Topic: What will you do if your country did not legalize cryptocurrency? - page 7. (Read 1441 times)

Bans on Bitcoin and other cryptocurrencies may exist in some countries, but they pale in comparison to the widespread acceptance. It would be like attempting to stop the tide with a broom. Blockchain technology's decentralised design works against the centralization of power.

Now, you're right about the debate between trading and holding. The "hodl" culture has taken off in the crypto community. People are less prone to short-term trading now that they see the long-term possibilities. Consider the mindset of the first Bitcoin users; they werent interested in making a quick buck, but in building a decentralised monetary system. Many people prefer P2P exchanges and choose to keep their holdings secret, which further increases the system's security and anonymity.

There is always gonna be a way out, for instance in some countries, some gambling sites are banned or restricted, and yet some citizens in those countries still find an alternative way to bypass the government ban on these sites and get themselves involved in betting.
If the restrictions are much in such a way that it will be difficult for me to do any transaction, as a crypto Enthusiast I will consider moving to a crypto-friendly country like El Salvador, on the other hand, in a worst-case scenario if P2P isn't available too I have friends and families that are living abroad I can use to carry out my transactions, I will send them my local fiat currency to purchase some Bitcoin and send to my wallet.

Why government don't want to make Bitcoin as a legal means as of now is because they can't control it due to Bitcoin's decentralised nature but that is not an issue either because exchanged are now implementing the use of P2P of which one is even doing some giveaway. So yeah, we can always Improvise.

Right. These exchanges are regulated so never buy or sell from them so you won’t be caught by the government. But never be afraid to continue what you have started because for sure a lot of peer to peer exchanges are out there for bitcoin transactions. Just never disclose to anyone that you have bitcoin holdings so the people won’t be eyeing on you. Even if the government decides to legalize bitcoin, still it’s a safe thing to keep it to yourself that you have bitcoin in your account so can avoid from being the target of scammers.

Bitcoin enthusiasts does not stop there when your country does not legalize bitcoin. Continue your routine of accumulating more bitcoin, but stay being low key and private so that the people around will not be suspicious that you are into bitcoin. Bitcoin has its anonymity feature so I don’t think it will be a problem. If you decide to withdraw and use your bitcoin as a payment, then just go into a country where bitcoin is widely legal and is free to use so you can also enjoy your fruits of investment.

You are right, but investigation must be done before trading with anyone when making use of p2p, and you have to avoid using different people, just get one reliable person and always use the person frequently. If you keep on changing people, you might end up falling in the wrong hands one day, so just get someone who is reliable and always use the person whenever you are using p2p.

Are you serious about your opinion? How will you keep on going to a neighboring country whenever you want to make a bitcoin transaction? That's one of the worst suggestions I have seen, so whenever I want to make a transaction, I will have to spend money to leave my country. What if bitcoin is also illegal in my neighboring country? then i will have to pay money to fly to any country where bitcoin is legal just because I want to make a transaction. I don't even think that will be possible because it's a complete waste of money and time.

I don't think I can move to another country just because I want to make use of bitcoin. How will I relocate permanently with my family members just because I want to make use of bitcoin? I know there are different ways I can access bitcoin, even if it's illegal in my country, but I know it will be done in a hidden way. If I am making use of bitcoin in my country, that does not mean I am not a law-abiding citizen, because I know there is nothing bad in using bitcoin, the government is just making people think that bitcoin is bad, but we all know the reason why the government is against bitcoin.

Even my country banks are not accepting cryptocurrency transactions yet we the highest cryptocurrency investment country in Africa. So if your country is not accepting/adopt bitcoin then you can switch to p2p, I don't think no country in the world the individuals are not using bitcoin even though the country ban it they smart guys are investing in it and making transactions through p2p system. I am not sure that any country in the world is totally out of bitcoin, that is they are not using bitcoin at all. It is not possible, though bitcoin is still at the early stage but it has gone viral. Some countries that are not using bitcoin is because the state government is afraid that bitcoin would take over their country Currency, that is bitcoin would over throw the Fiat currency because the force the youth is using bitcoin is higher than the Fiat currency in term of investment so they have to stop it from circulating in the country yet the still use another means to use the coin.

If you count the number of countries that have banned Bitcoin and crypto, they are only a few of them as compared to the number of other countries where it is been recognized, legal and alegal by status, and the fact that these minor countries ban it doesn't stop crypto from functioning, it has always grown without them and will continue to do and besides, there are many people who still do it despite the ban on the legality but not having that freedom to exercise pose some risk on them.

My opinion is this, I don't have the numbers of people that trade crypto and the level of job opportunity outreach that crypto has created but I can say for sure that less than half of people in crypto do trading, more often than not, they prefer to hold it than been traded due to the volatility, I still think people care less of what the status say about bitcoin and other coins, they will buy and hold and protect their seed phrase and private keys without the need to show the public they hold bitcoin, is as simple as that. If their investment matures, they can sell using P2P either through a centralized platform or a decentralized one without having to fear the consequences.

Bitcoin does not need to be legalized in such a way that some country recognizes it, because it is designed precisely in such a way to allow anyone to own and use it, regardless of what a country, its prime minister or president thinks about it. It is true that there are some countries that have banned Bitcoin, as well as the fact that those same countries also ban many other things that allow people to live freely.

Therefore, I think that for the people who live in these countries there are much bigger problems than Bitcoin being banned, and anyone who wants to have Bitcoin has to take a risk and break the law, or think about whether it's time to move to another country that doesn't have politicians who they behave in such a restrictive way.

In a circumstance like that, I am the only way I can imagine it being possible. I can use a P2P transaction first using a VPN and BISQ. I have to utilize it; I have no option. Although to some it may be against the law, I believe that as long as you exercise caution, stay true to who you are, and don't just trust anyone, there won't be any negative consequences to what you're doing here.

Second, if there is a neighboring nation that accepts cryptocurrencies, it is preferable to migrate there and abandon the nation where it is illegal. However, if you lack the capacity, I am actually forced to do the action I previously described.

Governments cannot stop bitcoin, and there are ways for investors to invest in bitcoin even if they are from a country that bans bitcoin. So I think whether the government bans bitcoin or not, many people no longer care about this.

I still remember, many years ago when bitcoin was not as popular as it is today and most governments banned bitcoin, but that did not stop people from investing in bitcoin. Today, when many countries have accepted and legalized bitcoin, it makes no sense to ban bitcoin in the remaining countries.

 I would educate and advocate instead. I'd run workshops, webinars, and public discussions to spread the word about cryptocurrencies' and blockchain's potential upside. Teaming up with other enthusiasts, we'd create decentralized networks for person-to-person crypto transactions encouraging people to use them despite legislator's bans. Finally, I'd have a dialogue with law-makers showing proofs of how cryptocurrency adoption results in more financial inclusivity and innovation. My goal would be to fill in the gap between knowledge and regulations asking regulators in my country to become more crypto-friendly.

I am a big fan of Bitcoin but in my country Bitcoin is not legal In my country if anyone uses bitcoin openly then legal action is taken against him and the government has announced that if anyone suffers financial loss through bitcoin then the government will not be responsible for it and central Bank is not ready to compensate for it. On the contrary, legal action will be taken against him. Yet in my country HUGE number of people trade and hold bitcoins. Since Bitcoin is a decentralized currency, even if the government tries hard, it cannot stop the use of Bitcoin.

I will buy and hold Bitcoin, why you sounds like if the country didn't legalize Bitcoin, the citizen can't to buy Bitcoin?

Bitcoin don't have to be legal or accepted by the country because when it's still in grey area, you can do anything and you will not break any rule. This also give advantage where capital gain you earn from Bitcoin will not be taxed.

If Bitcoin is completely illegal in my country, I will try to protect my privacy and become anonymous as possible, so they will not know if I buy and hold Bitcoin.

I don't think this is a current issue in 2023 because cryptocurrency is on the verge of exploding and reshaping the world, much like the internet did. Even countries that initially resisted it, such as China, Russia, and India, have had to reconsider their stance to avoid falling behind. Despite bans, people in these countries have continued to show interest in and invest in crypto. Russians and Indians, in particular, have consistently been among the most interested and invested crypto enthusiasts. While it might be more challenging if your country restricts crypto transactions, there are now numerous alternative methods available if you take the time to explore them.

I'd still use it. My country is open from any cryptocurrency in this present, but even if they will eventually prohibit the use of any cryptocurrency including bitcoin, I'd still use it.
Bitcoin in the first place is an international currency, therefore, I can still use it as a currency for international transactions or keep it as store of value. Basically, I could still use it the way I am using it right now. Therefore, even if a country would not legalize the use of cryptocurrency, you could still use it regardless. Just don't get caught, otherwise you'll face with legal charges lol.
Pretty sure the government can't ban all international crypto related exchanges, plus we have hundreds of VPNs we can use.

Not all countries friendly and legalize bitcoin as payment currency transaction but during Bitcoin not banned yet as investment assets seems enough with some countries support. In my country Bitcoin still illegal payment transaction but our government not prohibited with Bitcoin using for investment assets and our way to earn profit trough trading. I don't think serious problem when bitcoin not allowed for payment currency transaction because we can trade, invest and withdraw cryptocurrency assets trough Bank account without get problem yet. Not all countries have positive viewed with bitcoin because they loss controlling when bitcoin price can drop and up drastically make them not allowed for bitcoin as payment currency transaction.
Need to respect with all countries regulation about bitcoin, we don't have push for making bitcoin as legal payment transaction due they have give space for trading and invest assets in bitcoin.

So far most countries are like that, as is my country and it is not a problem for us to have Bitcoin, whether it is investing or trading Bitcoin because even though the country's government has not legalized Bitcoin, so far there are no prohibitions or other rules that make us not. You can have Bitcin, besides there are many ways we can own Bitcoin without having anything to do with the government.

However, if one day the government takes action against this, I don't think it means we have to move countries either, because there are several things we can do without the government being able to detect Bitcoin ownership.

I would seriously think of a relocation. Luckily most of EU countries, one of which is my residential,  are feeling favorably towards bitcoin, regardless of the fact that they constantly tighten the screws on  relevant legislation.

UK doesn't count. They are not in EU.

Me too having same issue, crypto not legal in my country. We have to understand that there is no way anyone can block decentralised Bitcoin, the governments can only control the centralised crypto and there exchanges. Its also a kind of blessing in disguise that since you cant convert your Bitcoin to fiat they are accumulating in your wallets. Meanwhile one can figure out how to use them effectively without getting caught by the government.