From a technical perspective, it's impossible (and I mean, really impossible) to completely ban Bitcoin. Heck, even if the entire Internet went down you can still do transactions but you can't broadcast and confirm them yet. However, the real threat isn't from governments banning Bitcoin from a technological perspective, but from a rules/regulations perspective. Imagine if your government announced a regulation that anyone caught doing any Bitcoin transactions will be tried and go to prison for years. This will probably hurt Bitcoin a lot.
yes but putting people into prison because they use a open currency for legal activities would also mean that you should leave this country as soon as possible. that is one of the signs that you live in a 4th reich style dictatorship
SPERRFEUER84, I agree, but it may very well happen. I doubt that western EU countries will ban it (they may heavily regulate it, but not outright ban it), but the US may do so.
first last exactly my worry too. Everyone who benefits from the current monetary system will try to oppose the takeover by Bitcoin. And guess what, many of them hold the keys to power at the moment. I am unable to fathom a scenario where majority merchants are accepting Bitcoin and most transactions by volume are also happening in Bitcoin while the government still doesn't have a pro-bitcoin policy. Sooner or later these merchants will find it hard to convert their bircoins into USD in order to pay taxes to the govt.
A video about broadcasting a BTC 101 would be great! Would you spell b to us all the steps from cero to finish in which, for example I find a printed bitcoin with the public and private key. How do we, amateurs, load that bitcoin into the blockchain or network? How do we use it?
Please show us Exactly how to write a transaction? im confused how you sign with a private key and send to friend without showing private key. im still brand new to this, THANK YOU for all the info!
Dexter Dumb. I guess it depends on the type of transactions, for instance, if you just want to be accumulating Bitcoin into your wallet, you can be sending your local currency with your address to someone outside your country to help buy and send to your Bitcoin wallet. Confirm the transactions from etherscan or a scanned page of the transactions can be sent to your phone as receipt. In my opinion, govt will have to ban internet first before banning Bitcoin could be possible. Don't forget VPS can also be used.
You will need some program (similar to a wallet) to sign and create the transaction with your private key - just that you cannot send it to the blockchain (say, because internet is banned in your country); then you use a third party who has access to the internet/blockchain and send them the transaction in text.
Yes, Asuraj is right, you use a computer to create a signature which you can then send along with your message. This could have come from anybody, so you also tell them your public key. The recipient uses his computer to check if this signed message belongs to the owner of the public key. If it does, the transaction goes through and is added to the blockchain. Remember, if the recipient tries to change your message, it will create a different signature, and that signature won't get verified by your public key and therefore won't go through. So the recipient receives your message and cannot alter it in any way. Of course, he can choose to simply ignore it, and then no transaction will take place.
Thank you for the education! Now I learned a bit more on the workings of bitcoin. I've heard of the term blockchain 1.0, 2.0 or 3.0. Like Bitcoin is categorized as blockchain 1.0; Ethereum as blockchain 2.0; and newer cryptos as 3.0. How could bitcoin possibly stay relevant with the ever-progressing and advancement of blockchain technology? Won't bitcoin become obsolete so soon that people will just abandon it for other better and more advanced cryptos? Or won't it be met with limitations as much as the dev team is trying to improve it, if the core program is not as "advance" as the newer cryptos? I'm not sure whether if my question make sense or whether I state it correctly...
Banning Bitcoin would be like trying to ban Jazz, Rock and Roll, Hip hop, Metal or any other musical movement. And they tried and failed with every one.
LOL No it wouldnt. They tell stores you are not allowed to except Bitcoin then Bamn. It becomes useless for everyday purchases then they tell car dealerships etc the same. It would take ton of its purchasing power away
Substratum is a very promising technology. However, I do not understand how they will be able to make their network unblockable. How will the network be reached by browsers without going through ISP´s in a classical way? Could you please talk about that?
So basically you would need to use a "hot wallet" on your phone (like Bread wallet etc) to Sign the transaction and get the resultant hexadecimal to send via SMS?
What if many ISPs start blocking port 8333? How do nodes find each other if they are listening on different ports? Another possibility is ISPs slowing down traffic on 8333 which is probably a worse situation.
hi, i did not understand how are we gonna get a transaction number if we can't transact in the first place since all our wallets are banned. sorry i am just a noob
Yes, you can do transactions that can't be stopped, but at the point where your transaction is converted to materialistic form (after all ,what use is currency if you cannot use it for purchasing materialistic items),... that's when you will be identified.
@sameh farag, I've been worrying about that too. And it seems possible. Find the video on youtube, I don't remember the name. someone cracked some passwords using it.
@rand, what the hell are you saying? There was a PHD student who presented it as part of his thesis. He cracked a 256 bit key using a quantum computer (it was quite difficult because of decoherence) but he made it with 50% success rate. Find it. :) So it's possible, but it's too complex only universities and organizations such as Google and IBM would make it.
David Mwangi my honest opinion is if you can crack a 256 key on demand, there is no recovery, Bitcoin dies. There's no upgrade and no new version that will save you (prior public key addresses are already exposed!). I challenge anyone to prove otherwise. If you have names or links please post, thanks.
I want to take the acadamy course but credit cards are unusual in my country so i dont have one, is it possible to make a crypto payment method or bank transfer?
In case governments do try to Ban it. Could you please share a video of how to do this transaction you mentioned. I am not so technical so I didn't quite understand it. It would give a lot of people reassurance.
Thank you for the detailed video, it was really informative. I think there is a difference between banning something and eradicating it. Bitcoin can be banned but not totally eradicated. Many things are banned by governments but still get used by the citizens, it just makes the user of the banned product a criminal.
Hi Ivan, Love your videos. I'm interested in your course but I'd like to clarify. My interest in the blockchain goes beyond crypto currency. Im interested in it's practical applications in industries such as marketing, politics etc. Will you be dicussing the blockchains use cases beyond crypto? thank you
Why do I get Your Browser does not currently recognize any of the video formats available on this one ....but not on your other videos? Have you changed to some flash-based format?
You have the best definition of bitcion I have ever heard: 1] A crypto currency. (it uses mathematical algorithms to verify and validate the truth). 2] A computer network. (it resides on many computers that interconnect across the internet). 3] A protocol. (a set of rules in which machines use to communicate to each other). But best of all, you explained how difficult it would be to ban it.
they blacklisted countries that dont complie with the antimoney laundering rules they created. and if crypto is able to cut away 10%of their tax earnings it will come superhard and fast. dont underestimate the greed and activism of politicians. if they make it incredible hard to trade (regulation,law and tax wise) it will drive the price down so they could win in another way. :-(
Hey Ivan! Thanks for another video!! But how can you actually make the transaction in the country that has banned it? Wouldn't you still need the program to be up and running for it to actually output a transaction id from whatever transaction you made? Sorry, I'm not sure I for my understand that part. Thanks again!!
Yes it is possible to send transactions as a text but this would be very inconvenient and probably 99% of users would not know how to do that. So banning exchanges and even a protocol could have very big impact for the market. Of course it would also makes huge price drop.
Hi Ivan I think you jumped to the extremes too fast. In reality a regime would probably try to filter traffic that contains bitcoin protocol information. But you didn't address how hard that would be, does bitcoin use special ports or how would they identify the traffic? Also would it be easy to hide using Tor, vpn or other tools? Would it be harder to ban other types of crypto such as Monero or Dash?
It's obviously possible to block if your banks and ISPs block it. But there is always a way to overcome. If ISPs block then we go to alternative mesh network technology.
How can you sign a transaction with your private key without actually sending it (ps: I never used a wallet since I only invested a little and keep it on the exchange as long as it isnt too much...so maybe that explains why I dont understand)?
Countries will try to take control of it. For instance, if the US, EU, Japan, Korea, Russia, and China all created their own coins (just as they all have their own fiat), they could work together to control exchanges, etc, etc. It would end up being no different, essentially, from what we have now, merely a technology shift.
The one thing government needs to do in order to ban bitcoin is a law that makes bitcoin acceptance illegal... then enforce it on the end point - shops, stores, exchanges, miners farms (they are local business that require to fallow the local law), when you can't use the currency anywhere and it's looses it's value... then bitcoin will be only for storing and sending funds oversea, unless this happens there too, and bitcoin will be useless and it's value will drop to a point were it's not profitable to mine anymore, and the entire network will eventually DIE...
Hi Ivan, I hope you are doing good. I want learn Blockchain, but before proceeding further I want to know the prerequisite for learning Blockchain. So could you please guide me on what programming language/technology should I know before I can start learning Blockchain?. I have very less knowledge in Programming please Guide me. Hope you have a good day ahead. Thanks :)
Or like in the US in the past when it was illegal to hold gold, governments could make it illegal to have or use bitcoin or the bitcoin blockchain. Its not blocking the bitcoin network per say, but cracking down on the citizens so the penalty is so steep that it's not worth the risk.
Say the US managed to ban bitcoin, wouldn't that precipitate capital flight? Wouldn't that just put a premium on bitcoin in terms of dollars? Wouldn't that just devalue the dollar?
No, definitely, Government cannot Ban Bitcoins because it's impossible for every government to create a system to trace a Bitcoin transaction in the internet world.
Hey Ivan How you doing? I'm a fan of your channel and certainly learned a lot from you. About this video "Banning Bitcoin Possible? Great topic I was wondering about this a lot and it's great news that there is a way around it assuming the Govt. ban bitcoin or I guess any other cryptocurrency. My question to you if we consider the worst scenario you put forward ie.: all internet access to Bitcoin websites, wallets etc. is blocked: HOW ON EARTH WILL I CREATE A TRANSACTION? I'm a bit lost here could you please explain to just like you would explain it to your 5 years old nephew. Thanks in anticipation. Keep up the good work. Cheers Julian
Thank you for the information, it was really needed because where i live "Algeria" the government is planning to ban cryptocurrencies all together like our neighbour "Morocco".
"Resistance is not an Option" Ivan Liljeqvist (2017 on Governments banning Bitcoin) This needs to be a footnote on Wikipedia and future history books :)
if they succeed to ban bitcoin it will be a black market which you pay a fee and they help you with the transaction like you describe, we who don't know how to do can buy help, that will always be a black market when the government shut down things that people like.
It's not possible to directly regulate decentralized blockchain applications, true enough. But people and companies can be regulated. They ARE regulated. There is no question about it, they will be regulated regarding crypto as well.
7 лет назад
i joined your course, iam also programmer, since money is growing exponentially in cryptos, iam now a investor, speculator n a trader ")
The problem of resisting Bitcoin is the same/some members of the government will be "corrupt" or clever enough to use that technology for their own benefit , and the wealthy and or benefits of that has no flag , especially in countries with high level of government corruption ( like 100 % ) , so maybe perhaps they can ban for the people of their country but they can't ban that opportunity for themselves ,anyway another point , thanks for you video !
If they make it against the Law for any stores to use it then that would kind of make it useless for a ton of purchases. It doesnt seem that hard to stop people from using it for everyday things. If things like Bitconnect are Pyramid Schemes like they seem then that imo is all a Government would need as an excuse to protect their citizens. Bitconnect being exposed would be a really bad thing for the whole Crypto world imo I hate how sooo many youtubers are promoting it to get referrals also
what sense does this make? I can record the transaction . What is the point if I can’t buy my bread and butter with it? Can I eat my transaction? Say I want to buy a ferrari. I cannot buy it even if I have enough bitcoin if ferrari doesn’t accept that. What if govt ban the trade of bitcoin. This is bullshit
Bitcoin increased value since you said you were gonna be fearful. I would argue that the FUD was like a week ago. Now its 6k more then it was back then.
Ivan.. Love ur videos, very educational. One thing i wanna ask u though can I contribute subtitles for ur videos? At least for my native language Indonesia. The thing is most of the people here wont have a clue on what u're saying from the lack of English knowledge and the news spreading here are mostly misguided informations. So i wanna help. Lemme know if that's okay for u. Thanx
Doesnt US only let US citizens use Coinbase already ?? They are already cracking down it seems. Coinbase already seems kind of regulated and it seems like the first step
You’re not thinking about the bitcoin interface into the real world and its conversion into legal currencies. Everyone can be trading bitcoin for a long time but eventually, if you’re not able to exchange it into the old economy currencies (in the interface with the classical economy, that is the same to say within the banks and customers withdrawal accounts) it is worth nothing. It would be as if a bunch of guys decided to trade Monopoly bills between each other for a long time, convinced that somewhere in the future those Monopoly bills could be exchanged to real money (the money that real banks, central banks, governments could print out). If the regulatory bodies impose restrictions to the acceptance of bitcoin then banks would have to comply hence converting bitcoin into a worthless fantasy used only by terrorists and uncomplying banks. The bank system is extremely regulated. Although they relish the potencial for economic gains brought by Distributed Ledger Technologies. They can manage and incorporate those technologies into their activities, and pretty soon start “printing” their own cryptocurrencies. You can ban bitcoin by imposing harsh regulatory and mandatory measures like the ones issued regarding anti laundering money.
In conclusion: I don’t think this problem should be regarded as a technological problem. In the end it would be a legal problem. Whomever decides to accept bitcoin just has to know that no bank would be able to exchange it for real money unless incurring in penalties.
It'd be more complicated, but since there will certainly be countries that don't ban it, it will still be possible to get into fiat through the banks of those countries (and those banks will benefit a lot from it as well). If it really came to a ban in many countries, people would develop systems to make fiat transactions easier through the countries that still allow it, eg. platforms that are connected to those banks. There is also a movement for public banks that will be run differently, which is a whole other topic and may be another game changer in the whole banking system. Plus, of course, there will always be ways to simply buy something with Bitcoin in a country that didn't ban it, eg. buying gold in Japan.
As long as bitcoin cant' be counterfeited, and as long as it can be sent from person to person across the globe, without a third party involved, there will be people willing to give cash for it, or other goods. So, banning bitcoin might change the value of it, but it wouldn't eliminate the value of it.
Right like if CAN, US and UK make it so stores are not aloud to use it then it wont have much purchasing power. Once you can't use it at Grocery Stores, Car Dealerships etc what could you really use it for
António Júlio Sousa I totally agree with you. So long as the banks are allowing conversion of bitcoins to fiat currency, and the governments do not impose restrictions on banks as well as citizens, this will last for a while. But ultimately it is the banks that decide what value will Bitcoin hold so long as they allow fiat conversion. If it cannot be converted or traded for buying commodity _legally_ , it's game over. We've seen in the past, whenever something threatens the financial might of the banking cartel, they arm twist the government into taking action and restore the order. All it takes is a (staged) 'incident' which was funded with the help of Bitcoin to give the Governments of the world an excuse to crackdown on Bitcoin and other unregulated cryptocurrencies. Certainly won't be the first time this has happened in the world. We've gone to war over staged/trigger incidents in the past. Call me cynical or whatever, but this is sadly the kind of world we live in. 'Crypto-believers' think of themselves as rebels who finally have something in their hands which can bypass laws, rules and regulations. Nothing could be further from truth. At the end of the day, the banks control the governments. They control everything. And they always win. -_-
I think that we should address political problem instead avoiding it. Earth is one, people is one. No difference between bitcoinerd and non bicoinerd. Bitcoin DOES NOT solve any "real" issue about money, despite is making us understanding a lot of things.
Can you please answer the following.... your idea that the transaction of Bitcoin can be sent as a message on Facebook. All government would need to do is dictate Facebook make that impossible. I have little doubt a program could be easily created to sniff that out and delete it. Also, the government could require Facebook to turn over any such attempt to them. Most humans will simply refuse to do anything so scary with so much risk. If you do not think so, would love to hear the response.
You seriously need to make t-shirts that say "What Eeeez Going On Guyz?"- I'd buy one...
hhaha!
I want the "you will find this channel ienteresting" on the back
lmaoo
haha love this comment. Could indeed become a classic
Hilarious !
Ivan -- why can't we pay with crypto for your Acadamy crypto course? Seems weird.
Stephen Taylor true! this could be the first thing I actually buy with my cryptos
Ivan, can you do a video about decentralized exchanges as that ties in with this topic nicely?
From a technical perspective, it's impossible (and I mean, really impossible) to completely ban Bitcoin. Heck, even if the entire Internet went down you can still do transactions but you can't broadcast and confirm them yet.
However, the real threat isn't from governments banning Bitcoin from a technological perspective, but from a rules/regulations perspective. Imagine if your government announced a regulation that anyone caught doing any Bitcoin transactions will be tried and go to prison for years. This will probably hurt Bitcoin a lot.
yes but putting people into prison because they use a open currency for legal activities would also mean that you should leave this country as soon as possible. that is one of the signs that you live in a 4th reich style dictatorship
SPERRFEUER84 such a genius reply! 😉
SPERRFEUER84, I agree, but it may very well happen. I doubt that western EU countries will ban it (they may heavily regulate it, but not outright ban it), but the US may do so.
first last exactly my worry too. Everyone who benefits from the current monetary system will try to oppose the takeover by Bitcoin. And guess what, many of them hold the keys to power at the moment. I am unable to fathom a scenario where majority merchants are accepting Bitcoin and most transactions by volume are also happening in Bitcoin while the government still doesn't have a pro-bitcoin policy. Sooner or later these merchants will find it hard to convert their bircoins into USD in order to pay taxes to the govt.
just use tor/onion routing and trade peer to peer
A video about broadcasting a BTC 101 would be great! Would you spell b to us all the steps from cero to finish in which, for example I find a printed bitcoin with the public and private key. How do we, amateurs, load that bitcoin into the blockchain or network? How do we use it?
Please show us Exactly how to write a transaction? im confused how you sign with a private key and send to friend without showing private key. im still brand new to this, THANK YOU for all the info!
just in case
Dexter Dumb. I guess it depends on the type of transactions, for instance, if you just want to be accumulating Bitcoin into your wallet, you can be sending your local currency with your address to someone outside your country to help buy and send to your Bitcoin wallet. Confirm the transactions from etherscan or a scanned page of the transactions can be sent to your phone as receipt. In my opinion, govt will have to ban internet first before banning Bitcoin could be possible. Don't forget VPS can also be used.
Dexter Dumb your private key creates the public signature that validates the transaction. It's genius
You will need some program (similar to a wallet) to sign and create the transaction with your private key - just that you cannot send it to the blockchain (say, because internet is banned in your country); then you use a third party who has access to the internet/blockchain and send them the transaction in text.
Yes, Asuraj is right, you use a computer to create a signature which you can then send along with your message. This could have come from anybody, so you also tell them your public key. The recipient uses his computer to check if this signed message belongs to the owner of the public key. If it does, the transaction goes through and is added to the blockchain.
Remember, if the recipient tries to change your message, it will create a different signature, and that signature won't get verified by your public key and therefore won't go through. So the recipient receives your message and cannot alter it in any way. Of course, he can choose to simply ignore it, and then no transaction will take place.
Ivan! Can you please do a deep dive about what is inside a transaction? Thank you!
Thank you for the education! Now I learned a bit more on the workings of bitcoin.
I've heard of the term blockchain 1.0, 2.0 or 3.0. Like Bitcoin is categorized as blockchain 1.0; Ethereum as blockchain 2.0; and newer cryptos as 3.0.
How could bitcoin possibly stay relevant with the ever-progressing and advancement of blockchain technology?
Won't bitcoin become obsolete so soon that people will just abandon it for other better and more advanced cryptos? Or won't it be met with limitations as much as the dev team is trying to improve it, if the core program is not as "advance" as the newer cryptos?
I'm not sure whether if my question make sense or whether I state it correctly...
Gr8 .. so how a common man without any technical knowledge can know what codes he has to send???
How do you use Bitcoin when the power is out?
Banning Bitcoin would be like trying to ban Jazz, Rock and Roll, Hip hop, Metal or any other musical movement. And they tried and failed with every one.
LOL No it wouldnt. They tell stores you are not allowed to except Bitcoin then Bamn. It becomes useless for everyday purchases then they tell car dealerships etc the same. It would take ton of its purchasing power away
Sports and Entertainment News Who's they?
Lol what? they tried and failed to ban every musical movement? Riiiight
Nice framing, Ivan. I like the lighting and plants. ;)
That Crypto money XD
If they ban crypto would it not spike up the price of btc in that country ?
How the death of net neutrality will affect cryptos?
Please explain technically how governments/isp would ban bitcoim traffic, i understand they can block bitcoin port, am i correct?
Ban ips, domains, ports
Substratum is a very promising technology. However, I do not understand how they will be able to make their network unblockable. How will the network be reached by browsers without going through ISP´s in a classical way? Could you please talk about that?
So basically you would need to use a "hot wallet" on your phone (like Bread wallet etc) to
Sign the transaction and get the resultant hexadecimal to send via SMS?
What if many ISPs start blocking port 8333? How do nodes find each other if they are listening on different ports? Another possibility is ISPs slowing down traffic on 8333 which is probably a worse situation.
New software will come out with a dynamic port system. Cat and mouse,
What you think about Salt Ivan?
Gonna go 10 x at least in 2018, dont miss the next moon mission boys
Thanks Ivan, love your stuff. As an extension of this, what do you think of decentralised exchanges such as cobinhood?
If you don't expose your public key, how can the network verify who you are?
You have to expose your public key to receive transactions but you do NOT expose your private key. I repeat never ever expose your private key!
hi, i did not understand how are we gonna get a transaction number if we can't transact in the first place since all our wallets are banned. sorry i am just a noob
What about banning mining facilities ? (they are currently talking about this here in Korea). Would the difficulty of the network adapt itself ?
For the academy, is there a way to pay with Bitcoin or Litecoin?
Yes, you can do transactions that can't be stopped, but at the point where your transaction is converted to materialistic form (after all ,what use is currency if you cannot use it for purchasing materialistic items),... that's when you will be identified.
hmm no bitcoin payments accepted for the blockchain course? how so?
how to use crypto to buy the Acadamy course or houses? can u make a video showing the complete proses to us ?
Got it. Thanks. Just one question, Ivan, why you are always talking only about Bitcoin? It reminds me CNBC
Would you please explain the potential threat of quantum computers on bitcoin?
your first mistake is assuming quantum computers will ever exist. Scientists can't even prove p != np lol
If you live in fear you are not living - when they arrive it is a new opportunity
@sameh farag, I've been worrying about that too. And it seems possible. Find the video on youtube, I don't remember the name. someone cracked some passwords using it.
@rand, what the hell are you saying? There was a PHD student who presented it as part of his thesis. He cracked a 256 bit key using a quantum computer (it was quite difficult because of decoherence) but he made it with 50% success rate. Find it. :) So it's possible, but it's too complex only universities and organizations such as Google and IBM would make it.
David Mwangi my honest opinion is if you can crack a 256 key on demand, there is no recovery, Bitcoin dies. There's no upgrade and no new version that will save you (prior public key addresses are already exposed!). I challenge anyone to prove otherwise. If you have names or links please post, thanks.
I want to take the acadamy course but credit cards are unusual in my country so i dont have one, is it possible to make a crypto payment method or bank transfer?
Whats the difference between hash and soles, how do they correlate? How does it relate to a GPU?
There is no option to pay for paypal for the course
I missed out the 89$ because I dont have a credit card. I only have paypal
In case governments do try to Ban it. Could you please share a video of how to do this transaction you mentioned. I am not so technical so I didn't quite understand it. It would give a lot of people reassurance.
sorry, I dont get it...how do you get the transaction number to send if you dont have an access to any wallet or network?
the only thing you need to do is to use your private key, sign a transaction and email it to someone who can broadcast it to the network :)
How do I do all that in a text message? I need further explanation to understand (Thank you for a great video, Ivan)
Here in Brazil there is a congressman actualy talking about criminalizing Btc.
Everything is criminal in Brazil.
Thank you for the detailed video, it was really informative. I think there is a difference between banning something and eradicating it. Bitcoin can be banned but not totally eradicated. Many things are banned by governments but still get used by the citizens, it just makes the user of the banned product a criminal.
In the USA they may ban it. It is a threat to centralized government and world banks.
Hi Ivan,
Love your videos. I'm interested in your course but I'd like to clarify. My interest in the blockchain goes beyond crypto currency. Im interested in it's practical applications in industries such as marketing, politics etc.
Will you be dicussing the blockchains use cases beyond crypto?
thank you
Why do I get Your Browser does not currently recognize any of the video formats available on this one ....but not on your other videos? Have you changed to some flash-based format?
You have the best definition of bitcion I have ever heard:
1] A crypto currency. (it uses mathematical algorithms to verify and validate the truth).
2] A computer network. (it resides on many computers that interconnect across the internet).
3] A protocol. (a set of rules in which machines use to communicate to each other).
But best of all, you explained how difficult it would be to ban it.
Countries in Africa will keep Bitcoin alive, as it is being widely adopted there.
Hi. How come one cannot pay in BTC for the Blockchain Academy course?
Hi many people asking this, there was simply no integration for Btc in clickfunnels:/ we are thinking about how we can solve this in the best way
You called it. Now 3 years later.
If Substratum can build a distributed internet then firewalls won't work.
they blacklisted countries that dont complie with the antimoney laundering rules they created. and if crypto is able to cut away 10%of their tax earnings it will come superhard and fast. dont underestimate the greed and activism of politicians.
if they make it incredible hard to trade (regulation,law and tax wise) it will drive the price down so they could win in another way. :-(
Hey Ivan! Thanks for another video!! But how can you actually make the transaction in the country that has banned it? Wouldn't you still need the program to be up and running for it to actually output a transaction id from whatever transaction you made? Sorry, I'm not sure I for my understand that part. Thanks again!!
Yes it is possible to send transactions as a text but this would be very inconvenient and probably 99% of users would not know how to do that. So banning exchanges and even a protocol could have very big impact for the market. Of course it would also makes huge price drop.
It is a must to store BTC in a cold storage wallet
Keep in mind that this only apply with on chain transactions. With off chain methods like LN this does not work
Hi Ivan I think you jumped to the extremes too fast. In reality a regime would probably try to filter traffic that contains bitcoin protocol information. But you didn't address how hard that would be, does bitcoin use special ports or how would they identify the traffic? Also would it be easy to hide using Tor, vpn or other tools? Would it be harder to ban other types of crypto such as Monero or Dash?
Good video!
Where you from?
I don't think outright banning would work, but I could see huge spam attacks (constant fake transactions) making the network useless.
It's obviously possible to block if your banks and ISPs block it. But there is always a way to overcome. If ISPs block then we go to alternative mesh network technology.
How can you sign a transaction with your private key without actually sending it (ps: I never used a wallet since I only invested a little and keep it on the exchange as long as it isnt too much...so maybe that explains why I dont understand)?
Countries will try to take control of it. For instance, if the US, EU, Japan, Korea, Russia, and China all created their own coins (just as they all have their own fiat), they could work together to control exchanges, etc, etc. It would end up being no different, essentially, from what we have now, merely a technology shift.
The one thing government needs to do in order to ban bitcoin is a law that makes bitcoin acceptance illegal... then enforce it on the end point - shops, stores, exchanges, miners farms (they are local business that require to fallow the local law), when you can't use the currency anywhere and it's looses it's value... then bitcoin will be only for storing and sending funds oversea, unless this happens there too, and bitcoin will be useless and it's value will drop to a point were it's not profitable to mine anymore, and the entire network will eventually DIE...
Good info and good job on the new lighting. Definitely a lot more pleasing to the eye.
Hi Ivan,
I hope you are doing good.
I want learn Blockchain, but before proceeding further I want to know the prerequisite for learning Blockchain. So could you please guide me on what programming language/technology should I know before I can start learning Blockchain?. I have very less knowledge in Programming please Guide me.
Hope you have a good day ahead.
Thanks :)
Or like in the US in the past when it was illegal to hold gold, governments could make it illegal to have or use bitcoin or the bitcoin blockchain. Its not blocking the bitcoin network per say, but cracking down on the citizens so the penalty is so steep that it's not worth the risk.
can I pay for your course in bitcoin?
Governments can't ban it, but miners has the power and the control of everything. That's the main problem of Bitcoin...
Say the US managed to ban bitcoin, wouldn't that precipitate capital flight? Wouldn't that just put a premium on bitcoin in terms of dollars? Wouldn't that just devalue the dollar?
No, definitely, Government cannot Ban Bitcoins because it's impossible for every government to create a system to trace a Bitcoin transaction in the internet world.
ivan can you do a video on the blockstream and are they holding up bitcoin blocksize
Hey Ivan
How you doing? I'm a fan of your channel and certainly learned a lot from you.
About this video "Banning Bitcoin Possible? Great topic I was wondering about this a lot and it's great news that there is a way around it assuming the Govt. ban bitcoin or I guess any other cryptocurrency.
My question to you if we consider the worst scenario you put forward ie.: all internet access to Bitcoin websites, wallets etc. is blocked: HOW ON EARTH WILL I CREATE A TRANSACTION? I'm a bit lost here could you please explain to just like you would explain it to your 5 years old nephew.
Thanks in anticipation.
Keep up the good work.
Cheers
Julian
Thank you for the information, it was really needed because where i live "Algeria" the government is planning to ban cryptocurrencies all together like our neighbour "Morocco".
Why not take crypto for your accademy?
"Resistance is not an Option"
Ivan Liljeqvist (2017 on Governments banning Bitcoin)
This needs to be a footnote on Wikipedia and future history books :)
if they succeed to ban bitcoin it will be a black market which you pay a fee and they help you with the transaction like you describe, we who don't know how to do can buy help, that will always be a black market when the government shut down things that people like.
It's not possible to directly regulate decentralized blockchain applications, true enough. But people and companies can be regulated. They ARE regulated. There is no question about it, they will be regulated regarding crypto as well.
i joined your course, iam also programmer, since money is growing exponentially in cryptos, iam now a investor, speculator n a trader ")
This is very informative. Thanks Ivan!
banning mining?
Spoiler: No
Good work Ivan, Looking at the lion,,nice Are you a Leo?
Can one pay in crypto for your course I dont have a credit card
If Korea uses Ripple and they ban Bitcoin, wont Ripple take off?
Splendid as always! Nice performance ,Ivan! There is no way to stop people to talk on their native language.
Interesting...I really enjoy your videos.
This is why Monero is Bitcoin 2.0 with privacy by default
The problem of resisting Bitcoin is the same/some members of the government will be "corrupt" or clever enough to use that technology for their own benefit , and the wealthy and or benefits of that has no flag , especially in countries with high level of government corruption ( like 100 % ) , so maybe perhaps they can ban for the people of their country but they can't ban that opportunity for themselves ,anyway another point , thanks for you video !
If they make it against the Law for any stores to use it then that would kind of make it useless for a ton of purchases. It doesnt seem that hard to stop people from using it for everyday things. If things like Bitconnect are Pyramid Schemes like they seem then that imo is all a Government would need as an excuse to protect their citizens. Bitconnect being exposed would be a really bad thing for the whole Crypto world imo I hate how sooo many youtubers are promoting it to get referrals also
I miss this Ivan
the Chairman of the FCC said removing net neutrality will be good for Bitcoin mining. For whatever that is worth
what sense does this make? I can record the transaction . What is the point if I can’t buy my bread and butter with it? Can I eat my transaction? Say I want to buy a ferrari. I cannot buy it even if I have enough bitcoin if ferrari doesn’t accept that. What if govt ban the trade of bitcoin. This is bullshit
Thanks Ivan wow channel is really growing good job
Bitcoin increased value since you said you were gonna be fearful. I would argue that the FUD was like a week ago. Now its 6k more then it was back then.
Ivan.. Love ur videos, very educational. One thing i wanna ask u though can I contribute subtitles for ur videos? At least for my native language Indonesia. The thing is most of the people here wont have a clue on what u're saying from the lack of English knowledge and the news spreading here are mostly misguided informations. So i wanna help. Lemme know if that's okay for u. Thanx
Doesnt US only let US citizens use Coinbase already ?? They are already cracking down it seems. Coinbase already seems kind of regulated and it seems like the first step
The more oppression, the more it spurs innovation to bypass centrally controlled mechanisms to exchange cryptocurrency.
You’re not thinking about the bitcoin interface into the real world and its conversion into legal currencies. Everyone can be trading bitcoin for a long time but eventually, if you’re not able to exchange it into the old economy currencies (in the interface with the classical economy, that is the same to say within the banks and customers withdrawal accounts) it is worth nothing. It would be as if a bunch of guys decided to trade Monopoly bills between each other for a long time, convinced that somewhere in the future those Monopoly bills could be exchanged to real money (the money that real banks, central banks, governments could print out). If the regulatory bodies impose restrictions to the acceptance of bitcoin then banks would have to comply hence converting bitcoin into a worthless fantasy used only by terrorists and uncomplying banks. The bank system is extremely regulated. Although they relish the potencial for economic gains brought by Distributed Ledger Technologies. They can manage and incorporate those technologies into their activities, and pretty soon start “printing” their own cryptocurrencies. You can ban bitcoin by imposing harsh regulatory and mandatory measures like the ones issued regarding anti laundering money.
In conclusion: I don’t think this problem should be regarded as a technological problem. In the end it would be a legal problem. Whomever decides to accept bitcoin just has to know that no bank would be able to exchange it for real money unless incurring in penalties.
It'd be more complicated, but since there will certainly be countries that don't ban it, it will still be possible to get into fiat through the banks of those countries (and those banks will benefit a lot from it as well). If it really came to a ban in many countries, people would develop systems to make fiat transactions easier through the countries that still allow it, eg. platforms that are connected to those banks.
There is also a movement for public banks that will be run differently, which is a whole other topic and may be another game changer in the whole banking system. Plus, of course, there will always be ways to simply buy something with Bitcoin in a country that didn't ban it, eg. buying gold in Japan.
As long as bitcoin cant' be counterfeited, and as long as it can be sent from person to person across the globe, without a third party involved, there will be people willing to give cash for it, or other goods. So, banning bitcoin might change the value of it, but it wouldn't eliminate the value of it.
Right like if CAN, US and UK make it so stores are not aloud to use it then it wont have much purchasing power. Once you can't use it at Grocery Stores, Car Dealerships etc what could you really use it for
António Júlio Sousa I totally agree with you. So long as the banks are allowing conversion of bitcoins to fiat currency, and the governments do not impose restrictions on banks as well as citizens, this will last for a while. But ultimately it is the banks that decide what value will Bitcoin hold so long as they allow fiat conversion. If it cannot be converted or traded for buying commodity _legally_ , it's game over. We've seen in the past, whenever something threatens the financial might of the banking cartel, they arm twist the government into taking action and restore the order. All it takes is a (staged) 'incident' which was funded with the help of Bitcoin to give the Governments of the world an excuse to crackdown on Bitcoin and other unregulated cryptocurrencies. Certainly won't be the first time this has happened in the world. We've gone to war over staged/trigger incidents in the past. Call me cynical or whatever, but this is sadly the kind of world we live in. 'Crypto-believers' think of themselves as rebels who finally have something in their hands which can bypass laws, rules and regulations. Nothing could be further from truth. At the end of the day, the banks control the governments. They control everything. And they always win. -_-
Hey Ivan, Love your work. Please talk about the technical sides of Verge Please. It's Booming!
You Always Give informative Lessons
What a coincidence, I explained someone why it cant be banned in the morning. Now I can share this video with him😌😌😌
I'm pretty sure they can. Just search it how bitcoin discover new peers? This is working like centralized. Which is Governments can block this part.
I’ll buy BTC and wait. By February the fifty percent discount will look ridiculous.
Love your videos Ivan keep it up
I think that we should address political problem instead avoiding it. Earth is one, people is one.
No difference between bitcoinerd and non bicoinerd.
Bitcoin DOES NOT solve any "real" issue about money, despite is making us understanding a lot of things.
just watching backlog videos... ivan your seriously undervalued... respect friend... make sure you come cruising next year Fam... its btc halfning
Great video! Very infotmative! Thank you Ivan!
Can you please answer the following.... your idea that the transaction of Bitcoin can be sent as a message on Facebook. All government would need to do is dictate Facebook make that impossible. I have little doubt a program could be easily created to sniff that out and delete it. Also, the government could require Facebook to turn over any such attempt to them. Most humans will simply refuse to do anything so scary with so much risk. If you do not think so, would love to hear the response.