What will you do if your country did not legalize cryptocurrency?

[Honyek]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

[Nrcewker]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin and your country did not legalize cryptocurrency?

The main reason for government not accepting the Bitcoins is the decentralised nature of the coin. Due to this the government cannot control the Bitcoins or neither can impose tax on it. Hence they not making Bitcoins legal. If you are a crypto user, and government is setting up restrictions for you, then you can directly to P2P transactions to buy or sell the coins. You need not have to rely on the exchanges on your country, and no one can know how many Bitcoins you are holding in your wallet.

[CryptoHeadlineNews]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin and your country did not legalize cryptocurrency?

If my country do not legalize Bitcoin that doesn't mean I can't legalize it myself by owning it, that is, in as much as doing so is not regarded as a crime or an offense in whichever region I may fine myself. Because one thing you must know is that if a government have decided not to legalize it simply because they want to remain in control over the people's money, I don't think there is anything any individual can do to, and as such the best thing any individual can do is to get a fraction of Bitcoin as an investment asset for the future, in as much as owing it is not regarded as a crime.

[bittraffic]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

I wouldn't be exposed to crypto if they did illegalize BTC from the start.

An internet user however who is interested in BTC or other cryptocurrency will still be buying coins online despite the government making it illegal. There are lots of ways still to buy and earn BTC though, the P2P platforms are growing in numbers so a fan/investor will find ways just like the people who are from countries that banned BTC.

[KiaKia]

Bitcoin been a decentralised digital currency is why I will involve myself with Blockchain technology even if it's not legalized in my country, I don't care what the government says but they can't force me not to own anything I want, they can only block the access of acquiring Bitcoin the easy way like Banks and centralized exchanges, I will just switch to the decentralized platform and p2p platforms if I have to use Fiat to buy Bitcoin and there is no way they will know.

Years back, Bitcoin was banned in my country and it doesn't bother me, at first it does but I found the right peer to peer exchange and I keep doing my thing with Bitcoin, the only way I will respect ban on Bitcoin is if there will be stop and search of every citizens in the country law, passed down by the government themselves.

I believe that's never going to happen, so what will stop you from having Bitcoin even while it's banned in your country? The government hates what they can't conquer and Bitcoin is what gives me a head over the government control, I will choose Bitcoin over Banks every time.

[Aanuoluwatofunmi]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

There's nothing more to do than to be law abiding but we must not fail to say that truth about such action to be against human rights, it could be seen as a violation on people's freedom of choice, at least cryptocurrency is not a ponzi scheme which they could kicked against just as the way they handles other schemes that are fraudulent, maybe it's because of the term cryptocurrency use which comprises of many shitcoins, if bitcoin could be allowed to single handedly identified from other cryptocurrencies, then i see no reason why they shouldn't allow bitcoin but kicked against others, but in such case like this, it's better you play safe by relocating or better buy and hold your asset on a non custodial wallet for long without anyone knowing.

[Fiatless]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

The problem is that when Bitcoin is prohibited in the country there is always a fine or jail term that violators of this ban will face. Since bitcoin is an international currency you can always bypass your country's restrictions and have access to the bitcoin market. You have some options of how you can still transact with bitcoin,  but these options can be risky and untrustworthy. One way is through P2P but you have to be careful not to transact with an undercover police officer. Such country also have a large number of underground illegal exchanges but they are also risky because you can easily lose money. Using exchanges is not an option due to KYC issues and using a VPN can be detrimental.

To avoid issues with law enforcement agents you can move to a neighboring country to carryout your transactions and come back. If you have the opportunity to move permanently to another friendly country, it could be an option. But if you are a long-term bitcoin investor, mastering privacy skills can help you keep your coin secret. But it will be better to be a law-abiding citizen of your country.

[Faisal2202]

Many countries have banned crypto, but they do not have strict rules or punishments for crypto users. For example, in our country, crypto is fully banned, but many people are openly showing and sharing the signals on their YouTube channels or different social media channels. Even the government has banned the use of crypto.

But in some countries, they have banned the use of crypto and transactions directly into the banks, just like the recent news in the UK in which they banned the use of BTC, like, in p2p, directly through banks.

The point is, even though crypto is banned, crypto enthusiasts could still buy BTC, but it became hard for them to buy hardware like hardware wallets, etc. They have to find alternative ways to summarise them in it.

I am not suggesting or asking anyone to do it, I am just stating the facts and knowledge I have gathered through this forum. Aside from that, we can trade or hold BTC if we have relatives in another country where crypto is not banned. Or simply we can do it under the nose of the governments but that's of course risky. 

[tjtonmoy]

What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

Where I live, bitcoin is banned. That doesn't stop me from using it. If they find out, I will be in trouble for sure but I have kept a low profile that I haven't been caught. There are thousands of people in my country using Bitcoin this way. And there are no hopes for Bitcoin legalization soon. Maybe in the future but not at this moment.
There's a saying that I heard somewhere but can't remember where. It goes like this. If your government is ruining your country, not allowing you to have freedom and you are lacking opportunity, leave your country where you can do business freely. When you become successful, come back to your country to take it all back even more powerfully.

So if I ever get a chance to leave this country, I will take that opportunity and won't come back until BTC is legal here.

[Hamza2424]

OP, if they won't legalize Bitcoin as the mode of payment, as for now Bitcoin is not a legal tendar but there's no ruling on the Ban of Bitcoin trading, Mining or use as a Payment mode. It means currently government hasn't imposed any policy on Bitcoin as far as it's not illegal I'm standing with Bitcoin whenever they will try to Ban Bitcoin we will stand by adopting the Legal procedure to fight in court.

There is a similar kind of confused scenario in many other countries where there is no ruling on the Bitcoin favor a side. But the technological development and the era of adoption there will definitely be definitely in future a ruling in favour of Bitcoin. The case of Never legalizing Bitcoin is not possible at least in those countries where democracy is taken in count even I do recognize that the democracy is just by name still, with that implementation s well there is right of freedom of speech and with that power Bitcoin will be recognized as the Worlds only asset.

[Zanab247]

What you will do in that kind situation is to hid yourself so that people will not know that you are into cryptocurrency in the country, since government cannot stop you not to use cryptocurrency because is purely decentralized currency and no government or officials has the power to control it. like the way we are doing it in our country, since it was banned by the central bank governor because people now developed more interest on decentralized currency than centralized currency that made them to banned it and still yet we are still using cryptocurrency through P2P to carry out any transactions without the concept of the government or third party. I don't think you have anything to worry about,  if you know how to keep secrets from your friends because the day government will discover that you are using cryptocurrency in the country they will like to empty your wallets and still send you to prison for disobeying the law of the land.

[DeathAngel]

If my country banned bitcoin & I wasn’t able to buy & sell in my country then I’d have to move to live somewhere else. Bitcoin is such a huge part of my life that living in a country that’s hostile to it just would not be possible for me.

[Vaculin]

If it's still not legalized, that doesn't mean you should be afraid of holding or selling Bitcoin, as long as there's no specific law yet to penalize it. The term 'not legalized yet' and 'declared illegal' are two different things. The former can be considered somewhat positive, as there's still hope it will become legal in the future. However, if they declare it illegal, that means you should avoid violating the law, especially if the penalties are severe.

You can still own Bitcoin, but do so at your own risk.

Also, keep in mind that halving does not automatically present an investment opportunity. There's no guarantee that what we've witnessed in the past will be the same scenario in the future. The market is full of hype, making it riskier, so it's essential to exercise caution.

[Z-tight]

What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

I don't know what you want people to answer here, that they will break the law and use BTC in a p2p way, then if they are caught they'll gladly go to prison because they are a resolute BTC adopter, or that they are going to leave their jobs and family and move to a country where BTC isn't illegal. C'mon, if BTC is illegal in your country with a jail term attached to it, you shouldn't use it, because once it is banned you cannot use it for the main reason why it was created, which is as a second choice currency.

[Makus]

Currently in my country bitcoin has not yet been legalized by the government, and the federal government went further to place a ban on fiat banks from transacting to any exchange or crypto wallet,and this action made buy and selling of cryptocurrency almost impossible, but because of curiosity, its important and genuine nature I still manage to do some manipulation in other to buy and hold some satoshi. Though I might (or not) be in trouble if I am to be fished out for illegal buying of bitcoin, but that's nothing to worry about because of it anonymous nature(they'll never find out ). The degree of my love for bitcoin cannot be expressed in words.

[pixie85]

If my country banned bitcoin & I wasn’t able to buy & sell in my country then I’d have to move to live somewhere else. Bitcoin is such a huge part of my life that living in a country that’s hostile to it just would not be possible for me.

That's a good thinking, worthy of a true bitcoiner!

I wouldn't do anything special. I'd continue to hold my bitcoin and spend it p2p, or simply buy gift cards online and redeem those cards in my local stores. That would still be completely legal as long as the gift card seller resides outside my country and is not affected by any bans.

Whether I'd move would depend on the price of bitcoin. If I had 1 BTC worth 25 000 dollars it wouldn't be worth the money to move. I could sit and wait for better days.

[hugeblack]

There is a difference between being bitcoin is legal, and that bitcoin is banned. there is nothing that prevents or makes bitcoin illegal unless bitcoin is banned in your country or there is a law that imposes penalties for those who deliberate in bitcoin, so you are allowed to use it as an individual and it is better to avoid commercial use.
When bitcoin becomes legal with the existence of a law, you must abide by and pay your taxes. If it is prohibited, it is better that you do not send money from your wallet and wait until it becomes legal, which is another reason that pushes you to hodling.

Disclaimer: This is not a legal advice and does not take legal & tax advice from unknown people from internet.

[Hyphen(-)]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

You are right in saying that Bitcoin has provided so many opportunities, which include trading and also jobs for others who work and get paid in Bitcoin.

Halving, on the other hand, is a time where we expect Bitcoin to attain a new all-time high due to the halve of the miners reward that will result in Bitcoin having more value compared to before. This is an opportunity for people that have strong capital to make money if they invest now and sell after halving, but this should not make you borrow money to invest due to fear of missing out because of the risk involved and how volatile the Bitcoin market is.

One of the main reasons why most countries don't want to accept or legalize Bitcoin is because of its decentralization. The government always wants something they can control, and we all know that they cannot control bitcoin, which is why they don't want to accept it.

[BlackHatCoiner]

I'd probably do what I'm doing right now. Peer-to-peer trading. There are a lot of things we all do, that aren't completely legal, but we do them nonetheless with confidence, because we know we're having our privacy protected. Bitcoin might had been one of these things. (Unless of course you live in a place that is practicing death penalties; in such case, I'd have left the borders either way)

If my country banned bitcoin & I wasn’t able to buy & sell in my country then I’d have to move to live somewhere else. Bitcoin is such a huge part of my life that living in a country that’s hostile to it just would not be possible for me.

I mean, if you're holding a fortune in bitcoin, or if you're an OG, retired Bitcoiner, then it's very reasonable to leave your country. Your country doesn't respect your right to having that fortune.

[Silberman]

Bitcoin is a very useful thing to many people. It has provided very good opportunities, job opportunity, trading opportunity and lots more for many people to earn money for their essentials of life. Bitcoin halving is fast approaching, giving many people hope of investment, and making reasonable profit at the end. Yet in some countries it is completely illegal. What will you do if you are a fan of bitcoin but your country did not legalize cryptocurrency?

I will lay low and wait until things change as there is no point on going out of your way of selling your coins on those circumstances as that would be illegal, but if things really got out of hand but the price of bitcoin kept going up and it allowed me to reach a comfortable economic position, then I will probably leave and move in to a country with similar living standards, but which had policies which were nowhere near as restrictive as the scenario you bring forward.