What if Government bans Bitcoins?

[altery0518]

Even some countries are banning the use of crypto currency i strongly believed the this will still exist because there some countries also that are open in crypto trading most especially for developed countries in which crypto is legalized.

[gotbounty]

We will have difficulties to develop bitcoin and crypto as a whole if government bans bitcoin. Crypto and bitcoin still can continue the existence but surely will be hard without the support from government.

[Omah karpet]

the government will not ban the entry of bitcoin, because many benefits, one of which can change a person's life

[masudginanjar]

I will look for money to be fair with Bitcoin.
Suppose I am looking for an Exchange like Coibase that is open to FIAT from my country and exchanges it with Western Union or Visa and MasterCard.

The fee is definitely big but it doesn't matter as long as my money goes into my wallet without having to go to the savage government that Banned Bitcoin. LOL

[damsix]

There will be no loss of coins in the wallet as long as no private key is known.
The key to sending coins must use a private key and that is the key to all coins, not from the government.

[DeKingCrypto]

That will serious, but I know other techs will come up eventually, the only thing I see there is that many people will be at lost.

[IyemRoker]

The government only commented on what happened without having to interfere in this matter.
We know the English Premiere League in Football is not adrift and no government has interfered.

The way it works is almost the same!

[Hadley]

If government ban Bitcoin and all other crypto currencies than somehow we will have another digital currency and they will exactly the same with Bitcoin because the current fiat is too weak and need to be change

[alyanov]

Bitcoin is not connected to any region or financial institution. There are dozens of popular exchanges, and even if they don't exist, all you need is a wallet and network connection to be able to do bitcoin transactions. The blockchain built above does not require an institution to operate it, and indeed is the complete antithesis of such an idea, operating as a general ledger rather than a private one. Without a central location to be closed, meaningful crackdown must be a global effort. Even if a country somehow prevents bitcoin transactions from happening within their borders, a simple VPN or proxy system will allow users to operate internationally with little problem. If the government can effectively stop peer to peer networks, they will close illegal practices of torrent sites more than a decade ago. Even the success of torrent sites like the hydra is not a perfect analogy for bitcoin, because the legal status of cryptocurreny is much easier to debate. A fairer comparison is what is called the dark web. Although individual sites, servers and people involved with various activities there can sometimes be arrested for illegal activities, it would be ridiculous if the government could regulate the entire network. Trying to ban bitcoin or set it up in a way that allows true supervision to be much the same. Not possible at the technical level. Even tracking individuals who have a particular wallet is difficult. Although the public blockchain allows the government or law enforcement to track certain bitcoins, binding it to people in the real world is very difficult. The owner can hide his identity with VPN, Tor, or even physically move his wallet in the form of cold storage (offline), making it invisible to the world.

[enci55]

Bitcoin has been around the fringes of financial markets for less than a decade, but is slowly gaining prominence as an alternative asset class. Can the government of any major country step in and do the unthinkable ban Bitcoin? If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how exactly it will enforce such a ban. It is impossible for a government to seize your Bitcoins, unless you decide to handover your private keys. However, the majority of citizens and institutions like to stay on the right side of the law. So the demand for Bitcoin would plummet if the government decided to ban it. All exchanges in that country would also be shuttered and buying/selling Bitcoin would be difficult and risky. This would suffocate Bitcoin in that country and the government’s objectives might be achieved.

[tervel]

Bitcoin has been around the fringes of financial markets for less than a decade, but is slowly gaining prominence as an alternative asset class. Can the government of any major country step in and do the unthinkable ban Bitcoin? If a government decides to make trading or possessing Bitcoins illegal, questions will be raised about how exactly it will enforce such a ban. It is impossible for a government to seize your Bitcoins, unless you decide to handover your private keys. However, the majority of citizens and institutions like to stay on the right side of the law. So the demand for Bitcoin would plummet if the government decided to ban it. All exchanges in that country would also be shuttered and buying/selling Bitcoin would be difficult and risky. This would suffocate Bitcoin in that country and the government’s objectives might be achieved.

I hope that if cryptocurrency is threatened, that those in the in the world, including myself, are capable of agreeing on a form of government which is most beneficial to everyone, and that produces the most wealth and economic progress.

[Dynamite]

The impact of bitcoin affects the entire world most specially the countries that accepted and adopted bitcoin with in stable system. There will have new issues that couldn't be resolved. There are new ways to be done just to provide the digital cycle to continue. More possibilities can happen.

[Sudarmono]

in my opinion bitcoin will not be blocked by the government, because we know for ourselves that bitcoin is very influential in online payments, and bitcoin is also very good and potentially if developed by the government.