Will governments ban Bitcoin like they did with Gold? - page 7.

amishmanish

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Quote from: LoyceV on April 09, 2021, 03:45:43 PM

So that's like banning certain Base58 strings? Or banning the use of certain words? Good luck with that!

If they could ban Bitcoin, I think they would have done it by now. If my government bans my investment on which I've been paying taxes, I expect full compensation for my damages.

If OPs comparison is to the ban on Gold by the US Govt, isn't it much easier to implement with Bitcoin? With Gold, they simply ordered people to submit their gold. I believe a lot of people would have hid them in ways that the authorities wouldn't find out. Of course the same can be done with crypto.

Hiding BTC or the involvement in crypto in the same way would be far more difficult depending on what level of user one is. Good luck to the coinbase users, for example. The Govt cannot force anyone to stop using BTC individually, but they surely can make it worthless or own all of it through legislation if they want to.

Will they do it though? Not so sure. With crypto becoming one of the few islands of innovation and prosperity, why would they want to stop it?

online73

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Hello everybody. There are not so many countries that have completely banned cryptocurrency - mainly this is the adoption of various fiscal measures for the circulation of cryptocurrency in the country, obeying which, in the end, we can be left without money and with undermined psychological health, because today the power is poorly educated people who write laws in such a way that they can be interpreted as they like. Clearly fiscal laws are being written that do not take into account the interests of those citizens who hold the cryptocurrency. Although illiterate officials are in power, many still understand that it is possible to ban Bitcoin, but it is not possible to enforce this law. Therefore, even those countries that already have a complete ban on cryptocurrency will soften their attitude over time. Young people who are more progressive will come to power - I hope they will come up with such laws under which both the country and the holder of the cryptocurrency will earn good money. In the meantime, the authorities are mainly pensioners who have gone out of their minds - everything will be as it is. I think that governments will not prohibit Bitcoins due to the ineffectiveness of this action.

AniviaBtc

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There are governments which already banned bitcoin in their country, like India, Nepal, Bangladesh, and etc.

They prefer having Gold instead of bitcoin that's why it is really hard for them to adopt, they really don't seek information about the development of currencies.

I know that India is trying to legalize cryptocurrency in their country but they are having a hard time to regulate it properly that's why it ended up banning again.

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Quote from: ecnalubma on April 09, 2021, 06:57:57 PM

If they want to ban Bitcoin they should have done it earlier, now that adoption is skyrocketing people will fight for it. We’ve seen so many Bitcoin bans and harsh regulations from different countries, some tried to totally ban it and some are still shaky with their decisions. Its impossible to ban Bitcoin, they can’t control it unless they shutdown internet servers.

Even if they ban it, there is nothing that they can do unless they cut off the Internet in their country, I mean look at Middle Eastern countries, some of them ban pornography but there some analytics that most users come from this part of the region. They can't ban bitcoin because they will suffer the consequences.

masterrex

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Quote from: Abiky on April 09, 2021, 03:42:15 PM

Many people have been talking about a full government ban towards Bitcoin. Some said that Bitcoin could be banned the same way Gold was banned a couple of years ago. This is to prevent people from using Bitcoin and other cryptocurrencies on top of Fiat. After all, governments want to control people's money. Something that's decentralized and outside the reach of the government, should be banned from the face of the Earth (according to governments' mindset).

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide? Your input will be greatly appreciated. Thank you very much.

I think the US government won't do that and it's too late to banned Bitcoin now because it was already scattered in almost US state and even in the world and some countries already used Bitcoin and other cryptocurrencies as a source of tax revenues so why banned it if the said industry was already contributing income to the government through taxes its no sense at all, But if the government will push to banned Bitcoin and all cryptocurrencies I think users can go underground because they cannot totally stop bitcoin because it was decentralized thats what I think.

ecnalubma

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If they want to ban Bitcoin they should have done it earlier, now that adoption is skyrocketing people will fight for it. We’ve seen so many Bitcoin bans and harsh regulations from different countries, some tried to totally ban it and some are still shaky with their decisions. Its impossible to ban Bitcoin, they can’t control it unless they shutdown internet servers.

bct-user

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IN my country, there are conditions:
- Cryptocurrency including Bitcoin is legal as a commodity and digital asset, there is a law about cryptocurrency and they are leag.SO, they will not ban Bitcoin.
- Exception, crypto is legal for commodity and also digital asset, but it is not legal as Payment method.
However, I personally not mind this because I cannot find merchants that accept Bitcoin.
I only use Bitcoin for trading and also investment and they are legal.

But maybe there are some countries that really ban crypto, but not all countries in the world. This ahs been long time discussion about baning Bitcoin

Hippocrypto

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Quote from: tabas on April 09, 2021, 06:02:55 PM

Banning it will lose them billions if they're going to consider their citizens that have been transacting and transferring funds through bitcoin. They're losing lots of money if they're about to that. But even if they do, transactions can still continue and many wouldn't care if there's a ban just as what the other countries did, there are still crypto people that are continuing.

Banning in a certain country would be implemented once there's a conflict of interest. Some of the law makers would decide this kind of judgement toward bitcoin, and no one can ban Bitcoin because it continues to run without control of anybody. Government is intimidated with what bitcoin shows to the world, specially todays time that price soars unexpectedly. But to those developing countries, I think it wouldn't be be because they're now shifting to cashless payment using digital currency.

decodx

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If they decide to ban the cryptocurrency it'll just come back stronger as the alternatives would be worse. A strong community would come back in its place to support this currency in all circumstances. That's why the probability of legalization is much more likely than ban. Its far better to adopt the future than fearing it.

tabas

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Banning it will lose them billions if they're going to consider their citizens that have been transacting and transferring funds through bitcoin. They're losing lots of money if they're about to that. But even if they do, transactions can still continue and many wouldn't care if there's a ban just as what the other countries did, there are still crypto people that are continuing.

Sterbens

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if this happens, then we will really be very difficult to access all of our assets in bitcoin. we all know that access to interact with bitcoin will clearly be watched and controlled. the government has access to close the bitcoin space, but are they sure they can cover our anger which in fact will attack the government system much more aggressively. that's what will happen can be easily caused chaos. the government doesn't necessarily shut us down, and we have a way of getting in.

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Quote from: Abiky on April 09, 2021, 03:42:15 PM

What do you think? Will governments (especially the US government) ban Bitcoin like they did with Gold? Or is it too late to do something about it? Will Bitcoin survive if all governments unanimously agree to ban its usage worldwide?

We have seen governments coming together in the past and Liberty Reserve is a prime example but that was a private centralized digital currency even though they had servers in a few countries the government was able to come together and shut them for good but when it comes to BTCitcoin it is not that easy even though the government can shut a few mining farms but not the entire network.

aoluain

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This is like "Closing the gate after the horse is gone" only there is no gate!

The only actions governments can take is heavily regulating the entry
and exit points to Bitcoin.

I cannot see the US banning Bitcoin after it is allowing people and companies
(private and public) to buy, hold, trade and sell it.

Anyway Bitcoin will exist regardless of what governments do.

Iron Fist

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Some nations have moved to shut down Bitcoin exchanges and prevent their citizens from transacting in the digital currency. This does not mean that every nation can shut down Bitcoin. The system is decentralized and exists outside the authority of any one governmental body. This makes it safe from central banks and governments.
Bitcoin has become increasingly mainstream over the past couple of years, and an increasing number of individuals and businesses have started using it to conduct legitimate transactions and buy goods and services. I don't think it would be in government's best interests to try to ban Bitcoin at this point.

kawetsriyanto

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Quote from: LoyceV on April 09, 2021, 03:45:43 PM

If they could ban Bitcoin, I think they would have done it by now.

Agree, the governments should already ban Bitcoin if they want and can do it. But in fact, they don't do it, which means they let Bitcoin exists and develops. Moreover, Bitcoin already becomes an important thing for all people around the world. They can gain money and do business through Bitcoin, it is very helpful to improve people's income and the world's economy as a whole. With these considerations, the governments have no strong reasons to ban it now.

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Quote from: nakamura12 on April 09, 2021, 05:12:06 PM

Government can't control people to invest in bitcoin but they can try to ban bitcoin in their country. Still, some people will find a way to be able to own a bitcoin even though bitcoin is banned in a certain country. In my country, the government didn't ban the bitcoin instead they made use of it to earn profit. There is even an app that let's people trade and hold bitcoins as long as they want

Now, that a lot of powerful companies are into bitcoin market, I don't think governments will continue the pursuit of banning the use of bitcoin. It is already too late to have that kind of sanction to bitcoin. And also, even before, if they did want to ban, they couldn't control it fully. Right now, I believe those countries making bitcoin as illegal entity are reviewing their decisions. Hearing PayPal or Tesla integrating bitcoin in their system, will make up their minds that dealing with bitcoin is not bad after all.

jonval21

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Governments will be able to ban Bitcoin, but Bitcoin represents money and people will never give up money, just because of that they will not be able to follow the rules or regulations that a government has or imposes on them, the US has many restrictions, even for some casinos to those who are not allowed access there.

It is normal for a country to want to have control of the entire economy as banks do, with Bitcoin the debt ends, this does not suit governments or banks, that's why they want to ban bitcoin, as well as gold, it they do, they don't allow people to achieve their Financial Freedom.

nakamura12

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Government can't control people to invest in bitcoin but they can try to ban bitcoin in their country. Still, some people will find a way to be able to own a bitcoin even though bitcoin is banned in a certain country. In my country, the government didn't ban the bitcoin instead they made use of it to earn profit. There is even an app that let's people trade and hold bitcoins as long as they want

albon

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I think it is too late to do something about Bitcoin, after it has built up a market value of billions and has millions of investors around the world, any country can ban Bitcoin, but it will still survive and no government can prevent people from investing it even if they impose sanctions, because decentralization will protect investors to show their identity.

Lanatsa

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They have done it already when bitcoin is just starting to make some smoke if government do able to do so then they had done it a long time ago.

with this current crypto situation then its clear that they cant really stop bitcoin or crypto as a whole this is why some of government do rather accept
nor adopt it instead.

Decentralized things cant really be controlled nor surpressed it down even though they can really make influence into those platforms attached to it
but it wont be enough on getting rid of it.

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