Post
Topic
Board Beginners & Help
Re:
by
Daniel91
on 03/07/2021, 12:48:33 UTC
Currently, Bitcoin cannot be banned in a single country. If you understand the blockchain, you know that, technically, no country can basically control Bitcoin. Because Bitcoin is a consensus reached by anonymous participants around the world, it can only be restricted by law but obviously cannot be forbidden. It can only be guided and restricted.
My country does not explicitly prohibit bitcoin transactions, but restricts some bitcoin transactions. If the op country bans bitcoin transactions and mining, I suggest you don’t use your own wallet to test it. Mining can be relocated to other countries that are friendly to cryptocurrency. In short, you must protect your property.

I don’t think any of us are afraid that the government might control our crypto activities on the Internet.
The problem, however, arises when we want to withdraw our crypto earnings and convert it into fiat currency so that we can buy a new car, a house etc.
At that point, anonymity disappears and you have to somehow report your crypto earnings and prove that it came from a legal source.
This is what most people in the crypto world are most afraid of.
Since I live in the EU I personally have no such worries but people living in countries like India where crypto is not legal (from what I have heard) have a big problem.
 If your country does not allow the use of Bitcoin, what would you do?
If I had a large amount of crypto funds in my wallet, I would probably go live in another state.