Enough is enough! Good bye Bitcoin!

[imstillthebest]

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

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

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

[1715001476]

1715001476

[1715001476]

1715001476

[1715001476]

1715001476

[1715001476]

1715001476

[sarmrakib]

You are saying goodbye to bitcoin too soon. All the most interesting things are waiting for us ahead.

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

[krishnaverma]

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

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

[bitmover]

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.

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

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.

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

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

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

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

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

[aceboy44]

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

Regarding peer-to-peer exchanges, I need to do KYC to start buying/selling bitcoin. For those who told me to use international exchanges kindly refer to my other post as to why I will never do such a thing.

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

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

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

[Peanutswar]

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

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

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

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

[o_e_l_e_o]

Let us assume that I decided to keep my bitcoins, 5 years from now how can I cash out and get my profits if there is no central exchange in my country?

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

Regarding peer-to-peer exchanges, I need to do KYC to start buying/selling bitcoin.

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

For those who told me to use international exchanges kindly refer to my other post as to why I will never do such a thing.

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

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

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

[LogitechMouse]

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

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

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

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

[aceboy44]

Let us assume that I decided to keep my bitcoins, 5 years from now how can I cash out and get my profits if there is no central exchange in my country?

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

Regarding peer-to-peer exchanges, I need to do KYC to start buying/selling bitcoin.

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

For those who told me to use international exchanges kindly refer to my other post as to why I will never do such a thing.

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

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

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

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

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

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

[Shasha80]

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

[rhomelmabini]

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

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

[bitmover]

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

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

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

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

[JuSayCo]

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

[iTradeChips]

I wish I was never introduced to Bitcoin.  

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

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

[Blackrain13]

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

[Renampun]

...

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

[BlackFor3st]

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

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

[Yatsan]

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.)

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

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

[Sadlife]

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

[verita1]

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

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

https://www.bitrawr.com/kuwait

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

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