Enough is enough! Good bye Bitcoin! - page 2.

ropyu1978

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Quote from: wxa7115 on October 13, 2020, 12:49:18 PM

Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this few moments ago.

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait. As such I decided to play it safe, incur further loses, and just sold all my bitcoins and getting out of this business for good.

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them? More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

I wish I was never introduced to Bitcoin. Angry

Any ideas on what I should do with my Ledger Nano X now? Roll Eyes

It is such a shame that you are leaving but taking into account everything that has happened to you then it is completely understandable that you are doing so, however this is an emergent market and governments and banks are not facilitating at all the free trade of cryptocurrencies for their fiat currencies which was to be expected, you are simply in a country with very difficult access and you took some bad decisions as well.

However I wish you the best and if at some point the bitcoin adoption improves in your country you should at least think about the possibility of giving bitcoin and this market another chance.

Look frustrated what happen with his trading assets and claim good bye for bitcoin because he lost moment when investing with bitcoin or altcoin, bitcoin keep the best currency worth investment for the future without inflation and liquid value, looks with other investment or saving your money for long term, day by day until year by year your money will increase worth value and have lower price although with the same amount, how if you try for saving assets as bitcoin and hold for long term how much profit will you get when bitcoin break to higher price.

wxa7115

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Bitcoin is GOD

Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this few moments ago.

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait. As such I decided to play it safe, incur further loses, and just sold all my bitcoins and getting out of this business for good.

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them? More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

I wish I was never introduced to Bitcoin. Angry

Any ideas on what I should do with my Ledger Nano X now? Roll Eyes

It is such a shame that you are leaving but taking into account everything that has happened to you then it is completely understandable that you are doing so, however this is an emergent market and governments and banks are not facilitating at all the free trade of cryptocurrencies for their fiat currencies which was to be expected, you are simply in a country with very difficult access and you took some bad decisions as well.

However I wish you the best and if at some point the bitcoin adoption improves in your country you should at least think about the possibility of giving bitcoin and this market another chance.

hahay

legendary

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Quote from: maldini on October 13, 2020, 10:07:44 AM

We should show restraint toward the choice. I recommend you keep your bitcoin and forget about it. Stand by until the guidelines are clear and we can without much of a stretch trade our bitcoins for money. t isn't yet crypto neighborly. However, you have to understand that individuals outside your nation have more opportunity when managing Bitcoin. The old framework is making it truly hard for you. I figure you can exchange it and the purchaser simply needs to reset it with the goal that they can utilize it for themselves.

Yes, there are many transaction providers nowadays and also, he can still use a trusted escrow here to sell them to USD or other currencies, I think it would be better because it's useless he keeps getting angry and complaining because the situation makes it difficult for him to be able to convert his bitcoins to fiat. After all, hodling or not is up to the owner, if he is willing to hodling longer, there may be changes in the rules of his country, which may be in the future there will be exchanges that really get permission from the government.

Alert31

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Don't say goodbye to bitcoin, just hold on. Time will come your country will accept cryptocurrency and that time you can exchange your bitcoin. For now just relax ,don't hate cryptocurrency and don't quit because if you leave you will not recover your loses anymore and if one day you will see that bitcoin is legally accepted anywhere then for sure you will regret.
Also, if you want to avoid loses , you should learn bitcoin very well on how to invest on it in order to gain and not to lose. It needs time ,knowledge and understanding and of course you should be a risk taker person.

Eureka_07

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Quote from: mezzaluna on October 13, 2020, 11:13:58 AM

Quote from: PancongStreet on October 12, 2020, 06:33:18 AM

Well, storing them in exchanges can really be quite dangerous but some people does not have enough gas to keep those Cryptocurrencies move from one place to another.

Bitcoin is not using any gas. Rather, using miners fee as fees to the transactions.
Be reminded also that sometimes some exchanges set the own fee for your bitcoin withdrawals.
It's not good for small time traders cause the fee is way too much.
Sroring bitcoins/funds on exchanges is dangerous.
It's always at risk to be lost if someone stole it by hacking the exchange.
If you want to store, then store it where you control the key.

Remember: not your key, not your bitcoin.

HardFacts

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Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I'm fed up with all this cryptocurrency thing.

Just wait until the price of BitCoin CRASHES again, a lot more people will be joining you Cheesy

mezzaluna

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Quote from: PancongStreet on October 12, 2020, 06:33:18 AM

There are many ways to store your bitcoins, I think it is a bad thing if you store your assets on exchangers
You can store your bicoin in the app blockchains which I think is quite safe
if you need money quickly, there are many exchangers that can use perfectmoney and there are still many withdrawal options
so you don't need to worry

Well, storing them in exchanges can really be quite dangerous but some people does not have enough gas to keep those Cryptocurrencies move from one place to another. Its actually better for day-traders to set specific time frames on when to trade and on when to make sure to keep their moneys in check so they can transfer it back to their safe wallets. I actually just do not see why some people risk the fact of leaving their money in other people's wallet.

maldini

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We should show restraint toward the choice. I recommend you keep your bitcoin and forget about it. Stand by until the guidelines are clear and we can without much of a stretch trade our bitcoins for money. t isn't yet crypto neighborly. However, you have to understand that individuals outside your nation have more opportunity when managing Bitcoin. The old framework is making it truly hard for you. I figure you can exchange it and the purchaser simply needs to reset it with the goal that they can utilize it for themselves.

Miaallen

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The problem of cryptocurrency with Arabian countries seems to be getting tougher and wider. LUNO exchange is also said to have been banned in Qatar and that has made act of easily converting cryptocurrency to fiat currencies impossible in the countries.

aceboy44

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Quote from: hulla on October 12, 2020, 10:03:12 AM

The closure of the only native exchange site that offers service for crypto to KWD fiat currency is a sad story for all crypto enthusiast in Kuwait but the OP shouldn't have sold all his holding because the closure of the exchange was not because crypto is not supported by the Kuwait government, it was because the exchange site does not meet the criteria of having the license to operate within Kuwait which was what led to their fiat payment providers back out and this may change in the future when big exchange like Binance decide to partner with the exchange in the subject or expand their business.

Meanwhile, you can still trade on other exchanges while you sell your coin for fiat currency through the p2p exchange site.

If you paid attention to the message, it clearly mentions that there is no such thing as "crypto license in Kuwait," so assuming Binance partners with exchanges in Kuwait, how can they operate if the license to operate itself does not exist? Huh

sekalitas

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Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

First off, I make tremendous loses due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this few moments ago.

After I read your post, it turns out that it is difficult to trade crypto in your country Cry

.
Maybe I can only give you a suggestion which is trading on Binance.

Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I wish I was never introduced to Bitcoin. Angry

Any ideas on what I should do with my Ledger Nano X now? Roll Eyes

contrary to me, I wish I could know bitcoin earlier.

I think keep it, who knows you will need it later Grin

hulla

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The closure of the only native exchange site that offers service for crypto to KWD fiat currency is a sad story for all crypto enthusiast in Kuwait but the OP shouldn't have sold all his holding because the closure of the exchange was not because crypto is not supported by the Kuwait government, it was because the exchange site does not meet the criteria of having the license to operate within Kuwait which was what led to their fiat payment providers back out and this may change in the future when big exchange like Binance decide to partner with the exchange in the subject or expand their business.

Meanwhile, you can still trade on other exchanges while you sell your coin for fiat currency through the p2p exchange site.

Lizzie_Girl

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You could have sold your bitcoin for skrill or payeer then from there withdraw to your bank account. I am not sure if they are supported in your country but you would need to try something like that to get around this problem. Things will get better in teh future for sure. There is clearly a demand for what you need in your country and some clever person who wants to make money will fill that demand its just a matter of time. I hope it hapens soon. Cheesy

tsaroz

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The problem here is lack of bitcoin adoption. We are depended on exchanges to change our bitcoin into cash. Bitcoin is just used as a manipulative currency while there are just a few business and merchants that accepts bitcoin. It's again largely due to regulations from the government. To solve it, people should start accepting bitcoins without a middlemen. A shadow economy should flourish which don't depend on the IMF's currency. I believe it would happen as bitcoin is much reliable and trustworthy then money issued under IMF.

PancongStreet

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There are many ways to store your bitcoins, I think it is a bad thing if you store your assets on exchangers
You can store your bicoin in the app blockchains which I think is quite safe
if you need money quickly, there are many exchangers that can use perfectmoney and there are still many withdrawal options
so you don't need to worry

carlisle1

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Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this few moments ago.

Being a Newbie but you risked too much money?then that is your mistake and nothing to be blame.

Quote

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait. As such I decided to play it safe, incur further loses, and just sold all my bitcoins and getting out of this business for good.

Good decision because it seems that you are not for crypto investing,you have no strategy instead just doing what comes on your mind.

Quote

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them? More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

I wish I was never introduced to Bitcoin. Angry

Any ideas on what I should do with my Ledger Nano X now? Roll Eyes

Just keep you Ledger mate,maybe this time crypto is not that popular and accepted in your country but if you really consider this as invesment then you are doing the right thing to wait.

worldofcoins

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Quote from: Sadlife on October 06, 2020, 07:03:31 PM

In the first place why put all your Bitcoins in an exchange, when everyone knows that exchanges are highly risky storage of wealth, due to the fact that they can be shutdown and regulated by governments, and most exchanges use centralized databases to store Cryptocurrency, so its like a gold mine for hackers, if they can find some vulnerabilities, which almost every program has.

It would be hard for you to put more in bitcoins and other digital currencies.
Beneficial things never happen prior, you should stand by certain years and hold your coins for long haul reason.
Talk about the exchanging, then you should not stress over it since there's some more payment gateway which can help you convert your bitcoins in USD cash.

ChrisPop

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Not your Keys, Not your Bitcoins

Quote from: worldofcoins on October 10, 2020, 10:46:59 AM

You live in a region where only 4 million peoples live. Since Kuwait is a smaller country I don't think there will be a good service of bitcoins exchange.
Anyways you're simply accusing the bitcoin and trying to unfamous it. Not every person confronting this sort of issue they're are as yet contributing and doing exchanging.
Bitcoin is not for holding only there are still many services which bitcoin is providing. Anyways you can sell your coins online and get payment from PayPal, Payoneer.

Iceland is much more receptive to Bitcoin and they only have like 300-400k population which is 10 times lower than Kuwait. But as far as I know Kuwait is a third-world country where technology and infrastructure is not well-built. However living in such a country presents much more opportunities for entrepreneurship. Why don't you try and create communities who use Bitcoin and then maybe establish a nation-wide association.

I've just checked the electricity price in your country and it is just $.029/kwh. Quite cheap!! I'd look into mining if I were you. (talking to the OP)

ice098

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Quote from: LimLims on October 09, 2020, 02:05:49 AM

Quote from: aceboy44 on October 05, 2020, 01:59:19 PM

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this few moments ago.

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait. As such I decided to play it safe, incur further loses, and just sold all my bitcoins and getting out of this business for good.

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them? More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

I wish I was never introduced to Bitcoin. Angry

Any ideas on what I should do with my Ledger Nano X now? Roll Eyes

It's so sad that you made losses.
But it's oftenly seen from newbies only.
That's why it's always advised that, before investing your money into anything, do a brief check about it.
Same should happen with trading.
Moreover as far the exchange issue is concerned, you could have paid a visit to localbitcoins.com, i bet that would have surely helped you out.
Hope this helps you OP.

Its a sad news mate hope that you can move on and made up from this huge loses of yours. What was happened to you was a charged to experience here in cryptocurrency and as a newbie it is not impossible to get lose what you invest especially when you are about to take it with no experience at all. But hopefully this might help you to learned from your experience and hope that you may not get down of what was happened. Taking risks, loses are very relevant when it comes to trading.

worldofcoins

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You live in a region where only 4 million peoples live. Since Kuwait is a smaller country I don't think there will be a good service of bitcoins exchange.
Anyways you're simply accusing the bitcoin and trying to unfamous it. Not every person confronting this sort of issue they're are as yet contributing and doing exchanging.
Bitcoin is not for holding only there are still many services which bitcoin is providing. Anyways you can sell your coins online and get payment from PayPal, Payoneer.

Topic: Enough is enough! Good bye Bitcoin! - page 2. (Read 1965 times)