Topic: What will you do if your country did not legalize cryptocurrency? - page 8. (Read 1290 times)

Due to regulatory issues, countries are banning Bitcoin and cryptocurrency. If Bitcoin is illegal in your country, you can still purchase it in local currency through P2P transactions. Almost all the major exchanges have this facility. This way, you will have Bitcoin without the knowledge of your government. Even though crypto is banned in most countries, still people are investing in Bitcoin. If your government starts taking action against Bitcoin investors, and you still want to hold your BTC, then move to a place where BTC is legal/ not banned.

bitcoin is not banned in my country but government doesn't let any foreign currency to be used in my country. so i think as long as btc is not banned in my country then it is okay. i only use cryptocurrency for international transaction such as buy digital thing from website and etc.

I have to separate the expression regarding the hope of investing because of the halving from the question you asked in the last line of the topic.

I can quite agree with the statement that Bitcoin is a very useful thing for everyone because Bitcoin can provide good opportunities for everyone who believes in it. But when it comes to investing in Bitcoin, I don't think it's solely because of the halving in Bitcoin, because investors who want to invest their money in Bitcoin can do so at any time without having to wait for the halving. Although the Bitcoin halving is getting closer, it could provide a slight opportunity to gain maximum profits if the price increase is more significant. But in general, investing in Bitcoin can be done whenever we want without having to rely on whether there is a halving or not.

If your country or other countries still consider Bitcoin to be illegal, you don't need to publish more about Bitcoin to protect yourself from countries that may not really understand Bitcoin. This way you can continue to find and store your own Bitcoin quite safely, meaning it will not prevent you or anyone else who wants to use Bitcoin to invest or trade. Because in life you can still use fiat as usual without having to act in rebellion against the government.

However, it's important not to risk too much of your money in this, as the government could potentially take actions that are detrimental to Bitcoin owners in countries where Bitcoin is not legalized. The government might treat it as something that threatens the ownership of purchased crypto assets.

Making small purchases is not a problem, and I, too, will do this. However, as the amount you own grows larger, it becomes increasingly risky if the government detects it. Always ensure your safety.

Nothing we can do, we can not against the government law. What can i do is keep my Bitcoin in my non-custody wallet at home. I don't want to save it in an online wallet where the government can track and confiscate my assets. And maybe I need some mixer just to make sure my asset cannot be traced. Actually, if we own Bitcoin, our treasure is safe from everything. Maybe if the government needs our assets for war expenses, they couldn't just take it away because they don't know what we own.

What can I do? there is nothing but to accept it and the government will always have a reason why it is banned, maybe because they don't understand enough about innovation and only get information that is not appropriate so they think it is dangerous and needs to be banned. If a country bans cryptocurrencies it means they also ban Bitcoin, and actually that's not a problem because as long as you are connected to the internet you will still be able to make transactions but only P2P, and can still trade on foreign exchanges, so a ban from the state will not be able to completely stop us not transacting.

if government regulations make Bitcoin Illegal, it will be difficult to see Bitcoin growing in that country. but that doesn't mean you can't have it. Several countries have also declared Bitcoin Illegal as a means of payment. but Bitcoin becomes Legal when it is only held as a crypto asset ownership.

Government regulations regarding the illegal status of Bitcoin cannot actually 100% restrain people from owning Bitcoin. As other members have mentioned, there are ways to still have Bitcoin even if there are no legal crypto exchanges in your country.

In my country, the government did not legalize Bitcoin. When the government of my country placed a ban on Bitcoin transactions some years ago, they immediately introduced their  own cryptocurrency which obviously was controlled by them. It was a project that was dead on arrival. A totally failure.

Well, their ban on Bitcoin didn't stop us from adopting it on a massive rapid scale. We switched to P2P and according to Google we have one of the highest Bitcoin transactions rate in the world.

There are still some countries in the world that consider bitcoin and cryptocurrencies illegal and investors there have difficulty investing. But if you are careful in everything and do not brag too much, your investment will not have any serious problems. I'm also from a country where bitcoin is illegal but I also had no trouble with my investment.

The government banned it because they couldn't control it and they were afraid it would damage their power. Crypto is not a bad thing to ban so I think we don't need to follow them on this issue.

Bitcoin might be illegal or restricted in several countries but there are still many ways to get around these prohibitions. There are peer-to-peer gray markets where you can trade Bitcoin in-person or online. You can also use bitcoin to purchase gift cards or prepaid debit cards. There have not been many cases of users getting arrested for using or trading bitcoin. These laws are meant to discourage people from using Bitcoin but since they cannot control it it's difficult to actually have any meaningful enforcement.

When Bitcoin is prohibited, there will always be a way to acquire it, despite legal restrictions. Personally, once I realized that Bitcoin could serve as an alternative for future savings, I would purchase a small amount of Bitcoin to participate in all the excitement surrounding the cryptocurrency world.

This is a risky choice, but from any perspective, I am not harming the nation. Therefore, I will still feel innocent even if the country forbids it. Moreover, the quantity I purchase will not influence the nation's economy or the government's sovereignty as the strongest institution in the country. I continue to view it as a reasonable act for a citizen who is slightly deviating.

The term legalize is different from banned and prohibited so you can still use it even if it is not legalized. There are tons of countries that are in this situation that are not legalized and also not banned, so you can continue to use it.
 
In a country that is banned people secretly own Bitcoin but they aren't telling anyone just to be safe and no one can track you if you are just staying quiet. Even if this happens to me I will continue using it and just be cautious to let anyone know about it.

Well the problem is whenever trying VPN, there's a bad connection into some countries that could affect investing and trading like for example when doing a transaction, if you have a bad connection it could be voided cause you to lose more funds. P2P wouldn't be an issue as there's a lot of platform that could handle this kind of transactions and as long you have converted it into fiat for sure government couldn't traced and do a thing about your funds. Use VPN into countries that are capable to handle the signal from yours, cause sometimes it might look good as the bar is green, but if you used that country to connect, it would definitely lag.

This is a sad truth, we can force anyone to use Bitcoin just like we can't force some governments to legalize cryptocurrency in their jurisdiction.
What we can do to help Bitcoin and it's community is just continue to use it and spread good words about cryptocurrency without breaking such rules, so you need to understand the rules/regulations of your country before doing it so you are sure you are not breaking any law.

My answer will of course be short, namely, I will not invest in crypto if the government in my country prohibits it and in my opinion obeying the rules is a good thing and in my opinion looking for profits is not only from BTC, of ​​course there are many other businesses.

but I am very lucky because the government in my country allows its people to invest in BTC, although it is not permitted to use BTC as a means of payment.

Can the government really do something about it, though? There are countries where Bitcoin is illegal. Have they effectively deprived their citizens of owning Bitcoin? No! A US congressman once acknowledged that Bitcoin is an "unstoppable force" and that "governments cannot stop this innovation, and those that have tried have already failed."^[1] This is the power of decentralization.

Anyway, the usefulness of Bitcoin transcends "very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money." As a matter of fact, the essence of this technology isn't about making money. Rather, it is about freedom in money. While many of us are indeed making money out of Bitcoin's price increases, this shouldn't make us forget that Satoshi didn't create it to be just an investment opportunity. It is a solution to a real-life problem.

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[1] https://cointelegraph.com/news/bitcoin-an-unstoppable-force-us-congressman-tells-crypto-hearing

As long as owning Bitcoin won't lead to the jail, I will try to invest in Bitcoin. Sometimes, Bitcoin status may be not legal yet in a country, but the government probably won't give punishment for the people who own Bitcoin. They only try to remind the people that Bitcoin is a high risk investment. It ever happened in my country.

But I have no idea to buy Bitcoin if owning Bitcoin will get a punishment, especially to be jailed. I will wait for the time when Bitcoin is legal, or I will move to another country. I think these are only 2 options that I can do.

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Luckily, Bitcoin investment is legal in my country. So, I don't need to worry as OP described.

Using a VPN can shield Bitcoin traders from government surveillance. However, the primary obstacle lies in anonymously converting cryptocurrency profits to fiat currency and depositing them in a bank. To overcome this challenge, traders should seek exchanges capable of facilitating peer-to-peer (P2P) fiat transactions. Successfully achieving this can effectively mitigate the impact of government bans.

If bitcoin is illegal in a country, I don’t think there is anything that can be done about it, but all I know is that they can’t stop their citizens from using bitcoin, no matter how hard they try, their citizens will definitely look for a way privately to make use of bitcoin. I don’t care about breaking rules just to accumulate or make use of bitcoin, since I know what I am doing is not bad, the only people that see it as a bad thing are the government, and we know why they are fighting against bitcoin, we all know they are doing it just because of their own selfish interests.

The government is making everyone think that bitcoin is bad. Some people who don’t know what bitcoin is all about now believe that bitcoin is only used for illegal activities, which is very wrong. Bitcoin is neither illegal nor legal in my country, only the central bank of my country is against it, so I guess the government is also against it, but they haven’t just said it in public. The central bank gave all the commercial banks an order to freeze accounts that are linked to bitcoin transactions, but I noticed that after this order was given, it caused panic, but bitcoin has also gained more popularity in my country.

P2P most likely. I don't think my funds would be compromised since I already have a mix of a hardware wallet and a locked desktop wallet in one of my spare laptops so those are safe, I rarely hold coins in exchanges so I don't think I'd be hit when they start banning users. It might be hard since I don't know much about p2p, but hey, not much we can do if they block access as well as exchanges recognizing the ban itself.

It's not exactly hard to bypass some geoblocking, especially if they weren't that strictly enforced plus there are a lot of tools that can help you stay anonymous if you want to (and if you know how to). Moving to another country might be an overkill for me though.