With all the buzz lately of governments cracking down on cryptocurrencies, there has been fear among people with regards to Bitcoin and altcoins. This is one of the many reasons why 2018 experienced a sharp decline in the value of the whole crypto market, leaving many wonder the outcome of a complete government crackdown towards Bitcoin and other cryptos in the future.
As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.
Nonetheless, what are your thoughts about this?
Survive maybe yes, but what need to concerned is if they ban exchangers all over this world. It means we can't trade it or maybe exchange it into fiat anymore. And then maybe P2P transaction will come, but will a little hard to decide how many price of it.As such, what do you think will happen with Bitcoin if all the governments of the world ban it? Will it collapse after the massive crackdown on every single cryptocurrency? Or will it survive? AFAIK, Bitcoin is largely dependent on nodes distributed geographically. The Internet is controlled by ISPs which are subject to government demands. If a global government crackdown happens, then the growth of Bitcoin and other cryptos might stale for sure.
Nonetheless, what are your thoughts about this?
Nah! I'm sure it'll collapse. Anything that get's illegalized by all governments in the world will not survive a global crackdown. Even p2p transactions would dwindle and eventually fail since few will have the confidence to deal with an illegal currency.