Will people continue to use crypto if outlawed?

[Abiky]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

[Magic ALL]

Yes, some people are always interested in illegal activities. The motive can be profit, excitement, rebelling, making a statement, and many other reasons. No doubt, people will still use crypto.

[Royal Cap]

To be honest, crypto is illegal in our country too, but people are still using crypto in our country. But not directly, i.e. they use it through P2P through exchangers. History shows that when something is restricted, people often find a way around it, especially if there is a demand. Crypto offers some freedoms that are difficult for some to give up, such as cross border payments or financial privacy. But I don't think crypto will die even if most governments go against it. The price may drop a lot but not to zero.

[Ndabagi01]

To be honest, crypto is illegal in our country too, but people are still using crypto in our country. But not directly, i.e. they use it through P2P through exchangers. History shows that when something is restricted, people often find a way around it, especially if there is a demand. Crypto offers some freedoms that are difficult for some to give up, such as cross border payments or financial privacy. But I don't think crypto will die even if most governments go against it. The price may drop a lot but not to zero.

Bitcoin have been rejected by the government since the time that it was invented and it has been growing since then and have grown beyond wonders of which people expected from it. So it is not now that if they reject it and don’t want to be part of it that will make it fall in price drastically. If not for now that we are seeing the interest of government in crypto and that has given it a new direction, so if they decide to draw back and not want to approve bitcoin again, it’ll indeed affect the price but I don’t think it’s going to be that bad that it’ll even go to zero or people will lose interest in it totally. Bitcoin has passed the taste of time and it’ll continue to grow beyond what we can imagine.

[Stalker22]

A government ban on cryptocurrencies wont eliminate them, it will just drive activity underground.  People will continue using digital assets out of necessity or for illegal purposes, particularly privacy-focused coins like Monero.  Bitcoin transparency makes it unsuitable for serious crime anyway.  While a worldwide ban is improbable, prices would not totally collapse in that event - underground crypto markets would still exist.  Governments cannot eradicate decentralized networks at most they can force them into the shadows.

[bullbandit9]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

You are very much mistaken. When it comes to normal people, they can use Bitcoin in ways that they won't be detected. If you are talking about payments for services, they are often going to be for things that are already linked to them in some way. Most people do not use services in anonymous mode. Because of this, there is no difference if you pay with Bitcoin or Monero. Take for example shopping online for a delivery. If it is going to be delivered in your name, using Monero does not hide the fact that you are using crypto.

For criminals it is a different matter, and they will continue to increasingly use privacy-oriented coins because that benefits them a lot.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

There is currently practically a 0% chance that crypto will be banned everywhere so there is no need to speculate on that. The most likely outcome is that it will be accepted everywhere and by all countries in the medium term. You underestimate the size of this industry.

[Odusko]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

Why not, in my country crypto activities is banned and fact is that if you get caught for using cryptocurrency like Bitcoin the law enforcement agencies will just tag you as money launderers and terrorism financing, government biggest weaknesses is that they failed in the responsibility and regulators and instead picking up the basis their busy chasing the cloud, since most times their banned will only increase citizens aware about privacy orientation in they cryptocurrency activities.

[uneng]

To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

Bitcoin is the most profitable and interesting cryptocurrency among all of them. People won't replace it by any other altcoins due to it being censored by a government. The tendency is that people continue using Bitcoin on the backgrounds through clandestine exchanges and services. It's already happening in several countries where Bitcoin is banned, at same time we don't see Bitcoin's influence and dominance decreasing.

Moreover, wealthy enthusiasts could just move themselves to Bitcoin friendly countries instead of breaking the laws of the local territories where they live. Personally, that was what I would do if I had a large portfolio invested in Bitcoin.

[mk4]

It's really just going to depend on how harsh the consequences will be when caught, and how deep the authorities are actually digging into catching the illegal crypto users.

What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

You don't underestimate the cypherpunk movement lol.

[bitzizzix]

It's really just going to depend on how harsh the consequences will be when caught, and how deep the authorities are actually digging into catching the illegal crypto users.

What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

You don't underestimate the cypherpunk movement lol.

Of course it can be done if they want because the government has the authority to do so and with the consequences of very severe penalties, there is a possibility that investors who use it will be afraid. However, that will not stop some people or investors from still being able to use it or invest because they will find loopholes in any way so they can still use it. Because Bitcoin will be profitable for those who use it, many people will continue to use it regardless of how strict the ban is. Bitcoin is the same as alcoholic beverages or other drugs if it is really banned, even though it is strictly prohibited, many people still use it.

[TastyChillySauce00]

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

i'm sure people finds way and I don't believe the price just gonna straight to 0, maybe it will dump but definitely not going to zero.

Like as you said, it's very highly unlikely for that to happen though, it's already having a really strong foundation for it to stand and won't just get randomly banned.

[mich]

Well yes I do think if crypto does become outlawed it will still be used. There is always going to be alot of criminals in this world. The criminals do not care of such laws like crypto to become outlawed in their country.

And there is people that do not follow the rules so they will use it still for illegal things money laundering and terrorism.

[DeathAngel]

Some people will continue to use crypto regardless of what their governments tell them. There are ways to circumvent any type of national ban. Crypto is freedom money & many people enjoy being in control of their own finances & their future. People don’t like being restricted & controlled, some will always find a way to break free of restrictions & regulations.

[coin-investor]

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid?

So much depends on the penalty, and how serious the government is in implementing and cracking down on crypto users, if there is an imprisonment and a huge fine, I don't thinkk people will take the risks, he might as well go underground or get out of that country, it's not worth the risk holding crypto.

What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Since you've used the word all there is a probability that it will go to zero, but it still depends on the risk the holders will face against the country where he is located.

[milewilda]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

When we do speak about chances and probabilities then we can definitely say that it wont go down to 0%, on which means that there's always the chance for it to happen. We do know that Bitcoin is pseudonymous on which when it comes to tracing up transactions then everything could really be that seen when we do speak about trails and thats why if people wanted to have that anonymity then this is the time that they do need up to make use of mixers on which this is the main reason on why these services are being banned because it was indeed the perfect tool when it comes on full anonymity of your coins or trying to mix up your coins to avoid that tracing. For Monero and Zcash then we can say that these are true anonymous coins on which you can make use of and if ever that the world will be that strict when it comes to legal compliance and become that too tight then there might be a chance that majority of the people here on crypto space might consider out into those assets on which can be able to provide that full anonymity and thats why we cant be able to say that there's no chance for it not to happen.

[asriloni]

People will still use crypto even when they're live in the country, which prohibited the crypto transaction. China, Middle east, even north korean people still actively using crypto, though their authorities banned crypto. I don't see those who lived in the very strict countries were afraid using crypto.

As for if all of countries against crypto, i'm sorry, but this question is just farrrrrr away from the reality where more countries adopted crypto, not banned it. So that question can't be answered.

In fact, the more countries do more adoption to crypto, and strengthen its price.

[o48o]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

Some people would, companies and legit investors wouldn't. Because if it would literally be illegal, why would multi million dollar investment companies take risks by investing illegally?

If it would be just freedom and money they would be interested about, they might as well be investing to buying and selling illegal drugs then, because those are worth money too. They usually don't, because there are severe repercussions for breaking the law. And those risk / reward benefits are not worth destroying companies.

And while some people would use them, without institutional investors, we might be looking at year 2013 prices.

[passwordnow]

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid?

Yes, they'll still use it. Think of the countries where it's been said to be banned like in China. It's known to the world that the government have banned crypto for so many times and that's why many doesn't like their take on it. And still, even during the ban period, they've done so much on it and yet many citizens that are into crypto were silently continue to farm, trade and accumulate cryptos there. They are afraid of their government because it's a strict one but they have solutions and alternatives on it by simply flying on their nearby countries where it's not allowed to do the transaction and other related things to cryptocurrencies.

What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

I don't think so. The market has already established itself and the degens are there, we the holders and the old investors will simply ignore the policies but we'd hold silently still.

[DanWalker]

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid?

China is a typical example, as we all know, the Chinese government has issued a strict ban on cryptocurrency related activities such as mining, trading...But according to some reports, Chinese people are defying the ban and are willing to circumvent the law to invest in cryptocurrencies.

https://nairametrics.com/2024/09/25/underground-crypto-trading-in-china-hits-75-billion-following-crypto-ban/
https://www.reuters.com/technology/bruised-by-stock-market-chinese-rush-into-banned-bitcoin-2024-01-25/
https://www.nasdaq.com/articles/chinas-crypto-trading-surges-to-%2486.4-billion-despite-bitcoin-ban

What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

This scenario is really unlikely and I don't believe it will happen because there will always be a country that sees the benefits of cryptocurrency and they won't ban it no matter what other countries do. But if that happens, it will be a sad ending for the cryptocurrency industry in general and bitcoin in particular.

[arwin100]

In countries where crypto is "banned" (illegal for mainstream use), do you think people will still use it? In such an scenario, it's possible on-chain criminal activity (mainly money laundering, terrorist financing, etc) will rise. To prevent detection, it's likely both criminals and average people will use a privacy-oriented coin such as Monero or Zcash. Bitcoin will be the least used cryptocurrency due to its transparent design. But I could be wrong.

What do you think? Will people still use crypto in a country where it's prohibited to do so? Or will they be afraid? What if all of the world's countries turn against crypto (which is very unlikely atm)? Will market prices go all the way to $0?

Your input will be greatly appreciated. Thanks in advance.

If this is their bread and butter or even they get lots of benefits for using crypto for sure that people will continue to use this.

But if it happens that they are not a regular crypto user and they are just here try their luck to earn then this people would possibly avoid using crypto if there's ruling that government will think about crypto is illegal and  put penalties to those people who use it. Also provably common answer towards the question is depends on the benefits what people could get on crypto since this is deciding factor to them to stay or obey then quit.