How to deal with India and countries that ban Crypto currencies - page 2.

Thanasis

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Quote from: hugeblack on April 06, 2018, 05:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

So we can use bank accounts for buying less that 10BTC?

But even governments trying to control the bitcoin trading it is impossible to stop it completely and in country like India no way,surely crypto trades will happen even if the government ban it.And no one can find us though because it has 132 Million population so we don't get caught in that crowd. Grin

pawanjain

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The only way to deal with such countries is to avoid their news which creates a FUD in the crypto market. If at all your country has banned bitcoin then it doesn't mean that it is banned all over the world. It just means that you cant trade it in your country. India is still a corrupted country and we can easily find a way to buy/sell crypto despite any kind of ban in the country. We just need to find a person who can trade BTC for INR and no one will ever get to know as long.

boyshx

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Quote from: Kakmakr on April 06, 2018, 02:18:18 AM

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual.

Surely we can do that but India is country where family matters the most and it would be hard on them to get shifted to another country. I think there is not much issue if they still continue to run with whatever business they are doing the only thing they need to do is make out some ways to get the bitcoin converted to fiat back. There lot of ways to do and note that people will come to know that automatically once the ban becomes real one. (Its just FUD for now)

Quote

You can still receive bitcoins as payment for services, but you cannot convert it to fiat or convert fiat to Bitcoin. Grin

True. But as I said its not about getting paid into the bitcoin form but its all about the earning money with it in the fiat form. In country like India there are not much ways to spend the coins as there is already less number of people who understand it. (Less is in billions but they are not wiling to develop it but just want to earn it).

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Quote from: Kakmakr on April 06, 2018, 02:18:18 AM

When some control freaks in NY introduced the controversial BitLicense, people who apposed it, simply relocated their business to Bitcoin-friendly states and continued as usual.

If you are a Bitcoin user and you are not allowed to spend your coins, then move those bitcoins to a country where they are welcome. Take that well deserved holiday of a life time in another Bitcoin friendly country.

You're going overboard with those.
So abandon your country, family relatives a because of crypto?
Let's be serious about this. Nobody has died in the first decade of this century without bitcoin nobody will.
9/10 of Indians can't afford a plane ticket and you want them to flee the country?

And the second one it's not that better either.
You don't spend BTC alone, you spend your MONEY.
You spend your BTC on trips abroad (how many Indians afford this) it's just means you will spend your other money in the country.
How many will start spending 1000$ in a vacation just so Thailand gets 100$ and India loses 100$ ?

Quote from: Kakmakr on April 06, 2018, 02:50:42 AM

Buy expensive gifts online with your bitcoins and have it delivered to friends in other countries. < Exchange the gifts for Cash >

Use your bitcoins on online gambling and buying virtual goods and services. Grin

and save your fiat for the things you cannot buy with bitcoins.

Just make sure that your Bitcoin income does not end up in the country that banned it. We will send a clear FU to these countries, if they want to stop our financial freedom and financial privacy.

Oh god you really went overboard!!! Grin

So spend all your money on livechat and betting and god knows what so the Indian government doesn't get taxes!!!
Just tell them to buy one kilo of pure afghan heroin and be done with it.

Common, the guys that do embrace bitcoin have a tendency to forget about taxes.
I'm willing to bet that most of them we're contributing more than a few cents to the government even in the fiat economy.
Plus, if you buy stuff you don't pay taxes to the government the merchant does..if he wants...to few are doing that in India.

dothebeats

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What if your business with bitcoin isn't that big? Is moving really a necessity, or would you risk the things you have in order to get a hold of bitcoins? AFAIK, the RBI only banned those trades from banks to exchanges, or those who transfer their funds from the banks directly to exchanges, so there are only limited options left for Indians to buy btc. Cashing out, I think, isn't prohibited yet, and investors would still be able to cash out to their banks if they want to. The way I see it, P2P exchanges would flourish in India such as Localbitcoins, though it might pose a risk for buyers and sellers alike due to the tendency of mugging and robbery being present.

cunese

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BTC today due to India banned encryption currency, prices have been falling from $6800 to $6800, while India is not very big to the influence that the encryption, but prohibits the thing to see is not a good thing.

ahmad21

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Quote from: bartolo on April 06, 2018, 07:13:06 AM

Quote from: hugeblack on April 06, 2018, 05:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

People need to be a little patient. Bitcoin and cryptocurrencies will be accepted and normally used in every part of the world, in some places it will happen faster, in other countries the process will be slower. You need to take into account that this is a new phenomenon and governments are still trying to understand it.

Waiting's not going to help this time brother. Just waiting will allow governments and authorities to slowly wipe out cryptos from our daily use. If you see with a rational mind you will understand that bitcoin is absolutely against the idea of governments and will increase non-accountability which governments don't want as they want is to increase the control over the lives of people. So slowly and slowly governments will try to bring over their own blockchain solutions instead of bitcoin and that is what exactly RBI is planning to do as of now. They have said that they will come up with a national bank backed cryptocurrency.

bartolo

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Quote from: hugeblack on April 06, 2018, 05:29:17 AM

Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

People need to be a little patient. Bitcoin and cryptocurrencies will be accepted and normally used in every part of the world, in some places it will happen faster, in other countries the process will be slower. You need to take into account that this is a new phenomenon and governments are still trying to understand it.

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Red-Apple

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Quote from: St4yInTh3D4rk on April 06, 2018, 05:17:57 AM

Exchanging the bitcoin through friends is the quite reliable way for most of us if our country banned bitcoin.

And now countries ban is going to open a new business in the crypto field like exchanging the crypto into money if crypto was banned in your country.

Any one have this idea? Cheesy

there are two different things here: trading cryptocurrencies and investing in bitcoin.
investing in bitcoin is the hardest part since you will have to find a way to exchange fiat to bitcoin and mostly because of the lack of trust in ways you exchange face to face or other methods that don't involve an exchange.
but trading is always going to be easy. most exchanges don't even need verification and also we are moving mostly towards decentralized exchanges that nobody can monitor or control.

OlegK41

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Do not fight with those countries that prohibit crypto-currencies. As one person said, those countries that do not start to explore new opportunities will soon be completely dependent on those countries that will be leaders in these new opportunities. Over time, those who prohibit also will later use crypto-currencies.

cryptoking330

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I have a few friends based in India that are incredibly worried about the ban, but the thing they need to know is that maybe this ban is good news for Inidan investors, it will give the Indian government a chance to review cryptocurrency properly and make a decision on it for the future. They will not be able to ban it forever.

hugeblack

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Stop amplifying things, The real news is Your bank will not allow you to buy bitcoins anymore
It is planned by governments to try to regulate the Bitcoin and at least limit the entry of large capital funds.
For you, this regulation will not affect you very much unless you intend to invest in large amounts(more than 10 Bitcoins).
you can use some temporary solutions:

online sellers: localbitcoins, paxful
online forums: Currency exchange

Cybercrypt

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It's not necessary to relocate to the other country physically, just relocate cryptocurrency. This could be done through trusts or venture funds.

bitfocus

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there are many loopholes, people find and use them.

St4yInTh3D4rk

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Quote from: Kakmakr on April 06, 2018, 02:50:42 AM

Quote from: St4yInTh3D4rk on April 06, 2018, 02:27:04 AM

To be honest but most of them don't want to migrate to another country for the sake of using bitcoin,so is there any other loopholes to still use bitcoin in the banned countries?

And as far as I know bitcoin is not banned in India,RBI just released an statement says that stop dealing with the cryptos because in any circumstances but still the status of bitcoin is neutral we can buy and sell the bitcoins in LBC.

Remember, Bitcoin is Borderless. A piece of paper or a encrypted message in a magazine or book can hide your private key. If you know how to hide information in plain sight, you can go anywhere with your money. Do you have friends and family in other Bitcoin friendly countries? Send you bitcoins to them and have them convert it to fiat

Buy expensive gifts online with your bitcoins and have it delivered to friends in other countries. < Exchange the gifts for Cash >

Use your bitcoins on online gambling and buying virtual goods and services. Grin

and save your fiat for the things you cannot buy with bitcoins.

Just make sure that your Bitcoin income does not end up in the country that banned it. We will send a clear FU to these countries, if they want to stop our financial freedom and financial privacy.

Exchanging the bitcoin through friends is the quite reliable way for most of us if our country banned bitcoin.

And now countries ban is going to open a new business in the crypto field like exchanging the crypto into money if crypto was banned in your country.

Any one have this idea? Cheesy

-Sinner-

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Just ignore them. We all know that no one can stop crypto world cause no one control it. People will always find a way to play with it, so they are just spreading "fud".
How many times China banned bitcoin? Do you remember? Cheesy

Crytptomeniac

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The ban is not actually the cryptocurrencies themselves, just that banks won't work with them again which means they won't be able to cash out so they can just tell friends in other countries to help them cash out.

Kakmakr

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Quote from: St4yInTh3D4rk on April 06, 2018, 02:27:04 AM

To be honest but most of them don't want to migrate to another country for the sake of using bitcoin,so is there any other loopholes to still use bitcoin in the banned countries?

And as far as I know bitcoin is not banned in India,RBI just released an statement says that stop dealing with the cryptos because in any circumstances but still the status of bitcoin is neutral we can buy and sell the bitcoins in LBC.

Remember, Bitcoin is Borderless. A piece of paper or a encrypted message in a magazine or book can hide your private key. If you know how to hide information in plain sight, you can go anywhere with your money. Do you have friends and family in other Bitcoin friendly countries? Send you bitcoins to them and have them convert it to fiat

Buy expensive gifts online with your bitcoins and have it delivered to friends in other countries. < Exchange the gifts for Cash >

Use your bitcoins on online gambling and buying virtual goods and services. Grin

and save your fiat for the things you cannot buy with bitcoins.

Just make sure that your Bitcoin income does not end up in the country that banned it. We will send a clear FU to these countries, if they want to stop our financial freedom and financial privacy.

boboking

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Quote from: St4yInTh3D4rk on April 06, 2018, 02:27:04 AM

To be honest but most of them don't want to migrate to another country for the sake of using bitcoin,so is there any other loopholes to still use bitcoin in the banned countries?

And as far as I know bitcoin is not banned in India,RBI just released an statement says that stop dealing with the cryptos because in any circumstances but still the status of bitcoin is neutral we can buy and sell the bitcoins in LBC.

I agree moving to another country for just using bitcoin is quite extreme. For vacations i actually check if the country is bitcoin friendly just in case i go short in cash.
Soon countries that banned bitcoin will realized the benefits of crypto currency. They will see that the pros of uaing crypto will out weigh the cons.

Topic: How to deal with India and countries that ban Crypto currencies - page 2. (Read 449 times)