What would happen if BTC was Banned? - page 69.

davis196

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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?

The bitcoin community will decrease and a lot of people will run away from bitcoin.

Maybe bitcoin will become a more underground currency and only darknet users will use it,i guess.

And the price will go down,off course...

delliaerd

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Quote from: richardsNY on October 07, 2016, 02:30:06 PM

Quote from: ashiqdey on October 07, 2016, 02:16:49 PM

all of you might be fearing of this event. but don't worry I have an awesome but simple idea, we will launch again with different name. then government Wii again ban so again we will come up with another name and it's our private property so we have right to do anything with our assets.

That doesn't make any sense. Governments will ban crypto currencies in general. Then you can't do anything with your name change idea. Governments might not be up to date with everything, but they are not stupid.

Only Change the name will not solve the problem. Anyway, although bitcoin banned by goverment , the users will always find the way to use their bitcoin. By that reason goverment can not rule bitcoin and the users. we do not have to worry with bitcoin, it always needed.

madwica

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Quote from: SAMKUSH on October 07, 2016, 04:34:10 PM

The total value of all bitcoins is large. If bitcoin was banned it would potentially cause the price of Bitcoin to fall and would make billions of dollars dissappear.

That is true, bitcoin has more investors and a lot of money put it in, and i think it has effect on the economy where the bitcoin miners from. More people getting angry if that will happen.

fravia

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Quote from: dothebeats on October 05, 2016, 09:58:30 PM

If ever it is banned, I think underground transactions and groups would flourish and still continue what was started 7 years ago. Underground marketplaces where people still asks for bitcoin for their goods including illegal merchandise and whatnot. it would still be there, the thing is there would be no third-party legal services that would cater exchanging bitcoin into fiat, same goes for registered merchants on and off the web.

yeah it would be really bad if it was banned because a lot of people are actually using it now

SAMKUSH

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The total value of all bitcoins is large. If bitcoin was banned it would potentially cause the price of Bitcoin to fall and would make billions of dollars dissappear.

HilbillyFred

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I do not know what will really happen but I think that the bitcoin will still be used because its self controlled and no one can really stop it if you are asking me.
I think that if it gets banned in some country's it still will be used for sure.

richardsNY

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Quote from: ashiqdey on October 07, 2016, 02:16:49 PM

all of you might be fearing of this event. but don't worry I have an awesome but simple idea, we will launch again with different name. then government Wii again ban so again we will come up with another name and it's our private property so we have right to do anything with our assets.

That doesn't make any sense. Governments will ban crypto currencies in general. Then you can't do anything with your name change idea. Governments might not be up to date with everything, but they are not stupid.

ashiqdey

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all of you might be fearing of this event. but don't worry I have an awesome but simple idea, we will launch again with different name. then government Wii again ban so again we will come up with another name and it's our private property so we have right to do anything with our assets.

richmcrich

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Quote from: Bitcoinsummoner on October 07, 2016, 11:38:59 AM

For now its still not banned in my country and i hoping that it will not ban in the future since i am saving more bitcoins in my wallet for my future.
I heard that russian place is banning bitcoin. and i dont want my country to be the same as russian.

I believe you never need to worry about any ban from your government on bitcoin ecosystem. Any government restrictions will not affect your activities of saving bitcoins. So, you can keep on continuing your bitcoin savings even if your government brings anything. Bitcoin is out of reach from our government regulations always.

Bitcoinsummoner

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For now its still not banned in my country and i hoping that it will not ban in the future since i am saving more bitcoins in my wallet for my future.
I heard that russian place is banning bitcoin. and i dont want my country to be the same as russian.

lol3c

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I don't think that possibility would ever happen and if it did, the people would just not care about that restriction because bitcoin is for everyone and no one control it and the Government can't track it, it'll be hard for them to ban it and people would use it more.

digaran

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It's an open source project and there is no hidden secret in the code so I doubt if could be possible to ban, even if they wanted how could they? destroying people's computers? there is no way to truly ban bitcoin.

Only possible way for me not to use bitcoin anymore is I am not able to convert it to my currency only then it becomes useless so as long as people willing to pay for it I think it's all good.

ranochigo

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Bitcoin cannot be banned by the government. The most they can do is to try to ban the nodes but it is still extremely hard with the decentralised nature of the currency. Banning Bitcoin would just push it to underground and it would be much harder for governments to regulate. With transactions being done underground, governments would not be able to implement AML/KYC laws effectively and thus result in more illegal activities. Regulations are fine, not complete restrictions.

kanazawa

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Government could track me or anything like because until that point all of my mining gear would be sold already and I'll live lending money to unbanking people and doing the activities linked with what the Bitcoin was proposed to be. In resume, nothing wouldn't change (at least to worse).

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Quote from: dunfida on October 06, 2016, 01:22:03 AM

Quote from: dothebeats on October 05, 2016, 09:58:30 PM

If ever it is banned, I think underground transactions and groups would flourish and still continue what was started 7 years ago. Underground marketplaces where people still asks for bitcoin for their goods including illegal merchandise and whatnot. it would still be there, the thing is there would be no third-party legal services that would cater exchanging bitcoin into fiat, same goes for registered merchants on and off the web.

For sure if bitcoin would be banned completely then there would be probably underground marketplace and hidden transactions would be created and we really cant stop it because people would really find ways in able to transact no matter what.

Underground market is the way to go for bitcoin if it is banned, so yeah I agree with what you said. Though being underground, you will see a noticeable price increase because it has an additional risk charge for the transaction. People especially those who are involved in illegal activities will be the one to continue in using this coin. I will stop using bitcoin if it is banned.

Dudeperfect

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Yes no doubt that it will create a noticeable downfall not only in price but also in user base but I don’t think bitcoin will be worth nothing because we are still using many things which are actually banned. In many countries most of the users are using cracked versions of softwares, free downloaded music tracks which is banned under copyright protection act. Bitcoin will still have its existence because it will remain useful over fiat currencies.

newcoins1978

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Quote from: ning_chang on June 26, 2016, 11:43:58 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?

I do not care if BTC is banned. I still use the BTC able to earn money. Because many of the users of BTC even banned them btc

Yeah if bitcoin would be banned it would ruin the reputation even more and people would really see bitcoin users as criminals.
I'd still continue using it in secret though I wouldn't let anyone tell me what currency I can and can't use.

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Quote from: Holliday on December 18, 2015, 11:50:17 AM

If Bitcoin is banned, bitcoiners would be criminals and the exchange rate would go up. That's about it.

criminal? Is that true? then I will stop playing bitcoin if this bitcoin banned,,

dunfida

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Quote from: dothebeats on October 05, 2016, 09:58:30 PM

If ever it is banned, I think underground transactions and groups would flourish and still continue what was started 7 years ago. Underground marketplaces where people still asks for bitcoin for their goods including illegal merchandise and whatnot. it would still be there, the thing is there would be no third-party legal services that would cater exchanging bitcoin into fiat, same goes for registered merchants on and off the web.

For sure if bitcoin would be banned completely then there would be probably underground marketplace and hidden transactions would be created and we really cant stop it because people would really find ways in able to transact no matter what.

roadbits

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I think nothing will happen. Some other currency may come. Yes, i think the gamblers and traders are using this Bitcoin. So if BTC banned means they will choose other sources to do their betting. And already in the market, there are some digital currencies are arrived. So anyone of that can become famous.

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