What would happen if BTC was Banned? - page 47.

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Quote from: Kray on January 19, 2017, 08:45:02 AM

If this happen, i think bitcoin price will increase significant

That's unfair, if banning is done sure a loss in the user profile happens. This will decrease the demand and will have larger supply, which tends for price fall rather than increase in price. So for growth increasing users and increase in adoption periodically is a must.

YuginKadoya

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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 would become banned in the whole world It can be Illegal and I think that there would be an underground transactions that would still exchange and transact bitcoin and sure all of the users would be affected by this but the most affected by it is the people that has a small amount of bitcoin and not earning it in a big way as possible I think they would sell their bitcoin and stop using it and bitcoin exchange rate would be very high,

but I don't think any form of government can make it happen many people are using bitcoin and it's value have been progressing every year and some are accumulating something on bitcoin and has a great contribution in the society.

Kray

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If this happen, i think bitcoin price will increase significant

hgmichna

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Never say never.

Anyway, governments could hinder bitcoin use, and some do that already. It would lead to less use than in a neutral or supportive environment and would therefore also lower the price of bitcoin. How far is difficult to foresee.

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Quote from: nara1892 on January 17, 2017, 06:47:19 AM

Quote from: Ankara on January 17, 2017, 04:35:58 AM

Bitcoin cant be banned and it work out.

Only the exchanges and centralized services can be attempted to be shut down.

yeah, that's right. probably OP means by "banned" is not accepted as a legal currency by all countries.
well, if it would happen, probably bitcoin community will keep using bitcoin and sell stuff that accept bitcoin as payment, just like this time.

The places it is accepted and the amount of good that does anyway is minimal.
You can't ban the darkweb where it all began but exchanges could have a hard time and that wouldn't be good at all.
This dream of everywhere accepting btc is a pipe dream and will never happen anyway.

shapeshiftscam

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Bitcoin would be never banned, because it is decentralized crypto currency. How to ban it? Destroy the internet or our computers? It is not WORLD WAR II age.

Qunenin

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Quote from: lOvE mE forEvEr on January 18, 2017, 04:51:53 AM

Definitely a lot of people sad, including me, this time bitcoin is third earning after work and online sales. I have also purchased 2 units S5 for mining, of course, if banned my tools will waste to trash.

You dont need to be worried. Bitcoins is Online , so no one can ban it. What a government can do maximum, is stop the local usuage of the coin. But then again you can use it online and get benefit.
Just a simple answer to the OP, BTC CAN NEVER BE BANNED

Xester

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Quote from: nikilavi on January 17, 2017, 02:23:15 PM

Wait what bitcoin getting banned. I don't think something like that will ever happen. But even if it happens it won't affect the price at all i think the price of bitcoins will end up increasing as whatever things are illegal in this world it has higher cost. Take the example of porn itself it is banned most of the countries but do people stop visiting those sites no so i guess you got your answer.

There are countries that will ban bitcoin but there are countries that will not ban bitcoin and what is the reason. For countries that experiences rampant money laundering and illegal trades using bitcoins then for the countries sake they will ban bitcoin. But for other countries it will be their chance to stock a huge volume of bitcoin and sell in a higher price to stock dollars in their treasury that will bring economic boost to their country.
Banning will be only done on select countries but let us hope that it will not be banned worldwide.

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Quote from: boybugs18 on January 18, 2017, 05:27:21 AM

people will still use it even if its banned because you can use it to another country to buy some goods and ship it to you or use it for digital goods and just make sure you hide your online identity so even if they are having a surveillance to people who use it on your country then much better to hide it online.

If you can still use it to ship goods from other country to your doorstep, then I think it is not totally being banned, maybe just the use of it in public... It is going to be difficult to use bitcoin when it is being banned, even exchanges would be closing, that means, it is almost useless possession... All you can do then by that time is to use it to buy digital goods, but to make your life a little better, that's not going to happen anymore..

boybugs18

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people will still use it even if its banned because you can use it to another country to buy some goods and ship it to you or use it for digital goods and just make sure you hide your online identity so even if they are having a surveillance to people who use it on your country then much better to hide it online.

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Quote from: Rizky Aditya on January 18, 2017, 04:59:34 AM

Quote from: Ankara on January 17, 2017, 04:35:58 AM

Bitcoin cant be banned and it work out.

Only the exchanges and centralized services can be attempted to be shut down.

That is not completely true. Bitcoin has already been banned in some countries. It doesn't mean that people have stopped using it, because they haven't. A ban to Bitcoin wouldn't really work because there is no way to track down any users. But yeah, governments could just shut down the exchanges.

You are right " rizky aditya " .
Here we have not only single example but I have many example of countries that banned the bitcoin but before ban they declare their statement about bitcoin one to Two weeks ago .
So here I think no much problem will generate for those people who who are small bitcoiner and earner .
But a big problem arise in the bitcoin market that will result into the down of the price of bitcoinworld for two to three months .

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Quote from: Ankara on January 17, 2017, 04:35:58 AM

Bitcoin cant be banned and it work out.

Only the exchanges and centralized services can be attempted to be shut down.

That is not completely true. Bitcoin has already been banned in some countries. It doesn't mean that people have stopped using it, because they haven't. A ban to Bitcoin wouldn't really work because there is no way to track down any users. But yeah, governments could just shut down the exchanges.

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Quote from: lOvE mE forEvEr on January 18, 2017, 04:51:53 AM

Definitely a lot of people sad, including me, this time bitcoin is third earning after work and online sales. I have also purchased 2 units S5 for mining, of course, if banned my tools will waste to trash.

Well, you can sell your S5 to countries that might need it where bitcoin is not yet banned. That's not really a problem. The problem would be if bitcoin is being banned and in where you live there is already a censorship and a total news black out about bitcoin, then that's the end of it. Most probably a country that would ban bitcoin won't be to harsh at first.

lOvE mE forEvEr

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Definitely a lot of people sad, including me, this time bitcoin is third earning after work and online sales. I have also purchased 2 units S5 for mining, of course, if banned my tools will waste to trash.

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Quote from: Japinat on January 18, 2017, 02:52:49 AM

Quote from: Dudeperfect on January 18, 2017, 01:19:16 AM

Quote from: BitFinnese on January 17, 2017, 03:18:55 PM

Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

Not really instead it is the other way around. Remember Governement have all the power and trust of the majority of its people. So if the government labeled BTC as illegal and banned it, those who are holding BTC and trasacting with it will really look bad. Because these people will go underground transaction in order to use their BTC.

Yes it’s a game of trust and the one who has maximum trust, wins the game. People trust fiat currency because the government trusts it and again the government is people’s organization so while bring it to the micro level, one trust a $10 currency note because the other one do the same and they mutually have the unwritten agreement that they agree, a $10 note has the value of $10. Same about bitcoin, if all bitcoin users believe that bitcoin is worth $10,000 then everyone will have to believe it.

We do believe with bitcoin as well as it's price, but it's based on fiat so we can say that without fiat bitcoin will not exist. The government is the highest authorities in this world, we elected them and they make laws and we fully because we trust them. You are right, it's a game of trust, without it this world will be in chaos. In the end, if they decide to ban bitcoins, we have to respect and trust them.

You are right we elect them to make laws on our country and banning bitcoin on the place then we cant do anything about it but to obey because if you refuse or violates then we would really suffer the consequences.They are banning bitcoin because they saw the possible effects that bitcoin would give.

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Quote from: Dudeperfect on January 18, 2017, 01:19:16 AM

Quote from: BitFinnese on January 17, 2017, 03:18:55 PM

Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

Not really instead it is the other way around. Remember Governement have all the power and trust of the majority of its people. So if the government labeled BTC as illegal and banned it, those who are holding BTC and trasacting with it will really look bad. Because these people will go underground transaction in order to use their BTC.

Yes it’s a game of trust and the one who has maximum trust, wins the game. People trust fiat currency because the government trusts it and again the government is people’s organization so while bring it to the micro level, one trust a $10 currency note because the other one do the same and they mutually have the unwritten agreement that they agree, a $10 note has the value of $10. Same about bitcoin, if all bitcoin users believe that bitcoin is worth $10,000 then everyone will have to believe it.

We do believe with bitcoin as well as it's price, but it's based on fiat so we can say that without fiat bitcoin will not exist. The government is the highest authorities in this world, we elected them and they make laws and we fully because we trust them. You are right, it's a game of trust, without it this world will be in chaos. In the end, if they decide to ban bitcoins, we have to respect and trust them.

Dudeperfect

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Quote from: BitFinnese on January 17, 2017, 03:18:55 PM

Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

Not really instead it is the other way around. Remember Governement have all the power and trust of the majority of its people. So if the government labeled BTC as illegal and banned it, those who are holding BTC and trasacting with it will really look bad. Because these people will go underground transaction in order to use their BTC.

Yes it’s a game of trust and the one who has maximum trust, wins the game. People trust fiat currency because the government trusts it and again the government is people’s organization so while bring it to the micro level, one trust a $10 currency note because the other one do the same and they mutually have the unwritten agreement that they agree, a $10 note has the value of $10. Same about bitcoin, if all bitcoin users believe that bitcoin is worth $10,000 then everyone will have to believe it.

care2yak

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Quote from: Bitcoin0916 on January 17, 2017, 07:47:02 PM

Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

It looks like the ban can never reduce the use of bitcoin, until now there has not been countries that approved the bitcoin, but users continue to grow each year. Just like drugs, many countries that prohibit, even in my country, drug seller can be sentenced to death, but the drug circulation persists, and drug prices continue to rise. I am sure there is no problem with banning bitcoin.

I agree. Prohibiting bitcoin use won't stop bitcoin circulation and use even among citizens in a country that banned bitcoin. It'll just continue to spread. I know Russia has banned it but many Russians still have access to it and use it. It was also banned in China, but among bank employees and not among common citizens. Bangladesh has also banned it, though I'm not sure if Bangladeshi would dare engage in bitcoin when in their own country as getting caught doing so will result in a 12-year imprisonment.

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Quote from: Bitcoin0916 on January 17, 2017, 07:47:02 PM

Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

It looks like the ban can never reduce the use of bitcoin, until now there has not been countries that approved the bitcoin, but users continue to grow each year. Just like drugs, many countries that prohibit, even in my country, drug seller can be sentenced to death, but the drug circulation persists, and drug prices continue to rise. I am sure there is no problem with banning bitcoin.

i hope that government will not bane bitcoin, because of the interest of the people and the benefit that bitcoin is providing to the people. because people are not going to leave bitcoin in any case and they will continue bitcoin for a long time.

Bitcoin0916

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Quote from: charmingfreddie on January 17, 2017, 03:01:45 PM

Then everybody will wonder why and want to use them. The ban would not work anyway and it will make the government look really bad. There is a country in South America that has banned it but I dont remember which onw.

It looks like the ban can never reduce the use of bitcoin, until now there has not been countries that approved the bitcoin, but users continue to grow each year. Just like drugs, many countries that prohibit, even in my country, drug seller can be sentenced to death, but the drug circulation persists, and drug prices continue to rise. I am sure there is no problem with banning bitcoin.

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