In this video, I'll be explaining what I would do in the event that the British Government passed a law that criminalised Bitcoin and other cryptocurrencies like Ethereum and Litecoin.
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
***I am in the process of adding many of my videos from YouTube on to DTube. Apologies for any posts that you've already seen before!
Original date of upload: October 20th, 2017
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move to another country is a bold move! I would do the same thing lol
It's hard to just move to another country, even though it is an option. Another option is to just keep using other kinds of crypto currency, they can't ban it because they would just end up bannig coding.
I'm from Venezuela, the first country to issue its own cryptocyrrency El Petro PTR and the incentives to use crypto here are huge.
I can change my SBD to Bolivares Bs super easy and there is a plenty big market for that.
So I cannot think about the scenario you propost applied here, hahaha.
Edit: I forgot to mention that we are probably going to be the first country on issue a crypto and that it crashes :)
I was under the impression that Venezuela banned Bitcoin mining. Not sure about hodling though.
Yes, Bitcoin mining was banned in Venezuela using "Electrical system abuse"(since it is subsidized to be so cheap) and "Financing terrorism" as the charges to put people involved in minning in jail.
However, today they encourage investors to create mining farms and mine as long as everything is transparent, without stealing power etc. They even created a register for minners(in wich a lot of minners dont trust since they believe that if they register they will be robbed or kidnapped).
You can read about it here.
Definitely something to think about. Anything is possible, and this would classify as anything...or something.
It would be pretty easy to transfer your crypto to a friend in another country, and have them cash it out. Odds are that the world would never ban crypto altogether, simultaneously. That would be ridiculous.
Still, it is always good to have a plan. You can never do too much planning.
good to see you. i hope that british govt will take right decision like japan. Thanks for your content .
I live in South Korea, and as you know the market is tightly regulated, but as I'm a foreigner, it's very difficult for me to trade on exchanges. I can open an account, but I can't send money to it or withdraw money. I can only send and receive crypto. So buying coins in the first place is really difficult. Everytime I want to put new money into crypto I have to trade from a friend's account. I'm a little worried that the government might make it illegal for foreigners to buy and sell crypto. Then I won't be able to use my account at all.
That will be horrifying, it will definitely scatter the market and i guess alt coins will just have to pack their load. What would i do, i will panic like crazy
It’s hard to imagine for Britain to ban bitcoin. However, if that happened and this ban would become the law, you wouldn’t have much of a choice, right? Just like you mentioned “you live only once” would it be worth to move out? I don’t think so. There would always be some kind of alternative to protect against inflation such as gold.
Nah, i don't believe a government can be THAT dumb to criminalize cryptos... wait a second? They already have done that in other places? haha never trust governments.
Food for thought.
Still I'd say that they won't go that extreme this soon. I would definitely think about that happening in India much sooner than UK
While I can see regulation happening I can't see a ban happening as who would you prosecute? While you could go after exchanges the decentralised nature of crypto make it very difficult to go after individuals without taking down the entire internet. Such a move would seriously antagonise millennials at a time that politicians are scrambling for their votes. If it did happen I think the crypto community would have organise to fight the ban.However I would not move just because of a ban.
Technically that a government prohibits bitcoin or another currency does not make this cease to exist. Governments can not interfere in the blockchain, they can make less users trade cryptocurrencies"legally", but the technology remains.
Video is really wonderful and distinctive work
But the petcupine is too big a coin to block
I expect that the world is heading for an economic war because of the Betquin
In Poland right now they trying not to ban bitcoin but you will have crazy taxes stuff, this is crazy how stupid things they created.
It is a horrible scenario actually.
This war frim governments agains ceyptos is outrageous. And this happens only because they have no control of it.
But what they don’t understand is that cryptos are not passengers. They are here to stay.
Greetings from Greece
I don’t believe this would happen. Too many countries, too many investors are involved in this. As you said, more people get aboard each day including politicians. I belive even banks are investing in bitcoin. Once this bear market is over and it will, more people get on board.
Very very very dumb by the gov to ban the cryptos, but anything can happen, cryptos are the future
I would be not surprised if there did to be honest , and I guess half the world would panic !
I'm British, how can they if it's untraceable, not governed. I thought Crypto currency was a new method to attain goods without going through the normal monetary channels.
I need to study.
It's traceable. It's a matter of attaching a "face" to those addresses. If you are using big exchanges, of which many requires IDs, the information is there.
The only cryptocurrencies that are untraceable are coins like Monero, etc. In that case, they don't know where the money went, but can still probably find you, the sender, if you left enough trail.
Thanx for informative reply. Keep well...
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you can not ban bitcoin
Speaking of martyrs, is it possible for the Bitcoin to become the Martyr.
It is purely coincidental in which country and in what time we have come to Earth. Our patriotism is very rarely caused by our actual pride of conditions and values in our country. Our patriotism is most often caused by our attachment to particular land and its culture. We should treat countries like producers of different kinds of products in shop. We are customers of this store and we have free choice as to the product.
That will not happened, but is good that you share some option to the people in case that would happened.👍
Nice video, thanks for sharing. I've smashed the upvote button for you!
Would have been a lot easier to move if we were staying in the EU! (Coming from a British guy who lives in Czech Republic)
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Though we cannot believe on the government ,it would be a great panic if done so....
if its really will happen ,,,it become the subject of great thinking
my dear sir @louisthomas
but i think sir it will not happen,,,before British Government Banned Bitcoin he keep right bdecession,,,thanks for posting
dear @louisthomas
What I Would Do If the British Government Banned Bitcoin?
it was ruin for you sir,,,it become horrible,,
i like very much your articles :) very nice job
I agree, political nihilism is not the answer. Although we live through crazy times, especially here in the US where ridiculousness surrounds our president, it is important that we don't become disillusioned and disengage. Especially around issues of massive importance like a world currency (ie. bitcoin).
Criminalizing bitcoin? hmnn...... And I thought the western worlds were all about freedom of this and that. Let's keep our fingers crossed and hope it doesn't get to that level, cos if it does, other countries may just follow suit.
I hope the government will not take the wrong descision. In my country also bitcoin is illeal.So I am using my friends account from another country. Like japan it should take right descision.
I just hope bitcoin never be banned and accept as the currency of world wide. Thanks for your opinion.
Making Bitcoin illegal is simply a ( rather extreme) form of currency control. I think Britain has learned that lesson. Currency control is not only immoral and oppressive , it is counterproductive. Even the most dismal of adherents of the “Dismal Science” realise this. I find it interesting that Japan, the country which has the biggest problem with deflationary forces, has adopted a deflationary cryptocurrency. I would like to hear your thoughts on deflation . If Bitcoin were the only currency in the world.....what would happen ? Thanks
@louisthomas - Good video, interesting views, upvoted and resteemed. Bitcoin or the use of crypto is in itself "passive non compliance" with the current FIAT monetary system is it not ?
I think most governments are unlikely to straight out ban bitcoin, they just to maximise their ability to collect tax on the trading and surrounding services of Bitcoin/Crypto. That is why there is uncertainty around regulation, nothing to do with 'money laundering' just revenue collection based regulation.
As for staying or leaving, it depends upon whether my father lives. I will have to stay as long as he lives. He won't leave, can't leave. I'm close to full retirement myself so I may stay anyway. If worse comes to worse, I will defend myself with lethal force against all who commit aggression against myself or my property regardless of any badge. In this day and age, you can't really make assumptions anyway because so many wear a uniform but aren't really cops, but use the color of law and the deception of their position to commit crime (not that police aren't also criminals).
I'm not in the UK though, left defenseless against a monopoly of force with government guns. I suspect that's their main reason behind the gun grab (especially in the US), because they've been unable to curtail the grifting of the banking cartels and will soon have to resort to bail ins. When that happens, guns in school and guns in church, will likely become "guns in banks" as defrauded savers who've lost their savings feel like they have no other recourse than to shoot and hang bankers who've swindled them out of their money.
oh, trust the tech!!
you've seen how decentralization is booming. there's BarterDex now for decentralized crypto exchanges. i believe there'll be decentralized crypto-fiat exchanges in the near future.
and we have monero and zcash to keep our assets private.
the options left for govs now is:
Why is this video worth $97.297? Because of 70 thumbs up? Haha.
Uprooting yourself and moving to another country is definitely an option.
That's a bold move but isn't that the only option. All the governments banning crypto, I don't like the idea of that, they are afraid that maybe crypto will replace the fiat.
It would be sad to hear the banning of bitcoin after so much hardwork from many people like @stephenkendel and many more.. Anyways it could prove out to be an option...
One of the scary thing here in the states is some very small areas appear to be monitoring power consummation looking for bitcoin mining operations. While in the past they have always done that to try and find people growing illegal things. It seems they could be expanding there scope and that could be some troubling times ahead.
Unfortunately your worry is my reality since my country did actually ban Bitcoin. I guess I'll have to emigrate lol
Hope Briton gets it right. As usual Japan is way ahead of the rest.
If I find myself in a country where Bitcoin is going to be illegal then I too would move out. But looking into the evolution of technology in general, I think any country which criminalizes cryptos will be left behind and isolated and finally will be forced to join the rest of the world.
blast from the past
Oh deary me! The UK government isn’t going to ban Bitcoin. They’d be out of step with the rest of the western world, which wants to utilise blockchain technology and accrue the social benefits of cryptocurrency, whilst collecting tax of course. There’s huge amounts of institutional money waiting on the sidelines to be invested in crypto, money talks, so the UK government will provide a regulatory framework to facilitate this.
Moving to another country is always a good idea. You will learn a lot from the country you are going to and also from your own Country
Moving to another country is always a good idea. You will learn a lot from the country you are going to and also from your own Country
Moving to another country is always a good idea. You will learn a lot from the country you are going to and also from your own Country.