What will you do if your country did not legalize cryptocurrency? - page 10.

tjtonmoy

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

Where I live, bitcoin is banned. That doesn't stop me from using it. If they find out, I will be in trouble for sure but I have kept a low profile that I haven't been caught. There are thousands of people in my country using Bitcoin this way. And there are no hopes for Bitcoin legalization soon. Maybe in the future but not at this moment.
There's a saying that I heard somewhere but can't remember where. It goes like this. If your government is ruining your country, not allowing you to have freedom and you are lacking opportunity, leave your country where you can do business freely. When you become successful, come back to your country to take it all back even more powerfully.

So if I ever get a chance to leave this country, I will take that opportunity and won't come back until BTC is legal here.

Faisal2202

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Many countries have banned crypto, but they do not have strict rules or punishments for crypto users. For example, in our country, crypto is fully banned, but many people are openly showing and sharing the signals on their YouTube channels or different social media channels. Even the government has banned the use of crypto.

But in some countries, they have banned the use of crypto and transactions directly into the banks, just like the recent news in the UK in which they banned the use of BTC, like, in p2p, directly through banks.

The point is, even though crypto is banned, crypto enthusiasts could still buy BTC, but it became hard for them to buy hardware like hardware wallets, etc. They have to find alternative ways to summarise them in it.

I am not suggesting or asking anyone to do it, I am just stating the facts and knowledge I have gathered through this forum. Aside from that, we can trade or hold BTC if we have relatives in another country where crypto is not banned. Or simply we can do it under the nose of the governments but that's of course risky.

Fiatless

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

The problem is that when Bitcoin is prohibited in the country there is always a fine or jail term that violators of this ban will face. Since bitcoin is an international currency you can always bypass your country's restrictions and have access to the bitcoin market. You have some options of how you can still transact with bitcoin, but these options can be risky and untrustworthy. One way is through P2P but you have to be careful not to transact with an undercover police officer. Such country also have a large number of underground illegal exchanges but they are also risky because you can easily lose money. Using exchanges is not an option due to KYC issues and using a VPN can be detrimental.

To avoid issues with law enforcement agents you can move to a neighboring country to carryout your transactions and come back. If you have the opportunity to move permanently to another friendly country, it could be an option. But if you are a long-term bitcoin investor, mastering privacy skills can help you keep your coin secret. But it will be better to be a law-abiding citizen of your country.

Aanuoluwatofunmi

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

There's nothing more to do than to be law abiding but we must not fail to say that truth about such action to be against human rights, it could be seen as a violation on people's freedom of choice, at least cryptocurrency is not a ponzi scheme which they could kicked against just as the way they handles other schemes that are fraudulent, maybe it's because of the term cryptocurrency use which comprises of many shitcoins, if bitcoin could be allowed to single handedly identified from other cryptocurrencies, then i see no reason why they shouldn't allow bitcoin but kicked against others, but in such case like this, it's better you play safe by relocating or better buy and hold your asset on a non custodial wallet for long without anyone knowing.

KiaKia

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Bitcoin been a decentralised digital currency is why I will involve myself with Blockchain technology even if it's not legalized in my country, I don't care what the government says but they can't force me not to own anything I want, they can only block the access of acquiring Bitcoin the easy way like Banks and centralized exchanges, I will just switch to the decentralized platform and p2p platforms if I have to use Fiat to buy Bitcoin and there is no way they will know.

Years back, Bitcoin was banned in my country and it doesn't bother me, at first it does but I found the right peer to peer exchange and I keep doing my thing with Bitcoin, the only way I will respect ban on Bitcoin is if there will be stop and search of every citizens in the country law, passed down by the government themselves.

I believe that's never going to happen, so what will stop you from having Bitcoin even while it's banned in your country? The government hates what they can't conquer and Bitcoin is what gives me a head over the government control, I will choose Bitcoin over Banks every time.

bittraffic

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

I wouldn't be exposed to crypto if they did illegalize BTC from the start.

An internet user however who is interested in BTC or other cryptocurrency will still be buying coins online despite the government making it illegal. There are lots of ways still to buy and earn BTC though, the P2P platforms are growing in numbers so a fan/investor will find ways just like the people who are from countries that banned BTC.

CryptoHeadlineNews

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin and your country did not legalize cryptocurrency?

If my country do not legalize Bitcoin that doesn't mean I can't legalize it myself by owning it, that is, in as much as doing so is not regarded as a crime or an offense in whichever region I may fine myself. Because one thing you must know is that if a government have decided not to legalize it simply because they want to remain in control over the people's money, I don't think there is anything any individual can do to, and as such the best thing any individual can do is to get a fraction of Bitcoin as an investment asset for the future, in as much as owing it is not regarded as a crime.

Nrcewker

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Quote from: Honyek on September 26, 2023, 11:22:31 AM

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin and your country did not legalize cryptocurrency?

The main reason for government not accepting the Bitcoins is the decentralised nature of the coin. Due to this the government cannot control the Bitcoins or neither can impose tax on it. Hence they not making Bitcoins legal. If you are a crypto user, and government is setting up restrictions for you, then you can directly to P2P transactions to buy or sell the coins. You need not have to rely on the exchanges on your country, and no one can know how many Bitcoins you are holding in your wallet.

Honyek

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Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

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