Enough is enough! Good bye Bitcoin!

[aceboy44]

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses 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 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? 

[1715453909]

1715453909

[o_e_l_e_o]

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.

[jackg]

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...

[tbct_mt2]

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?

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?

I wish I was never introduced to Bitcoin.  

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

[int03h]

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.

[tbct_mt2]

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. 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.)

[Celebrityfarmer]

I'm fed up with all this cryptocurrency thing.

First off, I make tremendous loses 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 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? 

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

[Fundamentals Of]

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.

[piebeyb]

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

[mk4]

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/

[pooya87]

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.

[Wexnident]

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.

[Ludmilla_rose1995]

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.

[J1mb0]

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.

[maydna]

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.

[20kevin20]

I make tremendous loses due to being a newbie

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.

I will not risking HODLING bitcoins if they will shut down the first (and only) cryptocurrency exchange in Kuwait.

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.

how will bitcoin appreciate when exchanges will close in other parts of the world?

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.

[xZork]

I wish I was never introduced to Bitcoin.  

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.

[cryptomaniac_xxx]

I'm fed up with all this cryptocurrency thing.

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

First off, I make tremendous loses 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 few moments ago.

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.

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.

Can you not buy in other exchanges?

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?

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.

I wish I was never introduced to Bitcoin.  

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

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

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

[Gotumoot]

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.

[NeuroticFish]

After all, why should I HODL my bitcoins (1.25 this time) when I can't exchange them for cash when I need them?

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.

More importantly, how will bitcoin appreciate when exchanges will close in other parts of the world?

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.

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

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!).