What are your thoughts on Ban on Bitcoin and other cryptocurrencies?

Question

Will Cryptocurrency survive despite ban by many countries?

Will you use it online for investment or purchases?

Any other opinion?

Comments

I think that cryptocurrency will survive despite the ban by many countries. First, it will be difficult to produce and verify transactions, so it will be difficult to make money from it. Second, many of the countries are still not comfortable with blockchain technology, which will continue to change and develop. Third, some people may use it for investment and purchase, but more likely it will be used as an electronic wallet and/or used to purchase goods and services online. I see it as a digital gold, not a "currency" per se, but it will definitely continue to exist and trade.

---

There are so many people who use this form of currency now and have invested quite heavily in it. I understand a few countries right now have banned mining cryptocurrency in their country. Not so long ago China banned all mining of cryptocurrency and this was an issue for a few mining companies. They were forced to go elsewhere to continue mining the cryptocurrency

Answer 1

When cryptocurrency first came out many people told me to invest in Bitcoin it was the currency of the future. I thought this was just another scam and a way for a person to create his own currency. Furthermore, my thought about electronic currency was very low and I had no trust in this at all. In truth, I am surprised this currency has lasted as long as it has and has gained as much popularity.

There are so many people who use this form of currency now and have invested quite heavily in it. I understand a few countries right now have banned mining cryptocurrency in their country. Not so long ago China banned all mining of cryptocurrency and this was an issue for a few mining companies. They were forced to go elsewhere to continue mining the cryptocurrency.

In my opinion, I don't think this will stop people from using this type of currency because of how it has grown in popularity over the last few years. I do see that many countries will or might start to enforce stricter laws and regulation to control the currency. This might cause a cap on the potential of the currency and on the other hand, this might help it in the long run. 

It is still too early to see what will happen to this currency and if people will get scared and pull out their investments before the currency crashes and has some major problems. As of right now I'll still collect small amounts of cryptocurrency and store them in my wallet. Other than this I don't plan on investing a large sum of money into the currency. Currently, there are many sites online that offer you to earn small amounts of cryptocurrency for working on their sites. As time goes by these smaller amounts you earn for doing simple, small tasks do add up and over a period of time gain more from the market. I feel if the market is having issues this is one of the safer ways to have cryptocurrency. If the market gains again, then your small amount of cryptocurrency will also gain. If the market fails or starts to lose, then you aren't out much at all. Just a bit of your time and energy to go to these sites and earn free cryptocurrency. 

Answer 2

Bitcoin is not an official currency of any country. And considering people who have that currency as legal ledger. It seems like that currency may affect the growth of the country. So it is always better to consider bitcoin as a side currency. Same applies with any other cryptocurrency. They should not be our prime currency but we can make use of them as and when we see fit. 

Answer 3

My thoughts on the ban of Bitcoin and other cryptocurrencies is that it is unfortunate but also understandable. Governments have a responsibility to protect their citizens from fraud and exploitation, and banning certain cryptocurrencies may be necessary to prevent these activities. However, I think that it is important to keep in mind the potential benefits that cryptocurrencies can bring to the global economy. Cryptocurrencies have the potential to increase financial inclusion and democratize access to financial services, which could bring a lot of positive economic benefits.

I believe that the ban on Bitcoin and other cryptocurrencies is unlikely to be permanent, and that eventually these bans will be lifted once governments are able to adequately regulate the industry and ensure that users are protected.

I would not use cryptocurrencies for investment or purchases until they are fully regulated and the risks are better understood. However, I think that cryptocurrency has the potential to revolutionize the way money is exchanged and stored, and I look forward to seeing the technology continue to develop and improve.

Answer 4

I am not sure if it will be used online for investment or purchases, but I would use it as a means of buying things. It may be used as a way to make money, but I think it will survive despite the ban.

Answer 5

A ban on Bitcoin and other cryptocurrencies would mean that governments or regulatory authorities would prohibit their citizens from buying, selling, or trading cryptocurrencies within their jurisdiction. While some countries have implemented such bans, others have taken a more nuanced approach, imposing restrictions on cryptocurrencies or their usage instead.

Those in favor of a ban often cite concerns around illegal activities such as money laundering, tax evasion, and terrorism financing, as well as the potential risks of cryptocurrencies to financial stability. On the other hand, proponents of cryptocurrencies argue that a ban would stifle innovation and growth in the industry, while also limiting financial freedom and autonomy.

Ultimately, the decision to ban or regulate cryptocurrencies is complex, and different countries and regulatory bodies have taken varied approaches. Some have banned them outright, while others have taken a more cautious stance, seeking to balance regulation and innovation.

Answer 6

There are so many people who use this form of currency now and have invested quite heavily in it. I understand a few countries right now have banned mining cryptocurrency in their country. Not so long ago China banned all mining of cryptocurrency and this was an issue for a few mining companies. They were forced to go elsewhere to continue mining the cryptocurrency

Answer 7

some people may use it for investment and purchase, but more likely it will be used as an electronic wallet and/or used to purchase goods and services online. I see it as a digital gold, not a "currency" per se, but it will definitely continue to exist and trade.