What future can bitcoin have if more and more countries will ban it?

2

1

As of today, Russia added itself to a list of countries that ban bitcoin operations.

So is there a future for bitcoin (and other cryptos) if more countries are going to ban them?

Salvador Dali

Posted 2014-01-28T09:34:49.403

Reputation: 3 160

Answers

3

Let's imagine a worst case scenario where bitcoin becomes illegal in all countries. If you put a bitcoin address on your site, you'll get shutdown. If you run a bar and you have the bitcoin logo saying that you accept bitcoin, you'll get fined. Online bitcoin exchanges will be made illegal everywhere.

Even if all this happens, bitcoin as a technology cannot be uninvented. All of this banning will just slow down the adoption. You'll eventually see it uprise again and being used in closed communities worldwide.

People will find other ways of converting fiat currency into bitcoin using decentralized exchanges that go through anonymized tor networks. Local bars and shops will adopt systems where you'll be able to pay your coffee, wirelessly, anonymously, through a hardware bitcoin wallet, without even having to scan a QR code. Paying with bitcoin will become untraceable, ubiquitous and unstoppable.

It's simply a better technology than the current monetary system, and in my opinion history has shown that better technology cannot be stopped no matter the regulations or the policies against its adoption.

Luca Matteis

Posted 2014-01-28T09:34:49.403

Reputation: 4 924

Also I understand enthusiasm and know that technology can not be uninvented, this sounds dubious: a tradeoff of getting a coffee wirelessly and anonymously and be fined for this, sounds not like a good situation to me. Also would you like (as a coffee shop owner) to accept a payment via bitcoin if you know that your business can be closed for this? You can loose your business, but I can hardly see what can you get :anonymity of your customer - you do not care about it, fast transactions (even if we forget about 10 mins) you can easily install terminal with a credit card and be able to use it. – Salvador Dali – 2014-01-28T21:01:45.660

@SalvadorDali, credit cards have fees for either the merchant or the customer. If accepting Bitcoin will be cheaper, then it will be used. I get your point about being too risky in this scenario, though. – Arturo Torres Sánchez – 2014-11-16T01:01:43.530

@ArturoTorresSánchez It is not only about the fees. When you know that your business could be shut down because you accept illegal currency, I highly doubt that a business owner will care about some fees. – Salvador Dali – 2014-11-16T01:05:21.410

@SalvadorDali, of course, that's why I still accept your point. But I still think it's worth mentioning it. – Arturo Torres Sánchez – 2014-11-16T01:11:17.167

@ArturoTorresSánchez got it, thank you. I am aware of the pluses of bitcoin. In this question I was curious whether bitcoin has a future if many strong countries will ban it. – Salvador Dali – 2014-11-16T01:12:45.443