Enough is enough! Good bye Bitcoin!

[androyster]

Never invest heavily into an area you don't understand.  That is a recipe for disaster.  Perhaps you are more suited to invest in oil or something?

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[iTradeChips]

Never invest heavily into an area you don't understand.  That is a recipe for disaster.  Perhaps you are more suited to invest in oil or something?

This thread is like a year old and we don't know what happened to the Bitcoins that the OP talks about here. Maybe he continued to liquidate his Bitcoins and exited out for good. Hopefully we can hear something from him again so that we would know what he did and how was he able to get out of crypto or not. If you still have your Bitcoins, then you can sell them now for a profit. Use binance and then sell it on P2P, I am sure many people will buy your bitcoins.

[Westinhome]

Its a year old thread now man just like the comment above and I know how feel to losing and sacrificing to earn in bitcoin.
But we dont need to focus ourselves in that situation if we think has more loses has come for us in investing bitcoin. Actually not all the time we always win but we need to understand sometimes if we encountered losing we need to accept that and find a away be back again.

[protocon]

I also feel bad for you.... but to be positive, you've learned a lesson that now we have to invest on things that we know about!
I don't really understand what you mean by bitcoin can't be turned into cash whenever you want.
Can someone explain about this please?

[amihada]

Never invest heavily into an area you don't understand.  That is a recipe for disaster.  Perhaps you are more suited to invest in oil or something?

I agree not to invest heavily, if you do not understand, you will regret it in the end, understand more deeply and be more confident, after that you make a decision whether it is appropriate to invest or not, don't be careless, you will regret it for life.

[aceboy44]

Hello folks!

How is every one doing? I decided to come back here with great news!

I checked the company that I dealt with in Kuwait on Instagram few days ago, and they claimed that they should be operational again within 2 months.

Now regarding my 2.25 BTC unfortunately I sold them at a loss since I never expected the company to resume operations. I'm unhappy with the stock market here, and seeing how BTC prices are falling now hopefully within 2 months when then company is operational the price would be within reach and I would start accumulating more bitcoins.

Indeed I am grateful the knowledge that I received while dealing with cryptocurrencies (and from you amazing folks on this forum   )

I don't really understand what you mean by bitcoin can't be turned into cash whenever you want.
Can someone explain about this please?

I meant that since the company ceased its operations it was difficult for me to sell my BTC for cash when I needed cash. Of course I would never do KYC forms and give my personal information to companies out of my country (for privacy reasons) to sell my BTC.

Disclaimer: The company may or may not be operational within the next 2 months. They are still working on that cryptocurrency license. Wish us the best folks, as I'm thrilled to go back and buy bitcoins again.

Thank you everyone for your concerns. I sincerely appreciate it

[bryant.coleman]

I feel really bad for this guy(OP). He sold his coins just a few days before the bull run started. But that is how it works with cryptocurrency. If you don't have the patience to stay invested, then there is a good chance that you will incur losses. He had BTC2.25 in his wallet. That would have been a fortune as per the current exchange rates, had he not sold them. Anyway, I appreciate him for making a post in this thread after 7 months of inactivity. Such posts help new users, to learn about the most common mistakes we make while investing in cryptocurrency. Therefore I have donated merit points to him.

[aceboy44]

It's official now. The first and only cryptocurrency exchange in Kuwait has closed for good

I have opened an account with another exchange, did KYC but man! the fees are expensive! I had to pay $10 fee on a $500 value transaction (not to mention paying currency conversion fees.)

I think the only solution to pass this is to open a bank account with $ USD in it.

Anyways I will keep this thread open for others to share their input or learn from this experience.

[ALLON2017]

Great thread , your right though the bitcoin is useless , only use is forced to Buy altcoins paired with it .

[iTradeChips]

So I guess the lesson that I will learn here is, if the country is not supportive of cryptocurrency and the businesses that services people with cryptocurrencies, then there would be no way for people to encash and convert their Bitcoins to their local currency. I mean there should have been ways to encash this and put it to your bank account or like a payment app or remittance. But at least you have let us known of this issue and that would be additional learnings for us to be very careful when we are dealing with cryptocurrencies.

[aceboy44]

Great thread , your right though the bitcoin is useless , only use is forced to Buy altcoins paired with it .

I don't think BTC is useless! I believe 20 years down the road cryptocurrencies will gain mass adoption similar to what happened to the internet and Amazon back in the 1990's where such technology was not used a lot, and today gained mass adoption (same applies to smartphones and Ipods.)

I strongly recommend you read this book to learn more about BTC:

https://www.amazon.com/gp/product/B08WZ4P1DY/ref=ox_sc_act_title_4?smid=ATVPDKIKX0DER&psc=1

But then again and as they say, always do your own research and never invest what you can't afford to lose. Personally I believe there is a bright future for cryptocurrencies. At least they are open 24/7 unlike the stock market  

So I guess the lesson that I will learn here is, if the country is not supportive of cryptocurrency and the businesses that services people with cryptocurrencies, then there would be no way for people to encash and convert their Bitcoins to their local currency. I mean there should have been ways to encash this and put it to your bank account or like a payment app or remittance. But at least you have let us known of this issue and that would be additional learnings for us to be very careful when we are dealing with cryptocurrencies.

I can go to a neighbor country such as Saudi Arabia or United Arab Emirates and withdraw using BTC ATM. The true question is, is it really worth to buy a plane ticket, pay taxi fees, pay for food, etc. and waste a whole day just to withdraw fiat from a BTC ATM and come back home?  

[Nunoluck]

You should calm down, there are many way to use bitcoin. Actually know about bitcoin is one of the best things in this century. Actually I also introduce bitcoin to my friend who works in the same company with me and they ignored it. Now I am the only one who become rich and they still become as they before, no improvement. You can ask trusted member here to convert your cryptocurrency and then send it to you, of course there is a fee for this.

[aceboy44]

You should calm down, there are many way to use bitcoin. Actually know about bitcoin is one of the best things in this century. Actually I also introduce bitcoin to my friend who works in the same company with me and they ignored it. Now I am the only one who become rich and they still become as they before, no improvement. You can ask trusted member here to convert your cryptocurrency and then send it to you, of course there is a fee for this.

Could you kindly PM me those members for possible future business transactions? This will help me accept BTC more.

Many thanks

[Sanugarid]

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? 

I think it's not really the best time for you and I feel bad about that. What you've done to your BTC is probably the best option for you to make, it's your money after all, and its not about being a newbie in the market but on having the patience to hold no matter what it takes.

[Timelord2067]

First off, I make tremendous loses due to being a newbie in this market

Well stop the presses people... A newbie wants to blame the market for their losses!

Honestly, why would you sink your funds into a venture you know little or nothing about then want to blame others when you don't make a small fortune?

Chalk your loss up to a lack of research.

Rinse and repeat.

[secretgirl]

You should calm down, there are many way to use bitcoin. Actually know about bitcoin is one of the best things in this century. Actually I also introduce bitcoin to my friend who works in the same company with me and they ignored it. Now I am the only one who become rich and they still become as they before, no improvement. You can ask trusted member here to convert your cryptocurrency and then send it to you, of course there is a fee for this.

I think your answer is not quite right with the initial post of this topic. I think this describes someone who has been feeling restless because that person cannot benefit with bitcoin. then this person explained that the regulations in his country will shut down the cryptocurrency exchange and make him suffer losses. In my opinion, he doesn't ignore bitcoin as you mean. if in that person's country there were no rules that would close cryptocurrency exchanges, maybe this person would continue to invest in bitcoin.

[aceboy44]

Forget it! I'm out for good this time. When BTC price falls Binance will not let me buy the dip, however, when price increase Binance allows me to pay the premium. Why should I even bother? First my local cryptocurrency exchanges closes, and now Binance screws me over.

I'm out for good. Long live Elon Musk, and no funeral to cryptocurrencies. Twice now I got screwed