Bitcoin Forum

An example is in February, 2021, the CBN (central bank Nigeria) prohibited banks from engaging in any cryptocurrency transactions. At that time the restriction or ban affected the adoption of bitcoin, which was fast gaining ground as an alternative to fiat, for a while, people became afraid to be associated with bitcoin, because of the negative things that were attributed to it, like being a means of money laundering . Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies. Despite the perception and challenges in some countries, the adoption of bitcoin keeps increasing everyday. Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781


These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.

We can say that the restriction actually increased the awareness of bitcoin entirely and also paved way for schemes like decentralized P2P to be explore by people but I doubt this advantages would have been more than the damages it caused.

Some investors lost most of their funds due to the freezing of their bank account, this rendered most of the early investors that have cryptocurrency affiliated with banks to be robbed off their hard earned money. Some of which are yet to find their feet. This also affected the adoption rate whereby people turn away from it because of government restrictions. So had the government embraced bitcoin instead of restricting it, it would have grown more adoption than it did when the other was passed

 A very keen observation you have made and to an extent, I'd agree with you. We all know that Bitcoin gaining prominence and recognition was like a threat to the government and the local fiat, especially as they saw that if nothing is done they will lose control and the fiat would continue to depreciate in value.
But there are countries whose Govt have banned the use of crypto use like Algeria. In such cases, knowing fully well that such is frowned upon can limit the usage and adoption.
 But since you used Nigeria as a case study, I feel using the instance of curiosity as a reason for dabbling doesn't just do it justice. People will like to get value for their money and storing up the local fiat, which is the naira isn't the best form of investment as on a daily basis, its value depreciates.
If you ask me, I feel crypto and bitcoin to be precise was more accepted by Nigerians simply because of its ability to ensure your privacy while you conduct transactions. Something the traditional fiat can't give.

Since there is no hypothesis to check whether or not Bitcoin restrictions can or have led to Bitcoin adoption in those countries that have publicly made some negative pronouncement regarding Bitcoin, it is quite clear that ordinary the rate of internal growth and popularity of Bitcoin within such countries won't be as that of a country that made public legal adoption of bitcoin, such countries like El Salvador and the Central Africa Republic this countries are already innthe forefront of the whole thing, and by that, their counterpart who have hard some misperceptions about bitcoin will not be meeting up with the policy demands that will allow the integration of bitcoin into their internal economy.


What you listed above are all very correct but they can all be viewed as retrospect from previously kicked against technologies like the internet when it was still at its early stage of development but yet since people saw it as a great tool to better their lives m, they embrace and thereafter the government have no option but to also do the same.


So similar thing will happen with Bitcoin in the long run, when the world economy will not have any other option but to rely highly on alternatives which Bitcoin is one of such alternative to fiat.

You still gotta ask yourself how big the growth would be if there was no ban. Because bans can deter a lot of potential users who are scared to break the law. And also you gotta consider the possibility of crackdown on p2p exchange. The government might order banks to monitor for activity that looks like exchanging crypto and to ask their customers to explain the source of their money.

I think it's a two-way effect. The ban had it's negative effects but the positives actually superceded the negative because it was around that time that more people became aware of Bitcoin and other cryptocurrencies. It's just like PRs now, even a bad PR might good for long term growth and awareness.

Anyway, the ban was short lived at it wasn't implemented at the core level since currencies are fungible. There's no way to tag users who participate in P2P ans users who don't since anyone can just send money to a recipient for products and services.

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Same government approved Blockchain and Blockchain related services for National Development.

Much like what happens in countries like bangladesh or something. People in there aren't particularly aware nor supportive of bitcoin in the first place, but the fear of the government lead them to inadvertently steer people into becoming curious of what bitcoin really is and in turn invest in it. Stupid if you think about it but sometimes governments really do this for some ulterior motive. Some of them are trying to fish out bad actors who are more likely to use bitcoins to transact in private, some countries I think are banning bitcoin and then holding the people curious about it, so they could use bitcoin to jumpstart their economy altogether when they lift the ban. It's all a meticulous game of cat and mouse if I do say so myself.

We know that this world isnt really just revolving around with 1 country on which means that even if they have decided to have a ban but doesnt mean that it would be completely be affecting out when
it comes into its citizens wasnt able to deal with Bitcoin but based up on whats been said that because of the current options and methods that we do have today then it wont really be completely be removed or eradicated on the possibility for someone to be able to make deal with it.Its always been part of human instinct that if ever there's something being prohibited then this is where interest and curiosity would comes next. Some might that be tending to obey those rules and regulations but there are ones who would really be tending to dig in depth.

Each corners of the world couldn't really be having that same decisions and jurisdictions that would be made out and this is why its not something new that there would be places who do allow
and accept out Bitcoin or crypto and there are ones who do ban. Its up on a certain individual on whether he would proceed on learning it or would really be going in line on what their government
been telling about.

Bitcoin has been known to take every negativity towards it for some sort of publicity campaign and this isn’t solely about Nigeria but, the globe. In other to spread negativity, you’ve got to spread the word out on bitcoin and that’s just what the innovations need. Some means to let people know of its existence and you can trust on intellectual forks to go the length in finding out more about this innovation and just as they are met with the bad, surely they would establish truth at some point and the coin gets more investors.

In another scenario, it could create a panic sell situation for weak hands, there by creating a perfect buy condition with a slight change in price towards the bears and that’s very much a viable condition for those looking to invest too.

We still need to ask how big the growth would be if the government permits mining and use of renewable resources. Bitcoin is growing in Oman and the middle East because it has been given wings to fly. True that the crackdown may be a blessing in disguise because of what the OP has mentioned but we should remember that it would have been even bigger in these countries if it was permitted. I recall miners in China moving out to Kazakhstan and other countries after then ban on bitcoin mining.

After the ban and those who were not well grounded in bitcoin moved their bitcoin to dollar and keep it there. And those who understands bitcoin has a decentralized currency was not shaking and were calm to observe the next move of the government because they knew that the CBN or the federal government could not control their wallets. And immediately they diverted their attentions to p2p and used the international exchange platforms to sell their bitcoin and spend. Yes that reduced the adoption of bitcoin because people thought that since government did not support it, as for them bitcoin became illegal. So they became afraid to use the coin. But later in the years, those who thought bitcoin is illegal as the CBN banned it became interested to join the investment again and probably because the dividends from the old bitcoiners. Well to some extent those factors propelled the wide range of adoption of bitcoin in the country.

I don't know how restrictions are indeed a blessing in disguise. I think you failed to expound on it. As far as adoption is concerned, it will certainly be faster without restrictions rather than with restrictions.

The factors that you mentioned don't answer why restriction is a blessing. The level of curiosity, for example, would be a lot higher without restrictions. And whether such curiosity would translate into another Bitcoin user would also be affected to a significant extent when there are restrictions in place.


You might want to reconsider your examples when speaking of P2P and decentralization.

Yup, curiosity is often able to break through any rules, be it rules made by the government or those made by other communities. Because actually this is very humane, because when something is banned like bitcoin, people don't leave and stay away from bitcoin. But instead I'm wondering and want to know more clarity. So people's curiosity is indeed one of the things that makes bitcoin more and more known to many people in the world.

Because as the saying goes
Source: https://www.bola.com/ragam/read/4957826/40-kata-kata-bijak-seputar-rasa-ingin-tahu-buatmu-moving-maju

So curiosity or curiosity, is indeed the beginning of everything, as well as people who are curious about bitcoin. Even though it has been banned and warned not to use it. But they still insist on using it, because these people are curious about the truth about bitcoin, the potential of bitcoin, and the reasons why bitcoin is banned.

The last four points are clear, that bitcoin is attracting people because in general bitcoin is an asset that can make money. Apart from that there are several advantages that bitcoin has, such as decentralization and privacy which can indeed be maintained. So in essence, when it comes to profit and income, it seems like the majority of people will definitely pursue that source of profit. Because of this too, even though bitcoin is banned, from a user point of view and the popularity of bitcoin is rising to the top.

So in conclusion, the ban on Bitcoin issued by Nigerian bank, it seems like this is actually like Nigerian bank advertising Bitcoin. Because people who previously didn't know about Bitcoin, became aware of Bitcoin, and in the end everyone in Nigeria became curious about Bitcoin. Amazing reality. ::)

I disagree if Bitcoin restriction will increase Bitcoin adoption, if the government and the banks restrict anything involved with Bitcoin, it means Bitcoin is illegal in their country.

Imagine you're live in a country where drug is illegal, but you're a drug seller and only want to make money from selling it. You might be safe as long as the buyer is not get caught and quiet. If they get caught by police and they told you're the drug seller, you will going to jail.

Unemployed people earning money by trading cryptocurrencies? Where they got their capital from? Have you heard the saying "only invest money that you can afford to lose"? If someone is unemployed, this means that he has no steady monthly income. This means that he(or she) can't afford to lose his/her savings. Cryptocurrency trading is very risky. You can't replace your job with crypto trading. I've always viewed cryptocurrency trading as a side income, that supplements the income from a 9/5 job.
Anyway, I agree that the people simply don't follow the rules and don't abide by the laws in many countries around the world.
"The forbidden fruit is sweeter". Maybe that's why imposing a crypto ban has the opposite effect and leads to bigger crypto adoption in most underdeveloped countries.

One of the biggest advantages of Bitcoin is unrestricted cross border transfer of wealth, which is good in countries where there are conflict and where people might have to leave their country in emergencies.

You create an online account.... then you scramble your private keys and store it on there....  and once you relocated to another country, you access the site and you sell the coins to start a new life. (Many people get robbed, when they try to cross to other countries by raiders or even the corrupt government officials, so you cannot carry your cash or valuables with you)  >:(

There are still many countries in the world where bitcoin is outright banned, not just bitcoin but the entire cryptocurrency. Although cryptocurrency is banned, the government of that country cannot fully enforce this ban so that the people of that country cannot use Bitcoin or other cryptocurrencies. Despite the ban, many people continue to use Bitcoin from those countries and convert most of their money into Bitcoin. Observing the international news, it can be seen that many people scammed the bank and converted the money through Bitcoin, but Bitcoin is not allowed in those countries, and some people convert a significant amount of money into Bitcoin to avoid giving their share of money to their wives, that is, Bitcoin is a currency that is banned in various countries. Despite that, people in that country continue to use Bitcoin because Bitcoin is a very popular digital currency.

Only the first reason is related to restrictions put in place in countries since the banning will have to be public and will put Bitcoin discussion in the national news.

The other four reasons happen all over whether there are restrictions in place or there are no such restrictions. The second point; unemployment actually restricts people from getting into Bitcoin wait is not a job and one needs money to be able to buy it and hodl.

One thing that is certain is that a prohibition always makes us more curious to find out more about why something is prohibited. And so it is when it comes to bitcoin. Even people who don't know about bitcoin at first and then hear that their government is banning bitcoin in their country will naturally start to wonder about what bitcoin is and why it is banned. And yes, in the end they will learn it themselves because they want to satisfy their curiosity and this will make curious people realize that Bitcoin is not a bad thing. And this will make bitcoin adoption grow even more rapidly. Yes, a ban sometimes makes people more curious. So the government would be better if they only monitored and made tax policies and the like for Crypto. So they can keep an eye on their citizens. But if they prohibit their citizens from getting involved in bitcoin then this will actually mean that citizens will continue to be involved in bitcoin in a clandestine manner.

This is another blessing caused by the restriction in Nigeria, after the CBN ban on banks to transact bitcoin. People lost interest, but when the few that continued in bitcoin, through P2P and exchanges, began to prosper, it propelled the interest of majority of the people to join bitcoin trading and investment. Factors like this helped greatly in creating the awareness and the very fast adoption of bitcoin, because due to the economic hardship, people were looking for alternative means of earning incomes.

For a country that her citizens aren't satisfied with the way the government are governing the country, they'll always want to opposed the government whenever they put restrictions on things and in this instance it's something that's adding to their income as many individual has been making money from cryptocurency through trading or investing. They won't accept the government decision to put restriction on cryptocurency and be making use of it unofficially that's why your reasons are correct.

But in a more civilized society, restrictions by the government would have a negative effect on the use of cryptocurency as many law abiding individuals who are citizens of the country will stay away from using cryptocurency since the government has banned their use.

Crypto is banned in my country (Pakistan) and this has made a huge negative impact here. We can't buy Bitcoins through our banks by using credit card, can't withdraw bitcoins using Binance p2p and more. Last year there is crackdown on accounts that have done any crypto related transactions. I am sure the situation is not different in anyother country where crypto is banned. If crypto is banned then you have a fear with you all the time.

I agree with the other factors but I don't think this is the one that helped drive bitcoin's popularity. If you are unemployed and just stay at home, how will you have money to invest and trade bitcoin? We all know that investing in bitcoin is very risky, especially with trading, most people lose money in trading.

As we have discussed many before, bitcoin does not provide jobs and help reduce unemployment or alleviate poverty. So don't think that unemployed young people participating in trade is a good thing. That only shows the laziness and unwillingness to work of your country's youth. They just want to become rich without having to work and they think bitcoin trading can help them realize that dream.

I don't see the Nigerian government's anti-crypto position as causally related to the active usage of Bitcoin by the Nigerian people. A ban is not a blessing in disguise. It's an obstacle, but one that can play out differently in practice. The way I see it, people in Nigeria use Bitcoin in spite of the government's efforts to restrict its usage, pretty much ignoring the restrictions and doing their own thing. And it's a shame when those in power don't see the potential of their own nation to live and prosper, the effort of regular people to boost their economy. I hope that Nigeria will manage to get more adequate leaders in the future, those that will follow a clearly amazing nation of this country.

The initial ban on cryptocurrency in Nigeria led to a slow adoption of bitcoin,because many people were scared of adopting bitcoin and some who had then sold due to the fear of the government. Some that dont have the mind to keep their bitcoin sold out of panic. It was as time passes on and people start seeing that the government has less cocern on the restriction and there was the p2p payment method that encouraged them to re-engage themselves again. Another thing that discouraged the youth from listening to the government and taking their ban unserious is because the government is weak in terms of cartering for its citizens. The high level of poverty made youths to see crypto as an alternative means of income and they rushed into it,not minding the government. In some other countries,the ban on bitcoin will affect the adoption of bitcoin to decline drastically,because the citizens will be afraid to go against the law,since it might lead to jail. The decentralized nature of bitcoin rendered government ban on bitcoin weak since it uses p2p payment method for transactions.

Yeah, it's true ban on cryptocurrency leads to more adoption. I take my country as an example where cryptocurrency is banned by the government and CBP. But instead of keeping people away from it people take more interest in it and I see in recent years people want to invest their savings in Bitcoin because they want an alternative to unemployment. In our country young are graduate from universities a thousand in every session but have no job and as a result, they come toward Bitcoin without any fear of the government ban. 

True, thanks to the right restriction on Bitcoin and crypto in my country, that's how I know about peer to peer and since then I never go back to centralized crypto platforms, no one knows I am using Fiat to buy crypto, not even my banks, it's really a blessing in disguise.

At the same time, so many people believe that crypto is illegal or scam that's why the government put a ban on it, this action from the government encourages millions of people in the country to keep hating Bitcoin.

Either ways I don't see anything stopping crypto in Nigeria, people are tired of the government and they want a way out, so far, crypto have saved so many from the harsh situation of the country.

Bitcoin remains Unstoppable.

I've read some crypto fanatics on social media say it's not a ban but a restriction and I asked them what's the difference. They failed woefully to furnish me with any explanation. Some say it's the CBN banning cryptos and not the Nigerian government as if both work in isolation. May be in some sane societies, the governor of the central bank is independent and derives its powers and authority from the act establishing it. In Nigeria, that office is tied to the apron strings of the president. The same way Charles Soludo (former CBN governor) was tied to Olusegun Obasanjo (president at the time) was the same way Godwin Emefiele (former CBN governor) was tied to Buhari (president at the time)

You're right about the ban being a blessing in disguise. That action from the CBN and its directives to banks to collapse every bank accounts that have been found transacting in cryptocurrencies pushed a lot of people into getting curious and wanting to know more about the stuff that drew government's wrath into banning it. Words started getting out about Bitcoin on the streets to the point that even "419" dudes started fronting with Bitcoin as what they're into while quizzed by the EFCC. With the word on the streets concerning Bitcoin and what it could do, enthusiasts started researching on it. To this day, youths who haven't heard anything about cryptocurrency in Nigeria; especially upward and mobile ones in cities, are seen as naive.

Bitcoin and the entire cryptocurrency industry have provided a lot of money making opportunities to uncountable households, both directly and indirectly.

This is like bashers, the more bashers you have, the more you are getting famous. See those influencers whose content was shared by their bashers, even if they are just laughing at them. It is also the same with Bitcoin, your bank banned it, which made more people curious about it and found out that it was valuable, which is why they jumped in and wanted to have a Bitcoin. Though still, it is more likely to be adopted if they just do not put restrictions on it because people are not scared to use it.

The ban initially led to a slow adoption, but eventually it then led to people being curious about bitcoin. Before you know it a lot of people have keyed into it, and that is why I say it's a blessing in disguise, because you'd think that the ban will diminish the adoption of bitcoin., but instead it increased the awareness. Again while the ban is still on in Nigeria, the country is one of the highest in bitcoin adoption. If the ban didn't make so much headlines at the time of CBN ban, maybe the awareness and curiosity to understand bitcoin, might not be much.

Yeah, it shows the number of Nigerians' need for third party services which means they're still easily tracked. In the long run actually that is a problem for both especially potentially bringing the service itself to legal sanctions. If one wants true freedom, then reduce the intention of using such services or dont associate fiat and crypto activities.

It does not always happen like this, even if people get to find out why the government has put a restriction on the use of bitcoins, and they do, majority of them will not want to engage with it because of its restricted status. They will just find out and hold on to the knowledge. Only a few persons will like to involve themselves regardless of the governments opinion and the others because they were not involved with bitcoins before, will keep their distance.

Why do people still see trading as an employment? Before any trader can really make money from trading bitcoins, they need capital to be able to purchase the amount of bitcoins that they can to trade with. You cannot start trading with zero capital. And even when you start trading, it is not always a win win situation.

I concur with the first point you've made, but for the other points, they indeed come with specific conditions for one to act upon them. People tend to become more curious when they experience limitations in accessing something, whereas those who view BTC as a means to generate additional income must initially possess some capital to delve into it.

Entering the realm of Bitcoin without any capital will certainly confine your ability to explore and attempt other endeavors. Therefore, at the very least, someone aspiring to turn Bitcoin into an income alternative should have some initial funds for learning about investment.

A solid foundation of knowledge is undeniably crucial to progress to the next phase.

We are so conditioned to be attracted to what we are forbidden that it becomes a desire to obtain it, to experience by our own means if it is good or not, as they say, it is part of the human being... I be never seen restrictions in this way, always I thought that they would be an obstacle to the adoption of bitcoin and a delay for it, but this new approach completely changed my perspective towards this situation, and it seems that if this event is true, people are becoming interested and even inquiring about their own media regarding bitcoin despite the fact that this currency is being inhibited, a good sign that could increase the demand for it, I wonder if it is only in this country that this event is being noticed, because if it is in all that they have implemented this measure perhaps all those inconveniences that were believed to affect what is so sought after for bitcoin are no longer a problem, as we know there are ways that our bitcoins do not have the need to go through centralized platforms to store them, so that if these people who aroused their interest in this asset manage to study it as it should be, they will realize that freedom with it has no limits.

Just like what's happening in other countries, the more they prohibit something, the more that people will be breaking the law to pursue what's banned.

That's true, the ban was a blessing in disguise there. And instead the government thinks that it will be better for them to ban it, the people there did the opposite and that has gained more adoption instead of stopping their curiosity of owning and adopting.

This proves that good or bad publicity always ended up in a publicity.

Restrictions on crypto-related services can create more buzz due to the influence of social media and make people to get to know it better but it's not a completely good thing. For example, in OP the banks restricted any activities related to crypto trading in Nigeria but people used to do it in p2p way so they could still buy and sell bitcoins if banks feel any suspicions about the activity then the account can be frozen which actually happened on many instances so it has a risk of losing all our savings in a bank account.

Apart from banking restrictions other restrictions can be much worse For example China restricted mining operations which resulted in a significant drop in the hast rate which congested the network completely and people were forced to pay high network fees so it all happened due to the restriction made by one government so everything has good and bad side too.

now information has spread quickly among the public so that when there is a ban on a product (in this case we discuss bitcoin) people will flock to find out the real reason it was banned and when they feel the reason for the ban doesn't make sense then they will start to fight against the government and instead give support to what the government forbids and this kind of thing has happened in many countries (people nowadays are smart enough to be fooled).

but for some countries, authoritarian countries, when the rules they set are prohibited, they will act decisively, such as freezing the assets of citizens who violate them or come to their homes, so citizens must be smart in hiding all forms of their bitcoin transactions and investments, to save bitcoin they must use a private wallet that has high security and to carry out buying and selling, they must use the P2P market.

The ban on Bitcoin in Nigerian banks is not a total ban on cryptocurrency, which is why its adoption is still trending. If there were any serious ban on Bitcoin, it really would have limited the rate of adoption in the nation. Cryptocurrency restrictions in any nation are never a good thing, and like I said before, if Bitcoin were restricted in Nigeria, it would be difficult for citizens to freely acquire the coin. The truth is that the more citizens that are always in search of an additional source of income or other individuals that are also looking for a legit way to invest their money, the more they are discovering Bitcoin and also bringing its awareness to others. There are still other ways that people are learning about Bitcoin every day.

Restriction of a country on Bitcoin will only pave the way to underground activity. I do not think it can cater to more adopters than when a country openly accepts Bitcoin.  Unless cryptocurrency does harm, it will never be a blessing in disguise if it is restricted to any country.  @OP You can sweet lemon the thought but it will never be better if a country accepts Bitcoin legally.

The CBN's stance on Bitcoin limited its adoption temporarily. But your motives for its revival are correct. Take a look: Unemployment and other income sources? The answer is yes. Some see Bitcoin as a way to gain money, but dealing should be done responsibly. When the market is volatile, you might win and lose quickly.

Also, innovation and ease have pros and cons. Like everywhere else, Binance and Remitano trading is dangerous in Nigeria. Security breaches, scams, and legal uncertainties are largely ignored. Bitcoin's "freedom and privacy" can be used to commit crimes, harming society.

Thus, interest leads to education, but it must be complete and address crypto trading's dangers and challenges. Well-informed groups make fewer costly mistakes, which improves the ecology. P2P trading can solve difficulties, but be careful.

they will soon find out that it is better to regulate this market rather than be strict about it. as this will continue its activity even without them. so why not get something out of it via taxes rather than let them operate underground?
and with the digital revolution that we have nowadays, i don't think they can totally restrict this kind of progress over the net.

While the topic sounds interesting, I couldn't quite highlight the underlying reason why cryptocurrency restrictions is a blessing in disguise.
It is restricted because if made acceptable at once, the economy of the country would be affected and there would be a sudden collapse of the economy and rise of interest rates to combat the ease at which things is afforded.
It's a blessing to those who understand and can use it for trading, earning and payment purposes.

I think some of the points you convey are true, but I find it a little strange and I don't think it's quite right when I look at your second point.
Although Bitcoin Trading can be a source of income for someone, but we are know trading is not an easy thing to do and is not a good source of income and is very risky for an unemployed person.
Trading requires capital to start and how can that be if someone is unemployed and has no income? If they get or there is certain capital and even then limited and it was definitely not money they could afford to lose..
Then trading will always be faced with the risk of loss, so how can an unemployed person overcome this risk of loss?. Precisely it will worsen his financial condition.

To me this biggest blessing in disguise is when it comes to bitcoin being used in countries where it’s banned because it just underlines the importance of a decentralized currency more than ever. The whole point of bitcoin is giving power back to the people, and who needs that more than those under an oppressive regime.

Agreed, it is possible to see good number of people staying away from cryptocurrency just because it isn't legalised within the country. Even now people have the understanding that Bitcoin is developed for the purpose of terrorism and illegal needs. This keeps them away and to avoid such occasions, legalizing could help with the better adoption.

For sure many people will follow their government if they restrict cryptocurrency and this will never be a blessing to crypto as a whole since it can limit the usage of this asset in that country. We can say its a blessing if government is openly accept crypto since we can assure that we can use it anywhere and we can cashout anytime we want. Maybe @OP didn't experience yet the worse about restriction that's why he can say that and if crypto is restricted for sure he's movement using that is so limited.

Precisely same thing happened here in India few years ago with the Reserve Bank Of India's (RBI) banking ban. Symptoms and effects were similar to what you mentioned however adoption was thwarted a lot — trading volumes dropped heavily, some exchanges closed the doors, individuals migrated overseas to crypto-friendly jurisdictions like UAE. Later ban was lifted but with heavy tax imposed.

During the duration of ban, we saw rise in P2P exchanges but it also caused increase in scams, having no proper regulation in place it was hard to fight against scammers.

In one type of P2P scam in which I was victim of, you create a sell transaction, scammer sends you money, you confirm that you received the money— only to have the scammer initiate a chargeback. Now, If you were to report this transaction as crypto-related to your bank, they would hold you responsible for the incident since it was crypto-related and they are not supposed to deal with crypto-people as ordered by central bank and will happily opt to close your bank account instead of doing something about scammer.

It wasn't a blessing at all here.

From what Op said the P2P is an effect that grew more because of the ban or restrictions of bitcoin trading and I think the market would have had more positive growth if the restrictions were not there. In Nigeria like the op was making reference to, before the restrictions bitcoin was beginning to be discussed on the street and many youths were proud to identify themselves as bitcoin hodler (at least some fraction of it) or learning how to trade or somesort but now they are restricted and avoid to publicly speak loudly about it. So they rely on P2P platforms more which would have grown the Nigerian adoption faster than it is now.


I agree with you on this. I think unemployment is a huge factor driving more people and the youths in search of source to sustain.

You really got the essence of this thread, because you recognized that despite the CBN ban, the adoption of bitcoin in a country like Nigeria, keeps increasing. So despite all the negative image that was painted about bitcoin, that it is used to sponsor terrorism and a means of money laundering, still the number of users keeps increasing. Therefore if you look at it from this perspectives, you can agree that the ban aroused people's curiosity, and they're keying into bitcoin everyday. So this can be said to be a blessing in desguise, because instead of diminishing the interest of bitcoin, more people are adopting it.

For clarity purpose, Nigeria, has not ban bitcoin, it is the central bank, that restricted banks from engaging in bitcoin transactions.

It was all political to say the fact at that time the government in power felt btc transfer was being used against them to fund #endsars protest. After that protest , the government traced those accounts that were registered with binance and link them to their fiat bank account and saw they were Nigerians who sent btc to finance the protest against police brutality. So that was the genesis of how they restricted those accounts.

Scammers would literally anything to take advantage of the people in any situation. They are actually smart for that knowing the fact that banks can't do anything about the money losses involved in crypto since it's decentralized. It's like in my case where I tried to open another bank account and they asked me what's my source of income with a huge amount of money to be save in the bank, and I told them crypto which they didn't accept. This ban is literally not a blessing as it gives more people hassle to explore and find alternative just like the P2P. Even if we say that we could do like VPN thing but some connections are not compatible in other signals. Government literally see it as a threat so they are not welcoming crypto industry.

It's not only Nigeria government mentality but all governments have sams anti position on bitcoin since its challenging there financial supremacy. Why would any government allow something that will take control away from them? Pakistan government has also placed ban on cryptocurrency claiming that its used for money laundering. But in reality more money laundering is done by people in power using fiat.

Maybe i should say this from my own view that the highlighted points here would have been more possible and advanced than this if the government also contributed in their support for bitcoin, but despite their insurbodinate attitude, the bitcoin network keep increasing and irresistible, there's nothing that can be done by the government concerning this than to watch and continue to see the bitcoin massive adoption growing each day, truly, if they had supported, we could have been somewhere little higher than where we are today but still yet, that doesn't stop or limit the way people can accept bitcoin adoption.

When the country had regulate the cryptocurrency,it had a big plan to get the tax from every people using the cryptocurrency.The most of the country government analysed it is hard to control the cryptocurrency flow in the market.The big economy like China had tried to regulate by ban all the mining setup.But the fact i people start to mine without the government knowing,this only loss to the government.By analysing this fact,some government had started to regulate the cryptocurrency now.The taxes from the cryptocurrency will help the government for scheme for poor people.

In the end one might assume; Governments play a role in the growing interest in Bitcoin or cryptocurrencies because of regulations. I agree on that point - but as long as you don't feel threatened by regulations, you can probably get involved and buy it in some way.

Everyone is always expected to comply with government regulations or provisions regarding certain currencies or assets, including bitcoin. Legal status can be troublesome for those interested, especially if they are forced to own or adopt it even though it is prohibited.

I don't think it was a blessing in disguise to the countries who banned Bitcoin as this will limit them to adoption. In fact, many people wanted to invest in Bitcoin and opened for businesses accepting it but because it was not allowed, they were not going to pursue their plan. Of course, we can say it was a great opportunity for those countries that legalized crypto as they don't have any worries about someone in the authorities seizing their coins. People are comfortable when there are restrictions and the adoption grows but it was impossible to see this hapoedn in the countries that banned Bitcoin.

This list would be maximized if the country accept Bitcoin legally since there is no need to go and hide while participating in these activities.  @OP you are just citing the list of possible Bitcoin events if it is legalized or accepted with just some twist of words.  If Bitcoin is not restricted by the government, you will see an increase in the output of those list.  So it is still better to have Bitcoin accepted by the government than restrict it since all people who are caught participating in illegal activities may be sanctioned by the government.

It is definitely going to have effect since we are very curious species and we always want something different or better than what we have. Even on personal level I am choosing bitcoin over gold investments. Initially I had this craze about buying the digital gold through wallet apps. You could buy as low as 10-20 cents and accumulate it over the time. Now someone who isn’t into bitcoin would never understand the importance of same. However, when I entered bitcoin space it made me think both of them can be bought in chunks but Bitcoin is way better in many senses. It’s volatility actually gives me more space to breath and earn more profits as I move further clearly.

On a national level it’s obviously that everyone has their own opinions and choices. But it is evident that they are choosing Bitcoin. It could be slow process but it’s seeding everywhere. :-)

Yes true that most of the people do not have any desire to put money in bitcoin because in such countries bitcoin is not allowed for investment. But on the other hand most of the people don't think about legal or illegal activities and they do what they want which is not a good habit.

Without the need for illegal works there are also lots of useful applications of bitcoin which people forget to share so I think if we prefer it's good abilities and share it with others then all people will attract towards bitcoin for good revenue.

I used Nigeria, as a case study for the thread, and Nigeria, has not banned bitcoin or any cryptocurrency, its just the country's central bank that restricted it's banks from facilitating any bitcoin transactions.  So bitcoin is not illegal in that country, so far you're not dealing through the banks. I said that it's a blessing in disguise because despite the negative image that the apex bank painted about cryptocurrency, the adoption is still going higher, especially among the youth. Although the adoption might be more than this if there were no restrictions, but for the fact that the CBN associated crypto with money laundering and terrorism, yet people are still adopting the coin everyday. It shows that despite all the negative image, bitcoin is still winning, instead of fading out in that country.

I don't understand why you would say that restrictions are a blessing in disguise when they clearly affect the level of adoption and the pace it has before the restrictions, and the points that you have mentioned are considered much better with no restrictions in a country apart from the first point where you said that some people might get curious as to why they are not allowed to use Bitcoin or cryptocurrencies and do their research but that number is very small.

I also don't think that unemployment is something that can be fought with Bitcoin or cryptocurrencies since Bitcoin doesn't provide job opportunities and cryptocurrency trading is only possible if someone has money to use for that and someone who has been unemployed for some time will probably have nothing.

I don't think it's a blessing in disguise. People are persecuted and punished for using Bitcoin. How can this be a blessing? A blessing was when Bitcoin was grey area, and no governments involved on this matter. There weren't regulations, bureaucracies and bans. People were free to buy, earn and sell BTC and crypto services didn't ask for KYC. Now you have people aware abou Bitcoin, but fearful of adopting it, anyway, since it's forbidden by local authorities.

I think any exposure is good to increase popularity, good news is good news and bad news is good news in certain way of thinking. so I think any respond from the government will become a news that spread in that country. whether government accept, restrict or ban it will just become an information about bitcoin existence. so I agree that those reasons that you stated can increase the number of bitcoin adoption.

According to OP's explanation, the government should continue to ban and restrict bitcoin to benefit us more instead of having to legalize and accept it, LOL. This is crazy thinking I've heard because government bans and restrictions on bitcoin have kept many people away from bitcoin even though they've known about it for a long time.

If bitcoin trading and investing can solve unemployment, is investing in gold or trading stocks the same solution as bitcoin? Furthermore, forex and stock trading have been around for hundreds of years, but why don't we say they can reduce unemployment or help alleviate poverty? OP is unnecessarily exaggerating too much about bitcoin and can easily mislead newbies.

It is human nature to always want to know about things that are prohibited by the government or things that are considered illegal in a certain area. Those who were initially unfamiliar with Bitcoin technology began to explore what Bitcoin investments are and why countries prohibit their circulation. Of course, this is a blessing in disguise behind the government's ban. Bitcoin adoption is slowly becoming wider as a result of the increase in the number of people in a region who are interested in Bitcoin due to the many advantages that can be taken from their activities using Bitcoin.

Bitcoin is not only limited to facilitating the exchange of goods and services, but Bitcoin can be used as a very profitable investment medium. People who find it difficult to find permanent work can use Bitcoin as an alternative source of income through trading and investment. Bitcoin can also be a safe haven that is resistant to inflation and has the potential to offer multiple returns. The advantages offered by Bitcoin certainly cannot be obtained in fiat money which is very susceptible to inflation and has a low level of security, especially if it is stored in a bank.

I think one of the main factors why adoption increase, where Bitcoin are banned ..is this ==> People (criminals) become aware that Crypto currencies can be used for financial crimes, when a government starts to ban it, so they start using it... because they know it will work.

Some of these criminals used traditional financial tools for these financial crimes, but the banning of something that are uncontrollable by a government, peak their interest.. so they switch to that. (Ponzi schemes and Ransomware used Fiat payment systems before they started using Crypto currencies)  ::)

A double edged sword in my opinion, that scheme can be done by people who try to smuggle money out of the country, it's not laundering necessarily as you aren't questioned when you're in a different country where your money came from unless you're a wanted criminal and infamous for stealing large amounts of money.

Regarding bitcoin being banned in a country as a blessing, I do agree with that because I believe that when a product or service is restricted or prohibited in some way and the demand doesn't go down, the price of that banned product or service will go up, I mean look at illegal drugs, the state prohibits and criminalizes the usage but with an increasing demand it's still lucrative for some to risk it.

Crypto trading should not be considered as a source of income for unemployed personnel. Unemployment brings it's own problems and mental problems added to that the stress of trading is like adding gunpowder to the fire. People are free to do it but I strongly advice against it.

Curiousity is fine but people need to learn to secure their wallets and devices too because this is hard earned money we are dealing with not some game.

If things were more streamlined the government would be seeing better outcomes but things are not like that. We have to keep ourselves safe in this ecosystem and consider risks and not be greedy in times of crisis.

There are many countries around the world where Bitcoin is still banned by the government. All these countries do not see Bitcoin as a blessing, they see it as a scam. They think Bitcoin will completely destroy people's lives. As I say from my location in Bangladesh, Bitcoin is still banned by the government in Bangladesh. People here are using Bitcoin under the cover of prohibition. Even though Bitcoin is banned by the government but people are not stopped they are constantly working here and earning money and leading their lives beautifully. There are many such countries where Bitcoin is officially banned but they are quietly making a living in Bitcoin.

Bitcoin still has a bad image in many countries because of malicious people who want to take advantage of Bitcoin. These researches of people who are banned from Bitcoin in their countries led them to Bitcoin and many negatives came with it. They have caused many governments to approach Bitcoin with suspicion. Of course, this is not the only reason, but it still has its fair share.

Bitcoin has many advantages and anyone who wants to use these advantages can use it. Those who cannot find a job have a chance to make a living thanks to Bitcoin. This is not easy, but there is still such a situation. People who have a certain amount of capital and do not have a job have overcome many difficulties thanks to Bitcoin.

All governments consider it a formidable threat rather than a blessing. However, bitcoin's relentless growth makes it nearly unstoppable. Therefore, many countries have had to lift the ban and instead accept it but are strictly regulated. As far as I know, Bangladesh is one of the countries that is still very strict with bitcoin investors, but I think there are not too many countries like Bangladesh today. Most are more open to bitcoin and I believe your government will have to accept it soon if they don't want to be left behind.

The birth of bitcoin was a blessing for us, not for the government.
     

Though it is true that there are some benefits (in a way) that such restrictions have, it should be analyzed if the gains are greater than the losses. Most often, we desperately try to look at the brighter side of things and forget to step back and see just how much damage it actually causes. While it is a good thing to be optimistic, it can also cause us to be blind to reality. Now, as per OP's point, I think calling those Crypto restrictions a blessing is a bit overboard. Yes, it may have some advantages, especially in terms of exposure and spreading knowledge about Crypto. However, is it really that big of a benefit when those restrictions cause a lot of problems and danger (in terms of the law) for those who are doing P2P transactions? Essentially, it seems as if most of the points OP had given were just made by twisting the negative effects of these restrictions to positive ones by proposing different possibilities.

Bitcoin is difficult to understand and govern. This intrigues many. This curiosity persists. It's a normal yearning for financial independence, not merely rebellion. Bitcoin is a change, not simply money. It prevents inflation, standard banking system monopolies, and financial reliance. Not simply for purchases, it's a versatile tool. Be careful, though. Bitcoin has potential but a high learning curve. Know everything about investing or selling before doing so. Although Bitcoin offers much, it is not a panacea. You need skill to use it to change things. Given how volatile it is, those "skilled hands" should be aware and prepared.

Something like that happened several years ago. When not many people knew about bitcoin and the government was still not interested in researching Bitcoin at that time. So that at that time bitcoin users around the world felt very free. Because there are no regulations regarding Bitcoin. But now, several countries have started implementing various policies related to Bitcoin. And yeah it must feel really bad to live in a country where bitcoin is completely banned. Luckily I'm not in a country like that. But I am in a country that already has its own policy regarding Bitcoin. And yes, the regulations in my country still allow bitcoin users to hold and use bitcoin quite comfortably.

In my strong opinion, restrictions should be avoided. Like, if all other countries are allowed to use cryptocurrency, then why others should be restricted?

If something is restricted, then, I am sure -- it will be avoided. For instance, people can easily change Bitcoin to Cash using special https://www.bestchange.com/bitcoin-to-dollar-cash.html platforms for exchanging. And this will be totally understandable! At least, it should be.

If Bitcoin is completely banned in your country and despite the ban, if you are using Bitcoin without the government's attention and if you are caught using Bitcoin then you will definitely be penalized. I think OP meant that as long as a user is not caught by the administration then using Bitcoin is a boon for that person. If using Bitcoin is a punishable offense in your country then you must take a lot of security precautions then you have to use Bitcoin because there is a ban on doing something if we violate that ban and get caught doing it. It is natural that the administration will punish us. Apart from using bitcoin secretly and not discussing it with anyone and don't your family know you are involved with bitcoin if you can use bitcoin with so much security then I think the administration will never know about you.

Each and every action for specific people have specific meaning. These actions for some people is like blessings , while other suffers from these actions. Bitcoin adaption is really a debatable topic. As in many countries Bitcoins are not legalised, hence it is very difficult to buy the coins. But for the ones who does P2P deals, they find it very helpful, as they won’t be paying any taxes in the exchanges to buy the coins. So yes the topic’s conclusion varies from person to person.

The government not caring about bitcoin is completely different from them banning and restricting bitcoin. What the OP is talking about is about bans and strict regulations, not a period where they didn't care much about bitcoin. It can be said, there is no such thing as luck if we are banned from using bitcoin like the OP said. The government is by far the biggest barrier to bitcoin's popularity, so it can't be said that the restrictions the government is creating are a blessing.

Moreover, I don't understand what OP is saying, how can bitcoin reduce the unemployment rate? Is it easy to make money from bitcoin trading?

Binance P2P is not real because every users that want to use P2P must undergo KYC verification, this breaks the rules of a real peer to peer transactions, no third parties but Binance hold every users information, also this exchange is centralized, they shouldn't be offering P2P at all, if something come up in future we can be betrayed, it's better to find a real P2P crypto platform.

It's true that banning crypto can be eye-opening for people around the world but that's some set of people that don't listen to their government, some people are been brainwashed and only listen to what their leaders tell them to do, in my country many people still believe that crypto is not good because the government said so.

Some times I ask myself why people like been in captive because of their own lack of knowledge, even the Holy Bible says to ask and you shall be given, seek and you shall find, this also mean you should do your research to find your path and gain more knowledge.

I think this is one of the biggest reasons  why people engage in btc , it's a  favourable digital currency, simple.  Even the deaf ;D knows what's  a BITCOIN it's just makes life easier . Besides,  Bitcoin is well trusted online other coins it might have a bearish run but always come back with a greater bullish run which is super cool than other Altcoins

This topic will actually give rise to quite a long and varied discussion. Because the users on this forum come from many countries with different policies in each country, of course. I personally am a lucky person because I live in a country that is quite friendly towards crypto. So for me the government policy in my country is a blessing for us crypto lovers in our country. But in a country where Bitcoin is banned, I think it will be enough to make crypto users there have a hard time. Although some consider it like a blessing because they won't care about crypto taxes because they just aren't there. But they must also be afraid of the sanctions they could face if they weren't careful. But I believe countries that currently ban crypto will one day start accepting crypto. We know a few years ago China was against crypto. But look now. In fact, China is a country that has indirectly become friendly to crypto.

States that tend to ban cryptocurrencies are unlikely to prevent cryptocurrency activities by taking technical measures. Directly banning cryptocurrency exchange activities can also be a very far reaching and reactionary situation. India has tried to reduce the level of cryptocurrency use through banks and financial institutions. Something like this may be possible. Considering the rise of financial technologies around the world and the widespread adoption of cryptocurrencies, the intensive use of cryptocurrencies as an opportunity can make many countries a pioneer in this regard.

Taking the example of countries such as the US, which regulates the use of cryptocurrencies instead of India, seems to be a much more rational strategy in the long run. Regulation instead of prohibition is very important for the use of cryptocurrencies by everyone.

I would not go to that extent to declare that disabled people can know and use bitcoin, they rather have their own problems to solve and they prefer fiat for that instead of going for a currency their government has put in a grey zone with no store accepting it as payment.

It is a cycle and that cycle continues on and on just that length of the cycle varies. This should be identified quickly for a trader to profit and not get stuck with the euphoria when the price rises or the frustration when the price falls. Being able to move in the opposite when the cycle goes is a key point in profiting from the market.

If cryptocurrency is restricted in a country, it's not a blessing at all to the people of that same country because the government is enforcing them with the choice they don't want to see or have, what the people really want is decentralization, trust and freedom in handling their financial economy, they also want that peace, joy and available opportunities but bitcoin could offer to them which fiat cannot give, so if your country does not support bitcoin use, it's better you find an alternative by relocating than breaking the rules.

Despite regulatory restrictions in certain countries, the growth of Bitcoin adoption persists. The Central Bank of Nigeria's ban in February 2021 initially caused concerns, associating Bitcoin with illicit activities. However, this adversity has fueled curiosity, prompting people to explore Bitcoin's advantages and share their findings. High unemployment rates, particularly among the youth, have driven individuals to view Bitcoin trading as a viable source of income. Its role as an alternative income stream, allowing users to engage in trading without sacrificing their primary employment, has contributed to its popularity. The convenience of participating in Bitcoin speculation from the comfort of one's home has also played a significant role. Furthermore, the innovative nature of a globally accepted decentralized digital currency provides users with enhanced freedom and privacy compared to centralized fiat. Despite challenges, countries like Nigeria are witnessing a rapid rise in Bitcoin adoption, showcasing the resilience and appeal of this decentralized financial alternative.

I recently had this discussion with a friend who is already living fine just by working as a P2P merchant on Bitget, during the course of the discussion we talked about the fact that some government policies might be beneficial sometimes regarding how hard it might look. Narrated to me how he makes daily profit from 50,000 Naira upward each day just by buying and selling, I expressed my interest to join as well when I discovered it’s easy to become a merchant on Bitget P2P market unlike other exchanges where your application for P2P might not be approved even in 6months.

I don't know how the restrictions made people curious about BTC, but I do agree with you that due to unemployment and the fact that people needed another source of income could have increased adoption despite the restrictions.
And again, smart government are looking for ways to benefit from the crypto currency by form of taxation, and a government that is bereft of ideas will clamp down on what they could even benefit from.

Imagine how much binance paid as fined; about $4billion was transferred to the us Treasury. This money is even bigger than some country's national budget.

Yes, despite all odds, restrictions and bannes in some bitcoin unfriendly countries, it is still being sort after as a means of financial transaction payments, as a means of self employment in it's trading and as an asset for investment. Bitcoin decentralization makes it possible to transact anywhere in the world, no matter the circumstances, making it's adoption not to have restrictions. Plus it's a profitable store of value, that is marketable anytime, now and in the future. This was why I started this thread, to show that bitcoin is a blessing in disguise in countries were it's not appreciated, because people's curiosity will drive them to want to know and gain knowledge about it, making the adoption to increase in places where it's not supposed to be popular.

I think it's fair to say folks with disabilities can learn new technologies like Bitcoin just as well as anyone.  But we gotta remember they face unique challenges too.  Like people with visual impairments need special screen readers or Braille to read stuff online and  and some folks have trouble using their hands, so they need customized gadgets and gizmos to work a computer or phone.  So we can't generalize - for some people with disabilities, new digital technologies are a blessing.  For others, its just another obstacle to get around.

As for Bitcoin, lots of peeps still like regular money better.  Partly because not everywhere accepts cryptos like Bitcoin yet.  And some folks don't trust that Bitcoin will stick around long-term as money.  But as more businesses and people start taking Bitcoin, it'll surely get more popular.

It's a figure of speech, I'm  not directly talking about the Dissa..... it in appropriate to do that as you've said they have their's to solve... Yeah fiat is a good option for them but they could make use of digital currency  just saying butt that's up to the individuals to consider

I believe that everything has two sides, pros and cons. There have been numerous bans on Bitcoin issued by countries since its inception, but not only have they failed to restrict Bitcoin, they have fueled its growth. The evidence is that now the whole world is racing to find ways to legitimize and use Bitcoin as a form of currency. I think these bans are like tests to see whether Bitcoin truly deserves to be a valuable asset in the new technological era. It's a necessary step in the development phase of Bitcoin.

Fortunately, the good news is there are more countries that accept Bitcoin. Legal status is more in Legal Tender, Legal or at least Alegal than Illegal or Restricted or Banned.
https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality

Governments and central banks are moving to build and launch their CBDCs with blockchain technology support so it does not make sense if they ban Bitcoin or cryptocurrencies.

https://cbdctracker.org/
https://cbdctalks.com/
https://www.atlanticcouncil.org/cbdctracker/

I agree that countries around the world are looking to legalize bitcoin because of the benefits they gain from it but to say they are turning it into currency, I doubt it. Which countries and governments are looking to turn bitcoin into currency? Because as far as I know, most just legalize it as an asset, a commodity, and their goal is to tax us.

Government prohibition was a challenge to bitcoin but it passed. But that is not the challenge the government has posed, rather they have failed to stop bitcoin and they have no choice but to get along with it.

We know that if a thing is given by experts in any country it is not completely destroyed but it continues to circulate in black form. As we know that in every country drugs and smuggling are prohibited and legal crime but people are doing this kind of work despite this prohibition. Similarly, if a country approves Bitcoin, then if Bitcoin is issued again by experts, its circulation will be fine but a little hidden. Cryptocurrencies and bitcoins are completely banned and legal offenses in the country I live in. My country's government has never legalized it. Even after being illegal, we are still doing business with Bitcoin transactions in different ways, just by stealing, and if Bitcoin is legalized and then illegal in any country, it will continue as before. If a country legalizes Bitcoin, and imposes expertise later on with such initiatives, it will encourage people to learn more.

Cryptocurrencies are legal in most countries but few countries have declared cryptocurrencies illegal I don't understand why their central governments have kept them and most of the countries that have kept them in Asia and Africa may not realize how good the future of cryptocurrencies is.

But the people of countries where cryptocurrency is illegal also use cryptocurrency but they keep their privacy because it is illegal in our country so they take a lot of ricks but still they use cryptocurrency the government of those countries should legalize bitcoin because common people of that country like them  They are using cryptocurrency without listening

The ban could deter many potential users from using bitcoin. When people are concerned that using bitcoin is illegal, they may not want to participate in it. This could slow the rate of bitcoin adoption in countries with bans.

However, I think that even without a ban, privacy will still be an important factor in bitcoin adoption in Nigeria. As reported above, the Nigerian naira is rapidly devaluing, causing people to lose faith in the traditional financial system. Bitcoin, with its ability to ensure user privacy, could be an attractive alternative for those looking for a way to protect their assets from inflation and government control.

That is also the same question I ask myself. How would bitcoin adoption would have been if there were no ban? Because I think the ban has hinders the massive adoption, because people now ten to see the negative aspect of bitcoin more than the positive side. And one thing that baffles me is that falls rumors spread faster than the right one.

The recent knowledge people have now, that is causing massive adoption would have been from the oncept. But doubt and fear of people and the bad reputation painted on bitcoin blind folded them never to realize the positive inpact of bitcoin. But economic inflation,lack of jobs and other things which couple's together now made them began to see the reason to it.

So I believe if the ban placed on bitcoin by CBN is removed. I think it would be more massive. At least it would reduce  some criminal activities that that place on CEX. Because there wouldn't be much need for p2p. because if bitcoin is sent to you, you just need to withdraw via fiat direct and received the equivalent in your bank and withdraw through ATM card

Curiosity has been one great factor that has fueled the adoption of Bitcoin in countries like these where there seem to be ban on cryptocurrency due to their fears. This ban ignites the curiosity of citizens to further crave to know what is it about cryptocurrency that has received so much attention by the government to the point they had to ban it just to protect their interest, because generally in places like this citizens are usually inquisitive about the dealings of the government due to pas records of corrupt practice by politicians

This is a very advantageous model to Bitcoin and cryptocurrency generally, although it has its detriment but then on the long run it turns out beneficial and within times frames the government of these places understands how much control they really don't have over this technology so they gradually adopt it. This is a model that has thrive mostly in third world nations for a while now.

The P2P in Nigeria is actually a blessing, lately some exchanges even started giving out rewards to P2P users who trade up to 150 USDT, have been a beneficiary on Bitget for exchange lately.

For example, if an area is closed off with a fence and there is a board that says "No Entry". So, in cases like people who don't know the reasons behind the ban, they will start thinking about the reasons behind the ban. And these thoughts will grow and eventually a high level of curiosity will arise. Well, the same thing happens if there is a bitcoin ban in a country. People who already know about Bitcoin will probably no longer be curious, but for people who initially don't know about Bitcoin, they will start to be curious and start to find out about the reasons behind the ban on Bitcoin and yes, they will find out about Bitcoin itself. So it is possible that people who are originally curious will actually become interested in bitcoin after learning about it and bitcoin adoption will continue to increase. Maybe that's the blessing in disguise. And if a country bans bitcoin they are actually hurting themselves. Because they will not benefit from crypto taxes, which in fact transaction activity is much higher even though they prohibit it. Luckily I am in a crypto-friendly country. Even though the crypto tax here is high, it doesn't matter because we can be calmer when investing in crypto.

I get your point though, but it is not always that way. For me, when I see I sign of NO ENTRY placed on a property, I am sure I won't even bother finding out why it was placed there, because it's not any of my business. But I will only try to investigate this signage if I have been using this facility before this signage shows up.
The same is true with Bitcoin ban, people with little or no knowledge about it in that country will probably have a legit reason to stay or get discouraged from knowing more about it.

I remember this ban and most people that I have told about Bitcoin made fun of me, saying it's over for all bitcoiniers in the country, it was as if they were waiting for such news to happen, I don't think the ban makes people to be curious, it gives them the reason to stay away because before the ban the rumour was that Bitcoin is a scam, no matter how much you explain to them they don't believe, and for the government to place ban on Bitcoin after makes them feel like they are saying the truth.

Tiill now so many people still believe that the government is the only thing or organization that want the best for people but I just enjoyed the privacy and I was confident that they will all regret for been ignorant about Bitcoin, they later do regret when they saw how many lives turned from grass to grace in a matter of one year.

Why would your government want you to get rich? That's not good for them in anyway, they only know how to manipulate the people, that's where they are making their money and power to control, if you think that your government want the best for you it's a stupid thinking.