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

[Questat]

I think the fact that governments accept bitcoin is something we should be surprised by instead of being surprised when they ban it. I also believe that Satoshi could have predicted this because, from the beginning when he created bitcoin with its decentralized nature, it was completely against what the government wanted. And Satoshi created bitcoin for us, not for the government, so I think it doesn't matter too much whether the government accepts it or not. Because even if they ban it, we still use it and it keeps getting stronger and stronger. Banning bitcoin is almost impossible and it is easy to see that many governments that once banned bitcoin have now accepted it.

As long as the government doesn't have control of all online transactions, we can still use Bitcoin and other cryptocurrencies.
In fact, many countries don't legalize crypto but wondering why many people are still active and continue trading. Well, good thanks that crypto is not banned in my country even though it was not legalized yet as we still have the chance to own crypto. Legalization is not possible in any country when leaders don't just think about themselves but also the benefits of their people. Greediness and lack of knowledge are some reasons why some countries ban and do not legalize crypto.

[Ptb73]

I will still be able to buy bitcoin for cash and store it in my decentralized wallet. No one will ever know that I am connected with bitcoin.

[taufik123]

-snip-
Greediness and lack of knowledge are some reasons why some countries ban and do not legalize crypto.

For example, China has banned Bitcoin and it's not really allowed.
That might fall into a more extreme category because China wants to control everything and must have access to all the privacy of its people.

Bitcoin is decentralized and China cannot enter the zone fully.
Those who try to use Bitcoin will be detected because all economic flows are monitored.
But who knows if users are smarter by using various ways to avoid detection?

But look at the surprising fact, the more it is banned, the more people use it.
China remains the largest crypto market in East Asia for transaction turnover and ranks fourth in the world.
This has been the case even as its government has outright banned its use in the country over the past few years.

[albert0bsd]

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?

well there will always a side market with people to exchange goods and services, cost nothig to ask "Do you accept bitcoin?" but that would be the last option, also if you offer some service, you can also ask "Do you pay in bitcoin?"

At this point, who is willing to giveaway their coins? Last week i buy something with bitcoin here in the forum, but i've checking around my city and i don't see any bitcoin signal, that is really sad.

[Benedictare]

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?

Since  the government can't control or have full authority on cryptocurency and Bitcoin. The only way out is through P2P, you have to keep a very low profile  on your transactions and the way  you spend your money cause you will be mentioned and the government will want to know your source of income, you need to be carefull and know the people you introduce Bitcoin to and how to manage it in your country because if you are begin caught, you will be arrested and all your accounts will be blocked.The  joy about Bitcoin is that it is decentralized digital currency all you have to do is electronical,computing and technological. It is not manual and so it is easy for you to be a Bitcoin holder, buyin, selling and investing also transactions and identities are hidden even your financial transactions ,not easily assessed by the governments so if not legalized in your country you can still continue your businesses.

[Woodie]

Bitcoin is a very useful thing to many people.

Very useful indeed!
And the usefulness that crypto has to offer is as follows:

• Allows us to enjoy the financial freedom of being our own banks and live maintenance-free and keep all profits realized fo holding
• Skipping the hurdle of KYC when it comes to paying for good and services
• With crypto middlemen are cut off which means cheaper goods and services are available

The list is endless....

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?

Bitcoin started off without regulation and most of our governments ignored it thinking it would die a natural death...

Over 10 years have gone by and now it's a force to reckon with and the government now wants to play a part by regulating it..hell no, with or without regulation, the revolution will happen and it's team crypto all the way!![/list]

[Assface16678]

The truth is, bitcoin being fully legalised in a country is far from happening. There are many factors or things to consider before it becomes legal and is used as a currency, just like what we use to date. Number one factor is that the government has no power over it; in fact, no one's price will change depending on whether they are holders, traders, or miners that the government can't control. Second, bitcoin volatility requires a lot of study on how they will use bitcoin as a currency to pay on a daily basis, among other things. But even if bitcoin is not legalised, we can still buy and trade bitcoin with 3rd parties' exchange platforms, and as time passes, bitcoin is slowly being used as a currency. Many banks offer crypto services, establishments, and businesses that support crypto currency. So even if it is too far yet, it is possible that crypto currency will be the future currency.

[Xxmodded]

More than 10 years above when Bitcoin releasing to the public still have fewest countries allowed bitcoin as legal payment transaction, but its not give negative side for bitcoin and exactly success make new all time high price last two years with several countries support to make bitcoin as legal currency transaction. There are not complicated problem when have any countries not legal bitcoin as payment transaction but they have take advantage from bitcoin or altcoin transaction trough local exchange currency by adapting with taxes payment.
To see Bitcoin raise to higher price we not needed urgent to see bitcoin as legal payment currency, we found many time China banned bitcoin in their country but can't give bad reputation for bitcoin leaving by their investor because bitcoin can't controlling by one country only.

[Pandu Geddon]

More than 10 years above when Bitcoin releasing to the public still have fewest countries allowed bitcoin as legal payment transaction, but its not give negative side for bitcoin and exactly success make new all time high price last two years with several countries support to make bitcoin as legal currency transaction. There are not complicated problem when have any countries not legal bitcoin as payment transaction but they have take advantage from bitcoin or altcoin transaction trough local exchange currency by adapting with taxes payment.
To see Bitcoin raise to higher price we not needed urgent to see bitcoin as legal payment currency, we found many time China banned bitcoin in their country but can't give bad reputation for bitcoin leaving by their investor because bitcoin can't controlling by one country only.

as long as people can have Bitcoin to store and there are no regulations from the government to imprison people with Bitcoin ownership. the impact will not be large on the market price situation. Indeed, so far we can see that only a few countries accept Bitcoin as a means of payment or transaction. but most of them do not prohibit Bitcoin ownership. Some bans may be related to crypto or mining projects in their countries that reportedly use too many resources.
today, more people are holding Bitcoin for profit. but if all countries start legalizing Bitcoin as a means of payment, everyone will certainly be happy because the revolution that Bitcoin has brought as a decentralized currency is finally underway.

[yazher]

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?

Most countries make no bad decisions like others who totally banned bitcoins and cryptocurrency in totality, they just being neutral taking some advantage and getting some taxes from the local exchanges and other crypto mining facilities. I'm totally fine with that because there are no tight regulations and I'm not worried that I'm gonna be arrested someday just by owning some bitcoins and transacting it in my country. because it really depends on how tight the regulations are, I don't really take the risk if owning BTC will makes me uncomfortable and makes me a wanted person, I rather wait for another time when they gonna change the rules again back to normal.

[lixer]

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?

Bitcoin is not recognized in my country, and I don't really have any problems with that. I can easily buy and sell cryptocurrencies using centralized exchanges such as Binance, I have my account verified there and they never refused to provide their services to me. I have never been asked by authorities if I have any involvement with Bitcoin or cryptocurrencies nor has my bank ever frozen my funds and asked for extra documentation to prove that I'm not involved or anything.

So, a person will not face a lot of problems just because Bitcoin or cryptocurrencies are not legal in their country but they can face problems if they are banned within the country because that will create issues for them, the applications supporting cryptocurrencies such as exchanges and stuff will not be accessible and they might also get in trouble if they are found being involved in buying or selling Bitcoin or cryptocurrencies.

[BVeyron]

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 suppose that it's impossible to be a fan of BTC... It's just like being the fan of money... I think that everyone likes money...  As for legal status, I suppose that btc legal status is really a gambling, and it doesn't matter which country you live in... All the countries with no legal restrictions in cryptoindustry can make cryptohodlers experience much tougher troubles than countries with many restrictions... Especially when it comes to recognition of anonymised cryptoassets as property.

[Sanitough]

Not legalizing bitcoin does not mean that you will also be penalize once you are caught investing in bitcoin. The country is not just supporting it but I don't think the government will come to control its people as to what they are going to invest. But it will still be best if you invest bitcoin with caution. That is to protect yourself in the future especially if your country suddenly adopt rules and regulations concerning bitcoin.

[bocyaj]

The legalisation of bitcoin is just like the drama made by the government on the people,if you check the minister assets.Surely all the minister of your country will have their money in the bitcoin.Bitcoin was act as the asset now,most of the government official are get into the bitcoin at the early stage.Only the government had never legalise or say it as the neutral one.The bitcoin was the illegal one in the China,So you think all the people of the China had not have their money in the bitcoin.It’s not the real fact,many people have funds in the bitcoin.

[EFS]

That's okay, I don't really need government approval to use Bitcoin. If they don't legalize it that would be their loss. Bitcoin trading is free but using Bitcoin in goods and services is banned here. This doesn't affect the end user much, those who want to make purchases still can use Bitcoin. It just remains unrecorded. If governments don't benefit from Bitcoin, you shouldn't expect them to look favorably on it.

[panganib999]

Flip burgers for a living I suppose lol.

But not really, career-wise I got a lot of experience under my belt to land management roles in most companies from where I live. So it's not like I don't have any choice when it comes to employment. Given that I could also go for other investment ventures out there like stocks and bonds, knowing how bitcoin and the crypto market works serves well to allow me to stay afloat in other investment ventures for a long while, so even if they do ban crypto here I'd still be left with ample choices to choose from.

I doubt that they'd ban it though, Philippines is one of the biggest crypto countries out there, the tax man here is living happy and rent-free from all the P2P and VAT transactions we make, banning it for the sake of banning crypto wouldn't spell well for the economy.

[oktana]

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?

What can you do? Nothing. If your country doesn't want to legalize Bitcoin, it's most likely they haven't seen the need for it yet, or maybe it won't favor them (probably expose them or sth). Because last I checked, any country will do anything as long as it favors them. Also, it is a matter of time... from 1 country to 2, and the numbers will keep increasing. Also, some of these countries haven't legalized because they haven't been influenced to do so... sometimes they want another country to take the step while they follow (remember the COVID-19 vaccine?).

[Ayers]

I think the fact that governments accept bitcoin is something we should be surprised by instead of being surprised when they ban it. I also believe that Satoshi could have predicted this because, from the beginning when he created bitcoin with its decentralized nature, it was completely against what the government wanted. And Satoshi created bitcoin for us, not for the government, so I think it doesn't matter too much whether the government accepts it or not. Because even if they ban it, we still use it and it keeps getting stronger and stronger. Banning bitcoin is almost impossible and it is easy to see that many governments that once banned bitcoin have now accepted it.

As long as the government doesn't have control of all online transactions, we can still use Bitcoin and other cryptocurrencies.
In fact, many countries don't legalize crypto but wondering why many people are still active and continue trading. Well, good thanks that crypto is not banned in my country even though it was not legalized yet as we still have the chance to own crypto. Legalization is not possible in any country when leaders don't just think about themselves but also the benefits of their people. Greediness and lack of knowledge are some reasons why some countries ban and do not legalize crypto.

I don't think governments lack knowledge about bitcoin, they certainly researched and discussed a lot before making the decision to ban it. They are the leaders of a country, they have many agencies, departments, and advisors in all fields, so it is inaccurate to say they lack understanding about bitcoin. Simply because they fear it will affect their power, bitcoin is decentralized and they cannot control it. I think that's the only reason without a second reason for them to hate it.

But anyway, that is no longer a problem because as said and we have also seen, even if the government bans it, people still silently use and invest in it. Even on this forum, there are many members from countries that ban bitcoin.

[Z390]

I will do nothing about it, I mean what do you expect me to do? I can only change my country if the government decide to hunt down crypto investors and adopters, I believe it's never going to happen, it's not a crime to have crypto but it can be a crime to spend them in the open or accept them in a country that says no to crypto.

I have no problem living in a country that failed to legalize crypto, I will be spending them online anyway, even if most countries start accepting crypto as means of payment, it will take a very long time for others to start accepting too, Fiat will still be the best option for many.

I am someone who likes doing my shopping online, if a store accepts crypto payment it's good and if it's Fiat it's still all good, banning crypto shouldn't be an excuse for me to be out of crypto, I mean no one knows I have crypto, only a few family members and friends, but the good news is crypto isn't ban in my country, so I am in good hands.

[posi]

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?

What can you do? Nothing. If your country doesn't want to legalize Bitcoin, it's most likely they haven't seen the need for it yet, or maybe it won't favor them (probably expose them or sth). Because last I checked, any country will do anything as long as it favors them. Also, it is a matter of time... from 1 country to 2, and the numbers will keep increasing. Also, some of these countries haven't legalized because they haven't been influenced to do so... sometimes they want another country to take the step while they follow (remember the COVID-19 vaccine?).

Well, there is nothing we can do to change that but we can still invest in bitcoin even if we are from countries that are banning bitcoin. I have a few friends from countries like China or Bangladesh, countries that are banning bitcoin, but they still quietly invest in bitcoin and have almost no difficulty in holding or cashing out every time they need money.
I agree with you that it is only a matter of time before those governments accept bitcoin, they cannot resist the technology of the future, they cannot be eccentric with the rest of the world. And investors from countries that ban bitcoin just need to wait quietly without doing anything.