What would happen if BTC was Banned? - page 20.

Budugbass

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

Since obviously that more and more bitcoin users and also bitcoin tends to be more used + developed by smart people, I think if all governments in the world declare that bitcoin is ilegal.. there will be a lot of defense from many bitcoin users including bitcoin experts of course. Anyway.. I think that will never happened, chances are very small if bitcoin will indeed be banned all over the world.

MAJICOIN

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i think bitcoin will not be banned because there are so many users of this are available and if there is a problem arise in this currency then they will be hurted. some people even a lot of amount invested in this currency i think it is not possible to be banned without any major reason.

ajiejot

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If this will happen, the price of bitcoin may dump. Because of some people who panic sell and who have weak hands. Even there are some fake news, they always panic and this is not good.

bitcoinmagneto

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First of all nothing can be banned completely once it is made and is out in the world. If it was possible then drugs, piracy, porn would be the first things that should be banned and let the scenario i.e if it was banned (not possible) then it will still be used as it's very difficult to track it down and many people will still be using it but it sure would effect on the number of people using it.

ghost424

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If bitcoin was banned, that would be very devastating for the users of bitcoin. Bitcoin can become a source of income for those who are only staying at home. Bitcoin is really helpful for those who are in need of using it.

Bitcoin being banned may also be a sign that bitcoin might be a threat to them, but they do not know that bitcoin is very useful. If bitcoin is banned, there would be a lot of internet users that will be mad for that because some uses bitcoin for their daily necessities.

They should really think about the decision before banning bitcoin. Bitcoin must be legalized because the value of bitcoin is really high and the number of users is still increasing.

MRlong

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Quote from: Larva14 on October 21, 2017, 05:16:34 AM

Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

I think the price of bitcoin will drop and some investors will not invest in bitcoin. I think if some government daclared bitcoin was illegal it will have a negative effect in bitcoin community. In addition to that, I hope it would not happen because it can be the reason to gain low income.

Not sure, if you are a worker of signature campaign, when the price of Bitcoin increases, the rates for workers also will correction to right USD rates. The boss are always smart people, so they do not waste their money to help us make money easily when the price of Bitcoin increases. Unless, you have Bitcoin in your wallet before that time.

mammoniter

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Quote from: RodeoX on December 18, 2015, 01:46:42 PM

What if all the governments in the world banned drugs? Would we live in a world without drugs?

They can, but I'm pretty sure that there will be drug users out there. They can't just exterminate drugs that easily, it will still continue if they ban it. There were so many druglords that is so very hard track, maybe they can capture some, but there are still so many out there. They ban all they want but people always find a way on what matters and governments are always in search of something to monopolize and control removing freedom to people.

yohan09

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Hopefully it will not happened, investors will ruin their assets, and this will bring trouble to bitcoin holders where they rely their earnings more on bitcoin. People will suffer hunger and debt in a meantime then adjustment phase .

alaeddine1azer

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Banning bitcoin = Illegal activities .. a lot of people are making a living from bitcoin and they will continue to ..
The government should find solutions to the unemployed before making such a decision ..

Activitycoin

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Quote from: kpcian on October 19, 2017, 11:49:06 AM

That is not possible, Bitcoin will not be banned forever. Day by day Bitcoin is getting accepted in many online platforms, A lot of multinational companies already has accepted Bitcoin as a payment tool. some countries have allowed it as a legal currency so that Bitcoin will last for a long time.

Well first of all I think it’s not possible because bitcoin is now accepted by countries and in some countries its already legalized so it’s out of question that bitcoin can be banned and I think in case bitcoin become banned so it will effect investors, traders and thousands of people who are working here as well as it will disturb the economy of country too.

w33man

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

If bitcoin will be banned then a lot of people will get mad. Some people will result to illegal activities, especially those who find it had to find employment. Bitcoin has been helping them earn money. Once bitcoin is gone, there’s no telling what would people in the bicoin community do.

Edrian

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

Bitcoin will be underground. Since no one can stop bitcoin because it is decentralized and no one has the control on it. The commuinty might just continue using it and there is nothing wrong in making the transaction of everyday buying and selling of things easier. the only thing that the government hate is they don't have any control on regulation of bitcoin.

Larva14

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

I think the price of bitcoin will drop and some investors will not invest in bitcoin. I think if some government daclared bitcoin was illegal it will have a negative effect in bitcoin community. In addition to that, I hope it would not happen because it can be the reason to gain low income.

xBitHodler

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It depends what do you mean by banned. What would be not allowed? Trading? Mining? Having bitcoins? Goverments can ban exchanges in their countries but they can't check if someone has any bitcoins or is mining. Huge mining farms would have problem but people with few Antminers could easily hide them if they were suspected.

eann014

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Quote from: Blawpaw on December 18, 2015, 11:23:14 AM

What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?

I don't think they can access our account if we are still using bitcoin, I think it is hard to the government for us to stop using it because this is the one that helps us and we are become more independent because of this, we can have some financial freedom, not that big but it really help us a lot than with our regular job. I also have a regular job before but I think it is just giving me average income. Not that bad but unlike here in bitcoin, I can give now the needs of my child.

tamilbitcoin

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Since it has no controlling body, many countries may fear that it would involve some illegal transactions, even by terrorists. So, though "complete ban" may not be there, many countries may impose some regulations. May be the exchange services would demand ID proof or some SSN or tax number, something like that.

worldofcoins

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Telegram: @worldofcoinss

a world wide ban with fines if you are caught, will make bitcoin adoption super hard, and price will go down, as many people will bail and dont want to lose money. Bitcoin will be useless for most things offline or online.

metenjean

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Quote from: mx667 on October 21, 2017, 03:10:36 AM

Quote from: Sithara007 on October 21, 2017, 02:58:10 AM

Well, the big question is are you willing to go to jail in order to defend your BTC stash? I don't know. If such a situation arises, then I am not sure what I will do. More than 50% of my net wealth is in the form of Bitcoin. But is it worth going to prison? Perhaps yes. But there is no guarantee that the BTC prices will not crash before I get out of the prison.

That's the right thinking, and I totally agree. The first time we decide to invest Bitcoin, we have taken the risk .. and when we have a lot of money in our Bitcoin wallet, then the risk is also great. Bitcoin prices can change at any time, which is why the risk is always there without going to jail though.

If someday there is a situation where we are thrown into jail for Bitcoin, I think the government must work very hard to catch all people who use Bitcoin. I think that's impossible to do, because it's just trying to catch and imprison people around the world who download movies illegally via torrent. Grin

I dont really think that owning bitcoin is against the regulation, its like you're owning a bond or treasury and if one party was declared bankrupt or doing something against the law then there is no way both of us will be jailed, probably the same here in bitcoin. If btc was banned then the government should work harder to find the creator and not the user of it, we also the victim because it was our money that converted into it/

Manutax

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My humble guess is that banning bitcoin would create a huge underground market where people trade in a decentralised manner. But it’s not in the interest of government to ban..thatcher they will impose tax on it and make a huge revenue for themselves

mx667

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Quote from: Sithara007 on October 21, 2017, 02:58:10 AM

Well, the big question is are you willing to go to jail in order to defend your BTC stash? I don't know. If such a situation arises, then I am not sure what I will do. More than 50% of my net wealth is in the form of Bitcoin. But is it worth going to prison? Perhaps yes. But there is no guarantee that the BTC prices will not crash before I get out of the prison.

That's the right thinking, and I totally agree. The first time we decide to invest Bitcoin, we have taken the risk .. and when we have a lot of money in our Bitcoin wallet, then the risk is also great. Bitcoin prices can change at any time, which is why the risk is always there without going to jail though.

If someday there is a situation where we are thrown into jail for Bitcoin, I think the government must work very hard to catch all people who use Bitcoin. I think that's impossible to do, because it's just trying to catch and imprison people around the world who download movies illegally via torrent. Grin

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