Will people continue to use crypto if outlawed?

[Baki202]

Crypto wasn’t legalized back then but look how much growth there is. People still used it and I believe people will continue to use it even if it was prohibited. A lot of what’s banned nowadays continue to happen but just underground. With crypto’s nature, it would be easy to hide the fact that you are using it.

Yes it was not legalized and I don't think people will want the government to legalize because of the tax because anything the government is legalizing then they are going to place a tax on it because that is what the government is always good at so we are going to need to accept it the way it is.

And even if it was illegal because of the profit people are getting they will not want to let it go and people will eventually find another way just to actually keep there self in business and this is about money so you can not even blame them I don't see the reason why you make an investment and the next thing it's made illegal and you are just going to run away from it just like that. And there country that it's either legal or illegal because the moment it's made legal the amount of tax is going to be so large without any major contributions from the government so it's better they should be neutral about the whole situation.

[bullbandit9]

For sure 100% people are still gonna be using it though in smaller scale. It's undeniable that majority of usage is always for investment though bitcoin is also good for payment.
If government somehow out of the blue announce to outlaw BTC, people will sell it and price plummets, but guess what, it won't be completely dead, I'd even say it's still gonna be frequently used, the blockchain would still have many transactions.

The biggest downside is just the price going down. But that's about it, we're used to bitcoin at sub 1k anyway. However, there's really slim chance bitcoin gonna be outlawed.

But is it really worth the risk? I mean, most people would be afraid of getting caught by the government. They could either face fines, jail time, or worse-case scenario, death. With market prices going all the way down the drain in an instant, almost no one would use BTC or altcoins. It's has always been about the money.

Why would it not be? People take stupid risks for all sorts of useless or even personally damaging behavior. Bitcoin is freedom and nothing comes even close to it. How much would you risk for freedom if not everything?

My guess is that once crypto is "banned" worldwide, BTC will lose investor appeal as a store of value. It will become a digital currency alternative to Fiat. Just like how Satoshi wanted Bitcoin to be used in the first place. At least, most governments are supporting crypto. So an outright "blanket ban" would only be a concern in the distant future. Just buy, "hodl", and forget about the rest.

This scenario is extremely unlikely because there are already too many big players involved. They won't let the government make them lose a lot of profit. Incentives are on Bitcoin's side.

[Mahanton]

For sure 100% people are still gonna be using it though in smaller scale. It's undeniable that majority of usage is always for investment though bitcoin is also good for payment.
If government somehow out of the blue announce to outlaw BTC, people will sell it and price plummets, but guess what, it won't be completely dead, I'd even say it's still gonna be frequently used, the blockchain would still have many transactions.

The biggest downside is just the price going down. But that's about it, we're used to bitcoin at sub 1k anyway. However, there's really slim chance bitcoin gonna be outlawed.

But is it really worth the risk? I mean, most people would be afraid of getting caught by the government. They could either face fines, jail time, or worse-case scenario, death. With market prices going all the way down the drain in an instant, almost no one would use BTC or altcoins. It's has always been about the money.

Why would it not be? People take stupid risks for all sorts of useless or even personally damaging behavior. Bitcoin is freedom and nothing comes even close to it. How much would you risk for freedom if not everything?

My guess is that once crypto is "banned" worldwide, BTC will lose investor appeal as a store of value. It will become a digital currency alternative to Fiat. Just like how Satoshi wanted Bitcoin to be used in the first place. At least, most governments are supporting crypto. So an outright "blanket ban" would only be a concern in the distant future. Just buy, "hodl", and forget about the rest.

This scenario is extremely unlikely because there are already too many big players involved. They won't let the government make them lose a lot of profit. Incentives are on Bitcoin's side.

Come to think that Bitcoin or crypto as a whole did become that popular just because it do totally oppose decentralization and if ever that becomes outlawed then it do really serves its purpose not unless or excluding into those projects or coins which are totally centralized then it would be that excluded. Do people do continue to make use of it? Of course it would be and because of decentralized aspect or benefit then we do have that freedom and since its mostly anonymous then there's no way that government could easily tracked it out. Will people be continuing on using it? It will be that a matter of choice and if you are someone who dont want to put yourself into trouble but if you do know on how to go avoid with those potential getting caught up then you would definitely be doing it. We do know on how good and profitable on investing into crypto is on just simply holding up your position or holding up your coin for long term then it will be giving out that kind of opportunity but of course it will be basing up into the coin/token that you are holding because not all project will be successful. Each country does have that different laws and regulations when it comes to crypto but if we do base up on their differences comparing wayback into those previous years then we are that at least having that good rate or condition basing up on the acceptance and recognition of crypto specially with Bitcoin. It might not that fully being adopted but we are seeing it out that it is gradually heading into this situation on which we can definitely say that we are heading towards global adoption on which this do sounds a very positive thing for crypto enthusiast. Somehow there are those places in the world on which that still not prepare or being ready on having that acceptance about crypto just because they will be always that skeptical of it because of being decentralized and anonymous on which this has always been the issue. Usage by people will definitely be basing up if they do saw that they can be able to make up some transactions without getting caught. Actually it is that very risky because government is your enemy on here and we do know that on how hard that going against about government policies and laws on which once get caught then your fucked up.

[nemesis_incarnate]

For sure 100% people are still gonna be using it though in smaller scale. It's undeniable that majority of usage is always for investment though bitcoin is also good for payment.
If government somehow out of the blue announce to outlaw BTC, people will sell it and price plummets, but guess what, it won't be completely dead, I'd even say it's still gonna be frequently used, the blockchain would still have many transactions.

The biggest downside is just the price going down. But that's about it, we're used to bitcoin at sub 1k anyway. However, there's really slim chance bitcoin gonna be outlawed.

But is it really worth the risk? I mean, most people would be afraid of getting caught by the government. They could either face fines, jail time, or worse-case scenario, death. With market prices going all the way down the drain in an instant, almost no one would use BTC or altcoins. It's has always been about the money.

Why would it not be? People take stupid risks for all sorts of useless or even personally damaging behavior. Bitcoin is freedom and nothing comes even close to it. How much would you risk for freedom if not everything?

As much as you can before it will cause what Abiky described  If there were cases like he described, you would think about your skin, not freedom.

[bullbandit9]

Come to think that Bitcoin or crypto as a whole did become that popular just because it do totally oppose decentralization and if ever that becomes outlawed then it do really serves its purpose not unless or excluding into those projects or coins which are totally centralized then it would be that excluded. Do people do continue to make use of it? Of course it would be and because of decentralized aspect or benefit then we do have that freedom and since its mostly anonymous then there's no way that government could easily tracked it out.

You can't ban decentralization, that's the whole point of decentralization. What it will do is just push people to develop better solutions for accessing these things and having anonymity. It will have a negative impact on the market price for sure, but it will never be able to prevent people using it. Even with a blanket ban there would be millions of people who will continue to use it.

As much as you can before it will cause what Abiky described  If there were cases like he described, you would think about your skin, not freedom.

Highly developed humans think about things like freedom under any conditions, lowly developed humans think about the next meal at McDonalds.  Plenty of people used Bitcoin when it was still illegal in their country, nothing is going to change about this.

[Abiky]

This scenario is extremely unlikely because there are already too many big players involved. They won't let the government make them lose a lot of profit. Incentives are on Bitcoin's side.

Well, it would be dumb enough to ditch crypto altogether. Governments would lose a lot of money this way (no taxation). It's why most countries have decided to join the craze. Even if they don't care about decentralization at all. It's all about money, power, and control. And indirectly, governments control crypto through CEXs.

We can be confident crypto won't be outlawed anytime soon. At least within most countries worldwide. If you're living in a country with "anti-crypto" policies, I'd suggest you get out of there ASAP. Assuming you can afford it. Let's hope all of the world adopts crypto, for complete peace of mind.

[Jegileman]

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.

Today, people in countries where crypto are prohibited from are more concerned about crypto and love it there more than the countries where it is legal and government has not outrightly banned them. It was long ago people use to be afraid so much about government regulations. Technology have come so far that people can still be engaging in crypto activities without government been able to track them that they do.

Everyone can not turn against crypto altogether with the level of trust many people have on it. There can be reduced trust in it but I don’t see everyone ditching it altogether. Crypto market prices are no way going back to zero because even if everybody decides to ditch crypto, some people will still be there for it and will trust the process and not sell their assets.

[Odohu]

There are many countries in which cryptocurrency is outlawed yet that does not stop people from using it. Even in my country, government does not have a supportive stance on cryptocurrency and have gone as far as freezing the bank accounts of people perceived to be involved in cryptocurrency, yet that did not deter us from using cryptocurrency. Cryptocurrency like Bitcoin has its uniqueness that makes it completely impossible to control.

[Accardo]

There are many countries in which cryptocurrency is outlawed yet that does not stop people from using it. Even in my country, government does not have a supportive stance on cryptocurrency and have gone as far as freezing the bank accounts of people perceived to be involved in cryptocurrency, yet that did not deter us from using cryptocurrency. Cryptocurrency like Bitcoin has its uniqueness that makes it completely impossible to control.

The NSA would have deciphered the code behind Bitcoin long ago for the government if they had the machines that'll do it. Some countries like US was never with Bitcoin, but today are pro actives. Their activities come in form of a strategic plan of looking to control the market with government funds, but it seems then bulgy to them, because they'll make the people richer. So, If the government invest more into Bitcoin citizens across the world who own the asset would be benefiting through this channel. This technology is the only one that profits masses of hodlers whenever the rich and wealthy invests.

[nicolas222]

But this is one of the best parts of crypto that it cannot be blocked, frozen and controlled by anyone I think if they were outlawed there would still be people using them

[GigaBit]

I think a simple answer to this question is that crypto has not been legalized in most countries of the world yet, but the use of crypto has not stopped, rather, despite the ban, the use of crypto is gradually increasing. There are enough logical reasons for this growth. For a long time, people were trapped in the banking system. Even if they wanted to, they could not find a way out of it, but after the emergence of Bitcoin and cryptocurrency, people are able to learn about financial independence. They are now able to make themselves completely independent. The kind of obligation that existed in transactions has ended. Although in some cases, people are encouraged to use it in a negative way, but if you analyze it, the advantages are greater.

[avikz]

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.

Cryptocurrency is not legally recognised in majority of the countries. However it has always thrived as a parallel currency system. So countries can ban cryptocurrency, but people who believed in cryptos, will continue to use it.

Yes it is possible that the population will move to privacy focused cryptos like Monero or Cash, but there's no way the crypto usage will be greatly impacted. A certain population may choose not to use it, but largely it will be unchanged.

[Abiky]

There are many countries in which cryptocurrency is outlawed yet that does not stop people from using it. Even in my country, government does not have a supportive stance on cryptocurrency and have gone as far as freezing the bank accounts of people perceived to be involved in cryptocurrency, yet that did not deter us from using cryptocurrency. Cryptocurrency like Bitcoin has its uniqueness that makes it completely impossible to control.

Good to know. But be aware, that criminality rates will rise as a result of a widespread "blanket ban" by mainstream governments. This means people will use crypto for money laundering, terrorist financing, tax evasion, the black market, and whatnot. At the same time, this enables greater decentralization within the Bitcoin ecosystem as people will resort to decentralized exchanges and protocols. To avoid getting caught, converting BTC to XMR would be the way to go.

I guess that's what people living in restrictive countries (China, Russia) are doing these days. So long as there are a few supporting crypto, the revolution won't be going anywhere soon. I'm pretty sure crypto will co-exist with Fiat for generations.

[jaberwock]

The NSA would have deciphered the code behind Bitcoin long ago for the government if they had the machines that'll do it. Some countries like US was never with Bitcoin, but today are pro actives. Their activities come in form of a strategic plan of looking to control the market with government funds, but it seems then bulgy to them, because they'll make the people richer. So, If the government invest more into Bitcoin citizens across the world who own the asset would be benefiting through this channel. This technology is the only one that profits masses of hodlers whenever the rich and wealthy invests.

Latest technology and healthy environment are encouraging peoples for having more involvement into crypto while as mentioned holding is also good because with these peoples are getting rich and enjoying better benefits from this even few countries are bringing better conditions for crypto but still many are not satisfied.

It's just because they are feeling not comfortable and also never want to give more financial independence to their peoples but stopping using of crypto is not easy because peoples feeling good and understanding all aspects of holding this crypto I am not sure now it's easy to stop this from being used. As adoption laws will be softened peoples will be gone more into this and also had good profit which are always dream of common peoples for having good life.

[Hispo]

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.

Not long ago Bitcoin and all kinds of crypto-assets were outlawed in Bolivia, a land-locked country in the middle of south America, and still I would see some people from Bolivia on the internet trying to get money out of Bitcoin and using services related to Bitcoin in order to profit from them. So even though a country could ban Bitcoin and Crypto on the paper, in reality it is very difficult for a developing country to enforce those bans and make sure people are following those laws. In the case of these countries which do not have the capabilities to enforce a ban, people will continue to use Bitcoin and altcoins but they will be more reluctant to talk about it to people they know, because of the fear they may have on authorities to find out about their holdings.
Monero and Zcash may take some more relevancy, but not as much as some people believe, though.

[bullbandit9]

But this is one of the best parts of crypto that it cannot be blocked, frozen and controlled by anyone I think if they were outlawed there would still be people using them

Incorrect. That is only true for Bitcoin and a few altcoins, for most of crypto the opposite is true. Most tokens including stablecoins can be frozen at any time by the token issuer.

[Ishicryptic]

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.

Cryptocurrency has gained so much recognition that no government can totally eradicate it because you don't have to go through banks that are centralized to carry out your transactions, people will still do p2p transactions to buy and sell their Bitcoin. Although prices will be greatly affected and it will be conveniently used for a lot of illegalities but it will still survive. I know that this thread is based on assumption and we cannot expect that in practical that cryptocurrency will be eradicated, people and governments that were skeptical are now buying Bitcoin. I expect that in the future cryptocurrency adoption will reach every corner of the world and it has come to stay permanently.

[ndutndut]

There are many countries in which cryptocurrency is outlawed yet that does not stop people from using it. Even in my country, government does not have a supportive stance on cryptocurrency and have gone as far as freezing the bank accounts of people perceived to be involved in cryptocurrency, yet that did not deter us from using cryptocurrency. Cryptocurrency like Bitcoin has its uniqueness that makes it completely impossible to control.

Yes. There are many countries that ban cryptocurrencies but they cannot control them completely because crypto is uncontrollable. Crypto is freedom, regardless of whether people use it for crime or whatever, crypto will still exist. In my country, it was initially banned, but the interest in crypto could not be controlled, so the government finally legalized crypto as an investment or trading community.

If I'm not mistaken, since 2020, many countries have relaxed or simplified crypto regulations, although some countries have tightened rules or banned crypto and mining. However, the adoption of crypto globally is increasingly unstoppable because as you said, crypto, especially bitcoin, has its own uniqueness and certainly has transparency. So even if countries ban crypto, it will not be completely successful because crypto can be accessed anywhere as long as there is internet.

[dunfida]

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.

Not long ago Bitcoin and all kinds of crypto-assets were outlawed in Bolivia, a land-locked country in the middle of south America, and still I would see some people from Bolivia on the internet trying to get money out of Bitcoin and using services related to Bitcoin in order to profit from them. So even though a country could ban Bitcoin and Crypto on the paper, in reality it is very difficult for a developing country to enforce those bans and make sure people are following those laws. In the case of these countries which do not have the capabilities to enforce a ban, people will continue to use Bitcoin and altcoins but they will be more reluctant to talk about it to people they know, because of the fear they may have on authorities to find out about their holdings.
Monero and Zcash may take some more relevancy, but not as much as some people believe, though.

You can actually be able to make out some engagement though as long you do know on what you are doing. There's no way that you cant be able to determine those ways or methods on which despite on having that regulation that we do have in today and lets say that its been banned and prohibited but still there would be those ways or methods that you can be able to exempt yourself on being caught on taking up these kind of transactions but of course as an individual then you should be that cautious on what you are doing because you do know on what would be the consequences once you do engage into something that has been that prohibited. There's no way that you cant be able to determine those things on which we know that it would be that dangerous but since crypto is somewhat that anonymous and decentralized then we can be able to find up those possible ways.

Just make it sure that you wont be get caught because once you do then you'll face up such problems. Its important that you are wary into the actions that you would be gonna taking and not just that blindly proceeding without any precautions. Always be that be careful if ever you would be that trying out to made out such action. Its never been that recommended on trying out to oppose law but as much as possible that you wont get caught since you are interested with crypto dealing then you should know the drill.

[Abiky]

Not long ago Bitcoin and all kinds of crypto-assets were outlawed in Bolivia, a land-locked country in the middle of south America, and still I would see some people from Bolivia on the internet trying to get money out of Bitcoin and using services related to Bitcoin in order to profit from them. So even though a country could ban Bitcoin and Crypto on the paper, in reality it is very difficult for a developing country to enforce those bans and make sure people are following those laws. In the case of these countries which do not have the capabilities to enforce a ban, people will continue to use Bitcoin and altcoins but they will be more reluctant to talk about it to people they know, because of the fear they may have on authorities to find out about their holdings.
Monero and Zcash may take some more relevancy, but not as much as some people believe, though.

Developing countries don't have the resources to go after people breaking the law. Especially within cyberspace. But developed countries like the US and UK? That's another story. If by any chance they change their mind about Bitcoin and crypto in general, you can bet they'll use everything at their disposal to catch wrongdoers. Only then it will be "hell to pay".

The only way people can keep using crypto in these countries is by making use of truly-decentralized and private protocols/technologies. My guess is that people will switch to a privacy coin such as Monero or Grin, and make heavy use of DEXs. Everything will be done "under the radar", to avoid getting caught by the government. Luckily for crypto, not all of the world will turn itself against it. There will be some countries that will embrace the revolution with open hands. As long as there are crypto lobbyists fighting for the industry, we should have nothing to worry about.