Will people who ban Bitcoin in some countries give up Bitcoin? - page 6.

Ararbermas

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

it already happened actually at the beginning when crypto become popular in the internet and gained attentions all the round the world. Because suddenly some government became against in it after knowing that there's a bad side with crypto., reason some enthusiast who are interested to make money with cryptocurrency preferred to buy and hold bitcoin for long term because there's no choice for them as its prohibited in their country.. Actually i don't know how they trade and convert it to real fiat. Because how is that possible if it's illegal in your country ? until now its a big question for me. Lol maybe they're using vpn that time..

mk4

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Quote from: Kong Hey Pakboy on July 08, 2021, 02:02:13 AM

Maybe some people will still be able to use it even if there's a ban, I mean people always try to find a way to access something no matter how prohibited it can be right? So I don't think that bitcoin is going to be an exemption. Also, they can also try and migrate to places that doesn't have any prohibition on bitcoin and other cryptocurrencies.

We could easily say that, well, if we're not talking about communist China. China is simply a different beast. Heck, even the usage of VPNs(if you're using it specifically to bypass the great firewall of China) is illegal.

Vishnu.Reang

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

As long as you don't move your coins, the government won't be able to find out who owns them. But at some point, you need to convert your coins to fiat. If you own considerable amounts, then the safest option is to travel to a country where Bitcoin is 100% legal (such as El Salvador and Japan) and sell the coins there. But small holders can't use this option. It is not economically viable for them to travel to another country, just to book their profit. And this is where it gets risky. They can always go for P2P platforms, but there is no guarantee that the government won't be able to track them.

yazher

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

These kinds of scenarios have been happening since the day bitcoins introduced to the public. there are lots of criticisms where everyone almost warned all the people not to engage in it. However, since the reality of bitcoin has not been created to be that way, people clearly realized that all of those accusations are pure lies and the moment they realized such crucial facts, they've just wasted their opportunity to invest in bitcoins at its early stage where the price was still under $1. This is just some normal even and I'm pretty sure you too will understand that this won't affect bitcoins publicity at any point.

bitterguy28

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Our country does not have this Banning issues so meaning we are free to do whatever we wanted as long as we are not violating rules and laws.

But if time happens that we banned crypto currency? then i will keep my stands holding and will just let my coins inside my wallets.

from there I am sure that there will time comes that the government will reconsider their decisions , or the next administration will do so,

Vatimins

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The title was quite misleading. I initially thought that you meant that the people who ban bitcoin in their countries are the ones who would give up bitcoin but after reading the contents of your post I understood that what you meant in the title were the people in countries where bitcoins have been banned. And the answer to this is no. People are naturally greedy, specially about things in which they have invested something be it money time or effort. Let's face it, as days pass, the cost of living is increasing and if we rely on traditional ways to earn, then we will surely be left behind and have an even harder time surviving compared to people who adopted the new ways. UNLESS, you are already a billionaire. But for the majority, I think they would rather risk it. Even others kill for money, how would regulations stop a man in need then? Would they put even greater efforts in catching people trying to earn this way instead of chasing larger criminals who do much worse crimes? -my two cents.

john_nautica

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I think that some people would rethink and possible give up any involvement to crypto, if doing so will be subjected to some legal violations in their respective countries. For instance, when China announced its move to ban crypto, has made an impact to market price, thus it can be interpreted that there are number of Chinese who gave it up, temporarily hopefully. If I were to be in this situation, I would also lessen any trackable involvement with crypto but would not really give it up.

hd49728

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.

They can reverse their bans anytime.

Bans or restrictions are temporarily and it sucks if you know nations are participating in their own hype trend, CBDCs. You should know CBDC will not be launched without the contributions from bitcoin and cryptocurrencies in the past 10 years.

They learn from Bitcoin and try to say Bitcoin is sam, bad, virtual just to claim their CBDCs are better.

lucifur

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I don't think they have achoice if their government bans bitcoin. They will be subjected to law violation if they got caught using something illegal. It's a simple question actually. What I don't get is why ban something that is widely being used in some other countries and used by people in their country as well. Surely they can do something to adapt in using it rather than prohibiting their people to use it.

tyz

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There are no studies, but in recent years there have been repeated bans on cryptocurrencies in some countries and you could not see that there was less trading in crypto. Partly the opposite was the case, as countries mostly introduced such bans to avoid capital flight and not to weaken their own national currency. In China, for example, this led to even more crypto being bought.

DapanasFruit

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I am so sure that right now, there are still many Chinese who are holding Bitcoin and they are doing it behind the suspecting eyes of the freak-control government. Of course, many of them can choose to sell before the crackdown or just instead hold what they have for the long term until such time there can be a way for them to exchange the coin into real cash. However, this can be different if a hodler has real money because he can choose to be a tourist outside of China and do the transaction in there...some can just go to Hong Kong where the crackdown has not yet started big time.

xSkylarx

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

Isn't it ironic, every year they say that they don't like bitcoin and will ban them but that didn't still happen and they still have the largest number of miners. Everyone even Chinese citizens are aware of bitcoin's potential in the future so I'm sure they won't just give it up easily. Bitcoin is untraceable so the Chinese government can't just accuse someone of holding bitcoin. And online exchanges are not the only way to trade it, people can do otc trading without having to use those centralized exchanges.

Taskford

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

Answer is no, how could they give up on somethings which gives them good profits so expect them to stay even if there government try to impose ban on bitcoins on their county. Also you shouldn't be worried about on internal things since you can still exchange your crypto to fiat if you are worried about exchanging it and we can select some option on the platforms or do p2p but deal only with legitimate users.

Quote from: peter0425 on July 08, 2021, 02:22:05 AM

Give up? there has been banning happening for long time now but did people gave up? nope you are wrong instead this made people more interested and more curious on how and why this is happening.

They used this for so many times and yet many people from country ban's it using this for good reasons so there's really no excuse upon adopting it even if the government warn us about its usage. but aslong as we are silent and doing the right thing dealing with cryptocurrency then we can say choosing to quit is a bad choice.

Jating

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

We have reach 10 years already, I don't think just because some communist chooses to go anti-bitcoin, that anyone will give up their bitcoin. I'm pretty sure that there are still lot of Chinese whales still holding regardless of their government hard line stance against bitcoin.

And for those investors who lived on a bitcoin friendly country, obviously nothing has change, they can trade, and HODL. And there are data that there are less bitcoin in an exchange, meaning investors now prefer to HODL long term or continue to accumulate at this bear cycle.

goldade

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I have a believe that there will always be a way to transact bitcoins whether or not there is a ban. The only difference is that people are free to use bitcoin without fear of prosecution in countries where there are no ban.
An example is the case of Nigeria. When cryptocurrencies were banned, the users resorted to P2P for daily bitcoin transactions. Of course, exchanges could not allow the deposit of the Nigerian Naira but that wasn't really a problem as people just bought USDT via P2P

leea-1334

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Quote from: ROSEDF on July 07, 2021, 09:52:00 PM

Some countries now ban the use of Bitcoin, or banks restrict cryptocurrency transactions, resulting in an increase in the number of long-term Bitcoin holders.
For example, in China, China prohibits the use of Bitcoin. If I were Chinese, I might be more anxious. Some ways can be found to avoid being caught by the Chinese government. I will consider putting it in a cold wallet. In this case, you can only choose to hold for a long time. After all, there is no exchange to trade,
So will anyone give up Bitcoin?

If you was a Chinese person, then you would have been anxious a long time ago even in 2013 when China did its first crackdown on BTC. Guess what, every crackdown the Chinse just move on and do business somewhere else. Look no further than wechat trading groups for Bitcoin or if you want,,, see Changpeng Zhao the Chinese CEO of Binance who publicly talks about crypto every day.

Zilon

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I think when there are restrictions about a certain commodity its a clear indication that the government seeks to gain autonomy and total control of it and if the can't the try to restrict it's citizens from it. For Bitcoin I would rather store mine in a cold wallet and hold if the restrictions persists I accumulate as much as I can then make plans of relocating to a safer environment where I would have freedom to carryout my transactions

Wexnident

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Well they'd definitely have a harder time trying to access centralized exchanges but I don't think it's enough to make them give it up. If they had absolutely no choice though then giving up is the only option though I don't think it's possible for that "absolute" to actually happen. China though can be difficult to escape from if you want to trade, but it isn't really impossible, just pretty hard. It all depends on whether they think that holding on to Bitcoin even with the ban the country has is worth it or not.

traderethereum

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I will not give up on making more bitcoin because bitcoin really helps me to make money.
Even if my government prohibits people from using bitcoin, I think I can find the other way to make bitcoin still and just hold it and wait for the right time to sell.
With many options to sell bitcoin, that will not stop people from using bitcoin and converting it into fiat because they already get the advantage of using bitcoin to use bitcoin still.
But if there are no exchanges to trade in all countries, bitcoin will lose popularity and people will leave bitcoin.

peter0425

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Give up? there has been banning happening for long time now but did people gave up? nope you are wrong instead this made people more interested and more curious on how and why this is happening.

I think only weak and noob that can make such action but majority will keep pushing the holding and use of bitcoin.

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