Post
Topic
Board Bitcoin Discussion
Re: How to keep BTC safe amidst bans?
by
witcher_sense
on 28/12/2021, 11:44:12 UTC
What should you do if your country bans Bitcoin and you want to keep it safe?

Isn't it possible to safely keep your Bitcoin in a cold wallet and then safely access it on the blockchain in a third nation where it's legal in the event that other countries, such as China and Egypt, try
to outlaw the cryptocurrency? Is it possible that something as simple as a cold wallet is insufficient protection?
In other words, you want to figure out how you can protect your bitcoin in case your government wants to confiscate it for the greater good, as did the US government with gold in 1933. First of all, in order to avoid being robbed by your government, you must not tell anyone, neither your government nor your best friend, that you actually have bitcoin. However, given that you are obligated to report your bitcoin holdings to your government for taxing purposes, silence will be tantamount to breaking the law, which means you either allow the government to take away your bitcoin or you will soon find yourself in jail. Secondly, in order to effectively protect your bitcoin from confiscation, you must be a custodian of your keys in the first place because if you keep coins on an exchange, it will be much easier for a government to confiscate them. Thirdly, don't use conspicuous devices like hardware wallets, cellphones, or laptops for storing your keys because, again, they are trivial to find and confiscate. It is better to write down your keys on a piece of paper or stamp them on a metal plate and hide them somewhere outside the reach of your government. For example, under a tree in a Swiss forest.