cryptocurrency in the first place is not illegal it is only some politicians in some countries that make it to look as if cryptocurrency is illegal. here in Nigeria cryptocurrency have been banned and there are several ways of going about your cryptocurrency investment without using your local banks.
Will you trade or invest on cryptocurrency if it is illegal in your country
- Thread starter Justin
- Start date
For now I am watching closely how it will be, because currently cryptocurrency is barn in my country, but I am a crypto enthusiasts, no matter what happen I can't do without cryptocurrency is part of me a lures, I love for crypto has no bound.
It's been very difficult to ban cryptocurrencies. This is because there is no central system to control the use of it. Unlike fiat currencies controlled by central banks of different countries bitcoin is totally decentralized. It is not banned in Nigeria but banks are adviced to close all accounts that deal with cryptocurrency. There is no way to avoid trading in bitcoins because it is the currency of the future.
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We really need too see beyond somethings if we want to progress, if your means of earning involves crypto go for it. If the country feels they can supply the basic needs then nobody woukd have opt. For crypto.
Why will some one trade on what is ilegal in his own country. That act is tantamount to in contabands. You should get yourself involved in breaking the laws of the land please. Don't attempt to do that. It is not good. Okay? Desist from that
I also have the same question even the last night i knew about it is illegal in my country but i don't understand why it is banned . we do not doing any wrong work why it is illegal can anyone tell me why government banned it .
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The IRS defines cryptocurrencies as assets rather than appropriate currencies. This means that when individual investors look at large-scale profit-tax laws, their annual tax returns include reporting of their cryptocurrency expenses and profits, regardless of whether they use digital coins. Where did you buy
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One can never say that there is a direct relationship between risk and reward as the nature of risk is that there may be no reward. What can be said, however, is that there is a positive correlation between the risk and the potential for return – potential being the key modifier here. Therefore, those seeking big payouts in relatively short time periods are going to have to accept a disproportionately higher level of risk.
Of course I would still trade in cryptocurrency if it's banned in my country. Over here in my country Nigeria it was recently banned and it's still gaining ground and popularity as the days goes by, in fact I think it has gained more popularity ever since it was banned a week ago.
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I will likely trade it if the government has not improved my life in anywhere. In my country Nigeria, it was never stated that crypto currency is illegal in Nigeria. The Central Bank to Nigeria said they can't even stop the existence as it is not even in power to do so.
I will gladly trade cryptocurrency in my country even if it is prohibited by the government. So long cryptocurrency remains digital and decentralized, I will always invest into it. The only way investors can be barred from trading digital currency is by banning internet and I know quite for sure that is impossibility.
- Thread starter
- #52
I agree with your point that the only way government can stop you from trading or investing on crypto currency is by blocking internet. As long as there is internet you can trade. However, question about the funds required for trading needs to be answered. If government has banned crypto, how will you fund your crypto trading account?
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I am proud to say that I have reached this age with no civil or criminal case. I am a law-abiding citizen because I am afraid of going to jail. Life is hard when you are in jail. With crypto currency being illegal in my country then for sure I will not engage in trading such a commodity. I can do forex or I can do stock trading and that would be fine with me.
Now why would I want to jeopardize my career? Once cryptocurrency becomes illegal, am dusting my hand off it and assume it never existed in the first place. I love living up to and keeping my honour and any action that tents that is not for me.
already doing it and will do. Government is a worst crime syndicate ministers looting property and money and people cannot shout ! When people try to earn some good they made issue but their son can kill anyone on street and get "pass". not in death trial ! I kick their such morality. Their ban on crypto inspired me doing more trade.
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I think if in your country cryptocurrency is considered illegal, it's better if you don't own crypto, let alone trade or invest because it will break the law. If cryptocurrency was illegal in my country, maybe I would move to a neighbouring country that legalized crypto and do my business there
Yea I will still invest on it cos I still believe in the future of crypto and it doesn't matter what my country says, crypto is legal to me and it has proven that by making people who invest in it a chance to become a millionaire at will
If the use of crypto currency is illegal in your country and prohibited by law to have in possession or trade with it, then you should not receive crypto currency as exchange for service or payment. You could use PayPal to receive your dollars if PayPal is not illegal in your country.
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Will you trade or invest on crypto currency if it is illegal in your country. That's a interesting question. Well for me I think I would not invest in it. For the crypto currency to be banned in the country then that mean all means of transaction and withdraw will be blocked and disabled by the central Bank of that country
no i will not do it for sure, i just prefer to stay far from problems, some people might do it and run away with it, but there comes a day where they will get punished for it, some countries are so strict when it comes to similar things
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