If your government banned Bitcoin, would you still buy BTC?

[Z-tight]

DEXes would be a way to go, that would just add up some steps to acquire BTC properly, and that would be it.

You could say that, the perfect way to trade BTC has always been p2p, however, like i already said, it still depends on the penalty.

If the penalty is ~ 10 years jail time or more, i don't think too many people would still risk trading p2p, because the fiat will be deposited in your bank account, and if they suspect you, they could block your bank account and ask you to provide source of funds.

[dave_strider]

DEXes would be a way to go, that would just add up some steps to acquire BTC properly, and that would be it.

You could say that, the perfect way to trade BTC has always been p2p, however, like i already said, it still depends on the penalty.

If the penalty is ~ 10 years jail time or more, i don't think too many people would still risk trading p2p, because the fiat will be deposited in your bank account, and if they suspect you, they could block your bank account and ask you to provide source of funds.

I do think they would do that only if the funds are that big.

If the portions would be small, they wouldn't try to investigate, but that's just me.

[Z-tight]

I do think they would do that only if the funds are that big.

If the portions would be small, they wouldn't try to investigate, but that's just me.

A government that can take the extreme step of completely banning BTC will not mind investigating persons they suspect to still be using BTC. However, the good thing is that in reality, there are only a few countries that have completely banned BTC, and one of them, Bolivia, has even lifted the ban last year.

[bayu7adi]

I do think they would do that only if the funds are that big.

If the portions would be small, they wouldn't try to investigate, but that's just me.

A government that can take the extreme step of completely banning BTC will not mind investigating persons they suspect to still be using BTC. However, the good thing is that in reality, there are only a few countries that have completely banned BTC, and one of them, Bolivia, has even lifted the ban last year.

During the ban period, any country will certainly have difficulty detecting Bitcoin users 100% originating from their country... yes, as long as Bitcoin transactions never go through an exchange that requires KYC, then the government may only be able to detect users with large holders... yes, we all know how the government works in prioritizing to follow up on something that is deviant...

So I think, users with a relatively small amount of BTC savings, are still safe without being known by the government...

[dave_strider]

During the ban period, any country will certainly have difficulty detecting Bitcoin users 100% originating from their country... yes, as long as Bitcoin transactions never go through an exchange that requires KYC, then the government may only be able to detect users with large holders... yes, we all know how the government works in prioritizing to follow up on something that is deviant...

So I think, users with a relatively small amount of BTC savings, are still safe without being known by the government...

If such people will take extra steps to not to exchange their BTCs on KYC-based platforms - then yeah, they should be fine.

[Aanuoluwatofunmi]

This could be a serious challenge or threat on us, because this is government we are talking about and we can't afford not to be law-abiding, but there's a way we could go about it, provided that we are well informed on security and privacy matters when it comes to bitcoin, we should not make use of a centralized exchange, nor make a public announcement on what we do, neither should we disclose this to anyone close to us, by doing all these, we can maintain being na good holder, and if we want to exchange using p2p, we should use a decentralized exchange for that.

[arabspaceship123]

You're missing the point. Govt's can't control bitcoin because it's decentralised but if they ban bitcoin it's going to be illegal to buy & sell so it'll die.

it doesn't seem so.. we see bitcoin is not fully controlled by the government alone... even though all world governments prohibit activities related to Bitcoin, it will still have its fans, yes because it's simple... Bitcoin is decentralized... however, the impact that is caused must be extraordinary... where Bitcoin enthusiasts will decrease a lot, because legal institutions will start releasing their Bitcoin and that narrows the entry of new investors.

As long as bitcoin still doesn't belong to anyone, world governments will not be able to make Bitcoin die to $0...

[omori]

You're missing the point. Govt's can't control bitcoin because it's decentralised nut if they ban bitcoin it's going to be illegal to buy & sell so it'll die.

On KYC platforms - why not try to control the flow if they would have such a desire?

[arabspaceship123]

Bitcoin isn't getting banned. OP asked the question. I'm saying if govt's make bitcoin illegal we won't use it. If it gets banned it's going to die. They'd prefer to control it using regs so it's possible it'll stay forever.

On KYC platforms - why not try to control the flow if they would have such a desire?

[snowpega]

Between courage and fear, when you have known BTC for a long time and have owned BTC for several years, until you can make a lot of money from BTC, ... for example, suddenly the government in the country you live in, turns out to prohibit the circulation of BTC, because it endangers the sovereignty of FIAT currency..

If that happens, will you still buy and store Bitcoin? Or are you afraid and obey your government's regulations and forget about Bitcoin after that?

If I talk about this, I have been in the crypto space for nearly three years, and BTC was not legal till now, but now it has also been legal in Pakistan as well. In all that time, I was holding it and accumulating it, whether it was not legal in my country. More to add up in this, let me tell you one more thing: when crypto was not officially declared legal in Pakistan, banks started to block users accounts because of receiving unknown transactions, and people here were still involved in that haha all that time.

But now, it has officially been declared legal currency in Pakistan as well. Now, let's see what kind of regulation the administration will put on it. Until then, we need to wait!

[arabspaceship123]

If it's a question about buying bitcoin if it's illegal the OP's got the answers. Nobody should buy & sell bitcoin if it becomes illegal in their country. Don't do any thing illegal because you'll pay a big price by going to jail.

[enwi]

If it's a question about buying bitcoin if it's illegal the OP's got the answers. Nobody should buy & sell bitcoin if it becomes illegal in their country. Don't do any thing illegal because you'll pay a big price by going to jail.

Indeed, respecting the laws set in a particular country is important. However, if a country outlaws Bitcoin, then investing in it is dangerous since both can attract the attention of the law enforcement agencies. For instance, the Chinese government has prohibited the use of crypto since 2021 and has not spared any person who continues to engage in it. Nonetheless, it has been found that people are continuing to use VPN as well as P2P services to conduct transactions discreetly. However, such actions are very risky because the government still follows activities that infringed polices. For this reason, instead of taking chances that cause such issues, it is easier and safer to go by the legal provisions in the countries.

[Stompix]

it doesn't seem so.. we see bitcoin is not fully controlled by the government alone... even though all world governments prohibit activities related to Bitcoin, it will still have its fans, yes because it's simple... Bitcoin is decentralized... however, the impact that is caused must be extraordinary... where Bitcoin enthusiasts will decrease a lot, because legal institutions will start releasing their Bitcoin and that narrows the entry of new investors.

Oh, god, come back to reality..
The moment a government bans Bitcoin and throws a two-decade prison sentence on it it's a done deal.

Also lol at the people who think doing p2p deals will be ok, probably you are not taking care about your privacy even now if you can say that.
So you deal with p2p, let's see you
- met in person, how do you know the other guy isn't a cop or isn't tracked by a cop?
- If you pay him for your bitcoins with a bank account, just think for a second, how hard will be for a bank to flag his account and all the others? How many times have you done a transfer to a complete stranger, how many people do bank transfers to complete strangers not their family three times or ten times a day?
- how is that guy going to get the bitcoins himself?

If a totalitarian government decides to and enforce such a ban is game over, stop dreaming, most of the people here would shit themselves if they hear knocks at the door and yelling police at 2 am in the morning and some are telling fairytales of resistance, lol.

[Vx1]

Between courage and fear, when you have known BTC for a long time and have owned BTC for several years, until you can make a lot of money from BTC, ... for example, suddenly the government in the country you live in, turns out to prohibit the circulation of BTC, because it endangers the sovereignty of FIAT currency..

If that happens, will you still buy and store Bitcoin? Or are you afraid and obey your government's regulations and forget about Bitcoin after that?

If the government has banned it, it means that if the people violate it, they will definitely be punished. Actually, we can still do activities here secretly, but to be safe, I would prefer to obey the government. I believe that money does not only come from Bitcoin.

[electronicash]

Between courage and fear, when you have known BTC for a long time and have owned BTC for several years, until you can make a lot of money from BTC, ... for example, suddenly the government in the country you live in, turns out to prohibit the circulation of BTC, because it endangers the sovereignty of FIAT currency..

If that happens, will you still buy and store Bitcoin? Or are you afraid and obey your government's regulations and forget about Bitcoin after that?

If the government has banned it, it means that if the people violate it, they will definitely be punished. Actually, we can still do activities here secretly, but to be safe, I would prefer to obey the government. I believe that money does not only come from Bitcoin.

how about just receive the BTC and not trade it?

it think its fair to receive BTC in your wallet but not sell it. it would be unfair to jsut prosecute someone who only receives BTC because if this is what they do i think there will be a lot of people to be jailed. if a person with bad intention just send a coin to someone they hate, they will be doing it.