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

[Blitzboy]

Bitcoin has not been legalize in my country yet there are had been transacting it seamlessly without any qualms, even with P2P in Binance there had been transfer of fiat between a seller and buyer anonymously without the bank knowing the transaction that had been undertaken by the two traders, the government had officially issued a statement that any Bitcoin related transactions that is exposed would have their asset frozen all these restrictions hasn't deter crypto enthusiast, investors and traders to stop using it up till this moment in order word there other areas where I channel my usage and transactions of Bitcoin whether it is legalize or not.

Unfortunately I am living in country where all crypto related action are prohibited. we cannot use our bank/credit card for direct buying selling of crypto. Law are not strictly followed here and authorities doesn't taking any strict action against crypto users. Many Youtubers advertising crypto project, showing their lives trading video, showing portfolio with facecam but not single man is arrested hee so far.

We generally use Binance/Bitget P2P for buying and selling purpose. Those who want to exchange big are dealing live. In short we have no problem despite lagalize. Honestly we are feeling more comfort because there is no fee for buying and selling and all profit goes to our pocket.

Truly unique to live in a country where crypto is against the law but not unenforced, right? There is a strange freedom inside the limits. Binance and Bitget can still be used, even though they dont accept bank or credit cards for crypto purchases. Its interesting that the government lets an illegal market thrive. In this case, there are pros and cons. Profitability goes up when there are no fees, which helps people like you. But situations that arent controlled are dangerous. What should we do next? It is important to be careful and work hard. I think it's great that there are P2P Bitcoin platforms. But what is the price of complete freedom? Such events blur the lines between what is legal and what is moral. Even though it's risky, the fact that P2P Bitcoin purchase is possible despite restrictions is a comfort.

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[m2017]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

You wouldn't be able to easily use or convert your Bitcoins to local fiat if the government decides to illegalize the cryptocurrency within the country and creates strict laws against those who are involved and are using the cryptocurrency within the country because you can't hide it if you are going to use your financial accounts to receive the cash that you are getting for selling your Bitcoins and authorities can easily trace where your payment is coming from and what it is for.

But this scheme to control and monitor BTC-transactions becomes meaningless if the bitcoin is not converted into fiat. Who knows, it may happen that attempts to regulate the industry will only push people towards the massive use of currencies directly between people (P2P).

So, one can get in trouble if they use something that is banned or illegal within their country, especially if the government is strictly against its usage. Therefore, you might think that it won't be that difficult but it's not that easy as well and you can get in trouble any time if you do that and if authorities come to know about it.

So what do the authorities find out? A transaction went from address #1 to address #2, from address #2 to address #3, and so on. If there is no final conversion to fiat and all transactions occur only in the closed BTC-system, then they will not know anything.

As a last resort, if you are afraid of problems from the government in your country, then the world map is not limited to just your country. The governments of all countries in the world will not introduce laws that discriminate against BTC-users at once, and countries loyal to the bitcoin will still exist. At least for a while.

[criptoevangelista]

Wouldn't it be easier to change countries? because if you were in a country that considers bitcoin illegal, that country is also very focused on being a dictatorial country. Is it worth living in a country like this? the answer is simple: no!

[peter0425]

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 isn't legalized in my country yet it is not also banned so yeah we are free to use it as long as we are following the regulations and the
laws about online money, so yes we have all the opportunities to use and hold bitcoin and all cryptocurrencies but nowadays there are lots
of issues against Binance in which the popular exchange here , meaning we will be starting to feel the problem of trading and converting to fiat.

[libert19]

I'll answer broadly.

Unless there is harsh punishment for holding crypto (which should make most people afraid of governments, so they will stop with it altogether), otherwise people will just find means to trade it by other means, examples being, p2p exchanges, gift cards, local sellers, etc.

Some will continue as normally without converting to local currency to not come under governments prying eyes, using relevant measures (vpn, tor, etc), of course.

Some will migrate to crypto friendly country. Back when India's central bank RBI banned crypto, few migrated to Dubai to continue their crypto businesses.

[Patrol69]

Bitcoin is a digital currency that you can use as a medium of investment and use it for trading or you can also use bitcoins for savings.  Most people usually use Bitcoin to hold their investments for a long period of time. Bitcoin is completely different from all other coins in the market and Bitcoin is a very important currency. An investor can trust or rely on Bitcoin as much as any other coin in the market but an investor can never trust as much. We have seen several promising coins that have come to the market, investors have invested in those coins, and those coins have disappeared from the market, taking all of the investors' money. There is no alternative to investing in Bitcoin when it comes to keeping your money safe.

[pinggoki]

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

Long as I can still do a P2P transactions on it then I don't mind bitcoin not having a legal status in my country, I love bitcoin but if the worst thing has come where it's being criminalized to even own one then I would probably just stop using bitcoin until I can get out that country and then reap the profits there, I don't want the hassle of having to deal with hiding just to use bitcoin, in a way it's like I'm hodling my bitcoins out of fear that I will be criminalized for owning one. Hopefully my country is always as backwards thinking as it always and just stay in the gray as long as possible.

[Gaza13]

There is always gonna be a way out, for instance in some countries, some gambling sites are banned or restricted, and yet some citizens in those countries still find an alternative way to bypass the government ban on these sites and get themselves involved in betting.
If the restrictions are much in such a way that it will be difficult for me to do any transaction, as a crypto Enthusiast I will consider moving to a crypto-friendly country like El Salvador, on the other hand, in a worst-case scenario if P2P isn't available too I have friends and families that are living abroad I can use to carry out my transactions, I will send them my local fiat currency to purchase some Bitcoin and send to my wallet.

Yes, I agree with what you said, This surefire method is in line with what I thought. Of course, there are still many ways to own these assets, because the government cannot prohibit its citizens from choosing where to invest their money. Every citizen has proper rights, the government must not prohibit citizens rights in managing their citizens finances

[EarnOnVictor]

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

By the legalisation you are referring to based on the body of the message, I guess you are talking about banning it? Because even if it's not legal tender, there's nothing stopping the citizen from dealing with Bitcoin. So long it's not banned.

About the banning, I will advise you to be a law-abiding citizen and do not do anything Bitcoin... ...hahaha, I can't even imagine myself saying that.

Government cannot decide my fate for me, who knows if I will be the next Warren Buffet through Bitcoin? What matters to me is for the thing in question not to be harmful to me or anybody, and if my conscience is clear in that regard, there's no government that can stop me. After all, who is the government, if not the people?

For this, I will find all the necessary means to bypass the restriction, and thankfully, Bitcoin itself is a means to go private and anonymous. I will continue to do this even as the P2P initiative and VPN aid my plan.

[btc78]

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

Hopefully my country is always as backwards thinking as it always and just stay in the gray as long as possible.

this is quite a funny way of thinking about it

i think that my country also lacks awareness regarding bitcoin or just cryptocurrencies in general it is something that we don’t normally see being discussed in the senate or the government maybe because most people in my country are not yet well versed with bitcoin hence the government is not alarmed

[coinremitter]

It can be challenging when your country hasn't legalized cryptocurrencies. In such situations, focus on education and advocacy. Share knowledge about the benefits of Bitcoin and blockchain technology. Encourage discussions with local policymakers to address concerns. Explore peer-to-peer trading platforms and decentralized exchanges, ensuring compliance with local regulations. Additionally, consider joining global communities to stay connected with the crypto space. Remember, education and dialogue are powerful tools in fostering understanding and acceptance.

[icalical]

Fortunately my country legalized Bitcoin tho is not a legal tender, now if my country never legalize Bitcoin I would still find a way to use it, since I need a currency for international cash transfer, I would find some way around to use Bitcoin, but I would not invest in it, I will immediately exchange it to local fiat in here. 

You wouldn't be able to easily use or convert your Bitcoins to local fiat if the government decides to illegalize the cryptocurrency within the country and creates strict laws against those who are involved and are using the cryptocurrency within the country because you can't hide it if you are going to use your financial accounts to receive the cash that you are getting for selling your Bitcoins and authorities can easily trace where your payment is coming from and what it is for.

So, one can get in trouble if they use something that is banned or illegal within their country, especially if the government is strictly against its usage. Therefore, you might think that it won't be that difficult but it's not that easy as well and you can get in trouble any time if you do that and if authorities come to know about it.

Well, if that happened, I still can exchange my crypto into PayPal and then send the fund from PayPal to my Bank Account. Tho I agree that this is a workaround and it will cost more fee. And I doubt they can tie me to any illegal activity if I already swap my crypto into PayPal fund.

[CageMabok]

Wouldn't it be easier to change countries? because if you were in a country that considers bitcoin illegal, that country is also very focused on being a dictatorial country. Is it worth living in a country like this? the answer is simple: no!

What you say may also be more appropriate to do, but you also need to research more different countries for this because there are also countries that do not legalize Bitcoin but the countries also do not prohibit their people from trading on many crypto exchanges which generally also trade Bitcoin in them. So a country like this also needs to be looked at because it doesn't bother Bitcoin users or investors who often invest in Bitcoin and if someone is in a country like that, I don't think he needs to think about moving to another country.

[2Pizza410000BTC]

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 completely illegal in the country I live in. Even though Bitcoin is illegal in my country, still I am using Bitcoin very well from my country. I've had no problems with the bitcoin I'm using so far. As Bitcoin is not legal in my country I am converting directly to my local currency using P2P. But always working with caution to keep myself safe. Since Bitcoin is illegal in my country, I think it's best to proceed with caution.

[armanda90]

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 completely illegal in the country I live in. Even though Bitcoin is illegal in my country, still I am using Bitcoin very well from my country. I've had no problems with the bitcoin I'm using so far. As Bitcoin is not legal in my country I am converting directly to my local currency using P2P. But always working with caution to keep myself safe. Since Bitcoin is illegal in my country, I think it's best to proceed with caution.

In my country have special viewed with bitcoin although still illegal but government have adopted taxes for all transaction with cryptocurrency for selling or buying with our local exchange market. Positive viewed bitcoin still not legal but government have advantage with highest taxes receiving every years how bitcoin and cryptocurrency transaction up drastically. Selling bitcoin or altcoin assets trough P2P is simple and easily but have lower rate than price directly to your local exchange and trade to local fiat pair. So far fewest country have legalize bitcoin as transaction payment from El Savador and some small countries in African but difficult bigger country give positive way or make bitcoin as legal currency payment transaction.

I am lucky in my country have legal any exchange local currency without have to sell trough P2P in Binance or other exchange, I think if my country make bitcoin legal transaction will be easy for transaction than using fiat currency.

[invo]

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 completely illegal in the country I live in. Even though Bitcoin is illegal in my country, still I am using Bitcoin very well from my country. I've had no problems with the bitcoin I'm using so far. As Bitcoin is not legal in my country I am converting directly to my local currency using P2P. But always working with caution to keep myself safe. Since Bitcoin is illegal in my country, I think it's best to proceed with caution.

Do you mean you are using p2p in an exchange or p2p in real life? I was just wondering if ever you are using p2p in an exchange, how can you do that or how can you possibly do it and where. If it's p2p in real world, does that mean you look for people who are buying Bitcoin before you can withdraw your money?

[YOSHIE]

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

Many countries do not want to recognize Bitcoin as a legal currency in every country, in general they say it is illegal, but other facts say, Bitcoin can still be bought and sold on exchanges operating in that country.

Many cases I have seen in some countries state that Bitcoin is illegal, but the exchanges operating in that country are legal, does this indicate that the exchange pays taxes to the country, actually that is what happens, the country declares Bitcoin illegal, but they never dosaid the exchange was illegal.

For me, I don't really care if the country declares Bitcoin illegal, the important thing is that the exchange is not illegal, the country cannot control Bitcoin, so for me everything is safe.

[glendall]

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

There are platforms to use with no KYC and you can buy or sell bitcoin without needs of legal for Bitcoin in your nation. You must be careful that if you have issues with the trade, and trade partner, you will not be able to ask for support from police and court. You will put yourself in troubles if you do those actions in nation that considers Bitcoin and its trading is illegal.

So to avoid issues, pick trade partners with long and good trading history, and avoid "too good to be true" offers which are often from scammers.

In my country, bitcoin has not been legalized but it is allowed for trading, but when we withdraw to fiat currency via a local exchange, there is a tax on it. However, what I am still confused about is if something happens to the assets I own, whether this can be done through legal means, even though there is no legality yet, but tax has already been collected...

Sometimes I am also confused by this policy, they demand taxes on every crypto transaction but when there is a problem in crypto they are reluctant to respond, as if they are stating that crypto is not legal but are still trading in the crypto world

[Zigabel]

Your country does not have to legalize it for you to be able to use it but then since it's not legal, it can't be accepted for formal transactions except amongst Bitcoin enthusiast who can transact using P2P trading as found on so many exchange platforms, you can take advantage of such exchange platforms and convert your coins into Fiat if you have got some coins in your wallet.

I think that is the best way of using your coins regardless of it been legal or not in your country of residence, legality in your country only makes it usable in the open Market but doesn't stop you from storing your wealth in Bitcoin and also further transacting in Bitcoin.

[odunybiz]

Same scenario in my country, it is fortunate that Bitcoin is not illegal in our country. However, if they happen to ban it the same as some other countries, I have to find possible options just to continue using Bitcoin. Aside from that, all traces or any information of me using Bitcoin, promoting Bitcoin or any related to Bitcoin will not be published just to continue using it and avoid any trouble with the law.

This will be the case until the country decides to finally accept Bitcoin. If that time never comes, going to another country that legalizes Bitcoin will be the next option to make use of the invested money in Bitcoin.

There are platforms to use with no KYC and you can buy or sell bitcoin without needs of legal for Bitcoin in your nation. You must be careful that if you have issues with the trade, and trade partner, you will not be able to ask for support from police and court. You will put yourself in troubles if you do those actions in nation that considers Bitcoin and its trading is illegal.

So to avoid issues, pick trade partners with long and good trading history, and avoid "too good to be true" offers which are often from scammers.

In my country, bitcoin has not been legalized but it is allowed for trading, but when we withdraw to fiat currency via a local exchange, there is a tax on it. However, what I am still confused about is if something happens to the assets I own, whether this can be done through legal means, even though there is no legality yet, but tax has already been collected...

Sometimes I am also confused by this policy, they demand taxes on every crypto transaction but when there is a problem in crypto they are reluctant to respond, as if they are stating that crypto is not legal but are still trading in the crypto world

Lolz..., that's always most government policies for you. They will always do things that favour them. What they are after is the money they make through the levied tax. Issue concern it isn't their problem, they will rather tell you it isn't legalize in the country. Although, this isn't a good idea for any country. Tax shouldnt be paid on anything that is not legalized within any country.