I would say the more pressing question is: Would it still be beneficial for you to keep using Bitcoin if it's declared illegal?
We know Bitcoin can be priced differently per market as we've seen in countries like Venezuela where demand is higher than normal. Bitcoin being declared illegal will almost certainly cause the price to plummet in that market because it cuts off demand. It will also be much harder to liquidate with exchanges unable to deal with them, among many other factors. There are lots of ways to cover your tracks to be able to get around bans, sure, but these considerations may just turn off the average user, if the threat of jail doesn't do that first.
If you're a whale though, it may be possible to just fly out and liquidate small amounts, though I'm not sure about the implications.
Topic: Will You Still Get Into Bitcoin Even if the Gov't Declared it Illegal? - page 3. (Read 398 times)
January 06, 2018, 01:01:05 PM
January 06, 2018, 12:09:24 PM
The main objective Bitcoin was created for is to have decentralized currency, for p2p transactions. That means no third party is involved, no banks nor governments. The only thing a government can do is to ban exchanges. So you'll need foreign exchanges if you want to cash out.
January 06, 2018, 12:02:19 PM
Goverment can stop everything)))
Nope they cant. Because it is just common that rich people can control the law. And also there are times that a government also is making profits with this so called bitcoin. Different countries different problems, so it maybe illegal in other places, it is legal in other places. So if your country has rich businessmen who invested in bitcoin, they can always make some leeway to escape tax.
January 06, 2018, 11:05:55 AM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
Drugs and rave parties are banned in majority of the countries, but it still exists in the society in almost every countries. So it doesn't matter if my government bans bitcoin. I will continue to use it. Probably I will have to take some precautions and can't use it openly the way I am doing now, but won't stop using bitcoin. Government can issue a notification and ban it but they need to have proper infrastructure to catch it. Thankfully my government doesn't have such infrastructure in place. Also small amount transactions will not raise any alarm as well.
I believe, bitcoin is a life changing innovation to many. A lot of people are earning a decent amount of money from crypto and living a decent life. If the government can't provide a job to them, they also don't have the right to take away their fundamental rights of earning money. So no matter what my government thinks, I will continue to use it.
January 06, 2018, 10:55:51 AM
Goverment can stop everything)))
January 06, 2018, 10:34:50 AM
A single country bannonv cryptocurrency would allow for a global field of competition in the finance sector. Those countries with Bitcoin banned would lose out in developing the necessary backbone for such an economy to flourish.
January 06, 2018, 10:32:39 AM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
January 06, 2018, 09:15:15 AM
you have to distinguish here if it is declared illegal for general public
or is prohibited to use by financial institutions like banks,exchanges and such
if you take China,for example,they banned bitcoins
in reality,general public can trade or use bitcoins allright
it is just that they will have to use foreign exchanges and such to do so
so even if it is declared illegal,like in Venezuella where it is illegal completely
people will find ways to circumvent the ban,I would most certainly do so
or is prohibited to use by financial institutions like banks,exchanges and such
if you take China,for example,they banned bitcoins
in reality,general public can trade or use bitcoins allright
it is just that they will have to use foreign exchanges and such to do so
so even if it is declared illegal,like in Venezuella where it is illegal completely
people will find ways to circumvent the ban,I would most certainly do so
January 06, 2018, 08:32:45 AM
Yes because some governments will still consider it legal, so you will still have countries to cash out
January 06, 2018, 08:30:34 AM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
Really tough question. What if your mean source of income is crypto trading? Where are you going to get money then to feed your family? Are you willing to take the risk and continue underground or probably used VPN to cover up your tracks? What if your government finds out? Are you willing to face the reality that you might be put in prison because you defy the order of the government? As for me, I wouldn't go man, its too risky for me and my family, only options is to go out and go to a friendly bitcoin country. But its gonna be very hard and a lot of adjustments has to be made.
I guess this should be a wake up call for everyone to really save and have other plans in case your country decided to put a hammer ban.
January 06, 2018, 08:04:57 AM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
I wouldn't, because I don't want to get involve on something illegal due to some punishments I may face if I defy the law that they implement. And also, I came here in bitcoin to have a more feasible life and if I violate them that's not what going to happen, but the reverse of it if I get caught by authorities doing transactions using bitcoin. But let's just hope it won't befall, because if it does, all we can do is to accept it, nothing more!
January 06, 2018, 07:45:11 AM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
If the punishment is heavy like to go to jail or death of course i will stop but if it will just slight as just to pay penalty fees then i will still going to trade and invest bitcoin because we have lots of ways not to be caught like using VPN and to request friends or relatives in abroad to do transactions for me in which the most safest way.
January 06, 2018, 06:10:42 AM
if the government of your country banish bitcoin then nothing that the people of that country can do, because banks, exchange and all actors that directly or indirectly allow you to buy and sell bitcoin will not accept that you buy and sell bitcoins. see for example my case, I am from a country that is restricted to using bitcoin debit card, so I can spend my bitcoins in my country I have to pay many fees and do lots of processes. Sometimes it becomes very annoying the processes that I must do so that I have my bitcoins in my bank account of my country.
January 05, 2018, 10:20:34 PM
Bitcoin and other cryptocurrencies are right now making a big buzz and though 2017 is one of its most controversial year there are still more with this industry that will continue on creating a stir as it is entering the mainstream of the population. because of its increasing popularity, countries and their financial leaders are now forced to look at Bitcoin seriously and come up with the decision either to open up their country legally or follow the path decide on by China last September. The choice is theirs to make as we individually could not do so much about it except voicing our opinions if given the chance to say anything. Certainly, there are countries which do not recognize Bitcoin and are asking their citizens not to get involved with it warning that Bitcoin can be just another ponzi in the making.
Now, if you happen to be a residing citizen of a country that is banning Bitcoin will you still discreetly involved with it in the face of some possible sanctions?
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