What would happen if BTC was Banned? - page 39.

micher143

hero member

Activity: 798

Merit: 500

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 many people will start a rally because as we can see bitcoin nowadays helps us a lot in many things like business, buying iur wants and as well as our needs and especially some people make this as their main source of earning. And I think many business will go down and soon will close and start of their fall down in business. Many people will start to get poor and lose their bitcoin. And especially bitcoin will be useless if that happens.

Monnt

legendary

Activity: 938

Merit: 1002

Quote from: danherbias07 on March 20, 2017, 11:53:57 AM

Quote from: gabbie2010 on March 20, 2017, 10:52:42 AM

The question we should ask ourselves is "on what reason should bitcoin be banned? One if it is that if it is not being used for money laundering and used by terrorist organization to transfer fund then bitcoin can not be ban. It is widely being accepted daily.

It is really not just that reason. They can create this technique to manipulate people's and that would be easy considering they can control the media. Just one news can change it all.
It is really the threat for a free currency that they wont have any control with. What would they get with something that is used with freedom and they cant just apply tax easily.

Let’s look at it this way, if for example both north America and Europe both ban bitcoin at the same time that will make the bitcoin price plummet, but if one country ban it that won’t make much of a difference because there would be a shift of the exchanges and bitcoin holding from that country to another, but if enough major countries ban it than the bitcoin will be reduced to a novelty traded item in which neither consumers or clients would be willing to invest in.

Xenophoto

hero member

Activity: 826

Merit: 502

Quote from: Natalim on March 21, 2017, 03:44:15 AM

When bitcoin will be widely ban that would be the end of bitcoin system, we will not be able to cash out our bitcoin and that is worthless anymore.
Right now, we need exchanges to cash out and they need banks to support them, what would happen if exchanges will be shut down as they cannot get a licensed anymore, though we can hide and use but bitcoin has no value at all as it will not be accepted as payment for our purchase.

Well, we can go back to the previous method of buying and selling bitcoins which are all via meetup or via bank transfer. Bitcoin will still be very useful at that time and, thus, it'll be worth something. Even when there's no more exchanger, people will still use bitcoins since it's far better than using other payment methods to pay someone online.

Or maybe, someone will create an exchanger that is decentralized as well or at least isn't connected to the government. I don't think all websites follow the law of the government at all especially websites that are found in the deep web.

Inkdatar

hero member

Activity: 1582

Merit: 523

If this would happen btc was banned by the government I think btc will decrease its price because of less in demand though. And it will caused really on panice selling.

thend1949

hero member

Activity: 798

Merit: 500

Quote from: delliaerd on March 21, 2017, 07:11:24 AM

Quote from: thend1949 on March 21, 2017, 05:53:58 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?

If all government around the world declared that bitcoin is an illegal thing. Many people who have bitcoin sell their coin as soon as possible, it caused decreasing of price. But I think many people will silently earning bitcoin while it dumping, because no one knows what will happen, it's either bitcoin will become useless or this coin will be increase price soon even if its banned.

in fact there are some countries that prohibit the use of bitcoin on their citizens. but the citizens can still use bitcoin without being noticed by anyone for using bitcoin transactions can not be tracked by the government. therefore I think when government decided that bitcoin was illegal and banned in their country then it will not give any effect to the bitcoin. so do not worry.
that's my opinion.

But only few people use bitcoin when it prohibited in their country. Not all people take that risk, and dont say that there's no effect if this bitcoin will banned in whole world it has an effect, because many people fear to loose money, so many of them sell their bitcoin if that will happen.

delliaerd

hero member

Activity: 672

Merit: 500

Quote from: thend1949 on March 21, 2017, 05:53:58 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?

If all government around the world declared that bitcoin is an illegal thing. Many people who have bitcoin sell their coin as soon as possible, it caused decreasing of price. But I think many people will silently earning bitcoin while it dumping, because no one knows what will happen, it's either bitcoin will become useless or this coin will be increase price soon even if its banned.

in fact there are some countries that prohibit the use of bitcoin on their citizens. but the citizens can still use bitcoin without being noticed by anyone for using bitcoin transactions can not be tracked by the government. therefore I think when government decided that bitcoin was illegal and banned in their country then it will not give any effect to the bitcoin. so do not worry.
that's my opinion.

btvlGainer

full member

Activity: 206

Merit: 100

Quote from: thend1949 on March 21, 2017, 05:53:58 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?

If all government around the world declared that bitcoin is an illegal thing. Many people who have bitcoin sell their coin as soon as possible, it caused decreasing of price. But I think many people will silently earning bitcoin while it dumping, because no one knows what will happen, it's either bitcoin will become useless or this coin will be increase price soon even if its banned.

Or maybe this would increase the price of bitcoin several times.
All the same, there would be those who would continue to use bitcoin. For some, anonymity is very important

thend1949

hero member

Activity: 798

Merit: 500

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 all government around the world declared that bitcoin is an illegal thing. Many people who have bitcoin sell their coin as soon as possible, it caused decreasing of price. But I think many people will silently earning bitcoin while it dumping, because no one knows what will happen, it's either bitcoin will become useless or this coin will be increase price soon even if its banned.

Natalim

hero member

Activity: 3094

Merit: 606

BTC to the MOON in 2019

Quote from: Barbut on March 21, 2017, 03:14:43 AM

Nothing will happen, it will touch us here in community cause we have benefit from btc, but many people will not even notice that bitcoin is banned. And here is a bit hard question to answer, which country will ban bitcoin, on which way, how can some country stop people from using internet freely? If some country ban bitcoins, only bitcoin lovers will be nervous about it, and they will find some way to access internet, VPN, or some hidden internet connections. What ever happen people will find a way, we are resourceful.

When bitcoin will be widely ban that would be the end of bitcoin system, we will not be able to cash out our bitcoin and that is worthless anymore.
Right now, we need exchanges to cash out and they need banks to support them, what would happen if exchanges will be shut down as they cannot get a licensed anymore, though we can hide and use but bitcoin has no value at all as it will not be accepted as payment for our purchase.

shield132

hero member

Activity: 2352

Merit: 905

Metawin.com - Truly the best casino ever

Quote from: Barbut on March 21, 2017, 03:14:43 AM

Nothing will happen, it will touch us here in community cause we have benefit from btc, but many people will not even notice that bitcoin is banned. And here is a bit hard question to answer, which country will ban bitcoin, on which way, how can some country stop people from using internet freely? If some country ban bitcoins, only bitcoin lovers will be nervous about it, and they will find some way to access internet, VPN, or some hidden internet connections. What ever happen people will find a way, we are resourceful.

To my mind there will be small panic in internet because many people has invested btc in ICO, there are big miners and exchangers and etc. I agree you on that bitcoin banning is simply unuseful for goverment because mostly bitcoin is the only way of transaction for people in illegal job, such people has access on vpn and TOR without any problem and in result we receive same situation. Simply bitcoin banning will be waste of time and money from goverment.

Barbut

hero member

Activity: 1694

Merit: 502

★Bitvest.io★ Play Plinko or Invest!

Nothing will happen, it will touch us here in community cause we have benefit from btc, but many people will not even notice that bitcoin is banned. And here is a bit hard question to answer, which country will ban bitcoin, on which way, how can some country stop people from using internet freely? If some country ban bitcoins, only bitcoin lovers will be nervous about it, and they will find some way to access internet, VPN, or some hidden internet connections. What ever happen people will find a way, we are resourceful.

poplolnman

legendary

Activity: 1442

Merit: 1008

Quote from: arransiv on March 21, 2017, 02:41:11 AM

Well,for sure it will create a lot of chaos and people will panic so at first it may result in BTC losing some of it's worth.After that phase I suspect it will get a lot of attention and everyone will try to find a way how to buy BTC because let's be honest,BTC will always have it's supporters and people who really believe in it.And it's hard for BTC to be banned on a big level,yeah some country may ban it but it won't make a huge difference,things are being banned litereally every day

no it won't , actually the scenario happened few years ago when several county officially stated the government againt any bitcoin activity . russia and china two biggest country in the world done this before , but you know instead the price dropped it's even keep growing and until now there's no huge effect when some country declared to ban bitcoin , you know what? bitcoin are decentralized , government have no effect at all.

pawanjain

hero member

Activity: 2702

Merit: 716

Nothing lasts forever

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?

According to the history of the bitcoin that got banned in few countries directly saying that we can't do anything then just leave it at the same time .

Sempiternals

newbie

Activity: 56

Merit: 0

bitcoin is the new way for financial ..the only way btc getting banned is how people use it ..if people use it for good not for exploiting things .. i think it will be fine Cheesy

arransiv

sr. member

Activity: 420

Merit: 250

Well,for sure it will create a lot of chaos and people will panic so at first it may result in BTC losing some of it's worth.After that phase I suspect it will get a lot of attention and everyone will try to find a way how to buy BTC because let's be honest,BTC will always have it's supporters and people who really believe in it.And it's hard for BTC to be banned on a big level,yeah some country may ban it but it won't make a huge difference,things are being banned litereally every day

hatshepsut93

legendary

Activity: 3038

Merit: 2162

I think it's really hard to say how the market will react to ban, I'm only sure that short term effect will be devastating, you can see how the value was dropping because ETF rejection, outlawing Bitcoin by US, EU and other major countries would easily drop it by 100-300% or more. But after that Bitcoin will continue to grow, especially if there will be more instability in the world. A new worldwide economic crisis would make Bitcoin surge, as people will be looking for instruments to save their money.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: Salazarian on March 20, 2017, 02:00:25 PM

Quote from: qiwoman on March 20, 2017, 12:39:50 PM

Quote from: n0ne on March 20, 2017, 06:20:33 AM

Till date no country has made official statement banning bitcoin usage within the country. They have just made bitcoin a secondary means and has warned people on using bitcoin considering it an threat to the economy of the country. So now or near future no need to think of a ban on bitcoin. If banning is done, the people search some other way to use it.

Yes even if bitcoin is banned which i don't think will ever happen even in worst case situation if bitcoin is banned still people will use some sort of alternative to use bitcoin and to be honest bitcoin just makes our lives easier and best alternative to fiat so from my point of view bitcoin cannot be banned so easily.

yes that is right to say bitcoin is not going to banned he users of bitcoin will compel the government to consider bitcoin as legal currency. as the number of bitcoin users are increasing from time to time.

It is not like bitcoin is an illegal currency like some of us are thinking that is why the Government banned it already in some countries, but because it is the people in that certain country using bitcoin is illegal activities like buying illegal stuffs online like drugs, guns and so on, the reason why Government decided banned bitcoin, but not in all the countries around the world.

Here is the list of some countries which banned bitcoin because of their Government reasons:
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

mastermold

full member

Activity: 168

Merit: 100

No government can ever ban Bitcoin, it will keep rising, the more you try to ban it the worse it will get for the governments trying to attack it: look at Russia. Rubble volume on BTC is blowing up.

Saying that imo there will be no ban on bitcoin as they will see it is near impossible to enforce with decentralized exchanges popping up for trading coins and goods. In my mind they could only regulate and ban centralized exchanges and services.

gabbie2010

sr. member

Activity: 2842

Merit: 326

Vave.com - Crypto Casino

In my country here Bitcoin is banned however Bitcoin exchangers had devise a means of transaction, exchanging of Bitcoin without the goverment knowledge, this is usually done via the exchanger tranfering fund between a customer and the bank.

pecson134

sr. member

Activity: 630

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

I think this would be far from happening because those only who scam and use it for laundering money were the ones that should be ban not the bitcoin as a whole itself. It depends on how the people use it so it is also your responsibility to use it at your own discretion. Unless Bitcoins is very detrimental to something or life threatening then there is no problem using bitcoin.

Topic: What would happen if BTC was Banned? - page 39. (Read 65851 times)