[dtube] What I Would Do If the British Government Banned Bitcoin...
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.