Bitcoin Forum

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses (https://bitcointalk.org/index.php?topic=5272265.0) due to being a newbie in this market. After a second thought (and accepting the heavy loses incurred) I decided to try again and re-invest in bitcoin, only to be told this (https://support.yallabit.com/hc/en-us/articles/360016846580-Letter-from-our-CEO) few moments ago.

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait. As such I decided to play it safe, incur further loses, and just sold all my bitcoins and getting out of this business for good.

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them? More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

I wish I was never introduced to Bitcoin.  >:(

Any ideas on what I should do with my Ledger Nano X now?  ::)

I remember your story from the first topic you posted.

I does seem that there is a real lack of service in Kuwait. Unfortunately, you are a small country with a population of 4 million, and your own unique currency, so there is simply not enough demand for any of the big players to cater to you. There does seem to a be a decent peer to peer market - https://paxful.com/buy-bitcoin/with-any-payment-method/KWD - but that obviously doesn't lend itself to day trading, which is what you were talking about before.

I do feel for you and the losses you have incurred, but realize this is not the fault of bitcoin. This is the fault of the legacy banking sector making it difficult for exchanges to operate and making it difficult for people to on and off ramp to bitcoin.

I still think your best bet would have been to use a large exchange such as Binance and transfer between KWD and USD prior to depositing.

I think a lot of people will have your problem with kyc and I don't know why coinbase set the bar so low...

In the UK, you can do trades without verifying identity up to £13000 cash in hand and it's perfectly legal, you try to buy $20 in bitcoin online and then you got problems/have to wait for kyc etc...

It is the law regulations in your nation and not the problem of the world.

You can still open accounts on international exchanges (DEX, CEX, P2P) and cash out your bitcoin to USDT or USD. I believe from USD, you will have options in your nations to swap USD to your national fiat and have paper cash in hands. Is this idea help you out?

Many people wish that they would have been introduced about Bitcoin earlier.

There are many people with losses greater than you experience. People who bought bitcoins were at $ 17,000- $ 20,000 in 2017.
Every market has a point of recovery and bitcoin is on its way to a new ATH. We need to be patient with the decision. I suggest you keep your bitcoin and forget about it. Wait until the rules are clear and we can easily exchange our bitcoins for cash.
You can buy a set of KYC yourself and use them. I know there are several OTC channels that people offer this service.

Buy a set of ID documents to do KYC. What's wrong with your thoughts? You will put you at risks of police arrest, and your accounts can be frozen at any time if police has money laundering reports against you (correctly with information from the ID documents you bought and used).

Do KYC is a risk. Buy ID documents to do KYC is a bigger risk. Why?

Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497.msg53726647#msg53726647). Do you understand what is KYC?

If you have to do KYC, use your own ID documents to do that. If you don't want to do KYC, try to choose P2P, OTC, CEX. There are many of them for you to choose.

Take one from [BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.) (https://bitcointalk.org/index.php?topic=5270416.0)

well I don’t have any idea on what you’re to do with your ledger nano X but the fact that you are regretting to have been introduce to bitcoin meanwhile let me also refresh you that so many people are also wishing they were introduced to bitcoin earlier before now
And you should also note that there are loses in whatever business anybody so wishes to do and bitcoin as one of the most stable cryptocurrency in use now is not exempted because it has its T$C
So my advice to you is to get up dust yourself and pick up again but this time believe you’re going to succeed.
GOODLUCK

Yours is a nightmare of experience. I'm sorry for what you've been through. It so happened that you are caught in a different set of circumstances which are unfortunately not in favor of Bitcoin and its adoption. But that does not mean you are being failed by Bitcoin. It's just very very unfortunate for all of us, especially in your personal situation, that the current financial structure right now is still largely inconvenient when it comes to crypto. It is not yet crypto friendly. But you need to realize that people outside your country have more freedom when dealing with Bitcoin. The old system is making it really hard for you.

If I were you, I would keep my Ledger Nano X for now along with my Bitcoins. It won't get lost. Just let it sleep there. You'll be in for a big surprise a year or two from now. And you would thank people who persuaded you to keep your Bitcoins.

your experience is very valuable, you don't have to leave bitcoin, you just discovered a problem from one of the existing bitcoin markets, why not choose to trade on major exchanges like binance and others, sorry bitcoin has let you down, but you don't must also blame bitcoin it's just the fault of that exchange, so you can trade on other exchanges, about your nano ledger you can actually sell it to other people, hopefully you come back in bitcoin someday

You do realize that you are blaming the asset even if you're having a really really bad experience because of the broker, right?

Custodial exchanges are always going to be totally crappy in terms of fees, because surprise surprise, that's how they make their money! Try using peer-to-peer exchanges instead like HodlHodl[1] and I could guarantee you're going to pay a lot lesser premiums(though of course, watch out for scammers).

---

[1] https://hodlhodl.com/

what does this have anything to do with bitcoin?
your problem is that you think the whole purpose of bitcoin is for you to trade it on some exchange and make more and more fiat as profit. well, that's not how things work or even why bitcoin was invented.
bitcoin is just a currency and it has never depended on any centralized exchange to exist or even be traded. there are lots of countries that don't even have a centralized exchange while their people continue adopting bitcoin.

If you were clearly hodling though, I don't really see any need to incur losses and sell your coins even if the only crypto exchange in your country is closing down. Yes, trading P2P or through other countries may be a pain with KYC, but clearly, time isn't really your problem since your hodling coins yourself. You can just spend the time to slowly arrange procedures for trading in the near future when you need to, and not necessarily immediately. Especially since you have a hardware wallet yourself, would keep your coins safe as long as you don't misplace it or something.

Not really familiar with how Ledger works, but I think you can resell it and the buyer just needs to reset it so that they can use it for themselves. Fat chance they'd buy it though since most of them would rather just buy the original instead of a 2nd hand, especially since most hardware wallet users hodl quite an amount, so we can safely assume that they have the money to support it.

It's a shame that the banking sector in your country is making cryptocurrency exchange difficult. Try to play on the bigger exchanges that cater to P2P like Binance and do KYC there. I don't think you will be disappointed.

Sorry about the losses you incur, but the fault is not in bitcoin or cryptocurrency, it's your fault.
The crypto market is risky and no one can be sure of the returns to investing in the crypto market. Before deciding to invest in the cryptocurrency market, you should learn about the risks and services necessary to participate in this market.
If you decide to leave the crypto market to invest in another financial market I wish you good luck.

I think there is something wrong here. You should not blame bitcoin, especially if you didn't make money from bitcoin. Many people are just like you, and they are getting angry at bitcoin when they can't make money.

I will explain it a bit. When we know bitcoin, we will search for more info about bitcoin, especially how we can get bitcoin, sell bitcoin, and convert bitcoin to our fiat. But most people lack information about how to get bitcoin in many ways, including from trading, because trading is not easy to learn.

If you want to invest in bitcoin, I assume you have another source income that you can use to buy your daily needs, and you only sell bitcoin when the price increase higher. So you don't have a problem holding bitcoin for some time, for more than a month or more. But if you can't hold bitcoin for the investment, you can use bitcoin as an asset for trading, so you can expect to profit from trading bitcoin.

You can convert your bitcoin anytime you want, but you should understand that you will reduce your bitcoin amount because you sell it to buy your daily needs. So you should not regret it if your bitcoin amount is reduced, but you can get your bitcoin again from trading as a profit.

I hope you don't sell all of your bitcoin and leave it for some amount because bitcoin can increase in the future, so you can have a chance to make another profit. But if you already sold all of your bitcoin, then that will not be a problem.

You can sell your ledger nano to your friends or sell it online so that you can get money from that.

Well, you got it right. Newbies usually have way higher expectations than they should, ending up with a situation where they mess up. You should know this is a decentralized market and anyone could do anything to support or be against Bitcoin whenever and however they want. We have blockchain analysis companies, which are basically against freedom, and we have p2p markets that help with the growth. It's an economical land of freedom, if you will.

Well, that is not our fault. Some countries will accept Bitcoin's presence more than others - but that is the situation with almost anything: alcohol, drugs, precious metals.. different regulations and governance means different rules. If you still want to sustain your support for the said thing (in this case, Bitcoin), you either express yourself one way or another or you ignore the rules and go solo.

There are many ways you could still purchase and sell Bitcoin almost whenever you want through p2p. But again - it's decentralized. Binance could decide at any given time to close their service, yet that does not make Bitcoin better or worse in any way. To be honest, in case of a governmental Bitcoin ban, I would honestly take into account hodling my Bitcoins for a long time and then moving to another country that supports it once I consider I have enough for the move to be worth it.

That's exactly the fun part: while exchanges close and some governments try to push against BTC, the market actually grows at a very steady pace, Bitcoin becomes harder to mine, more investors equals less Bitcoin available for each, more years makes the market more mature and so on. If you think about it, there are many ways Bitcoin could appreciate in the future. You just have to see it.

I wish I had been introduced to bitcoin earlier and I was in no rush to sell my bitcoins in 2015. If I could keep my bitcoins until 2017 I would have become a rich man.
In your case, why don't you convert Bitcoin to USD and sell it in your own country, I think USD has high liquidity around the world.

Too bad though, I guess in life patience is the key.

It's not bitcoin fault though, everyone has suffer losses one time in their journey. But majority didn't give up and understand how everything works and it's true potential.

Can you not buy in other exchanges?

Well why not just HODL on them for a long time and see how it goes in your country? Exchanges are not the problem, regulation is. And if you're HODLing, you are not losing anything, just an FYI.

Others see it a blessing being introduced to bitcoin, and wish they know it early.

Throw it away. You don't need them anyways.

I would only stop on holding crypto if it is against my country law but if your problem is only the exchange then use other platform there are other ways to convert your crypto into cash.
If you really want to hold and buy crypto you would find a way to solve your problem but it seems you already had enough.
Regarding to your Ledger I think there is nothing that you could do with it just keep it I don't think people would buy a second hand crypto wallet unless they fully trust you.

You could have kept the investment. An investment is money you "afford to lose", which can also mean it's not necessarily something you can "withdraw" quick and easy.
One exchange is down, more will come sooner or later. You've missed the big picture.



You know that quite a number of banks got closed in history? And there are still plenty of banks, since new ones got opened. It's the same with Bitcoin exchanges too. As I said, you've missed the big picture.



Although it's solely your decision if you leave Bitcoin for good or not, I'd say you keep the Ledger Nano. The chance people will buy it from you is tiny (nobody can tell it's "clean" or you've changed it and you'll steal their money in the future) and you may buy again sometime in the future. (Never say never!).

You know you can take a holiday in a country where Bitcoin is accepted and you can exchange the bitcoins in that country .. right? You can also buy & sell bitcoins online (check this forum) ..if you still want to do that. (just use a reliable Escrow service)

Also, Bitcoin should be used as a currency and not as a Commodity.... so you can still buy loads of stuff online with bitcoins and then sell it in your country for a profit. (Even if you buy at a low price and then use it when the price is higher.. then you still make a profit)  ;)

Centralized Exchanges should not stop you from using Bitcoin and also making a profit.  ;)

what you say is something that can and should be a good and true guide. if indeed the government prohibits crypto with clear rules, it is appropriate that being a good citizen should not violate these rules. All rules are sanctioned even though the possibility of doing something that violates it is clear that many do, but it does not need to be followed because it will harm yourself.

All problems, of course, there will be ways that can be done if the op feels there is something important to be able to do wisely joining the forums in his country, of course it will be clearer what we will do and can be helped properly because each country has different rules.

I'd use it to store some Bitcoin. :) It may be that you decide that enough is enough, and move to another country. Bitcoin would be a great help for you then. Alternatively, you could wait for the wind of change in your country. Some countries seem to change their ideas about Bitcoin almost as frequently as they change their policies on the Kung 'flu.

First, second and further step is very hard for newbies but at least you learn a lesson from those past mistakes made why your balance burned and also can you state on which way did you lose your money did you trade it or invest on investment platforms/hyips around?



Well that will be the end of your venture if you totally decide to quit by now maybe this cryptocurrency thing is not for you since you decide to quit easily.


You can sell it to the users here provably there are people interested to buy that.

Oh, good Lord, then digest it.

Yeah you shouldn't HODL them especially if you need cash everyday but I think you misunderstood what HODLING is and the importance of personal money when you needed them. You should have plans in the first place on how much you're willing to risk, how much you can afford to lose as well as the emotions you're willing to subdue, this game are for the who have risky appetite. I don't think it will be closed that immediately, moreover we are just on infancy stage of this game.


Sad but hope you move on that easily.

Sell? But there's always risk on buying second hand hardware wallets.

Why should you hodl bitcoin? That is the question with basically no answer, because it is only up to you to decide whether you want to hold something or not. However, I can say that, more often than not, hodling doesn't imply cash outs, it means precisely opposite. If you want cash instead of bitcoin, you're simply not ready for a true hodling. Moreover, you are missing the point. Bitcoin is a peer-to-peer electronic cash system, which means we don't rely on third parties when dealing with it. Centralized exchanges are alien for peer-to-peer networks, they should not even exist, because what they do is distort people's understanding of what decentralized networks are. People using those exchanges wrongly believe now that in order to use a decentralized network they have to perfrom a KYC procedure first to enter and be able to transact. They mistakenly believe that bitcoin can't survive if not regulated properly. It is not necessary for bitcoin to be regulated. It is not necessary for bitcoin to be exchanged on centralized exchanges. To the contrary, it gives us freedom to decide for ourselves. Bitcoin was created to become money on a free market it enables us to opt-out from conventional wisdom.

I amn't gonna tell you: oh no, you have to stick with bitcoin. No, what's wrong here is that people wrap bitcoin like a godsend gift and only talk you about it's pros and how rich you'll become if you invest money in it but no one tells you about the risk of easy reward and that risk is easy lose. If bitcoin isn't something that you can profit from and if exchanges and other circumstances are against you, then just ignore it. Not everyone trades with usd/euro or any other (crypto)currencies. You have to do the job where you can do your best.
Btw you can always use international exchanges, they may even offer better possibilities and terms.

If exchanges close in other parts of the world, then people will just stick with international ones or your old ones will move into other countries.

Disappointment in the system that surrounds you is no excuse to give up Bitcoin, because it is exactly what came into being so that every man could be his own bank. Your problem is that you only look at things from the perspective of your country, which is obviously not crypto friendly - and that you invested in Bitcoin just to make money, although you say that you would wait 5 years if you knew the price would go up.

It is not wise to advise anyone what to do with their money, yet it should be a decision made by each individual. So if you think there’s no other way to be successful with BTC, you’ve expressed a desire to invest in stocks - if it’s only up to profit, does it matter how you make it happen?

So unfortunate, does your funds from that exchange on your country had been given back to you?
You're one of few people that I encountered to have bad experience from investing on bitcoins.
As what I've understand from you, it's the lack of knowledge about trading and the unfortunate event (shutting of Kuwait's first and only crypto exchange) in which you are investing/trading.

You should had gathered information about bitcoin trading before you started investing into it.
Remember the principle, buy low & sell high.  That's the only way you can get profit, otherwise a loss.

Better to use p2p exchanges rather than those centralized one, less fees but sometimes takes more time to complete a bitcoin trade. Sad to hear that the exchange has been shutdown by your government as assume.

There are lots of things that I regret but I think it is the reason what I am today so I wouldn't really wish that I had never knew it.
There are so many people who also feels the same way as you specially those who invested in the ATH or near the ATH price and hold their bags in believing that it would still bounce back,
But we don't know maybe someday those people who bought in those high price that still holds their BTC would someday gain profit from doing it and not giving up and selling their BTC at lower price.

If you want to get enough profit, you should have patience. Without patience, you will lose again and again. Firstly, you have to train yourself to control yourself. Secondly, know about how Bitcoin works. Before entering any work, do self-research, learn other's experiences. Reading other's experiences can save your life. You should know how they overcome this situation, how they reacted.


Bitcoin and other cryptocurrencies are considered illegal in my country. Police arrested some people for using bitcoin. They did P2P trade. I use Bitcoin with this dangerous situation. I don't think this type of dangerous situation happens in Kuwait. I never do KYC. I always try to use exchanges which will not require KYC. Like you can consider FTX. If you want to use centralized exchange. You should better use DEX. Also, a life saving tips. You should not hodl cryptos in exchanges. Use your private wallet.


Sometimes, I also think about this. Because I also made tremendous lose. I can't read whales mind. At least they control Bitcoin Market.


Consider donating me.  ;D 8)

Why not use other exchange? there are plenty of exchange that we could use does Kuwait ban other exchange as well like binance and other big exchange right now?
If not then why not use them to encash your Bitcoin or crypto when you need it in the future?
And if you really want to quit on Bitcoin and crypto for good I think the best thing to do to your ledger is to keep it as souvenir of being part of it and reminder of your mistake that you would never come back to it again.
And I hope that you could cover what you lost in crypto on other investment that you would make in the future good luck.

I feel your frustration with bitcoin but it's not fault of bitcoin because the problem bitcoin is not really acceptable in your country. I think there is other way to cash out or exchange your bitcoin into your fiat money through international exchange. Don't hate bitcoin because one day it will become accepted anywhere.

There's no need of over-dramatic posts here.
Losing money while trading Bitcoin is something normal.Only the most persistent will survive in this game.
I don't know anything about this crypto exchange platform located in Kuwait that you have used,but I would never "bet" all my coins on a small regional crypto exchange platform.

it is a part of bitcoin way to do something better , do not  think negativity you are also a newbie,  you let to focus on other exchange and trading fair it is part of bitcoin trader sometimes you may lost and sometimes you may good earn

This is what I am thinking here. I don't think his country will forever have the same stance when it comes to cryptocurrency. Is there a reason why they are shutting down their only local crypto exchange and what is the name of that cryptoexchange? But searching in google, why it is showing there are about 9 exchanges that he can use for crypto purposes if you are living in Kuwait?

https://www.buybitcoinworldwide.com/kuwait/

https://i.postimg.cc/xdk2YjB9/Screen-Shot-2020-10-06-at-6-51-47-PM.png

Also, I don't think it is the end of his career in bitcoin. Bitcoin as of now is not a legal tender but it is legal to use in their country. I think it is how he will manage his crypto transactions to avoid losses. He needs to find his best option to trade bitcoin or other crypto that will not incur losses or at least lessen those losses.

HODL.

https://i.kym-cdn.com/photos/images/original/001/458/340/2a9.jpeg

BUT, if you have truly decided, then OK. Bitcoin is not for everyone. Good-bye, and good luck to your future.

Let me part with this advice. Never check Bitcoin's price 5 - 10 years from now. It would be better for your heart to know NOTHING.

Keep it as a remembrance, You cannot sell it in your country cause only a few of you guys know how to use that thing. besides, you won't get much if you sold it. it's better to keep it if you want so that you still have some reminiscence with the volatility of the crypto market. It's a good exit from you though the price was not that high from the price you first bought them, 1.25+ increase in better than the negative. Maybe if they renew the regulations in your country, you can come back again after that.

Why quickly have to say good bye for bitcoin during you still not have enough knowledge how to get much profit with bitcoin and altcoin? you must try to know how the best way to get profit with bitcoin as investing or trading way, maybe you have running with wrong way and make you lost much money when investing with bitcoin and altcoin, never try to invest during have higher price and wait until some coin back to lower price and always to see how bitcoin situation, when bitcoin still going down keep hold and save your money and never to try to buy because you get risk.

You're just newbie, I can understand your feeling but as a newcomer to the cryptocurrency market you have to hold your breath. You're totally confused by ups and down, seems like you're frustrated as well for cryptocurrency exchange. Keep holding bitcoin on a long term in exchange extremely risky. You should learn that Not your keys, not your coins. From now, try to keep holding bitcoin in your own wallet rather than on a centralized exchange.

i remember your first thread . what happen ? did you sold your btc and moved on to stocks ? you are not a newbie but the fee is only your problem .

the second thing happened to you is bad but how did you find them ? you already have your first problem , arent you contented to that and you add another problem  . now your are blaming btc for your loss where infact it was your fault and not the btc .

at the end , you still need to be thankful because you experience this roller coaster ride while other people out there are still trying hard to understand and to fit in on this btc trend

Yes i think he/she will miss up all the thing ahead which will hapen with bitcoin ,Still i think its a good chance to buy bitcoin around 11k$ and get profit on ATH level .Hope for the best.

Sorry for your loss. But no one has control over legal aspect in your country. Most of the exchanges give some time before shutting down operations to move coins or sell them though. If you had followed news, you would not have incurred so much loss.

In future, if your country, makes crypto legal again, you can consider investing in it for long term and make good profit.

That is exactly the point. He thinks bitcoin is just some quick rich scheme. And not a currency that has any value in its own. But there are many things you could do with some bitcoins.



If it is so hard to buy bitcoin in Kuwait, that is quite an opportunity for those who really did buy when it was possible. Isn't it?

Just try to looks things from another perspective: just by holding those bitcoin for a few months and you will have an asset which is more scarce in Kuwait than it is in the Europe for example.

In Brazil when the first reliable  exchanges were introduced, our bitcoin was about 10-15% more expensive than anywhere else (converting to USD price). Maybe it will happen in Kuwait as well.



Just buy more bitcoin and send them to your ledger.
It will probably pay off. Buy an amount which you can hold for years.. Even if it is only 100 usd or whatever.

Folks! Just to clarify the main reason I decided to jump ship is the closure of the exchange company (and not the high trading fees which many of you have mentioned.) Let us assume that I decided to keep my bitcoins, 5 years from now how can I cash out and get my profits if there is no central exchange in my country?

Regarding peer-to-peer exchanges, I need to do KYC to start buying/selling bitcoin. For those who told me to use international exchanges kindly refer to my other post (https://bitcointalk.org/index.php?topic=5272265.0) as to why I will never do such a thing.

The decision to sell all my BTC ASAP was not due to the fact that I needed money urgently (as previously mentioned the plan was to HODL for 10+ years,) but the fact of FOMO on cashing-out my BTC when/if I needed the money with the closure of the exchange company.  

Oh and yes! I got my money from the exchange before they shut down  :)

Thank you every one for your kind words. Cryptocurrency is just not for me.

I think you are not the only one who has experienced this kind of loss there are a lot of people too. Sometimes all you need to have is the experience and knowledge to become successful.
I think this gives you a lesson but still, you can open different wallets too which is supporting your needs. For sure there are members who drop already all you need.


AFAIK they release a notice first if they are going to shut down their platform to make sure there is no trouble or issue happening to their customer. For sure their country will support the use of the crypto soon.

By selling directly to other people who want to buy bitcoin.

Not on true decentralized exchanges such as Bisq, LocalCryptos, or Hodlhodl. If there are no buying offers in KWD, then you can create a selling offer. Someone has to be the first!

You said about losing fees when you transfer between KWD and USD, but there is no need to do that every time you trade. You can transfer KWD to USD and pay the fee once, deposit USD to the exchange, and then use that to trade between bitcoin and USD for as long as you like. You only have the second exchange fee when you want to convert back to KWD.

Still, sounds like you've made up your mind. See you in 5 years! ;)

Have read the post, some of the replies and their own opinions.
You're one of the many newbie investors who lost their money because of Bitcoin too. You're not the only one. Its just that you probably lost too much money that you can't bear it at all that is why you are saying that crypto isn't for you.

Anyway if its your decision to not use Bitcoin then just don't use it :). Good luck in your next journey.

I tried "buying directly" from P2P networks and personally contacted them through their phone numbers. Their response was "I will happily sell you the BTC through the website, not through personal contact." The website demanded KYC from me so I just gave up (nope! I'm not giving up my personal info just to buy/sell cryptocurrency folks  :) )

Never knew about Hodlhodl, LocalCryptos, and Bisq but thanks for sharing that info.

Hopefully you make a fortune in 5 years :) But for me, it's over.

You should not rush to decide to leave the crypto world, it's not Bitcoin's fault with what happened to you after all. This is because
your country does not accept Bitcoin, that's why the exchanges you used to use no longer accept KWD for Bitcoin pairing trading
anymore. In my opinion, just save the Bitcoin that you have in your Ledger Nano X. Who knows next year there will be good news
that your country is legalizing cryptocurrency and you can cash out your Bitcoin. And who knows the price of Bitcoin will go up next
year, so you can make a big profit when you sell it next year.

Adios amigo! Hope you find what's really on for you but Bitcoin will never ended that easy so if you think you want to come back, it's always has an open arms to welcome you again. Hope Kuwaiti government will soon find out what they're missing or maybe another government would be in position that supports bitcoin or even the technology behind it.

The fiat currency of your country is probably very unstable. Dinar, right?
You shouldn't hold only it.

Open an online account in an international bank, such as N26, TDBank, etc. Where you can deposit USD or EUR.

Just sell your bitcoins in a decent exchange such as binance, coinbase, bitstamp, kraken for USD or EUR and transfer there. I doubt USD is worthless in your country.

I understand what you are feeling right now. But, I hope you will try to keep on doing some research to have more knowledge about Bitcoin, since you are just a newbie and I'd assume, you still have a lot of things to know here in crypto world. Take your failures as a challenge and learn to overcome your weak points here blockchain industry. Don't give up. Be patient and persistent. Please bear in mind that in every problem and failure, there are always hundreds/thousands reasons to keep on going with the tasks that you are taking. It may be hard and you will be test as you go along. If you'll ever stop and quit, you dont know what an awesome thing you lose fully. So, cheer up and carry on 🙂

Very many people, including me, wished that I was able to hear about bitcoin when its price is still very low. If we only know that it existed then many of us would have been successful now. I do not think that the problem is with Bitcoin, I do not see it that way. Many other countries has very little or no issues on Bitcoin so the citizens of those countries were able to reap the seeds of their endeavor. Each country has a unique way of handling Bitcoin and policies surrounding Bitcoin but if the atmosphere of the country's financial sector to Bitcoin is negative then expect difficulties.

Investing in crypto is too risky and I hope you already know that and for that reason don't blame bitcoin instead learn more and find a way on how to make profit and avoid loses. Don't say goodbye to bitcoin, it's too early to say that. Who knows one day Kuwait will become open and accept cryptocurrency and there will be a lot of crypto exchange to be open.

it looks like your problem is only with a withdrawal problem...
I don't know which country you live in but each country has its own rules and the development of the exchange will definitely pay attention to countries that have active transaction rates or not. hopefully, you can find the best way to exchange your Bitcoin.

This is the common problems of bitcoin holders who are in the country where bitcoin and cryptocurrencies are still in hot seat, they will not know
when will be the government will shutdown the local exchange and they will not have a way to cashout their crypto easily.

I will just hope that it will not happen in our country in the future as it will be very difficult to exchange the crypto anymore if our local exchange
will be force to shut down by our government.

I do not certainly know and understand why certain people do still take this step or action just to get pass through KYC verification knowing that falsification of legal documents such as identification cards and other documents needed for KYC is a major offense because it is duly against the law of any country. Why to risk yourself doing such actions when you can proceed on providing real KYC documents to complete the process. It is indeed right that if you do not trust or do not want to take KYC processes then there are still other ways possible rather than doing something that is illegal.

With regards to the problem of the OP, it seems like the issue on the exchange and not the Bitcoin itself so it must not be blamed for that. Though the experience of him is really frustrating for experiencing loss when he just started to try doing trading with Bitcoin.

In the first place why put all your Bitcoins in an exchange, when everyone knows that exchanges are highly risky storage of wealth, due to the fact that they can be shutdown and regulated by governments, and most exchanges use centralized databases to store Cryptocurrency, so its like a gold mine for hackers, if they can find some vulnerabilities, which almost every program has.

Bitcoin has given solutions to many. In fact, it marked the beginning of the current market that we know. So your testimony seems unfortunate. I have done a search on how citizens in Kuwait can buy Bitcoin and cryptocurrencies and found these reviews.

https://www.buybitcoinworldwide.com/kuwait/ (https://www.buybitcoinworldwide.com/kuwait/)

https://www.bitrawr.com/kuwait (https://www.bitrawr.com/kuwait)

I also agree that you should use the Binance platform and take advantage of all the benefits that it offers to its users. Don't lose faith in Bitcoin, keep your mind focused on managing your funds better and you will receive its benefits.

https://www.fxempire.com/crypto/exchange/binance/review (https://www.fxempire.com/crypto/exchange/binance/review)

There are many people who also experience the way you experienced and it is way harder than yours because of having a greater amount of lost money. Maybe that should serve as a lesson for you, every beginner or those people who do not have enough knowledge about cryptocurrency will usually experience losing especially if they invest because of being a lack of knowledge. For all the beginners who wants to invest in crypto, you better gain knolwdge first about cryptocureency before trying it. It would be hard for you to earn from investment ifnyou dont have knowledge about it at all.

Op, if you are weak. Crypto world is not for you. Akso, giving up is not the answer and will not help you out overcome your losses.  If you are lack of patience, you will really lose in the battle of volatility.
 
 To tell you frankly, you're not the only one who have been a newbie before. We've been there, we also have losses, we have also mistakes. What you shall do is to give space first, reminisce all the mistakes you have encountered and continue holding. Remember that it is not always the sad part (bears) and we are just waiting for the boom time.

This is the result of investing without good knowledge of cryptocurrency. If you are a beginner and you invested in crypto then there would be a huge probability that you may lose your money but do not give up on cryptocurrency because there are many opportunities that you can have in the world of crypto. You will waste it once you quit. Just don't rush things and prioritize knowledge over money.

Bitcoin OGs, were there many people like aceboy44, who said that "it's over" for them before the famous surge to $1,000 of 2013?

Where are they now? They FOMO-bought $3,000 - $10,000? 8)

why store your BTC on an exchange when your main purpose is to only hodl them ? but you must not worry if they shut down the exchange for good as long as they give warning and return the funds to thier users that wont be a problem because you can still use other exchange . you can exchange your btc anytime if you need money because like i said earlier there are others out there that doesnt have country restriction  . you can use them anywhere you are in the world and its almost impossible that other exchanges will shutdown because there are lots of them .

IMO, you can install FIDO U2F app on your Ledger nano x and use device to secure accounts on plenty of services like Google email, Dropbox Facebook etc.. Find instruction how to do it (https://support.ledger.com/hc/en-us/articles/115005198545-FIDO-U2F). And no need to regret of being in crypto. You have acquired new knowledge that may be coming in handy in your life.

Even if your country is not supporting cryptocurrency like Bitcoin you can still hold it in your wallet and like you said you cannot exchange it with cash if you need it, man there are many ways to convert btc into other payment channel like btc to paypal for example, dont tell me even paypal is not allowed in your country? if yes then it looks like your government is not interested in innovations.

You have entered the market too late and I guess you had become too impatient. Bitcoin millionaires had waited several years and invested at a good price. If you only had learned or heard about bitcoin due to it's potential earning through investment, you ahould've researched further of it's risks.

Most countries are banning cryptocurrency since it is associated with illegal activities like money laundering. You can still keep your cryptocurrency and use VPN to access some platform and exchange your crypto there.

Just remember this thing, you are not the only one who have encountered in this kind of problem. Since you are in a country that does not want to adopt the new technology yet you have other option on what to do in your bitcoin and your nano ledger wallet. Also, before having bitcoin you should understand the risks you may encounter before jumping into investing. It is best to have proper knowledge in this technology since some also regrets of not having bitoin early.

Bitcoin is ponzi just big ponzi scheme!  
As usual If no More new investors the ponzi collapse the best Thing to trust is legal things btc is gamble it Can just disapere one day

Cryptocurrency is just Good for Take profit as much as possible and leave!

The knowledge of Bitcoin, and selling it while it's priced $10,500, then learning about its price 5 years after is 6 digits long will NOT be handy in his life.

Prepare your heart medicine, OP.

When you give up it is your biggest loss. If you always experience big losses, you are less patient waiting for prices to rise and always panic when prices start to fall. You have to know the basics of trading so that you can understand the market. and the most important thing is not to use money for your basic needs, make sure the money you invest is bonus money and will not be used for anything in the long term. Because if you start needing the investment money it will be a bet.
The fatal mistake is to sell when the price drops and you will make a loss. Hold on for longer and be patient waiting for the price to rise would be better.

I think you just won't have access to exchanges or trading sites, but you can still hold it. There's a piece of knowledge that I think you forgot and that is that Bitcoin is a decentralized asset.
I just hope that the OP didn't fully throw all his cash to Bitcoin though.

Not quite long ago I felt similar. (I still kinda do) It is really emotionally damaging to be a bitcoin holder especially if it is your own earned money on the line.

I can't blame you for that.

Few months ago I threw my FU and went all out too. Now the only coins I got are from the sig camps I collected from. (and some reference profits) Life is a lot easier and less stressful that way.

I also discovered that it is the hard work that should make you rich. Not gambling. In other words, No pain, No gain.

Wish you good luck.

I just read your previous thread,
that's a crazy exchange fee. 5% for buying, 3% for selling fee. May I know which exchange?

I suggest to you get in touch with your local crypto community.
I saw some crypto group called bitcoin kuwait, and something like that on social media.
maybe you can get a new insight from local bitcoin users there.
we can't give you suggestions specifically since we don't know how bitcoin in Kuwait.
I agree with some members here, you can try P2P exchange feature from a well-known exchange like Binance.

Although investing in crypto is risky, I don't think Bitcoin will say goodbye at this point. Although investing in Bitcoin is risky, it is very profitable; But for this you have to do research. I also hope that one day Kuwait will be open and accept cryptocurrency and crypto exchange will also be open.

Nobody can predict clearly where bitcoin will go

What has your trading to do with Bitcoin? Its your fault playing roulette with your money, not Bitcoin's.

Most people here have only 1 advise: Buy and hold. You were trading, 90% of traders lose miserably, doesn't matter if its Bitcoin, USD, or Stocks. Trading is not for everyone and its your sole fault when you lose.

If your country goes hostile against Bitcoin, just go to another country and exchange it there. You can probably still do it in your country if you have the right contacts. Why are you not protesting your leaders for doing this? Bitcoin is not at fault, its your gov.

Sell your gadget to someone who can appreciate it. It is not needed for anything but mundane purchases at shops, since its a bit more secure than using your smartphone.

And to reiterate, there are like just 15 or 16 countries (counting yours) hostile to bitcoin. The rest of the world doesn't care. Bitcoin is bitcoin everywhere, unlike fiat which is often not accepted for political reasons in different countries.

For sure, you aren't the only one who has bitcoin in your region. Try to explore some ways to convert your BTC into fiat.

First, you need to search for a local crypto group in your area. There might be on social media platforms like Facebook, Telegram, Discord, or any crypto-related forum. Try to seek advice or suggestion wherein you can able to convert your BTC into cash or vice-versa.

As for your sentiments about experiencing a big loss, it's normal. If you are really decided to end your crypto journey, you are free to do it. Others should respect your decision.

I'll tell you one reason for HODLing your bitcoins and not selling them. You should look at them from a long-term investment perspective. Even if you can hardly exchange them for KWD, that doesn't mean in the future, if the Bitcoin adoption continues, there won't be a much better payment infrastructure.

This is just my 2 cents.. but not hodling at least a little amount of BTC is a dumb move..

The problem of OP is there's no local exchange that could convert his crypto currency to fiat since the only exchange that operate in their country is closing. It seems that small countries will most likely suffer from this event in the future without the support of the central bank on their country they will soon going to close just like how the exchanges of OP in their country. Due to this, OP can't actively trade any crypto currency he wants that's why he's now quitting. :-\

Pretty sure he could always find someone in localbitcoins or similar p2p exchange. They don't have to reside in the country, not even be nationals there, just have maybe some bank account with money in the fiat he desires.

I seriously doubt this to be a valid reason to bash Bitcoin. It is, as usual, an user error.

I will rather move the coin to some centralized exchanges that does not make KYC conpulsory and are reliable. I will place the order early as longterm holder to the price I want it sold in the future, to preserve the dollar value for whatever reason may come up in the market. Your condition already make you a longterm holder. Security will priority after this, who know when the condition will come to allow fiat conversion.

I guess you'll have read all the other posts already about P2P and I can tell you that Kuwait Finance House has a lot of overseas branches (as of 2017 when I was last a client). Just look it up, and I guarantee you almost, if you find a trader even on Localbitcoins in that country, then there is someone willing to do a non-local trade, but using KWD transfers using KEH. I know this was true at least in 2017, don't see why no longer. Clue: Southeast Asia;)

P.S. Are you very sure Kuwait isn't supported by say Bittrex or even Bitpanda? Someone I know is from a really obscure country and they get verified fine on the former. You know you could always sell btc there for usd or whatever, and withdraw it to your bank account it still gets converted to KWD.

Someone said, "A bitcoiner remains a bitcoiner forever". Its probably not true in this case.

If I'd put myself in OP's shoe, I'd probably just keep my 1.25BTC until there will be new developments about the legalization of cryptocurrency in the country. This is if he doesn't really need to cashout the money due to immediate needs, its a lot harder to do that since Kuwait is excluded in most fiat transfers with BTC.   


Exactly will make him a long term holder but he can also trade or invest to profit more of it.

Or hes really that too impatient on making conclusions and those are indeed wrong perceptions towards bitcoin actually.You might not able to cash it out in some case but there are lots of methods
if you do really search of but instead he do just whine out and do talk about quitting or leaving this market coz of such problem which is actually a really an easy one to solve out.
Just like on what being suggested or been told by most users here where it indicates that it wont really be a problem on converting those coins into fiat easily.On the other side of things
about not getting involved with this market due to those stories then Bitcoin isnt really just created for the means of that.It is actually my first time on seeing someone who do had
this kind of reason where he do quit just because of that not really that serious reason.

I was introduced to bitcoin by a hacker blackmailing me on my e-mail account (I heard about bitcoin before but never paid much attention into it until the hacker demanded some payment through Bitcoin.) The first thing that went through my mind was "Why the heck would a hacker wants to be paid in Bitcoin rather than fiat?" That's what ignited me and made me do some research about bitcoin before actually buying it. It was a very long e-mail that caught my attention and I shall post a quote at the very end (please tell me what you think of that e-mail  ;D )

Anyways, I would like to clarify some things.


This is the exact reason why I decided to invest in bitcoin. Kuwait may never accept cryptocurrency for reasons I don't want to talk about (and it's better to stay that way to be honest.)

Actually I tried using BTC to pay my phone bills and amazon products and experienced that credit card payments were cheaper than bitcoin payment, so yes I was in it for the profits only!

And to those who told me to travel abroad to cash-out my BTC 5+ years from now like seriously? Did you really think I would pay for airfare, accommodation, transportation, food, currency conversion fees to KWD, etc. just to cash out my Bitcoin? Really guys? How can I make my profits this way?  ???



Banks are not allowed to trade cryptocurrency here. Localbitcoins users demanded transactions go through the website (which required KYC,) and not through personal contact.

This is the best community I ever engaged with. Despite having already sold my BTC and quitting for good I come back to read the feedback left by other comments. Thank you every one for your support & knowledge. I learned a lot from you  :) I will miss this great community  :'(

To conclude, here is the hilarious e-mail that I received few weeks ago that made me invest into bitcoin:


Be sincere! What did you think of this e-mail? Or how would you have responded to such e-mail? I have no idea what he was talking about, but I just ignored him followed by a research about bitcoin  ;)

Oh and thanks to that hacker for letting me know that my PC is hacked (which is why I bought the ledger nano x.) After the e-mail I immediately covered my laptop's camera and refrained from accessing my bank account through my laptop (credit goes to the hacker for letting me know  ;D )

I found BTC on my own and still got scammed out of all my Coins Via an Exchange. The only thing i wish is that i get my Coins back =)

Except from SEPA and North America, AFAIK most countries suffers in terms of exchanging cryptocurrencies with their FIAT.
Neteller(/skrill) used to be a good way before 2017/2018 when mastercard blocked the usage of bitcoin then recently when they disabled bitcoin deposits in many countries and restricted its transfer between members and to your bank...
There is alternatives that might allows you to spend your money online (or send it to your bank?) but you have to be cautious since you need to read the terms and be sure it isn't a scammy service to avoid losing your funds. (will not name it since I didn't use it yet)
Another alternative is to sell bitcoin directly to your friends? other citizens? in exchange to your local FIAT. You have to always pay attention to avoid being scammed.

Are you really sure if there is only one exchange in your country, because at first I thought it was the same as you but after a long time at least I found more exchanges in my country's fiat, but if it's true there is only one exchange, I guess You can still use exchanges that accept USD and with that, at least you can convert USD into your own country's currency.

It is your country's regulation that is the major cause of your problems. As for your loses, you are a newbie and have not learnt enough to trade on your own and make gains. Take the time to go back to school and get more education in trading. Better still, invest in platforms that will trade for you and earn you interest or commission.

You said it yourself. You made loss due to being a newbie in this market. It was wrong of you to expect making profit right away. You have to learn first. Consider this "tremendous" loss as a lesson. You already experienced something that you will eventually encounter in the future. Learn from this and avoid the same mistakes.
Any clue why the governments are shutting down the exchanges? Is it because they banned crypto currencies in your country? If that is the case, you shouldn't hold any.
And I don't think exchanges are being shutdown in "other parts of the world". Only those that are operating illegally are being taken down.

Although you have good experience of bitcoin, but l think  your wording about btc good bye is wrong. You can see the past time of btc give the good profit. It's true nowadays price of btc go slow down, but it is a part of business in the market .but be patient & thoughts positive about btc.you will see the price of btc growing up very soon. I think so.

Then by using that comparison, we should believe that gold, the stocks in the stock market, the commodities in the commodity markets, are also Ponzi Schemes. 8)


You will need the minimum, 10-year HODLing plan. 8) 8)

Do people use Bitcoin/crypto on Centralized Platforms, without censorship resistant and expect this not to happen? . This is not really the direction the inventors of Bitcoin want the users/participatants to go. It should be used p2p and decentrally. People are basically using it wrongly, so you should expect those problems  experienced by your country's exchange to happen.

It's best to keep things well decentralized and implement your good national laws on the decentralized platform/exchange... then invite your national regulators to see that you aren't doing anything bad that is against the law.

Before you consider putting anything serious on a Bitcoin/crypto platform or application, make sure it's Well Decentralized, immutable, transparent, privacy-friendly, censorship resistant, secure, consensus-driven, has the right rules, etc.  If you use it this way, a government won't bother you if its law is followed and you are doing things right.
The suppression or censorship of things by governments could be due to immorality/lawlessness. If you can solve the problem on your decentralized platform, they will have no reason to suppress/censors you unless it's a lawless/dictatorial government.

When I got going in Bitcoin in the UK there were no proper exchanges and banks liked to shut you down if they saw the B word. P2P did make up for it to an extent. Several years later it has improved massively.

If I were in a country with weak and expensive infrastructure I'd be focusing more on future potential and ultimately this isn't Bitcoin's problem anyway. In an ideal world the need to rely on exchanges will reduce once you own it.

Well, it does seem like you've made up your mind and I can't blame you. I keep insisting to myself also that Bitcoin is not yet ready for so-called mass adoption when it really, really, isn't as easy or safe for 90% of people, if not more.

But I do hope you stick around anyway and still keep learning and discussing. Maybe Bitcoin's not for you now, but who knows some time from now? And who knows you come back some day and change your mind. Life is too short for regrets =)

Bitcoin is a movement assets, that no one can be predict the actual amount of the price at a particular time, therefore you need to analysis the market very well, before placing an order to buy or sell as the case may be. Hence bitcoin still remains the best for ever staying as long the internet exist.

Everyone who has entered the Bitcoin market has considered the losses and the bitter days of Bitcoin.
I have said before in an article that you should never invest too much in this way.
Think of Bitcoin as a pastime.
And emotional decisions should be avoided.
Bitcoin changed my life and I hope the benefits of bitcoin become apparent to everyone.

My idea is quite hard but I think it would work. You can still hold bitcoin, save allot of it in your wallet especially if you have hardware wallet. Then if you want to sell your bitcoins soon, you could fly to another country just for the sake of cashing out your profits. Though there's still chances that you could use bitcoin for p2p payment there without breaking any rules. There are also chances that the government change their minds and approach to bitcoin exchanges. Who knows, soon they might trust cryptocurrencies too. They just need a bit stronger regulation in it. But the world's financial system is already developing, cryptocurrency is the proof and what country wants to be left behind right?

Your loss shouldn't be that big of a deal if there where other exchange options aside from the one shutting down, because certainly it won't be of any use holding btc without a means of exchanging it to cash whenever you feel the need to do so, i guess this must be as a result of strong government restriction from your country,
from the content of the letter sent out YallaBit has been unable to secure a 'Cryptocurrency license' which according to the content is not even available in kuwait, this is the major problem, if the government can make such license available am sure things will go smoothly, this must be very hard for the people over there who would also like to engage in crypto.

maybe for you bitcoin is very detrimental to you. People who are experienced in the crypto world for them have no regrets, losing in trading is a common problem. It is important that you know the crypto currency market system so that you can get more profit than loss.
some of my friends have benefited a lot from bitcoin, maybe you should learn more about cryptocurrencies.

Patience, many people lose money in this market and bitcoin is a safer choice than any other crypto I know. There is currently no reason for bitcoin to fall in price. The trend of storing bitcoins is becoming more popular, the number of bitcoins in exchanges is constantly being put into wallets.
I am expecting a new bull run after the US election.

Well, its kinda your fault to indulge yourself into trading instantly. When I was a newbie, I was also scared to do those things but I personally knew that I don't have enough knowledge to be within that environment. Its good that you are creating this fast decisions but good things take time. HODLing will always be profitable if you will decide on a timeline on which you will sell your Cryptocurrencies.

They do it becouse your kuwait dinar will lose value like it happens now all around the world.
So Bitcoin has more value then your own currency first They ban cryptocurrency in your Country then the next step is Block swift payments becouse no eur or usd holders will not want kuwait currency They will Come for cheap resources and cheap Land in kuwait Once the currency is de-valued.

The situation in Kuwait is kinda tough. I wish there is something I can do to ameliorate the blockchain environment. Its really a sad thing to hear that there is currently no bitcoin exchange at all in your country. This is a backwardness  since other parts of the world are considering bitcoin and the blockchain as the future currency. They are implement this technologies in different fields. Hence, I dont think that other exchanges in the world will be forced to close like the one in your country

There are still many exchange that accepts bitcoin through Paypal gate. Why dont you give them a try ? Bitcoin is still a value asset in our modern world

Bingo! But you miss something. The Kuwaiti Dinar is the strongest currency on earth (https://www.google.com/search?q=strongest+currency+on+earth&oq=strongest+currency+on+earth&aqs=chrome.0.69i59j69i57j69i60l3j69i65j69i60l2.4261j0j1&sourceid=chrome&ie=UTF-8) (has been for 20+ years, so de-valuing the KWD will be tough) which is why I'm in favor of my government's choice of banning cryptocurrencies. I don't think swift payments has any effect on our currency, as I have been making swift payments for a while now  ???

Also, similar to Singapore Kuwait is a small country, so getting a "cheap land" will be sort of...... impossible for businesses, even if the KWD de-values  :D

Strong currency doesn't mean it can sustain economic crashes due to pandemic, in 2008 the inflation rate of KWD increased a lot compared to their previous years which is a proof that any fiat currency will face issue when the economy issues all around the world.

From what i can deduce from your post, it is a problem of your country and not Bitcoin's problem. I don't know much about your country but it seems Crypto is not yet legal thus the reason why the crypto exchange was shut down. I understand your plight but what you should know is that, Bitcoin is not like other altcoins which will dump and never rise, or like other altcoins whose team can exit scam.
Also, you should know that crypto is still being used in many countries and also, many countries are trading as well as exchanging crypto for fiat on different exchanges hence one of the reasons the userbase of top exchanges keeps growing.
I understand you and any decision you take, you are entitled to it but I think you shouldn't have sold your Bitcoin just because the exchange in your country was shut down.
Additionally, Bitcoin value will keep growing, although not stable because of the nature of the crypto space and also the crypto space has grown so much that exchanges can't just shut down.

OP isn't leaving only because of losses, he can't trade anymore because the only exchange in his country got closed, and p2p trading is too much of an obstacle to him. It's really wrong to say that leaving a market is stupid, there's a lot of other investment opportunities out there, Bitcoin is just one of them. Maybe OP will get rich with real estate or stocks instead? Cutting your losses isn't inherently wrong, every serious investor does it at some point.

Actually nobody forces you to stay HODL because it's everyone's right to keep bitcoin when you own it or sell it.

If the problem of loss is actually this every investor should also be aware, because in market movements there will always be new supply and demand which causes price movements to rise and fall.

When this principle is not fully understood, I think we as investors will be very disadvantaged, because it is not impossible that the losses we will get will also be even greater.

Man, the major thing that bothers the OP is the lone exchange in his country that is closing now. I guess he didn't mean his concern was the losses he had because of the market volatility, of course everyone must understand that, but this isn't the case for the OP. Instead, he's talking about the reason why he'll continue to hold his Bitcoin when the only crypto exchange in his country has been closed, because with that service the OP could make an easy transition from fiat to Btc and vice versa.

Cant really blame him if he do have this kind of perception or conclusion if he decide to hold due to unable to sell out or convert his coins because of the situation.
If you do find it hassle then you will really have those thoughts that you would rather stick and hold on what you do currently own but there are several ways which
is possible for you to exchange those coins with almost similar fees and it had been mentioned on several pages back but overall when op do really able to
find a way or method on how he cashout and buyback those coins then he will normally get back to the market and make involvement once again.

What about if there was a rebellious Kuwaiti who wants to buy heroine sent safely to his home from the friendly dark market vendor? Or if there was a Kuwaiti who wants to gamble in an online casino?

I believe Kuwaiti laws are very strict on both gambling and drugs. There might be some ordinary Kuwaitis who want to live a more liberating life, not just the elite.

Newbies never changes... Trading is for professional people, you should just hodl btc if you dont know how to trade

It's so sad that you made losses.
But it's oftenly seen from newbies only.
That's why it's always advised that, before investing your money into anything, do a brief check about it.
Same should happen with trading.
Moreover as far the exchange issue is concerned, you could have paid a visit to localbitcoins.com, i bet that would have surely helped you out.
Hope this helps you OP.

Therefore, make sure you learn properly about Bitcoin before deciding to invest. Because newbies are only interested in pursuing profits,
I will make sure that will only make experience losses. Besides, in my opinion you are just not patient with investing in Bitcoin, try to hold
Bitcoin for about 3 years, I am sure you will get a large profit. Because HODL is the easiest way to make profit from Bitcoin, but if you decide
to leave the world of cryptocurrency. It is your right, I hope you don't regret the decisions you have made.

You live in a region where only 4 million peoples live. Since Kuwait is a smaller country I don't think there will be a good service of bitcoins exchange.
Anyways you're simply accusing the bitcoin and trying to unfamous it. Not every person confronting this sort of issue they're are as yet contributing and doing exchanging.
Bitcoin is not for holding only there are still many services which bitcoin is providing. Anyways you can sell your coins online and get payment from PayPal, Payoneer.

Its a sad news mate hope that you can move on and made up from this huge loses of yours. What was happened to you was a charged to experience here in cryptocurrency and as a newbie it is not impossible to get lose what you invest especially when you are about to take it with no experience at all. But hopefully this might help you to learned from your experience and hope that you may not get down of what was happened. Taking risks, loses are very relevant when it comes to trading.

Iceland is much more receptive to Bitcoin and they only have like 300-400k population which is 10 times lower than Kuwait. But as far as I know Kuwait is a third-world country where technology and infrastructure is not well-built. However living in such a country presents much more opportunities for entrepreneurship. Why don't you try and create communities who use Bitcoin and then maybe establish a nation-wide association.

I've just checked the electricity price in your country and it is just $.029/kwh. Quite cheap!! I'd look into mining if I were you. (talking to the OP)

It would be hard for you to put more in bitcoins and other digital currencies.
Beneficial things never happen prior, you should stand by certain years and hold your coins for long haul reason.
Talk about the exchanging, then you should not stress over it since there's some more payment gateway which can help you convert your bitcoins in USD cash.

Being a Newbie but you risked too much money?then that is your mistake and nothing to be blame.
Good decision  because it seems that you are not for crypto investing,you have no strategy instead just doing what comes on your mind.
Just keep you Ledger mate,maybe this time crypto is not that popular and accepted in your country but if you really consider this as invesment then you are doing the right thing to wait.

There are many ways to store your bitcoins, I think it is a bad thing if you store your assets on exchangers
You can store your bicoin in the app blockchains which I think is quite safe
if you need money quickly, there are many exchangers that can use perfectmoney and there are still many withdrawal options
so you don't need to worry

The problem here is lack of bitcoin adoption. We are depended on exchanges to change our bitcoin into cash. Bitcoin is just used as a manipulative currency while there are just a few business and merchants that accepts bitcoin. It's again largely due to regulations from the government. To solve it, people should start accepting bitcoins without a middlemen. A shadow economy should flourish which don't depend on the IMF's currency. I believe it would happen as bitcoin is much reliable and trustworthy then money issued under IMF.

You could have sold your bitcoin for skrill or payeer then from there withdraw to your bank account. I am not sure if they are supported in your country but you would need to try something like that to get around this problem. Things will get better in teh future for sure. There is clearly a demand for what you need in your country and some clever person who wants to make money will fill that demand its just a matter of time. I hope it hapens soon.  :D

The closure of the only native exchange site that offers service for crypto to KWD fiat currency is a sad story for all crypto enthusiast in Kuwait but the OP shouldn't have sold all his holding because the closure of the exchange was not because crypto is not supported by the Kuwait government, it was because the exchange site does not meet the criteria of having the license to operate within Kuwait which was what led to their fiat payment providers back out and this may change in the future when big exchange like Binance decide to partner with the exchange in the subject or expand their business.

Meanwhile, you can still trade on other exchanges while you sell your coin for fiat currency through the p2p exchange site.

After I read your post, it turns out that it is difficult to trade crypto in your country  :'(.
Maybe I can only give you a suggestion which is trading on Binance.



contrary to me, I wish I could know bitcoin earlier.

I think keep it, who knows you will need it later  ;D

If you paid attention to the message, it clearly mentions that there is no such thing as "crypto license in Kuwait," so assuming Binance partners with exchanges in Kuwait, how can they operate if the license to operate itself does not exist?  ???

The problem of cryptocurrency with Arabian countries seems to be getting tougher and wider. LUNO exchange is also said to have been banned in Qatar and that has made act of easily converting cryptocurrency to fiat currencies impossible in the countries.

We should show restraint toward the choice. I recommend you keep your bitcoin and forget about it. Stand by until the guidelines are clear and we can without much of a stretch trade our bitcoins for money. t isn't yet crypto neighborly. However, you have to understand that individuals outside your nation have more opportunity when managing Bitcoin. The old framework is making it truly hard for you. I figure you can exchange it and the purchaser simply needs to reset it with the goal that they can utilize it for themselves.

Well, storing them in exchanges can really be quite dangerous but some people does not have enough gas to keep those Cryptocurrencies move from one place to another. Its actually better for day-traders to set specific time frames on when to trade and on when to make sure to keep their moneys in check so they can transfer it back to their safe wallets. I actually just do not see why some people risk the fact of leaving their money in other people's wallet.

Just wait until the price of BitCoin CRASHES again, a lot more people will be joining you  :D :D :D

Bitcoin is not using any gas. Rather, using miners fee as fees to the transactions.
Be reminded also that sometimes some exchanges set the own fee for your bitcoin withdrawals.
It's not good for small time traders cause the fee is way too much.
Sroring bitcoins/funds on exchanges is dangerous.
It's always at risk to be lost if someone stole it by hacking the exchange.
If you want to store, then store it where you control the key.

Remember: not your key, not your bitcoin.

Don't say goodbye to bitcoin, just hold on. Time will come your country will accept cryptocurrency and that time you can exchange your bitcoin. For now just relax ,don't hate cryptocurrency and don't quit because if you leave you will not recover your loses anymore and if one day you will see that bitcoin is legally accepted anywhere then for sure you will regret.
Also, if you want to avoid loses , you should learn bitcoin very well on how to invest on it in order to gain and not to lose. It needs time ,knowledge and understanding and of course you should be a risk taker person.

Yes, there are many transaction providers nowadays and also, he can still use a trusted escrow here to sell them to USD or other currencies, I think it would be better because it's useless he keeps getting angry and complaining because the situation makes it difficult for him to be able to convert his bitcoins to fiat. After all, hodling or not is up to the owner, if he is willing to hodling longer, there may be changes in the rules of his country, which may be in the future there will be exchanges that really get permission from the government.

It is such a shame that you are leaving but taking into account everything that has happened to you then it is completely understandable that you are doing so, however this is an emergent market and governments and banks are not facilitating at all the free trade of cryptocurrencies for their fiat currencies which was to be expected, you are simply in a  country with very difficult access and you took some bad decisions as well.

However I wish you the best and if at some point the bitcoin adoption improves in your country you should at least think about the possibility of giving bitcoin and this market another chance.

Look frustrated what happen with his trading assets and claim good bye for bitcoin because he lost moment when investing with bitcoin or altcoin, bitcoin keep the best currency worth investment for the future without inflation and liquid value, looks with other investment or saving your money for long term, day by day until year by year your money will increase worth value and have lower price although with the same amount, how if you try for saving assets as bitcoin and hold for long term how much profit will you get when bitcoin break to higher price.

The knowledge you have and the experience you have is very, very valuable, but you don't want to blame bitcoin 100 percent, we must have principles because trade names have ups and downs, when bitcoin prices go up you always love bitcoin, but when bitcoin falls in price you blame bitcoin, and you are frustrated. be a true competitor without having to criticize when what we expect is not what we expected ..

It is really unfortunate that your country is shutting down bitcoin but I think considering the amount of bitcoin you are currently holding, you can make it work if you would transfer to another country where bitcoin can be exchanged into real money and there are no restrictions as much as your country has. Even though you are caught up on that misfortune, you should still consider yourself lucky for knowing bitcoin early, many would wish they were you and they will surely hold it up until now if they were given a chance. Although my opinion was quite too shallow, I know you can and you will find a way to make sure that your holdings wouldn't go to waste.

Buy Bitcoin now at this deep and thank me later. Now Bitcoin is filling its CME gap and by filling this GAP it will grow in a more powerful way. now bitcoin is gaining strength to break 70K resistance. this market correction is reasonable and I'm holding my position for 100K. The market has a lot of buyers and positive strength. The market is still holding MA50 on the daily chart so I think the market will be bullish as long as MA50 supports.

Never invest heavily into an area you don't understand.  That is a recipe for disaster.  Perhaps you are more suited to invest in oil or something?

This thread is like a year old and we don't know what happened to the Bitcoins that the OP talks about here. Maybe he continued to liquidate his Bitcoins and exited out for good. Hopefully we can hear something from him again so that we would know what he did and how was he able to get out of crypto or not. If you still have your Bitcoins, then you can sell them now for a profit. Use binance and then sell it on P2P, I am sure many people will buy your bitcoins.

Its a year old thread now man just like the comment above and I know how feel to losing and sacrificing to earn in bitcoin.
But we dont need to focus ourselves in that situation if we think has more loses has come for us in investing bitcoin. Actually not all the time we always win but we need to understand sometimes if we encountered losing we need to accept that and find a away be back again.

I also feel bad for you.... :'( but to be positive, you've learned a lesson that now we have to invest on things that we know about!
I don't really understand what you mean by bitcoin can't be turned into cash whenever you want.
Can someone explain about this please?

I agree not to invest heavily, if you do not understand, you will regret it in the end, understand more deeply and be more confident, after that you make a decision whether it is appropriate to invest or not, don't be careless, you will regret it for life.

Hello folks!

How is every one doing? I decided to come back here with great news!

I checked the company (https://support.yallabit.com/hc/en-us/articles/360017482720-YallaBit-Announcement-2nd-Update-November) that I dealt with in Kuwait on Instagram few days ago, and they claimed that they should be operational again within 2 months.

Now regarding my 2.25 BTC unfortunately I sold them at a loss since I never expected the company to resume operations. I'm unhappy with the stock market here, and seeing how BTC prices are falling now hopefully within 2 months when then company is operational the price would be within reach and I would start accumulating more bitcoins.

Indeed I am grateful the knowledge that I received while dealing with cryptocurrencies (and from you amazing folks on this forum  :) )


I meant that since the company ceased its operations it was difficult for me to sell my BTC for cash when I needed cash. Of course I would never do KYC forms and give my personal information to companies out of my country (for privacy reasons) to sell my BTC.

Disclaimer: The company may or may not be operational within the next 2 months. They are still working on that cryptocurrency license. Wish us the best folks, as I'm thrilled to go back and buy bitcoins again.

Thank you everyone for your concerns. I sincerely appreciate it :)

I feel really bad for this guy(OP). He sold his coins just a few days before the bull run started. But that is how it works with cryptocurrency. If you don't have the patience to stay invested, then there is a good chance that you will incur losses. He had BTC2.25 in his wallet. That would have been a fortune as per the current exchange rates, had he not sold them. Anyway, I appreciate him for making a post in this thread after 7 months of inactivity. Such posts help new users, to learn about the most common mistakes we make while investing in cryptocurrency. Therefore I have donated merit points to him.

It's official now. The first and only cryptocurrency exchange in Kuwait has closed for good (https://support.yallabit.com/hc/en-us/articles/360021706299)

I have opened an account with another exchange, did KYC but man! the fees are expensive! I had to pay $10 fee on a $500 value transaction (not to mention paying currency conversion fees.)

I think the only solution to pass this is to open a bank account with $ USD in it.

Anyways I will keep this thread open for others to share their input or learn from this experience.

Great thread , your right though the bitcoin is useless , only use is forced to Buy altcoins paired with it .

So I guess the lesson that I will learn here is, if the country is not supportive of cryptocurrency and the businesses that services people with cryptocurrencies, then there would be no way for people to encash and convert their Bitcoins to their local currency. I mean there should have been ways to encash this and put it to your bank account or like a payment app or remittance. But at least you have let us known of this issue and that would be additional learnings for us to be very careful when we are dealing with cryptocurrencies.

I don't think BTC is useless! I believe 20 years down the road cryptocurrencies will gain mass adoption similar to what happened to the internet and Amazon back in the 1990's where such technology was not used a lot, and today gained mass adoption (same applies to smartphones and Ipods.)

I strongly recommend you read this book to learn more about BTC:

https://www.amazon.com/gp/product/B08WZ4P1DY/ref=ox_sc_act_title_4?smid=ATVPDKIKX0DER&psc=1

But then again and as they say, always do your own research and never invest what you can't afford to lose. Personally I believe there is a bright future for cryptocurrencies. At least they are open 24/7 unlike the stock market  ;)


I can go to a neighbor country such as Saudi Arabia or United Arab Emirates and withdraw using BTC ATM. The true question is, is it really worth to buy a plane ticket, pay taxi fees, pay for food, etc. and waste a whole day just to withdraw fiat from a BTC ATM and come back home?  ::)

You should calm down, there are many way to use bitcoin. Actually know about bitcoin is one of the best things in this century. Actually I also introduce bitcoin to my friend who works in the same company with me and they ignored it. Now I am the only one who become rich and they still become as they before, no improvement. You can ask trusted member here to convert your cryptocurrency and then send it to you, of course there is a fee for this.

Could you kindly PM me those members for possible future business transactions? This will help me accept BTC more.

Many thanks

I think it's not really the best time for you and I feel bad about that. What you've done to your BTC is probably the best option for you to make, it's your money after all, and its not about being a newbie in the market but on having the patience to hold no matter what it takes.

Well stop the presses people... A newbie wants to blame the market for their losses!

Honestly, why would you sink your funds into a venture you know little or nothing about then want to blame others when you don't make a small fortune?

Chalk your loss up to a lack of research.

Rinse and repeat.

I think your answer is not quite right with the initial post of this topic. I think this describes someone who has been feeling restless because that person cannot benefit with bitcoin. then this person explained that the regulations in his country will shut down the cryptocurrency exchange and make him suffer losses. In my opinion, he doesn't ignore bitcoin as you mean. if in that person's country there were no rules that would close cryptocurrency exchanges, maybe this person would continue to invest in bitcoin.

Forget it! I'm out for good this time. When BTC price falls Binance will not let me buy the dip (https://bitcointalk.org/index.php?topic=5338555.0), however, when price increase Binance allows me to pay the premium. Why should I even bother? First my local cryptocurrency exchanges closes, and now Binance screws me over.

I'm out for good. Long live Elon Musk, and no funeral to cryptocurrencies. Twice now I got screwed  >:(