Enough is enough! Good bye Bitcoin!

[Oceat]

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

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

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

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[Artemis3]

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

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

[ololajulo]

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

[buwaytress]

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

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

[target]

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

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

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

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

[Mahanton]

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

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

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

[aceboy44]

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

Anyways, I would like to clarify some things.

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

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

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

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

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

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

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

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

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

I know (REMOVED) is one of your password on day of hack..
Lets get directly to the point.


Not one person has paid me to check about you.


You do not know me and you're probably thinking why you are getting this email?
in fact, i actually placed a malware on a certain website and you know what, you visited this site to experience fun (you know what i mean).
When you were viewing videos, your browser started out operating as a RDP having a key logger which provided me with accessibility to your display and web cam.


immediately after that, my malware obtained every one of your contacts from your Messenger, FB, as well as email account.
after that i created a double-screen video. 1st part shows the video you were viewing, and 2nd part displays the recording of your cam, and its you.

Best solution would be to pay me $1091.


We are going to refer to it as a donation. in this situation, i most certainly will without delay remove your video.


My -BTC -address : 1D1DNvnqezBrEkhYgrSuG43bHBYPAAkCnZ
[case SeNSiTiVe, copy & paste it]


You could go on your life like this never happened and you will not ever hear back again from me.


You'll make the payment via Bitcoin (if you do not know this, search 'how to buy bitcoin' in Google).

if you are planning on going to the law, surely, this e-mail can not be traced back to me, because it's hacked too.
I have taken care of my actions. i am not looking to ask you for a lot, i simply want to be paid.
if i do not receive the bitcoin;, i definitely will send out your video recording to all of your contacts including friends and family, co-workers, and so on.
Nevertheless, if i do get paid, i will destroy the recording immediately.
If you need proof, reply with Yeah then i will send out your video recording to your 8 friends.


it's a nonnegotiable offer and thus please don't waste mine time & yours by replying to this message.

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

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

[eXPHorizon]

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.

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

[snipie]

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

[hahay]

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

[MainIbem]

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

[adzino]

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.

You said it yourself. You made loss due to being a newbie in this market. It was wrong of you to expect making profit right away. You have to learn first. Consider this "tremendous" loss as a lesson. You already experienced something that you will eventually encounter in the future. Learn from this and avoid the same mistakes.

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? 

Any clue why the governments are shutting down the exchanges? Is it because they banned crypto currencies in your country? If that is the case, you shouldn't hold any.
And I don't think exchanges are being shutdown in "other parts of the world". Only those that are operating illegally are being taken down.

[gurjasmeetsingh]

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

[Wind_FURY]

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?  

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

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

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

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

[Ucy]

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

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

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

[gentlemand]

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

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

[buwaytress]

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

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

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

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

[ekeh]

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

[F_Societys]

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

[Debonaire217]

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