Bitcoin cannot be banned because of the decentralized architecture. There is no CEO. No office. The person responsible for it is unknown.
It has no real value. we cannot even touch or hold. It cannot be controlled. It will thrive even the chinese ban it.
Topic: Why Bitcoin can't be banned - page 4. (Read 2277 times)
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Bitcoin is considered as the worlds most popular cryptocurrency which is used for trading and selling. I think bitcoin can never be banned because of its importance to its investors.
The fact that it has a decentralized system might be too hard for a group of people or even the government itself to ban bitcoin.It's not just a currency but its more of an asset or investment wherein investors will really fight for it not to be banned or suddenly vanish in the air.
They can impose direct bans on usage but that wouldn't immediately stop people from using it. They can however hit it hard by going after miners and exchanges which we know is vital to the operations. That last one can be particularly debilitating for people that got money left in exchanges and can't get them out. Without these tow we'd have to rely on people running nodes on PCs.
Anyone thinking that Bitcoin can ever be destroyed or outlawed should just forget it because it will not happen. Just look at this level of money and businesses generated because of Bitcoin - Market Cap: $284,918,135,730 • 24h Vol: $55,002,810,847 • BTC Dominance: 66.2% • Cryptocurrencies: 2413 • Markets: 19619 Destroying Bitcoin means destroying almost $300 billion.
No one will ever forbid Bitcoin, because it is precisely because people are united via the Internet that they can defend their right to use cryptocurrency. The government has no other choice but to accept cryptocurrency and legalize it in every state. But then we will have to play by the rules that exist in every state. And this is the payment of taxes on their income from activities in the cryptocurrency market.
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As long as there is an internet connection available in the country, bitcoin cannot be banned. But if the government decide to ban the internet connection, then people cannot use bitcoin, but I am sure that people will search the other way to use bitcoin and they will use VPN to connect with bitcoin. I think in the country which bitcoin is banned, people now prefer to use a VPN because they still want to use bitcoin for many things including to trading.
The only way you can ban bitcoin is to completely shutdown the internet. Aside this nothing can be done to ban bitcoin. No matter how much noise countries are making about banning bitcoin. Non of them have been able to make it completely. Nobody can stop us from using the coin
I think thats the one reason, because only on internet that can access bitcoin, if the government shutdown internet maybe that would probably stop. But until there is still an internet they cannot control people to use bitcoin.So why giving a fuck to "I'm afraid my country will ban Bitcoin!"
They have nothing to fully stop the ecosystem that is currently emerging.
They have nothing to fully stop the ecosystem that is currently emerging.
I think the fear is based in the fact that if a government does not like Bitcoin at all and decided to ban it, everything related or linked to it will also be prohibited. A ban in Bitcoin is equivalent to a ban in exchanges, in Bitcoin apps, in Bitcoin ATMs, in business that are accepting payments in Bitcoin, the banks where one could withdraw fiat from Bitcoin conversion, and so on. In other words, there would be no more point owning Bitcoin.
I think bitcoin is the first crypto currency technology so that its popularity and greatness are unquestioned. Bitcoin cannot be blocked because bitcoin is the main crypto currency that brings changes in the economy and international transactions. Bitcoin brings a lot of convenience, practicality, and speed so it has been questioned again its ability to survive until now. Instead I predict bitcoin will last for a long time and will become one of the recognized currencies.
Your points are either wrong or correct depending where you are looking at the banning from. If you are just looking at it from the angle of banning the whole system, then you are right but what about targeting the exchanges and using it for payment or buying. That can be done and once hat is done, there wouldn't be any use of the system or your btc
Can Bitcoin be controlled by centralized authority? No! Can Bitcoin be restricted under borders? No! Then how can you ban Bitcoin, the sell/buy BTC is completely an individual will and risk too.
I think that Bitcoin is popular because It has no tax issue for any gov. Also no one knows who controlled it. Many country did not approve it.
The US government had just slash down the tax which was opposed on Bitcoin to 25%, so, the government has already entered into the world.of cryptocurrency and had.implemented tax, that's by the side. Bitcoin can't be ban because it's just a technology which look impossible to ban. Technology.like the internet where not banned, so it.look impossible for.any government of the federation to wake up an ban Bitcoin.
I would like to take up the points of an article published on Bitcoinist. (Even if some will say that this media is Pro-Bitcoin the points are the most important.)
Any regulation can't prevent us from using Bitcoin. Despite their attempt to keep an eye on the system, it is simply impossible for them to ban people using it. So why giving a fuck to "I'm afraid my country will ban Bitcoin!"
They have nothing to fully stop the ecosystem that is currently emerging.
100% indeed with your words. For example, in my country, bitcoin is still illegal and the government prohibits all citizens from using bitcoin, but the government cannot stop all transactions in my country. So why should you fret about the statement "xxx countries banned bitcoin". This in my opinion will not reduce bitcoin users Quote
1. Laws Can’t Be Written Against Bits and Bites
2. You Can’t Ban Open-Source Distributed Software
3. Bitcoin Can Be Broadcasted via Satellite
4. You can Send Bitcoin Via SMS
5. You Can’t Shut Down the Power Grid
2. You Can’t Ban Open-Source Distributed Software
3. Bitcoin Can Be Broadcasted via Satellite
4. You can Send Bitcoin Via SMS
5. You Can’t Shut Down the Power Grid
Any regulation can't prevent us from using Bitcoin. Despite their attempt to keep an eye on the system, it is simply impossible for them to ban people using it. So why giving a fuck to "I'm afraid my country will ban Bitcoin!"
They have nothing to fully stop the ecosystem that is currently emerging.
Bitcoin itself can't be banned. But all exchanges and/or mining could be banned.
Thus Bitcoin could survive, but without exchanges and/or mining, etc, the price would be way down below $200 IMHO.
All, for example, the USA government would have to do is say, they are 'unable' to do Know Your Customer (KYC) validation
complete enough, to allow Bitcoin to continue. They could simply cite foreign exchanges and the complicated tracking of a
bitcoin thru the blockchain.
Just saying, IF the Trump Administration can advocate now in the courts to keep unaccompanied minor's taken from their parents
into former Japanese Internment Camps, (yep, they went there) with no time limit. Not sure the courts would buy this or a ban
on Bitcoin, but the fact they are advocating the former leads me to believe they could push for a ban of bitcoin as the later option.
Stupid Yes. But anything is possible, even if not practical. In the USA these days.
later
Brad
Just saying, Bitcoin could be made 'irrelevant' in the USA. The dollar is strong, thus you could say the IRS does auto audits of BTC and/or make exchanges illegal overseas (like they
did gambling sites) and generally, make it so much of a pain that the price could dump to 3K and USA folk could be locked out.
I could not be completely banned but could be made much more distressed in price and use with such rules/laws/bans.
UNLIKELY, the powers that be will do so, but, there has not been a lot of pushback and fud IMHO from banks and other central money types...wait till BTC hits 20k plus,
either they will pile on with this FOMO, or they will increase the FUD.
Bitcoin itself can't be banned. But all exchanges and/or mining could be banned.
Thus Bitcoin could survive, but without exchanges and/or mining, etc, the price would be way down below $200 IMHO.
All, for example, the USA government would have to do is say, they are 'unable' to do Know Your Customer (KYC) validation
complete enough, to allow Bitcoin to continue. They could simply cite foreign exchanges and the complicated tracking of a
bitcoin thru the blockchain.
Just saying, IF the Trump Administration can advocate now in the courts to keep unaccompanied minor's taken from their parents
into former Japanese Internment Camps, (yep, they went there) with no time limit. Not sure the courts would buy this or a ban
on Bitcoin, but the fact they are advocating the former leads me to believe they could push for a ban of bitcoin as the later option.
Stupid Yes. But anything is possible, even if not practical. In the USA these days.
later
Brad
Bitcoin itself can't be banned. But all exchanges and/or mining could be banned.
Thus Bitcoin could survive, but without exchanges and/or mining, etc, the price would be way down below $200 IMHO.
All, for example, the USA government would have to do is say, they are 'unable' to do Know Your Customer (KYC) validation
complete enough, to allow Bitcoin to continue. They could simply cite foreign exchanges and the complicated tracking of a
bitcoin thru the blockchain.
Just saying, IF the Trump Administration can advocate now in the courts to keep unaccompanied minor's taken from their parents
into former Japanese Internment Camps, (yep, they went there) with no time limit. Not sure the courts would buy this or a ban
on Bitcoin, but the fact they are advocating the former leads me to believe they could push for a ban of bitcoin as the later option.
Stupid Yes. But anything is possible, even if not practical. In the USA these days.
later
Brad
It can't be banned because no one can control bitcoin even the creator of bitcoin no one knows who really is and also bitcoin is getting more popular each day and it has many supporters.
You don't need a person to be in control to ban it. A ban can be imposed by the government and it doesn't matter if there is or is not a person to blame. You can even ban an act of doing something like drinking in public. If they decide to ban it they will and all you'll be able to do about it is protest or leave the country.
They can ban it but it doesn't mean they will. It's a good invention and many countries see it and welcome the profits people are generating.
Many countries have already banned them and few countries are seriously thinking to ban bitcoin in their countries. Even the Donald Trump have told some negative statements about the bitcoins.
But all these efforts to ban the bitcoin will go in vain, because bitcoin is decentralized and it cannot be controlled or banned completely.
The only way to target a decentralized asset is to use some of its own bugs against it. In case of Bitcoin, one of the methods to do so is to launch a 51% attack. In case the American government authorities want to destroy the cryptocurrency, then they can seize the mining farms, and then use that hash-power to launch a 51% attack and destroy the holdings of all the users. But they are unlikely to do something like this, as it takes a lot of effort and is not easily defendable in the court.
So a better option would be to outlaw Bitcoin, and then unleash terror tactics on the users. A few well known users will be arrested and put behind bars for lengthy jail terms, and this in turn can create a panic mood among the rest of the users. Since most of the exchanges are KYC compliant now, the authorities won't have to spend too much effort to identify the users.
So a better option would be to outlaw Bitcoin, and then unleash terror tactics on the users. A few well known users will be arrested and put behind bars for lengthy jail terms, and this in turn can create a panic mood among the rest of the users. Since most of the exchanges are KYC compliant now, the authorities won't have to spend too much effort to identify the users.
I think what you are pertaining to "Banning" is that the country prohibits the use of Bitcoin but because of the technicalities, prohibiting it is not possible unless they shut down all the networks on that country which is really impossible. But what we want is something that we can freely use. To be able to do this, we need to continue supporting Cryptocurrency projects that will really put a mark on the history of mankind. Spreading awareness will also help Bitcoin and Blockchain Technology to be widely accepted.
A smart country is not the one who forbids bitcoin, a smart country tries to understand the blockchain, adapts and looks to the future, cryptos is the future, it's like the canabis, the smart governments regulate it and make money, because we can not forbid something that is inevitable.
I found these answers interesting for your question : https://www.quora.com/How-can-governments-ban-Bitcoin
I found these answers interesting for your question : https://www.quora.com/How-can-governments-ban-Bitcoin
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