Topic: What will you do if your country did not legalize cryptocurrency? - page 2. (Read 1317 times)

By the legalisation you are referring to based on the body of the message, I guess you are talking about banning it? Because even if it's not legal tender, there's nothing stopping the citizen from dealing with Bitcoin. So long it's not banned.

About the banning, I will advise you to be a law-abiding citizen and do not do anything Bitcoin... ...hahaha, I can't even imagine myself saying that.

Government cannot decide my fate for me, who knows if I will be the next Warren Buffet through Bitcoin? What matters to me is for the thing in question not to be harmful to me or anybody, and if my conscience is clear in that regard, there's no government that can stop me. After all, who is the government, if not the people?

For this, I will find all the necessary means to bypass the restriction, and thankfully, Bitcoin itself is a means to go private and anonymous. I will continue to do this even as the P2P initiative and VPN aid my plan.

Yes, I agree with what you said, This surefire method is in line with what I thought. Of course, there are still many ways to own these assets, because the government cannot prohibit its citizens from choosing where to invest their money. Every citizen has proper rights, the government must not prohibit citizens rights in managing their citizens finances

Long as I can still do a P2P transactions on it then I don't mind bitcoin not having a legal status in my country, I love bitcoin but if the worst thing has come where it's being criminalized to even own one then I would probably just stop using bitcoin until I can get out that country and then reap the profits there, I don't want the hassle of having to deal with hiding just to use bitcoin, in a way it's like I'm hodling my bitcoins out of fear that I will be criminalized for owning one. Hopefully my country is always as backwards thinking as it always and just stay in the gray as long as possible.

Bitcoin is a digital currency that you can use as a medium of investment and use it for trading or you can also use bitcoins for savings.  Most people usually use Bitcoin to hold their investments for a long period of time. Bitcoin is completely different from all other coins in the market and Bitcoin is a very important currency. An investor can trust or rely on Bitcoin as much as any other coin in the market but an investor can never trust as much. We have seen several promising coins that have come to the market, investors have invested in those coins, and those coins have disappeared from the market, taking all of the investors' money. There is no alternative to investing in Bitcoin when it comes to keeping your money safe.

I'll answer broadly.

Unless there is harsh punishment for holding crypto (which should make most people afraid of governments, so they will stop with it altogether), otherwise people will just find means to trade it by other means, examples being, p2p exchanges, gift cards, local sellers, etc.

Some will continue as normally without converting to local currency to not come under governments prying eyes, using relevant measures (vpn, tor, etc), of course.

Some will migrate to crypto friendly country. Back when India's central bank RBI banned crypto, few migrated to Dubai to continue their crypto businesses.

bitcoin isn't legalized in my country yet it is not also banned so yeah we are free to use it as long as we are following the regulations and the
laws about online money, so yes we have all the opportunities to use and hold bitcoin and all cryptocurrencies but nowadays there are lots
of issues against Binance in which the popular exchange here , meaning we will be starting to feel the problem of trading and converting to fiat.

Wouldn't it be easier to change countries? because if you were in a country that considers bitcoin illegal, that country is also very focused on being a dictatorial country. Is it worth living in a country like this? the answer is simple: no!

But this scheme to control and monitor BTC-transactions becomes meaningless if the bitcoin is not converted into fiat. Who knows, it may happen that attempts to regulate the industry will only push people towards the massive use of currencies directly between people (P2P).

So what do the authorities find out? A transaction went from address #1 to address #2, from address #2 to address #3, and so on. If there is no final conversion to fiat and all transactions occur only in the closed BTC-system, then they will not know anything.

As a last resort, if you are afraid of problems from the government in your country, then the world map is not limited to just your country. The governments of all countries in the world will not introduce laws that discriminate against BTC-users at once, and countries loyal to the bitcoin will still exist. At least for a while.

Truly unique to live in a country where crypto is against the law but not unenforced, right? There is a strange freedom inside the limits. Binance and Bitget can still be used, even though they dont accept bank or credit cards for crypto purchases. Its interesting that the government lets an illegal market thrive. In this case, there are pros and cons. Profitability goes up when there are no fees, which helps people like you. But situations that arent controlled are dangerous. What should we do next? It is important to be careful and work hard. I think it's great that there are P2P Bitcoin platforms. But what is the price of complete freedom? Such events blur the lines between what is legal and what is moral. Even though it's risky, the fact that P2P Bitcoin purchase is possible despite restrictions is a comfort.

Unfortunately I am living in country where all crypto related action are prohibited. we cannot use our bank/credit card for direct buying selling of crypto. Law are not strictly followed here and authorities doesn't taking any strict action against crypto users. Many Youtubers advertising crypto project, showing their lives trading video, showing portfolio with facecam but not single man is arrested hee so far.

We generally use Binance/Bitget P2P for buying and selling purpose. Those who want to exchange big are dealing live. In short we have no problem despite lagalize. Honestly we are feeling more comfort because there is no fee for buying and selling and all profit goes to our pocket.

Bitcoin has not been legalize in my country yet there are had been transacting it seamlessly without any qualms, even with P2P in Binance there had been transfer of fiat between a seller and buyer anonymously without the bank knowing the transaction that had been undertaken by the two traders, the government had officially issued a statement that any Bitcoin related transactions that is exposed would have their asset frozen all these restrictions hasn't deter crypto enthusiast, investors and traders to stop using it up till this moment in order word there other areas where I channel my usage and transactions of Bitcoin whether it is legalize or not.

You wouldn't be able to easily use or convert your Bitcoins to local fiat if the government decides to illegalize the cryptocurrency within the country and creates strict laws against those who are involved and are using the cryptocurrency within the country because you can't hide it if you are going to use your financial accounts to receive the cash that you are getting for selling your Bitcoins and authorities can easily trace where your payment is coming from and what it is for.

So, one can get in trouble if they use something that is banned or illegal within their country, especially if the government is strictly against its usage. Therefore, you might think that it won't be that difficult but it's not that easy as well and you can get in trouble any time if you do that and if authorities come to know about it.

One reason why countries may not legalize cryptocurrency is that it can be used for illicit activities such as money laundering, fraud, and tax evasion. Some countries may view cryptocurrency as a threat to their national currency and economy. Additionally, cryptocurrency is a relatively new technology, and some countries may prefer to take a cautious approach and wait to see how it develops before making any decisions. It's also worth noting that even in countries where cryptocurrency is legal, it may not be widely accepted or used. This is because it can be difficult for people to understand how it works and to trust it as a form of payment. However, as more people become familiar


If my country did not legalize cryptocurrency, I would continue to operate as a chatbot designed to engage and educate people about general topics. Although I am designed to understand and talk about Bitcoin and other cryptocurrencies, my purpose is not to promote or encourage people to invest in them. Instead, I try to present information in an unbiased and neutral way, so that people can make their own decisions about whether or not to invest. I hope that one day all countries will recognize the potential of cryptocurrency and blockchain technology, and that my country will join the growing list of countries that have legalized it. Until then, I will continue to serve as a general....

Only if you have the money to leave your place and go to another country. It is easy to say this if you are rich but with others like us having a hard time earning some money, we can't just easily transfer to another place, we only have a choice, either keep it secret or sell it and never hold Bitcoin. Right now people still choose to hold Bitcoin even though it is illegal. They are just more cautious not to get caught as the government cannot completely stop people from holding it. The only problem is that the adoption of it makes it difficult.

Bitcoin is illegal in many countries. But people are joining it. And doing business in it. And making a living. And dealing with their financial affairs through Bitcoin. It is very difficult if not impossible to stop the spread of Bitcoin. Especially the third world countries, where there is poverty and unemployment. Bitcoin is solving these issues.
The country in which I am addressing you on this forum. Bitcoin is still illegal in this country. But there are millions of people working in Bitcoin. And they have no problem in doing their job and earning a living.

I think every country has it own financial law regulations that guides it financial economy, but as you've said, some may not be that effective, now that if the government are not even showing much interest on bitcoin or cryptocurrency as a whole, the people will feel relieved that they have their right to make decisions on whatever they come up with to rescue their financial economy situations just like with bitcoin adoption, this also indicates that there's less adoption of bitcoin in your country from the citizens, maybe many don't know about bitcoin yet or were not just being able to see the reason why they should massively develope an interest in it adoption.

The legalization of Bitcoin in most countries of the world may only be a matter of time, but I see another problem for it to become applicable in everyday life, these are large feeses. It is quite possible that I would not mind moving to some country that will be loyal to cryptocurrencies, I have already thought about this, but Bitcoin needs to be competitive with fiat so that it is profitable for people to use it.

Yeah, I wouldn't called it a privileges tho, because it also came with a consequences, Bitcoin is not restricted not because the government supported it but because I live in a third-world country that has lack of financial protection law. It makes many financial fraud crime (not related to crypto) left without even go to trial.

Most of us are very privileged to have been in a country that does not restrict the use of bitcoin, even though they are not supporting it use as a legal tender but it's still a valid and legal means of making exchange or payments, but if i fall under the type of those whose country banned the use of bitcoin, i will rather prefer relocation because for how long will i keep hiding that i would not get caught one day if they succeeded in tracking me down.

The only reason it is different from a country is its decentralization, nothing else. Because every country's government wants everyone to be subject to government regulations as much as possible.

But I think that here in the country where I am located, Bitcoin is unlikely to be safe because there are already local exchanges here that are legally under the approval of the central bank. In our local exchanges here, they benefit in short.