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Author Topic: Bitcoin and Cryptocurrency are considered illegal?  (Read 1287 times)
lupinvn
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November 14, 2017, 04:34:10 PM
 #1

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!
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November 14, 2017, 05:35:19 PM
 #2

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!
Bitcoin is not a illegal money. It is also one kind of digital currency. Some of the countries are legalized in  cryptocurrency. But most of the countries are not aware in cryptocurrency. So these kind of problems are create in many families. You have some knowledge about cryptocurrency. In future all the countries are accepting cryptocurrency. I think you should explain about legalization of Bitcoin.

.

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November 14, 2017, 05:41:10 PM
 #3

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

If you miss the most important thing and you don't tell us what country are you from how are we supposed to help you?

Here is the list of countries that have declared bitcoin legal or illegal
https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
If your country is not on that list then obviously it's not illegal, mostly because nobody there cares about bitcoin, so holding BTC won't get you in any kind of trouble.






lupinvn
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November 15, 2017, 01:19:25 AM
 #4

Sorry about that, I'm from Vietnam.
As I look at wiki via your link, I've found that Bitcoin payment in Vietnam haven't been banned yet. But there is an announcement for 2018 said that will.

I think you should explain about legalization of Bitcoin.
I've thought about it but till then, I think my information is not enough to defend bitcoin legalize. But thank you all, I will spend more time and fight for it.  Grin
ninche
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November 15, 2017, 01:20:42 AM
 #5

yes it is illegal in some countries,not all
kiboloves
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November 15, 2017, 01:24:21 AM
 #6

You can tell your parents about the history of bitcoin development. And tell them the future of bitcoin and block chain projects so that they can judge with you
Davidbugs2
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November 15, 2017, 01:31:00 AM
 #7

Please do not FUD, bitcoin is not illegal nor banned, may be some countries has rules against it but its open to the world.

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November 15, 2017, 01:51:36 AM
 #8

Yes in few countries both are illegal, as they have not know the importance of it.

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November 15, 2017, 02:21:28 AM
 #9

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

I think it is better if you first do some researches before confirming it. There are other countries that ban it, and some of them do not but obviously with a serious reason to ban this digital currency. If it is really banned, because you said it is in the news, then I think it is time to stop it because you might get arrested if you continue using Bitcoin. And if it is really banned, you don't need to explain anything to your parents because it is now illegal in your country.



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wantjokull
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November 15, 2017, 02:31:59 AM
 #10



Hi everyone,

I've join the bitcoin world for 1 year and earn a little income from this wonderful place.

But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.

In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.


What do you think, how can I explain to my parents? some article would be great. Thank you all!




Okay if you have consulted with your parents and the news channel also says this :

Quote
I talk about this to my parents, they all said this is the illegal money and even the main TV news program in my country said that

then obviously dude its banned from your country or it is on the verge of doing so. Its better to contact the local law suits and confirm the things as these black coats will know more accurate than anyone else in your country.


As long as things are not published officially by the government or as long as there is no restricted access to using bitcoin sites then I guess it would be legal. But there has to be something which is making them publish it over the TV. I have heard that first time, news channel telling its illegal. And its not illegal money at all, its art work of digitalisation and a reward for it.

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November 15, 2017, 02:33:17 AM
 #11

So far banks in my country support bitcoin transaction in fact many banks here offers processing of bitcoin conversion into our own currency, we can directly deposit bitcoin in our bank account and withdraw them instantly. The legality issue of bitcoin have gone so far now but the good thing is that government neither declare it legal nor illegal in due time if they will learn everything about crypto currencies this issue might be settle soon.

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November 15, 2017, 02:38:15 AM
 #12

How can it be illegal? Bitcoin is decetralized. There is no regulating body for it yet. Unless your government explicitly declared it illegal or bans the citizens from  using it, there is no way it is illegal. A lot of news exaggerates things. I wouldn't use them as your basis.  Cool

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November 15, 2017, 03:00:29 AM
 #13

You're from Vietnam, so its legality would depend entirely on your country.

According to this article: https://www.coindesk.com/vietnams-central-bank-announces-ban-on-bitcoin-payments/

Quote
"As from January 1, 2018, the act of issuing, providing and using illegal means of payment (including bitcoin and other similar virtual currency) may be subject to prosecution."

Things do not look good for you. You could still HODL your coins, and maybe even potentially trade, but you're going to have to make sure you cover your tracks with Tor and/or a VPN along with some kind of mixing service. It's also going to be hard to liquidate your coins. Sorry man.

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November 15, 2017, 03:02:48 AM
 #14

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

Bitcoin and other digital currencies are totally declared an illegal to some countries. This situation will be unfortunately to some bitcoin enthusiast like you because the government take away the opportunities that they might earn if they just did not ban bitcoin in which there is nothing we can do but to abide the law and no matter what explaination you can give to your parents, your safety is their primary concerned.
 

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November 15, 2017, 03:10:27 AM
 #15

If it is banned or declared illegal in your country, then there is nothing you can do about it. But since it is not yet banned or declared illegal in vietnam, you can still use it until they declare so. If you really love crypto, move out of your country and move to countries that are crypto friendly like japan. There is no use holding bitcoins and crypto if you can't use it.

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November 15, 2017, 03:24:39 AM
 #16

not illegal, but there are a few countries that created some regulations over it because they consider bitcoin as something very dangerous for their economy, and if you think about that, it make sense, because there are some people who are avoiding taxes because of bitcoin, and a lot of people were using them.
but today i saw a notice about bitcoin in my country, they are going to legalize it at 100%, you can declarate your bitcoin funds, only that you have to pay 15% of your total balance.. what a shame, they are always looking to take some profits from everything.

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November 15, 2017, 03:27:59 AM
 #17

Hi everyone,
I've join the bitcoin world for 1 year and earn a little income from this wonderful place.
But, unfortunately, when I talk about this to my parents, they all said this is the illegal money and I have to quit it before getting trouble with the government. Truly, even the main TV news program in my country said that, national banking system will banned bitcoin from any payment and there will be an punishment for that.
In my opinion, Bitcoin and crypto. still have its advantages and could be helpful if we use it for the good purpose.

What do you think, how can I explain to my parents? some article would be great. Thank you all!

Bitcoin has been banned all over the world by all big banks in nearly all countries since 2013 (for over 4-years) and the banks have completely failed at stopping Bitcoin.
Just try to do a bank transaction say its for "Bitcoin" and watch your transaction be blocked for review.

Everyone in all countries are still finding a way to get Bitcoins. They simply never say "Bitcoin" when dealing with banks. People are smart.

Some links for reading/education are currently in my signature.

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November 15, 2017, 03:29:55 AM
 #18

Sorry about that, I'm from Vietnam.
As I look at wiki via your link, I've found that Bitcoin payment in Vietnam haven't been banned yet. But there is an announcement for 2018 said that will.

I think you should explain about legalization of Bitcoin.
I've thought about it but till then, I think my information is not enough to defend bitcoin legalize. But thank you all, I will spend more time and fight for it.  Grin

Yes as of the moment bitcoin and other cryptocurrencies were not yet illegal in Vietnam but based on the news I ran into this will no longer be the case by next year. You have to listen to your parents because Vietnam will not just ban this kind of currency but will also impose penalties that are really high to those will be caught patronizing such. I believe it was your central bank that announced it. Kinda odd for me because a friend told me that certain university in Hanoi allowed bitcoin for their tuition fee payment. You should watch out for more news in your country for the progress in this issue because it's a country per country discretion. Goodluck!
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November 15, 2017, 03:38:28 AM
 #19

Using Google could also help you. Legality of Bitcoin is depended on the decision and regulation of the Government of each different country. Explain Bitcoin to your parents using the most simple words and support it with facts and news articles it may help them to slowly accept Bitcoin.

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November 15, 2017, 03:46:20 AM
 #20

Some country forbid bitcoin because bitcoin can be use for corruption,money laundry for terrorism activity so it's reasonable if the government must to forbid bitcoin.
Overall it's depend on the civilian whenever they want to adopt bitcoin or forbid but one things for sure , bitcoin has become revolutioanary investation that ever made !

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