Topic: What would happen if BTC was Banned? - page 30. (Read 65847 times)
The government can pass a law that essentially bans the use, buy/sell/trading of bitcoins. What the government cannot do is control this ban. There is no server to block. There is no network or range of IPs to filter, there is no “port” to shutdown, there is no organization to provide a notice to. If enough major countries banned it, then bitcoin might just be reduced to a novelty traded item, in which legit consumers and clients would not be willing to invest in or fund companies related to bitcoin.
People will still find ways to circumvent this ban. In many countries weapons and drugs are prohibited, but they are used. The same will be with bitcoin.
It would be much easier than the ban on guns and drugs though, but if something like that happens, then the population of Bitcoin will gradually decrease, I don't think everyone will leave but there are some people who wants to go with government's many time without even understanding bans.
I don't think any government will ban Bitcoin.
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Bitcoin depends on one important aspect, and that's internet. If you want to hit Bitcoin real hard, then you as government should group up with other governments in order to block all access from and to everything that is Bitcoin related. It won't result in a full wipe out, but the effect will be felt on a massive scale. But I am glad that not every government sees Bitcoin as a high level threat. It considerably diminishes the chances of this to become reality.
if it happens it will be particularly bitcoin hoodlums of this world, a player bitcoin won't stop on the grounds that bitcoin be unlawful, on the grounds that it was such a variety of individuals in this world whose lives rely on upon bitcoin
People will still find ways to circumvent this ban. In many countries weapons and drugs are prohibited, but they are used. The same will be with bitcoin.
IF bitcoin is banned sure it have many would go on petition and get angry to one who make a banned ,but they still on bitcoin,. I think if it will happen it maybe they would still continue to bitcoin but secretly. If will happen it become in demand and i think the price and the value become higher. But impossible to happen because today was an access of internet they difficult them to do that if they going to ban.
The majority of people will chicken out and leave the bitcoin community as soon as possible specially those that are just starting out and those that aren't earning much bitcoins. People wouldn't risk going to jail just for a couple of bucks. If I have other ways to earn money, I would do that instead. Right now, since I'm busy with somewhat trivial stuffs, I can't find a full time job and bitcoin seems the most lucrative amongst the opportunities that I know. When bitcoin goes banned, I probably would just switch to the second most lucrative opportunity, until the whole bitcoin ban drama goes down.
IF bitcoin is banned sure it have many would go on petition and get angry to one who make a banned ,but they still on bitcoin,. I think if it will happen it maybe they would still continue to bitcoin but secretly. If will happen it become in demand and i think the price and the value become higher. But impossible to happen because today was an access of internet they difficult them to do that if they going to ban.
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Bitcoin depends on one important aspect, and that's internet. If you want to hit Bitcoin real hard, then you as government should group up with other governments in order to block all access from and to everything that is Bitcoin related. It won't result in a full wipe out, but the effect will be felt on a massive scale. But I am glad that not every government sees Bitcoin as a high level threat. It considerably diminishes the chances of this to become reality.
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Bitcoin depends on one important aspect, and that's internet. If you want to hit Bitcoin real hard, then you as government should group up with other governments in order to block all access from and to everything that is Bitcoin related. It won't result in a full wipe out, but the effect will be felt on a massive scale. But I am glad that not every government sees Bitcoin as a high level threat. It considerably diminishes the chances of this to become reality.
So technically, its impossible to banned bitcoin because it will take gargantuan task for every government around the world to put a stop to any thing bitcoin related. But let say they successfully banned bitcoin globally, I think there will still be someone holding bitcoin, but has it has no value. Maybe they would hold in at some sort of memorabilia.
and hoping that one day it will be unbanned and will make fortunes in the bitcoin they kept. 
Not just as a memorabilia but also for the purpose of "what if". It will not be "unbanned" but most likely people will find out how to use it without going to jail. Just in case people go back to using bitcoins and the market has pumped, they are going to earn some money out of it. Since at the point when every one has migrated from bitcoins to another coin the price per bitcoin will be really low anyway so investing in it wouldn't cost that much.
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Attacking the miners will cost a lot of money and at the same time, it will cost some time. Since there are people that have invested millions of dollars for the purpose of bitcoin mining, they would have to built a mining farm that's better than the best ones we already have. And as time pass by, it will require even more money since the amount of investments for bitcoin mining is increasing and increasing.
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Bitcoin depends on one important aspect, and that's internet. If you want to hit Bitcoin real hard, then you as government should group up with other governments in order to block all access from and to everything that is Bitcoin related. It won't result in a full wipe out, but the effect will be felt on a massive scale. But I am glad that not every government sees Bitcoin as a high level threat. It considerably diminishes the chances of this to become reality.
So technically, its impossible to banned bitcoin because it will take gargantuan task for every government around the world to put a stop to any thing bitcoin related. But let say they successfully banned bitcoin globally, I think there will still be someone holding bitcoin, but has it has no value. Maybe they would hold in at some sort of memorabilia.
and hoping that one day it will be unbanned and will make fortunes in the bitcoin they kept. 
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?
How do you think the community would react? What could be the possible solutions?
If it happens then bitcoin will unofficially die, the moment it becomes illegal to all country is the moment that bitcoin users finally give up, many people is using bitcoin for investment purposes so the demand will dramatically fall after being banned worldwide. Everything will become harder and harder so users will start to fall and eventually forget about using bitcoin, the risk is too high for investment and its not worth going to jail. However the solutions to this problem is to have another method of transaction and anonymously used by users, even though it didn't solve the main solutions but it somehow weaken the damage that has been made by governments doing so, the only solutions that I can think of is the government to unbanned bitcoin.
Bitcoin is considered as ilegal, even with a lot people using it, the fact is that if a country recognize bitcoin as currencie they are saying a decentralized currencie is better then the current fiat system, and i doubt they wanna to loose space to crypto currencies, that are getting more and more popular.
Bitcoin is considered illegal where? It's just an unregulated currency and even if they consider bitcoin as illegal, there will even be more unregulated currencies out there since anyone can create their own currency. Here's a proof that it is really happening today: Venezuelan Currency Slowly Getting Replaced By Pepe Memes
Accepting bitcoin as a legal payment doesn't mean that the government acknowledge that bitcoin is better. Because if so, accepting Korean Won or Chinese Yuan in the United States would mean that people of dollars are acknowledging Korea and China's currency is better than theirs which obviously is not the case.
Well I think it is not that necessary to consider bitcoin as a legal currency. The government will just have to compromise. Accepting bitcoin as a method of transaction is enough (for now) so that both bitcoin and government will gain their desired benefit. Just like in the case happened in Japan, they did not legalize bitcoin completely. Acceptance will do.
Of course there are many people like us who will fight against the government if they did that and banned bitcoin totally.There are many people who is earning their living in bitcoins alone and it will be a big lost for them if world government will banned and declare bitcoins as illegal.If they will do it so many people will go against the world government.
If bitcoin became more established in the coming future then it will be the time when if the government will hurdle in our ways then everyone will come on roads and will support bitcoin so in the coming future governments will be enforced to accept the use of bitcoin in their country If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them.Bitcoin depends on one important aspect, and that's internet. If you want to hit Bitcoin real hard, then you as government should group up with other governments in order to block all access from and to everything that is Bitcoin related. It won't result in a full wipe out, but the effect will be felt on a massive scale. But I am glad that not every government sees Bitcoin as a high level threat. It considerably diminishes the chances of this to become reality.
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?
How do you think the community would react? What could be the possible solutions?
I personally believe there would be a lot of demand if btc was banned. So i definitely think price would sky rocket if bitcoin was banned in any country.
Demand of bitcoin in countries that banned bitcoin would rise for sure, as i don't think that countries leaders would punish people very hard for using bitcoins ( they can't track if you use them or not so it's even better). And rise of demand would also be different in big and small countries, as if bitcoin would be banned in small country, people from it would buy more bitcoins but they wouldn't buy enough of them to change bitcoin's price
If any government plans on banning bitcoin within their jurisdiction, I don't think that it would really be that effective since people would still find ways to utilize bitcoin and freely use it even though the government restricts it. Forcing something to the public isn't something that people would gladly accept. Bitcoin will still flourish even with restrictions.
The nature of bitcoin makes it hard for any government to try to take direct action against bitcoin, even if they attacked the miners the only thing that would do is to lower the difficulty and now everyone could mine bitcoin again, so it is a difficult challenge for them. Well if Bitcoin ever get banned which I doubt strongly it will create opportunity for the underworld and dark world Internet users to take advantage of its demand and make a lot of money by being underground merchants.
Where good people is here than also bad people will be here. Everyone is using paper money in legal ways and also illegal ways. So if some people use bitcoin in illegal ways, So it is not major problem to ban the bitcoin.
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?
How do you think the community would react? What could be the possible solutions?
I personally believe there would be a lot of demand if btc was banned. So i definitely think price would sky rocket if bitcoin was banned in any country.
Only some percentage will have a demand on a banned item. Trades will be illegal and everything that surrounds the banned BTC would be illegal. It won't get as expensive as when it is used by majority of the population of the world.
I don't really understand your reasoning, but Bitcoin doesn't need to get banned in order to be used by the underworld, which for a large part the deep web also belongs to.
SilkRoad was the first ever merchant that successfully used Bitcoin as sole payment form. It perfectly showed how capable Bitcoin is as currency tool.
Bitcoin is and will always be a payment option there, where recently a few deep web markets have added certain altcoins as payment option (according to them) due to the network "issues" Bitcoin is facing.
SilkRoad was the first ever merchant that successfully used Bitcoin as sole payment form. It perfectly showed how capable Bitcoin is as currency tool.
Bitcoin is and will always be a payment option there, where recently a few deep web markets have added certain altcoins as payment option (according to them) due to the network "issues" Bitcoin is facing.
I agree Bitcoin is a payment option, it is an internet money, was designed to function as that. The extra benefits of Bitcoin atm is that it can be a store of value where it can appreciate as time goes by.
Well if Bitcoin ever get banned which I doubt strongly it will create opportunity for the underworld and dark world Internet users to take advantage of its demand and make a lot of money by being underground merchants.
I don't really understand your reasoning, but Bitcoin doesn't need to get banned in order to be used by the underworld, which for a large part the deep web also belongs to.SilkRoad was the first ever merchant that successfully used Bitcoin as sole payment form. It perfectly showed how capable Bitcoin is as currency tool.
Bitcoin is and will always be a payment option there, where recently a few deep web markets have added certain altcoins as payment option (according to them) due to the network "issues" Bitcoin is facing.
Well if Bitcoin ever get banned which I doubt strongly it will create opportunity for the underworld and dark world Internet users to take advantage of its demand and make a lot of money by being underground merchants.
yeah, but it will lessen the number of potential users and we know that only few of the population are into illegal activities. When it is lessen the demand will also decrease so that would make the price lower and might cause panic to the people, that's the worst thing that I do not
want to see happening, it might end the success of bitcoin, I still want it this way that the price is increase due to increasing demand.
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