Topic: Enough is enough! Good bye Bitcoin! - page 4. (Read 1965 times)

Well, it does seem like you've made up your mind and I can't blame you. I keep insisting to myself also that Bitcoin is not yet ready for so-called mass adoption when it really, really, isn't as easy or safe for 90% of people, if not more.

But I do hope you stick around anyway and still keep learning and discussing. Maybe Bitcoin's not for you now, but who knows some time from now? And who knows you come back some day and change your mind. Life is too short for regrets =)

When I got going in Bitcoin in the UK there were no proper exchanges and banks liked to shut you down if they saw the B word. P2P did make up for it to an extent. Several years later it has improved massively.

If I were in a country with weak and expensive infrastructure I'd be focusing more on future potential and ultimately this isn't Bitcoin's problem anyway. In an ideal world the need to rely on exchanges will reduce once you own it.

Do people use Bitcoin/crypto on Centralized Platforms, without censorship resistant and expect this not to happen? . This is not really the direction the inventors of Bitcoin want the users/participatants to go. It should be used p2p and decentrally. People are basically using it wrongly, so you should expect those problems  experienced by your country's exchange to happen.

It's best to keep things well decentralized and implement your good national laws on the decentralized platform/exchange... then invite your national regulators to see that you aren't doing anything bad that is against the law.

Before you consider putting anything serious on a Bitcoin/crypto platform or application, make sure it's Well Decentralized, immutable, transparent, privacy-friendly, censorship resistant, secure, consensus-driven, has the right rules, etc.  If you use it this way, a government won't bother you if its law is followed and you are doing things right.
The suppression or censorship of things by governments could be due to immorality/lawlessness. If you can solve the problem on your decentralized platform, they will have no reason to suppress/censors you unless it's a lawless/dictatorial government.

Then by using that comparison, we should believe that gold, the stocks in the stock market, the commodities in the commodity markets, are also Ponzi Schemes.


You will need the minimum, 10-year HODLing plan.

Although you have good experience of bitcoin, but l think  your wording about btc good bye is wrong. You can see the past time of btc give the good profit. It's true nowadays price of btc go slow down, but it is a part of business in the market .but be patient & thoughts positive about btc.you will see the price of btc growing up very soon. I think so.

You said it yourself. You made loss due to being a newbie in this market. It was wrong of you to expect making profit right away. You have to learn first. Consider this "tremendous" loss as a lesson. You already experienced something that you will eventually encounter in the future. Learn from this and avoid the same mistakes.
Any clue why the governments are shutting down the exchanges? Is it because they banned crypto currencies in your country? If that is the case, you shouldn't hold any.
And I don't think exchanges are being shutdown in "other parts of the world". Only those that are operating illegally are being taken down.

It is your country's regulation that is the major cause of your problems. As for your loses, you are a newbie and have not learnt enough to trade on your own and make gains. Take the time to go back to school and get more education in trading. Better still, invest in platforms that will trade for you and earn you interest or commission.

Are you really sure if there is only one exchange in your country, because at first I thought it was the same as you but after a long time at least I found more exchanges in my country's fiat, but if it's true there is only one exchange, I guess You can still use exchanges that accept USD and with that, at least you can convert USD into your own country's currency.

Except from SEPA and North America, AFAIK most countries suffers in terms of exchanging cryptocurrencies with their FIAT.
Neteller(/skrill) used to be a good way before 2017/2018 when mastercard blocked the usage of bitcoin then recently when they disabled bitcoin deposits in many countries and restricted its transfer between members and to your bank...
There is alternatives that might allows you to spend your money online (or send it to your bank?) but you have to be cautious since you need to read the terms and be sure it isn't a scammy service to avoid losing your funds. (will not name it since I didn't use it yet)
Another alternative is to sell bitcoin directly to your friends? other citizens? in exchange to your local FIAT. You have to always pay attention to avoid being scammed.

I found BTC on my own and still got scammed out of all my Coins Via an Exchange. The only thing i wish is that i get my Coins back =)

I was introduced to bitcoin by a hacker blackmailing me on my e-mail account (I heard about bitcoin before but never paid much attention into it until the hacker demanded some payment through Bitcoin.) The first thing that went through my mind was "Why the heck would a hacker wants to be paid in Bitcoin rather than fiat?" That's what ignited me and made me do some research about bitcoin before actually buying it. It was a very long e-mail that caught my attention and I shall post a quote at the very end (please tell me what you think of that e-mail   )

Anyways, I would like to clarify some things.


This is the exact reason why I decided to invest in bitcoin. Kuwait may never accept cryptocurrency for reasons I don't want to talk about (and it's better to stay that way to be honest.)

Actually I tried using BTC to pay my phone bills and amazon products and experienced that credit card payments were cheaper than bitcoin payment, so yes I was in it for the profits only!

And to those who told me to travel abroad to cash-out my BTC 5+ years from now like seriously? Did you really think I would pay for airfare, accommodation, transportation, food, currency conversion fees to KWD, etc. just to cash out my Bitcoin? Really guys? How can I make my profits this way?  



Banks are not allowed to trade cryptocurrency here. Localbitcoins users demanded transactions go through the website (which required KYC,) and not through personal contact.

This is the best community I ever engaged with. Despite having already sold my BTC and quitting for good I come back to read the feedback left by other comments. Thank you every one for your support & knowledge. I learned a lot from you   I will miss this great community  

To conclude, here is the hilarious e-mail that I received few weeks ago that made me invest into bitcoin:


Be sincere! What did you think of this e-mail? Or how would you have responded to such e-mail? I have no idea what he was talking about, but I just ignored him followed by a research about bitcoin  

Oh and thanks to that hacker for letting me know that my PC is hacked (which is why I bought the ledger nano x.) After the e-mail I immediately covered my laptop's camera and refrained from accessing my bank account through my laptop (credit goes to the hacker for letting me know   )

Or hes really that too impatient on making conclusions and those are indeed wrong perceptions towards bitcoin actually.You might not able to cash it out in some case but there are lots of methods
if you do really search of but instead he do just whine out and do talk about quitting or leaving this market coz of such problem which is actually a really an easy one to solve out.
Just like on what being suggested or been told by most users here where it indicates that it wont really be a problem on converting those coins into fiat easily.On the other side of things
about not getting involved with this market due to those stories then Bitcoin isnt really just created for the means of that.It is actually my first time on seeing someone who do had
this kind of reason where he do quit just because of that not really that serious reason.

Someone said, "A bitcoiner remains a bitcoiner forever". Its probably not true in this case.

If I'd put myself in OP's shoe, I'd probably just keep my 1.25BTC until there will be new developments about the legalization of cryptocurrency in the country. This is if he doesn't really need to cashout the money due to immediate needs, its a lot harder to do that since Kuwait is excluded in most fiat transfers with BTC.   


Exactly will make him a long term holder but he can also trade or invest to profit more of it.

I guess you'll have read all the other posts already about P2P and I can tell you that Kuwait Finance House has a lot of overseas branches (as of 2017 when I was last a client). Just look it up, and I guarantee you almost, if you find a trader even on Localbitcoins in that country, then there is someone willing to do a non-local trade, but using KWD transfers using KEH. I know this was true at least in 2017, don't see why no longer. Clue: Southeast Asia;)

P.S. Are you very sure Kuwait isn't supported by say Bittrex or even Bitpanda? Someone I know is from a really obscure country and they get verified fine on the former. You know you could always sell btc there for usd or whatever, and withdraw it to your bank account it still gets converted to KWD.

I will rather move the coin to some centralized exchanges that does not make KYC conpulsory and are reliable. I will place the order early as longterm holder to the price I want it sold in the future, to preserve the dollar value for whatever reason may come up in the market. Your condition already make you a longterm holder. Security will priority after this, who know when the condition will come to allow fiat conversion.

Pretty sure he could always find someone in localbitcoins or similar p2p exchange. They don't have to reside in the country, not even be nationals there, just have maybe some bank account with money in the fiat he desires.

I seriously doubt this to be a valid reason to bash Bitcoin. It is, as usual, an user error.

The problem of OP is there's no local exchange that could convert his crypto currency to fiat since the only exchange that operate in their country is closing. It seems that small countries will most likely suffer from this event in the future without the support of the central bank on their country they will soon going to close just like how the exchanges of OP in their country. Due to this, OP can't actively trade any crypto currency he wants that's why he's now quitting.

I'll tell you one reason for HODLing your bitcoins and not selling them. You should look at them from a long-term investment perspective. Even if you can hardly exchange them for KWD, that doesn't mean in the future, if the Bitcoin adoption continues, there won't be a much better payment infrastructure.

This is just my 2 cents.. but not hodling at least a little amount of BTC is a dumb move..

For sure, you aren't the only one who has bitcoin in your region. Try to explore some ways to convert your BTC into fiat.

First, you need to search for a local crypto group in your area. There might be on social media platforms like Facebook, Telegram, Discord, or any crypto-related forum. Try to seek advice or suggestion wherein you can able to convert your BTC into cash or vice-versa.

As for your sentiments about experiencing a big loss, it's normal. If you are really decided to end your crypto journey, you are free to do it. Others should respect your decision.

What has your trading to do with Bitcoin? Its your fault playing roulette with your money, not Bitcoin's.

Most people here have only 1 advise: Buy and hold. You were trading, 90% of traders lose miserably, doesn't matter if its Bitcoin, USD, or Stocks. Trading is not for everyone and its your sole fault when you lose.

If your country goes hostile against Bitcoin, just go to another country and exchange it there. You can probably still do it in your country if you have the right contacts. Why are you not protesting your leaders for doing this? Bitcoin is not at fault, its your gov.

Sell your gadget to someone who can appreciate it. It is not needed for anything but mundane purchases at shops, since its a bit more secure than using your smartphone.

And to reiterate, there are like just 15 or 16 countries (counting yours) hostile to bitcoin. The rest of the world doesn't care. Bitcoin is bitcoin everywhere, unlike fiat which is often not accepted for political reasons in different countries.