bitcoin investment

[hollowdoor]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

[_act_]

You said bitcoin is not allowed in your country. He has nothing to do than not to accept bitcoin or any other crypto as payment. He can continue to use fiat. If he wants to convert to bitcoin or any other crypto, he know the way he is doing it before and that is what that matters. But as for selling his bikes, he should only accept your local currency than to do what may pay him in problem.

[Nwada001]

First, you already said crypto is not legal in the country where your friend has his workshop, which means any advice or means that he wants to make use of in order to start accepting crypto is going to be illegal. I don't think anyone here is going to teach your friend how to break the law of the country. If the law catches him up, he will see those who give him that advice as bad influence and also a crime accomplisher.
 
If your friend is a true crypto lover and wants to get crypto accepted in his work shop, the best advice I can give him is to move over to a crypto-friendly country, which will be the best thing for him to do, and that's where he can get his customers who will be willing to pay in crypto, because in his country, where it's not accepted, both he and those who ever want to patronize him using crypto as a method of payment will share the same faith.

[alastantiger]

Your friend should not break the law in his country. If bitcoin is not legal and there is a punishment like jail time for it or whatever, tell your friend not to break it. The anti-bitcoin governments are ready to make a scapegoat of defaulters. He shouldn't be overzealous. Best thing he could do now is to DCA and HODL. Selling his and receiving payment can be done via P2P and on a decentralized platform. This is what other people in countries with similar law do.

[_act_]

If your friend is a true crypto lover and wants to get crypto accepted in his work shop, the best advice I can give him is to move over to a crypto-friendly country, which will be the best thing for him to do, and that's where he can get his customers who will be willing to pay in crypto, because in his country, where it's not accepted, both he and those who ever want to patronize him using crypto as a method of payment will share the same faith.

This is not the best advice at all. He has a motorbike shop. To move to another country will not be the best thing to do. He can just continue to accept fiat and no disadvantage to that. If he is successful in a business in his country, another thing might be what would happen in another country. If he is successful in his business, no need to move to another country. What should make someone leaves his country to another should be because of business opportunity and that is not the case here.

[SamReomo]

~Snip~

If Bitcoin isn't legal in a country or is banned in a country then one should never accept Bitcoin payments directly from others. I would advice you to suggest your friend to not accept Bitcoin or crypto-currency dealings if they're not allowed by government. Any time if authorities get information about his shop then they might take strict actions against him. If he has invested in Bitcoin then that's not an issue he should hold that investment and if he wants to invest more in Bitcoin he can do that as well, but he should never share details about his wallet or investment details with anyone.

[0t3p0t]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

I think you guys have to share how you evade such reatriction aince you said it is illegal on your country to invest in Bitcoin. Isn't it a suicide if your friend  deal with crypto for his shop? I am a bit confused here OP so please enlighten me.

[Fuso.hp]

According to your information Bitcoin is illegal in the country where your friend lives. Since Bitcoin is illegal in your friend's country, your friend may be in danger if he openly uses Bitcoin. Since Bitcoin is illegal in your friend's country, use Bitcoin secretly. Your friend has a second hand mobile shop and you ask him to focus on that business and carry on with other activities including investing secretly. It is better for him if he invests bitcoins in secret because if these things become known your friend may get into legal trouble. If ever bitcoin is legalized in your friend's country he can trade bitcoins directly but for now it would be a good move for him to stay away from these things.

[Learn Bitcoin]

If it's South Asian country like Bangladesh or Pakistan where Bitcoin is banned, he is likely to destroy himself by accepting Bitcoin as a payment method. Corruption is rocket high here. Almost every other government employee knows about Bitcoin and they even use Bitcoin for their benefits. But, when they want to destroy someone's life, they accuse them of being a Bitcoin user. Which is illegal and Bitcoin users could be considered as criminals because of that.

I often see news like where a group of people were arrested because they were buying selling crypto. They get arrested under money loundering law and then they tie up many others law like they were buying selling drugs with crypto etc etc. The government are always negative about crypto. So, I would suggest not to use crypto in public at all.

[blckhawk]

The best step is not to pursue the addition of that option to accept crypto payments, your friend should just buy bitcoins secretly because as you've said, it's illegal there and I don't know if it's purchasing of bitcoin or ownership that's illegal so the best thing is to keep it secret. If that friend would be in danger because he's going to reveal his bitcoin ownership by doing that then it's a risky maneuver and in no way in all the possibilities that it's the best thing to do.

[YOSHIE]

in this circumstances what should he do or which step best for him.
expect better suggestion from good people

Countries in Asia generally Bitcoin in other words crypto/digital currency is not legal, but not illegal, so Bitcoin can still be used using local exchanges, meaning: Bitcoin no one controls it use Bitcoin at your own risk and not using it or using it is not a problem for the state.

If your friend has a certain wallet/exchange for making transactions or a site that can accept Bitcoin, I think your friend can make car buying/selling transactions on their dialer with consumers, This is done according to the agreed price in Bitcoin, in my opinion the government has nothing to do with using Bitcoin or cash.

The point is: both parties must have a crypto wallet/exchange to make their buying/selling transactions easier.

[Samlucky O]

I think he should avoid anything cryptocurrency transaction in other not to put himself into trouble. There are many ways one can involve into cryptocurrency in a country where it's not fully accepted. For example he can receive payment in Fiat use it to buy bitcoin through binance and store in his wallet to make more profit when Bitcoin rises rather than exposing himself to the government. Because its risky out there expecailly a country that does not accept Bitcoin as a medium of exchange.

[Nrcewker]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

If Bitcoins are not legal, then treat it as illegal atleast. It will be very risky to accept payments openly through Bitcoins or cryptos. If the tax department of your country notices this, they might file a legal case against you. Hence the suitable option for you can be to just tell your really close customers to pay in Bitcoins, otherwise you need to wait till Bitcoins becomes legal in your country.

[yudi09]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

Where in Asia? because I also come from a country on the Asian continent.
It's not legal but can still be used as a commodity asset. In my opinion, he can still carry out activities with Bitcoin and crypto as long as he doesn't use Bitcoin and crypto as a fiat function.

Make sure internet access is available. During that time he could still do it. There are several countries in Asia where the government prohibits Bitcoin and crypto, but Bitcoin and crypto activities can still be carried out by Bitcoin and crypto owners as long as their intention is not for something that is detrimental to themselves and those around them.

Is your story true or not?

[bitzizzix]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

You can use Bitcoin as a means of payment in your used motorbike repair business, because you said Bitcoin is illegal in the country where your friend lives. And what your friend needs to know is the law that applies if Bitcoin or crypto is used as a means of payment, and your friend must know this in detail for his safety and also the risk of being caught by the authorities if he finds out.
And to make Bitcoin your business transaction, you and the seller or buyer must have a Bitcoin wallet to be able to carry out transactions with the consent of both parties carried out privately. Plus currently Bitcoin transaction fees are very expensive, and this is also something you have to think about.

[Bright Venus]

its just not use crypto as method of payment. Just receive it as fiat and throw at his cryptos.

[Stepstowealth]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.

He will end up in jail because he is trying to encourage openly what the government has discouraged openly. You cannot show open disobedience to the government even especially in these Asian countries where the government frowns heavily against indiscipline and the punishment can be more severe. His intention is to accumulate bitcoins through that means, but is not going to work, if he wishes to receive bitcoins for services, he can only get it from international clients not the local ones in the same country as he.

[bangjoe]

im very excited to share about one of my friends condition.
he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

can you explain the Asian country you are referring to, I am also from Asia, precisely in the southeast Asian country which is more clearly in Indonesia, and indeed precisely in my country using bitcoin to be used as a medium of exchange for goods is prohibited and will be exposed to the law, and can be put in prison and pay a fine if you do.

But if you are in a country that does not have definite laws in the use of money you can use the means of exchange that you want, but most countries already have standards for their means of exchange. If you really want to get bitcoin payments then you have to open a business internationally.

[Tony116]

If your friend is a true crypto lover and wants to get crypto accepted in his work shop, the best advice I can give him is to move over to a crypto-friendly country, which will be the best thing for him to do, and that's where he can get his customers who will be willing to pay in crypto, because in his country, where it's not accepted, both he and those who ever want to patronize him using crypto as a method of payment will share the same faith.

This is not the best advice at all. He has a motorbike shop. To move to another country will not be the best thing to do. He can just continue to accept fiat and no disadvantage to that. If he is successful in a business in his country, another thing might be what would happen in another country. If he is successful in his business, no need to move to another country. What should make someone leaves his country to another should be because of business opportunity and that is not the case here.

There's been a lot of similar advice I've heard before. Some people advise others to move to a country where bitcoin is legal to live and do business. But honestly, it's bad advice, just because to be able to use bitcoin, we have to leave our homeland and loved ones to go to another country. Where we will have to start everything from scratch and will encounter many difficulties such as differences in language, culture...More importantly, there is no guarantee that our business will be as stable as in our home country. Is that worth the trade-off?

In OP's case, if bitcoin is not yet legal in his country then he should continue what he did with bitcoin. He should continue to keep his bitcoin investment private and wait until the day bitcoin is legalized in his country. Bitcoin is becoming more and more popular and it is only a matter of time before the entire world adopts it.

[Z-tight]

he lives in an asian country where bitcoin is not legal to government.
he invested in bitcoin and he owned a second hand motorbike shop.
now he wants to dealing with crypto for his shop.
in this circumstances what should he do or which step best for him.
expect better suggestion from good people

Is BTC illegal in your friend's country or is it that it is not a legal tender, take note they both mean different things, BTC must not be a legal tender before you use it and accept it for payment. Only one country in the world has made BTC a legal tender, yet it is used in so many countries around the world. But if BTC is actually illegal where your friend lives, then he cannot go on with what he plans, it is stupid to take such a risk when you know you could get yourself in hot water if you do so.