What do you guys think it would happen if all the governments in the world declared bitcoin to be illegal?
How do you think the community would react? What could be the possible solutions?
It would still be used by those who love bitcoins,but secretly.No authority has fixed a value for bitcoins.Its value is based on the trust which its users have on bitcoin.But bitcoin price would fall considerably.Since internet cannot be banned completely,same condition exist with bitcoins also.It should be noticed that already china and Russia wished to ban bitcoins and then dropped their idea.They would have thought that banning bitcoins would not yield desired results.
Bitcoin has helped cut the cost of transaction to a considerable level.If it is banned people will have to pay lot of extra money to move money.
I assume many governments are now aware of benefits of bitcoin but due to various reasons they don't legalize it.