china(cny is the first currency used to buy bitcoin, more than usd), russia well they still need to figure it out i think, they changed their mind many times, it's not funny anymore...
I have heard that Russia preparing a law to control bitcoin. And this law is preparing to be announced already this spring. I didn't heard that other countries make the same steps about bitcoin already. So to me that means that Russians don't want to skip the chance to be first who adopted bitcoin.
January 26, 2017, 11:12:37 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
Then more of users in usa will be moved on other country which is bitcoin is legal, and i think this would never happen in us because 30% of people in us are users of bitcoin and they are one of good investors and traders and they are the reason too of increase price of bitcoin. If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
January 26, 2017, 09:52:02 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin was banned in the USA, I believe the value would fall dramatically as it is one of the largest markets for this technology. However, the demand for cryptocurrencies in general will not change. The people who can't buy Bitcoin switch to other cryptocurrencies. Not even people in illegal activities would risk holding outlawed Bitcoin when there are so many similar alternatives to choose from.
January 26, 2017, 03:40:23 AM
aaand i would be forced to move to another country 
I dont think trump would let that happen though.
I dont think trump would let that happen though.
January 26, 2017, 03:39:19 AM
Most countries like to have control over the money used within their borders. Bitcoin and other crypto-currencies challenge this authority. What Would Happen If Bitcoin Were Declared Illegal in the USA?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin were considered contraband would its black market value increase like some illegal drugs or would the value fall? What economic principals would be at work in this scenario and what type of logical arguments make sense?
If Bitcoin was banned in the USA, I believe the value would fall dramatically as it is one of the largest markets for this technology. However, the demand for cryptocurrencies in general will not change. The people who can't buy Bitcoin switch to other cryptocurrencies. Not even people in illegal activities would risk holding outlawed Bitcoin when there are so many similar alternatives to choose from.
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