Cryptocurrency restrictions in some countries is a blessing in disguise.

[BRINIRHA]

Each and every action for specific people have specific meaning. These actions for some people is like blessings , while other suffers from these actions. Bitcoin adaption is really a debatable topic. As in many countries Bitcoins are not legalised, hence it is very difficult to buy the coins. But for the ones who does P2P deals, they find it very helpful, as they won’t be paying any taxes in the exchanges to buy the coins. So yes the topic’s conclusion varies from person to person.

This topic will actually give rise to quite a long and varied discussion. Because the users on this forum come from many countries with different policies in each country, of course. I personally am a lucky person because I live in a country that is quite friendly towards crypto. So for me the government policy in my country is a blessing for us crypto lovers in our country. But in a country where Bitcoin is banned, I think it will be enough to make crypto users there have a hard time. Although some consider it like a blessing because they won't care about crypto taxes because they just aren't there. But they must also be afraid of the sanctions they could face if they weren't careful. But I believe countries that currently ban crypto will one day start accepting crypto. We know a few years ago China was against crypto. But look now. In fact, China is a country that has indirectly become friendly to crypto.

[karabiber]

States that tend to ban cryptocurrencies are unlikely to prevent cryptocurrency activities by taking technical measures. Directly banning cryptocurrency exchange activities can also be a very far reaching and reactionary situation. India has tried to reduce the level of cryptocurrency use through banks and financial institutions. Something like this may be possible. Considering the rise of financial technologies around the world and the widespread adoption of cryptocurrencies, the intensive use of cryptocurrencies as an opportunity can make many countries a pioneer in this regard.

Taking the example of countries such as the US, which regulates the use of cryptocurrencies instead of India, seems to be a much more rational strategy in the long run. Regulation instead of prohibition is very important for the use of cryptocurrencies by everyone.

[TheUltraElite]

Even the deaf knows what's  a BITCOIN it's just makes life easier .

I would not go to that extent to declare that disabled people can know and use bitcoin, they rather have their own problems to solve and they prefer fiat for that instead of going for a currency their government has put in a grey zone with no store accepting it as payment.

Besides,  Bitcoin is well trusted online other coins it might have a bearish run but always come back with a greater bullish run which is super cool than other Altcoins

It is a cycle and that cycle continues on and on just that length of the cycle varies. This should be identified quickly for a trader to profit and not get stuck with the euphoria when the price rises or the frustration when the price falls. Being able to move in the opposite when the cycle goes is a key point in profiting from the market.

[348Judah]

Snip

If cryptocurrency is restricted in a country, it's not a blessing at all to the people of that same country because the government is enforcing them with the choice they don't want to see or have, what the people really want is decentralization, trust and freedom in handling their financial economy, they also want that peace, joy and available opportunities but bitcoin could offer to them which fiat cannot give, so if your country does not support bitcoin use, it's better you find an alternative by relocating than breaking the rules.

[coinremitter]

Despite regulatory restrictions in certain countries, the growth of Bitcoin adoption persists. The Central Bank of Nigeria's ban in February 2021 initially caused concerns, associating Bitcoin with illicit activities. However, this adversity has fueled curiosity, prompting people to explore Bitcoin's advantages and share their findings. High unemployment rates, particularly among the youth, have driven individuals to view Bitcoin trading as a viable source of income. Its role as an alternative income stream, allowing users to engage in trading without sacrificing their primary employment, has contributed to its popularity. The convenience of participating in Bitcoin speculation from the comfort of one's home has also played a significant role. Furthermore, the innovative nature of a globally accepted decentralized digital currency provides users with enhanced freedom and privacy compared to centralized fiat. Despite challenges, countries like Nigeria are witnessing a rapid rise in Bitcoin adoption, showcasing the resilience and appeal of this decentralized financial alternative.

[Bitcoinpoly]

An example is in February, 2021, the CBN (central bank Nigeria) prohibited banks from engaging in any cryptocurrency transactions. At that time the restriction or ban affected the adoption of bitcoin, which was fast gaining ground as an alternative to fiat, for a while, people became afraid to be associated with bitcoin, because of the negative things that were attributed to it, like being a means of money laundering . Some were even thinking that the CBN ban meant that the country has banned cryptocurrencies. Despite the perception and challenges in some countries, the adoption of bitcoin keeps increasing everyday. Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday.
https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/cryptocurrency-usage-soars-in-nigeria-despite-bank-ban-70497781


These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.
2; Unemployment, where there is high rate of unemployed people, especially the youth, they will see bitcoin trading as a source of earning income.
3: Alternative source of income, they can trade and invest in bitcoin, without loosing their day job.
4; Convenience, they can stay in the comfort of their homes and engage in bitcoin speculation and earn money.
5: Innovation, using a globally accepted decentralized digital currency, that has no boundaries like centralized fiat, gives more freedom and privacy to the users.
With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.

I recently had this discussion with a friend who is already living fine just by working as a P2P merchant on Bitget, during the course of the discussion we talked about the fact that some government policies might be beneficial sometimes regarding how hard it might look. Narrated to me how he makes daily profit from 50,000 Naira upward each day just by buying and selling, I expressed my interest to join as well when I discovered it’s easy to become a merchant on Bitget P2P market unlike other exchanges where your application for P2P might not be approved even in 6months.

[Victorik]

I don't know how the restrictions made people curious about BTC, but I do agree with you that due to unemployment and the fact that people needed another source of income could have increased adoption despite the restrictions.
And again, smart government are looking for ways to benefit from the crypto currency by form of taxation, and a government that is bereft of ideas will clamp down on what they could even benefit from.

Imagine how much binance paid as fined; about $4billion was transferred to the us Treasury. This money is even bigger than some country's national budget.

[Kelward]

Despite challenges, countries like Nigeria are witnessing a rapid rise in Bitcoin adoption, showcasing the resilience and appeal of this decentralized financial alternative.

Yes, despite all odds, restrictions and bannes in some bitcoin unfriendly countries, it is still being sort after as a means of financial transaction payments, as a means of self employment in it's trading and as an asset for investment. Bitcoin decentralization makes it possible to transact anywhere in the world, no matter the circumstances, making it's adoption not to have restrictions. Plus it's a profitable store of value, that is marketable anytime, now and in the future. This was why I started this thread, to show that bitcoin is a blessing in disguise in countries were it's not appreciated, because people's curiosity will drive them to want to know and gain knowledge about it, making the adoption to increase in places where it's not supposed to be popular.

[Marvelman]

Even the deaf knows what's  a BITCOIN it's just makes life easier .

I would not go to that extent to declare that disabled people can know and use bitcoin, they rather have their own problems to solve and they prefer fiat for that instead of going for a currency their government has put in a grey zone with no store accepting it as payment.

I think it's fair to say folks with disabilities can learn new technologies like Bitcoin just as well as anyone.  But we gotta remember they face unique challenges too.  Like people with visual impairments need special screen readers or Braille to read stuff online and  and some folks have trouble using their hands, so they need customized gadgets and gizmos to work a computer or phone.  So we can't generalize - for some people with disabilities, new digital technologies are a blessing.  For others, its just another obstacle to get around.

As for Bitcoin, lots of peeps still like regular money better.  Partly because not everywhere accepts cryptos like Bitcoin yet.  And some folks don't trust that Bitcoin will stick around long-term as money.  But as more businesses and people start taking Bitcoin, it'll surely get more popular.

[promise444c5]

Even the deaf knows what's  a BITCOIN it's just makes life easier .

I would not go to that extent to declare that disabled people can know and use bitcoin, they rather have their own problems to solve and they prefer fiat for that instead of going for a currency their government has put in a grey zone with no store accepting it as payment.

It's a figure of speech, I'm  not directly talking about the Dissa..... it in appropriate to do that as you've said they have their's to solve... Yeah fiat is a good option for them but they could make use of digital currency  just saying butt that's up to the individuals to consider

[SeriouslyGiveaway]

I believe that everything has two sides, pros and cons. There have been numerous bans on Bitcoin issued by countries since its inception, but not only have they failed to restrict Bitcoin, they have fueled its growth. The evidence is that now the whole world is racing to find ways to legitimize and use Bitcoin as a form of currency. I think these bans are like tests to see whether Bitcoin truly deserves to be a valuable asset in the new technological era. It's a necessary step in the development phase of Bitcoin.

[Catenaccio]

I believe that everything has two sides, pros and cons. There have been numerous bans on Bitcoin issued by countries since its inception, but not only have they failed to restrict Bitcoin, they have fueled its growth. The evidence is that now the whole world is racing to find ways to legitimize and use Bitcoin as a form of currency. I think these bans are like tests to see whether Bitcoin truly deserves to be a valuable asset in the new technological era. It's a necessary step in the development phase of Bitcoin.

Fortunately, the good news is there are more countries that accept Bitcoin. Legal status is more in Legal Tender, Legal or at least Alegal than Illegal or Restricted or Banned.
https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality

Governments and central banks are moving to build and launch their CBDCs with blockchain technology support so it does not make sense if they ban Bitcoin or cryptocurrencies.

https://cbdctracker.org/
https://cbdctalks.com/
https://www.atlanticcouncil.org/cbdctracker/

[laurenB7742]

I believe that everything has two sides, pros and cons. There have been numerous bans on Bitcoin issued by countries since its inception, but not only have they failed to restrict Bitcoin, they have fueled its growth. The evidence is that now the whole world is racing to find ways to legitimize and use Bitcoin as a form of currency. I think these bans are like tests to see whether Bitcoin truly deserves to be a valuable asset in the new technological era. It's a necessary step in the development phase of Bitcoin.

I agree that countries around the world are looking to legalize bitcoin because of the benefits they gain from it but to say they are turning it into currency, I doubt it. Which countries and governments are looking to turn bitcoin into currency? Because as far as I know, most just legalize it as an asset, a commodity, and their goal is to tax us.

Government prohibition was a challenge to bitcoin but it passed. But that is not the challenge the government has posed, rather they have failed to stop bitcoin and they have no choice but to get along with it.

[Bitcoin_people]

We know that if a thing is given by experts in any country it is not completely destroyed but it continues to circulate in black form. As we know that in every country drugs and smuggling are prohibited and legal crime but people are doing this kind of work despite this prohibition. Similarly, if a country approves Bitcoin, then if Bitcoin is issued again by experts, its circulation will be fine but a little hidden. Cryptocurrencies and bitcoins are completely banned and legal offenses in the country I live in. My country's government has never legalized it. Even after being illegal, we are still doing business with Bitcoin transactions in different ways, just by stealing, and if Bitcoin is legalized and then illegal in any country, it will continue as before. If a country legalizes Bitcoin, and imposes expertise later on with such initiatives, it will encourage people to learn more.

[SPARE]

Cryptocurrencies are legal in most countries but few countries have declared cryptocurrencies illegal I don't understand why their central governments have kept them and most of the countries that have kept them in Asia and Africa may not realize how good the future of cryptocurrencies is.

But the people of countries where cryptocurrency is illegal also use cryptocurrency but they keep their privacy because it is illegal in our country so they take a lot of ricks but still they use cryptocurrency the government of those countries should legalize bitcoin because common people of that country like them  They are using cryptocurrency without listening

[southerngentuk]

The ban could deter many potential users from using bitcoin. When people are concerned that using bitcoin is illegal, they may not want to participate in it. This could slow the rate of bitcoin adoption in countries with bans.

However, I think that even without a ban, privacy will still be an important factor in bitcoin adoption in Nigeria. As reported above, the Nigerian naira is rapidly devaluing, causing people to lose faith in the traditional financial system. Bitcoin, with its ability to ensure user privacy, could be an attractive alternative for those looking for a way to protect their assets from inflation and government control.

[Samlucky O]

Thanks to P2P which has widely gained ground as a decentralized means of transactions and reliable exchanges like Binance and Remitano, bitcoin users are increasing everyday.

You still gotta ask yourself how big the growth would be if there was no ban. Because bans can deter a lot of potential users who are scared to break the law. And also you gotta consider the possibility of crackdown on p2p exchange. The government might order banks to monitor for activity that looks like exchanging crypto and to ask their customers to explain the source of their money.

That is also the same question I ask myself. How would bitcoin adoption would have been if there were no ban? Because I think the ban has hinders the massive adoption, because people now ten to see the negative aspect of bitcoin more than the positive side. And one thing that baffles me is that falls rumors spread faster than the right one.

The recent knowledge people have now, that is causing massive adoption would have been from the oncept. But doubt and fear of people and the bad reputation painted on bitcoin blind folded them never to realize the positive inpact of bitcoin. But economic inflation,lack of jobs and other things which couple's together now made them began to see the reason to it.

So I believe if the ban placed on bitcoin by CBN is removed. I think it would be more massive. At least it would reduce  some criminal activities that that place on CEX. Because there wouldn't be much need for p2p. because if bitcoin is sent to you, you just need to withdraw via fiat direct and received the equivalent in your bank and withdraw through ATM card

[Zigabel]

These are some of the factors that can be responsible for the increase in the number of bitcoin adoptors in countries that have restrictions.
1; Curiosity, naturally people are inquisitive to know why they are restricted to do certain things, therefore the more they learn about bitcoin and it's advantages, they will engage in it and tell others.

With these and other related reasons makes bitcoin adoption to be increasing everyday, despite all odds. This is the reason why countries like Nigeria, has one of the fastest rising bitcoin adoption in the world today.

Curiosity has been one great factor that has fueled the adoption of Bitcoin in countries like these where there seem to be ban on cryptocurrency due to their fears. This ban ignites the curiosity of citizens to further crave to know what is it about cryptocurrency that has received so much attention by the government to the point they had to ban it just to protect their interest, because generally in places like this citizens are usually inquisitive about the dealings of the government due to pas records of corrupt practice by politicians

This is a very advantageous model to Bitcoin and cryptocurrency generally, although it has its detriment but then on the long run it turns out beneficial and within times frames the government of these places understands how much control they really don't have over this technology so they gradually adopt it. This is a model that has thrive mostly in third world nations for a while now.

[Bitcoinpoly]

The P2P in Nigeria is actually a blessing, lately some exchanges even started giving out rewards to P2P users who trade up to 150 USDT, have been a beneficiary on Bitget for exchange lately.

[BRINIRHA]

I don't know how the restrictions made people curious about BTC, but I do agree with you that due to unemployment and the fact that people needed another source of income could have increased adoption despite the restrictions.
And again, smart government are looking for ways to benefit from the crypto currency by form of taxation, and a government that is bereft of ideas will clamp down on what they could even benefit from.

Imagine how much binance paid as fined; about $4billion was transferred to the us Treasury. This money is even bigger than some country's national budget.

For example, if an area is closed off with a fence and there is a board that says "No Entry". So, in cases like people who don't know the reasons behind the ban, they will start thinking about the reasons behind the ban. And these thoughts will grow and eventually a high level of curiosity will arise. Well, the same thing happens if there is a bitcoin ban in a country. People who already know about Bitcoin will probably no longer be curious, but for people who initially don't know about Bitcoin, they will start to be curious and start to find out about the reasons behind the ban on Bitcoin and yes, they will find out about Bitcoin itself. So it is possible that people who are originally curious will actually become interested in bitcoin after learning about it and bitcoin adoption will continue to increase. Maybe that's the blessing in disguise. And if a country bans bitcoin they are actually hurting themselves. Because they will not benefit from crypto taxes, which in fact transaction activity is much higher even though they prohibit it. Luckily I am in a crypto-friendly country. Even though the crypto tax here is high, it doesn't matter because we can be calmer when investing in crypto.