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.
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.