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Effects of Banning Bitcoin
11-16-2016, 03:31 AM
Post: #1
Effects of Banning Bitcoin
Okay so, bitcoin is outright banned in some countries, so the banning of bitcoin is already a reality. The major government including Russia, China, and the USA (just to name a few) could also ban bitcoin and cryptocoins in general. My questions to you guys are: What do you think will happen to bitcoin? If any, what is your plan of action and what would you like to see from the community in terms of continuation and development? Bitcoin probably will never die but the banning of bitcoin could change the whole dynamics (let alone a temporary major price dip).

I'll give my thoughts first. I think bitcoin will grow and develop into what we want it to be regardless of the legal status. Fundamentally what bitcoin represents is anti-authoritarian and governments banning of it should not much of an impact fundamentally. Sure the price will suffer for at least a while although still climb "to the moon" probably, but as far as technical development and social spreading goes, I think that will continue. Unfortunately that could mean that it operates in the black market only for a while which would slow things down but I do think that would be a temporary affect. I am curious though if the governments could have a strong enough desire to destroy bitcoin or prevent it from growing past a certain point, that they could actually do that. So I wonder what you guys' thoughts are.
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11-16-2016, 03:36 AM
Post: #2
RE: Effects of Banning Bitcoin
that would be a sickening event if they banned it that should even be legal cuz they cant just ban a currency because they dont own it it's part of free trade like gift cards
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11-16-2016, 10:09 AM
Post: #3
RE: Effects of Banning Bitcoin
How do you propose that they enforce a ban?

As long as people are willing to accept it and people willing to spend it then it will hold value, illegal or not.
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11-16-2016, 01:32 PM
Post: #4
RE: Effects of Banning Bitcoin
The banning of bitcoin would have a dramatic effect to all users of bitcoin. Legit businesses that use bitcoin may be forced to close it doors because of their investments with bitcoin.

I see more and more businesses using bitcoin as an accepted form of payment. I do not see why there would be any more bans in place for bitcoin. That's just my thoughts anyways about bitcoin. Bitcoin will live on in my opinion.
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11-20-2016, 04:02 AM
Post: #5
RE: Effects of Banning Bitcoin
It is sad because more and more banks are banning bitcoins.

I used to work with BRD and Raiffeisen Bank now only Unicredit Tiriac and ING are working with bitcoins in Romania or even accepting trades with bitcoins through localbitcoins.

There must be a some national reglementations about bitcoins. The point is that is hard to mark it as a good or currency.
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