How can I survive in a place where BTC is restricted? - page 3.

mm2543363580

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Quote from: mbe48 on June 18, 2022, 03:06:33 AM

The truth is that every country's legality is different, it's hard to say that Bitcoin is profitable. Meanwhile, today BTC is experiencing a deep decline. Then, for people who are really addicted to Cryptocurrencies, it becomes a common thing. For example, in my country, Crypto legality is only limited to digital assets, it does not apply to trade for daily needs and I accept the rule. I don't know when, Crypto will be accepted in any country.

That is correct. And in most of the counties this crypto is banned. When government wants to have strong control over the people.
But the best option for the user to survive is having peer to peer transaction. We do the same for paypal because - paypal in banned in our country.

mbe48

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The truth is that every country's legality is different, it's hard to say that Bitcoin is profitable. Meanwhile, today BTC is experiencing a deep decline. Then, for people who are really addicted to Cryptocurrencies, it becomes a common thing. For example, in my country, Crypto legality is only limited to digital assets, it does not apply to trade for daily needs and I accept the rule. I don't know when, Crypto will be accepted in any country.

wtsimis

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Quote from: Majestic-milf on June 12, 2022, 07:51:24 AM

While there are countries who have embraced or tolerated BTC since it's emergence in 2008, there seem to be some who are adamant about it because of its high volatility rate and the ability to conduct nefarious activities with it.
In September 2021, El Salvador became the first country to not just embrace it, but also to use it as a legal tender and where were followed by Central African Republic in April 2022. It would seem that these countries have seen the light(BTC), in this case and have held firmly.
Despite it's controversial emergence, it has managed to gain a kind of positive publicity. Countries who are strongly against it and have moved for it's ban in their nations are;

Algeria
They passed into law in 2014 and making illegal the use, buying and selling or holding of crypto currency
Bolivia
Bolivia Central Bank passed the law of the total ban of the use of crypto currency in 2014
China
On Sept 24, the Bureau of the People's Financial Consumer Rights Bank of China outrightly banned the use of BTC. https://en.m.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory
There are many more countries who have taken this step. My question now is, how do citizens who have BTC and reside in areas that are not crypto friendly cope?

Bangladesh banned all kinds of cryptocurrencies, 3 rules of law is directly going against [Foreign Exchange Regulation Act 1947, the Money Laundering Prevention Act 2012, The Anti-Terrorism Act, 2009.] The authority banned all types of trading or making any transection in digital currencies. Even, Central Bank sent a letter to the:

Quote

Criminal Investigation Department of the police that trading of cryptocurrencies cannot be considered apparently a crime although virtual coins are illegal under the laws of the country.

Cryptocurrency trading not allowed at all: Bangladesh Bank

On the other hand, If you take eye on the rela pictures of current situation of crypto industry in Bangladesh, its booming. Besides of decleration of baning, many peoples have invested in Bitcoin. Ex. Pathao have already have a DAO platform and also have a Opensea NFT store. Many small startup in crypto market is creating in the industry.
The Govt. knew the potensial of the crypto market, they can't or don't wanna miss the opportuanites in future. If your situation like this, you can invest openly, but if you are facing raw rule of law, then you can should follow alternative ways to invest in crypto.

Cookdata

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Despite tte ban, China is still one of the big place where crypto venture capitals hailed from, most of them have migrated out of Hong Kong and close their offices due to this heavy restrictions.
I don't know how good you are with the internet but there is always ways out of any hard situations if you are smart since you still want to buy and hold bitcoin.
We have p2p places where bitcoin can be bought without kyc information, you are paired with either a buyer and a seller anytime you want to do crypto transaction and everything will looks like nothing ever happens in the first place.
You can also decoy your wallet by having two wallet address, used two passphrase for the two, write them down and fund one with all your bitcoin and the other one with little change of Bitcoin. Always make sure that the one with little change is the one you always display by default in case they want to seized your wallet. That's the way you can enjoy buying, selling and holding bitcoin in those countries.

livingfree

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Look at China, many of its citizens are for sure investors and holders of bitcoin. The country has been shifting from time to time telling that cryptos were banned.

Coming from ICOs, to mining and the actual ban on the ownership of crypto. Honestly, if a citizen there owns a lot of cryptos, he won't tell the government.

He can fly to the nearby countries where crypto isn't banned and that's where he can freely access his funds without a single worry. This is a way for those that are wanting it with the much effort way.

Oluwa-btc

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Yes you can, every human should be able to adapt to he's or her society one way or the other. Since they're not majorly used down your ends, you can still hold Bitcoin right ? Without anyone knowing about what you have.
Also you can use for p2p but not with anyone around your resident. You shouldn't thrive more if you're fiat poor then you can transfer some of them Bitcoin to some local exchange's. But I don't think the government has time to track folks making use of Bitcoin.

Semar Mesem

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I'm sure there are no countries that provide strict rules regarding cryptocurrencies, in my country cryptocurrencies are not legal yet, but the government collects taxes from transactions on some exchanges, even though it's not legal yet but I'm happy with the current condition because some local exchanges in my place have good service and Easy and fast withdrawal process.

lionheart78

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I am thinking if your country tracks down BTC users or those who transact bitcoin discreetly. If your government does that, I won't suggest using VPN or any tools that bypass restrictions. Doing such a thing will make your life miserable in jail or can confiscate your earned BTC plus a criminal case and fine. If you have enough funds to move out of your country then do it and look for a place where BTC is welcomed.

Quote from: maydna on June 17, 2022, 04:04:37 AM

Governments shouldn't try to get rid of bitcoin just because they can't regulate bitcoin directly.

That is what we believe but those who are in authority look at Bitcoin and its effect on the entire operation of a country while we are just thinking its effect to ourselves. So there is a huge difference in terms of perspective.

Quote from: maydna on June 17, 2022, 04:04:37 AM

Maybe people in government need to learn how they can use bitcoin for their own benefit so that the government can earn more from its users. This will only happen if they have an open mind to accept bitcoin and don't just try to ban its use. Hopefully, people from countries that ban bitcoin can still use bitcoin and there won't be any sanctions against them.

I bet they have looked into that but probably the current situation of that country does not benefit much if they adopt Bitcoin. Or they see an act of accepting Bitcoin is like accepting a hostile take over of their finance system.

Inspiron14

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Quote from: maydna on June 17, 2022, 04:04:37 AM

Quote from: virasisog on June 16, 2022, 09:39:31 AM

Things like these could happen if the government aren't blind about the importance of Bitcoin in our economy but in some countries, they're trying to get rid of Bitcoin because they can't regulate it which is too unfair. The government usually disagrees with anything that they couldn't handle and control so they just ban it just like Bitcoin. It's just a good thing that other countries are open to cryptocurrency adoption.

Governments shouldn't try to get rid of bitcoin just because they can't regulate bitcoin directly. Maybe people in government need to learn how they can use bitcoin for their own benefit so that the government can earn more from its users. This will only happen if they have an open mind to accept bitcoin and don't just try to ban its use. Hopefully, people from countries that ban bitcoin can still use bitcoin and there won't be any sanctions against them.

That's how it should be in dealing with Bitcoin, the government needs to have an open mind and that's important,
because if you just ban it is not the right solution and needs to be discussed further,
Cryptocurrency also continues to experience rapid development and this will continue to happen

galambo

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Quote from: Dunamisx on June 16, 2022, 01:10:31 PM

I think this is a weird decision made by such country as it's assumed to be part of ways human rights are being deprived of, pls I will like to have interest in knowing that particular country that made such implementation, and if this is truly indeed truth then i think its incalled for, giving a jail term is totally an abuse to human rights to freedom.

Another good and available option is to engage the use of p2p in situations whereby your government go against the payment transactions in bitcoin or cryptocurrency from their respective commercial banks, this has been the most acceptable means to boycott the sanctions raised by the government as against crypto.

You can inbox me if you really wanna know my location. There are many countries where bitcoin is banned. P2P option is available here but the point is in P2P trading people are willing to but bitcoin at lower price. So P2P is not beneficial at all. I am comfortable with the way I m withdrawing the moeny.

maydna

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Quote from: virasisog on June 16, 2022, 09:39:31 AM

Things like these could happen if the government aren't blind about the importance of Bitcoin in our economy but in some countries, they're trying to get rid of Bitcoin because they can't regulate it which is too unfair. The government usually disagrees with anything that they couldn't handle and control so they just ban it just like Bitcoin. It's just a good thing that other countries are open to cryptocurrency adoption.

Governments shouldn't try to get rid of bitcoin just because they can't regulate bitcoin directly. Maybe people in government need to learn how they can use bitcoin for their own benefit so that the government can earn more from its users. This will only happen if they have an open mind to accept bitcoin and don't just try to ban its use. Hopefully, people from countries that ban bitcoin can still use bitcoin and there won't be any sanctions against them.

Kakmakr

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This is a very easy thing to manage :

1. Collect as much bitcoins as you can, whilst you are in that (restricted) country. - There are ways to do this, without using local Exchanges.
2. Once you have enough bitcoins, go visit countries where Bitcoin is accepted and buy goods and have a great holiday paying with bitcoins.

I say.... F@#$$k those countries that does not want to support Bitcoin as legal tender..... just support the countries that does. The countries that does not accept it, will not get the VAT on the purchases of the coins you own. (Buy Apps and software online and pay with Bitcoin) Wink

3. The final option will be to relocate to another country that does accept Bitcoin as a payment option. (Once you have collected enough bitcoins)

Bitcoin2009

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Until now my country is still banned cryptocurrencies, many sites related to cryptocurrencies such as coinbase, binance, huobi and so on cannot be accessed via the website, but I have been active in cryptocurrencies since 2015, many things we can do even though we get restricted.

Wawa2013

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Quote from: Paul Pogba on June 16, 2022, 09:18:28 PM

Don't worry about that, you can continue to invest in bitcoin or cryptocurrencies, if your country is banned from sites related to cryptocurrencies then you can subscribe to a VPN for around $ 10 per month, and I'm sure you can still receive money from top exchanges because currently there are many exchanges that provide facilities for withdrawals to bank accounts.

We can make Bitcoin transactions if our country forbids it is by using a VPN, using a VPN is a common way that many people use to open access
to sites that are prohibited by the government. However, regarding the withdrawal of money from top exchanges, it cannot go directly to our
bank accounts, especially if our country is one that considers Crypto illegal, banks will not accept money from top exchanges. We can try platforms
that serve crypto exchange, because now there are many third parties that provide these services. We can also ask for help from our friends who live
in countries that legalize crypto to help withdraw money. In conclusion even though we live in a country that considers Bitcoin illegal, there is always
a way for us to have Bitcoin and make Bitcoin transactions, as long as we can still access the internet.

Paul Pogba

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Don't worry about that, you can continue to invest in bitcoin or cryptocurrencies, if your country is banned from sites related to cryptocurrencies then you can subscribe to a VPN for around $ 10 per month, and I'm sure you can still receive money from top exchanges because currently there are many exchanges that provide facilities for withdrawals to bank accounts.

qwertyup23

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This is the beauty of BTC, its anonymity can give you the opportunity to transact without even the government knowing that you transacted. Like some have mentioned, using a decentralized exchange can provide you the opportunity to exchange your BTCs and convert them to your desired currency. Though this may be risky, p2p transactions may also do the trick but you have trust people from here.

But the best would be to move all of your BTCs and avoid any of the local exchanges hosted by the country. These types of exchanges are the ones who require KYC documents- avoid them at all cost if you do not want to experience conflict with the laws of your country.

n0ne

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Just because it is stated a ban connective to a law, it doesn't mean people are obedient and never use it. They always find a way for the same. Likewise the users from specific countries can give OP the best suggestion than others like me giving random choices. In most countries cryptocurrency is considered among the assets and not as legal tender. In my country we don't have the legal status of Bitcoin usage, but we continue using it. Neighbouring country people reach here for using cryptocurrencies. Maybe OP can try this, if it is possible.

kawetsriyanto

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Quote from: mk4 on June 12, 2022, 09:11:51 AM

You can still use it — mostly just not as a currency, but for holding. You just need to hold extra quietly, and make sure you don't over-allocate so you wouldn't be forced to sell some if you needed the money.

Actually, it depends on the status of BTC in that country. For a country that bans BTC both as a digital asset and a currency, I have no idea for the solution since we will be in trouble if known by the authorities. But if in that country, you aren't allowed to use it as a currency but you are free to use it as a digital asset, surely holding it is the right way. My country also legalizes BTC as a digital asset only, so we have no chance to use it as a currency. But to have it as a digital asset, we have no problem at all. Even, the government supports the development of crypto businesses and more people are confident to have crypto digital assets.

Fortify

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Quote from: Majestic-milf on June 12, 2022, 07:51:24 AM

While there are countries who have embraced or tolerated BTC since it's emergence in 2008, there seem to be some who are adamant about it because of its high volatility rate and the ability to conduct nefarious activities with it.
In September 2021, El Salvador became the first country to not just embrace it, but also to use it as a legal tender and where were followed by Central African Republic in April 2022. It would seem that these countries have seen the light(BTC), in this case and have held firmly.
Despite it's controversial emergence, it has managed to gain a kind of positive publicity. Countries who are strongly against it and have moved for it's ban in their nations are;

Algeria
They passed into law in 2014 and making illegal the use, buying and selling or holding of crypto currency
Bolivia
Bolivia Central Bank passed the law of the total ban of the use of crypto currency in 2014
China
On Sept 24, the Bureau of the People's Financial Consumer Rights Bank of China outrightly banned the use of BTC. https://en.m.wikipedia.org/wiki/Legality_of_cryptocurrency_by_country_or_territory
There are many more countries who have taken this step. My question now is, how do citizens who have BTC and reside in areas that are not crypto friendly cope?

Like any illegal activity, you could run great risk if you get caught - each of these countries have particularly repressive governments that could easily bury you in the prison system if they choose to make an example out of you. There is usually a powerful reason that they choose to ban it in the first place, if we take China as an example they want complete control of monetary policy because it gives them control over the actions of every citizen, they have shown willingness to use all methods in order to make somebody comply with their demands. Advising people on methods to get around restrictions in these sort of countries is very dangerous and you should avoid holding cryptocurrencies while resident in these places.

Dunamisx

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Quote from: galambo on June 15, 2022, 11:45:16 AM

I also live in a country where crypto is completely banned. You get jail if you were found dealing in bitcoin or doing bitcoin mining.

I think this is a weird decision made by such country as it's assumed to be part of ways human rights are being deprived of, pls I will like to have interest in knowing that particular country that made such implementation, and if this is truly indeed truth then i think its incalled for, giving a jail term is totally an abuse to human rights to freedom.

Quote from: galambo on June 15, 2022, 11:45:16 AM

What I do is I transfer my bitcoin to friend living in UK and he pays me via PayPal.

Another good and available option is to engage the use of p2p in situations whereby your government go against the payment transactions in bitcoin or cryptocurrency from their respective commercial banks, this has been the most acceptable means to boycott the sanctions raised by the government as against crypto.

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