Whenever I hear that a particular government placed a ban on cryptocurrencies in their country prohibiting it's use and related transactions; rather than getting surprised, it further confirms my conviction to be true: that, such a government only drive satisfaction from subjecting their vulnerable citizens to both mental and financial slavery.
It now should be very obvious to as many people that choose to believe that, cryptocurrency is nothing close to being a scam (at least, bitcoincash is not) but a technological advancement targeted at resolving the present world's financial chaos and giving the people freedom to use their money as they wish and make returns off their investments.
But some group of individuals in power see it as a threat to their overated fiat currencies (better to be referred to as printed debt) hence, they try to warn their citizens against dealing in cryptos and even mislead them to the fallacy that anything cryptocurrency is a scam. But when they realize that the people are not giving them listening ears because they have seen the light, the freedom ahead and chosen the path of Truth, they enforce a ban. The government feels jealous of cryptocurrencies like BCH because, they have failed in trying to bring them under control.
The ban is null
But does the ban often succeeds in keeping the people away from crypto? I think the answer is a No. This is because, majority of cryptocurrencies are completely decentralized and the peer-to-peer characteristics makes it even more difficult for any third party to come between the users. Crypto had long been ban in countries like Algeria, Bangladesh, India and many others but the usage and crypto awareness continues to grow higher in those countries.
The latest and trending one is a ban on Bitcoin and other crypto currencies in Nigeria announced on 5th of February prohibiting the banks and other financial institutions from transacting with all crypto exchanges operating in the country. Nigeria is said to have the second largest crypto market and the adoption of crypto currencies was fast growing. Both the employed and unemployed citizens took crypto investment and trading up as an opportunity to make a future for themselves.
Crytocurrencies are definitely the future of world's financial system and a time will come when the local fiats will become useless. Many people have seen opportunity in crypto and are building a future for themselves with it. This is why a ban on it, is a fight against the Future. But the future will definitely come and nothing stops it.
Traders always find way around a ban
Owing to the fact that cryptocurrencies can not be regulated and are fully decentralized, it is often difficult for a ban to stops its usage. Users make payment for a good or service directly with crypto without having to go through the banks.
The banks and other financial institutions may close gateways so that crypto merchants could not withdraw their capital and profits from exchanges in their Local Fiats. But these merchants do have foreign accounts, maybe a dollar account where they can withdraw to and fund their wallets from. They can then change this foreign currency to their Local currencies and pay petty crypto traders using the p2p function on exchanges. The petty traders also buy crypto from merchants on exchanges using the p2p function. In this way, the trade continues.
A ban is likely to open way for more crypto usage
Let me explain how this could be possible. Placing a ban on cryptocurrencies first of all announces the existence of crytocurrencies to the public since the announcement would be made through all media channels possible. Those who had no knowledge of crypto would become more curious to know what it is and why it is being banned. This is more like a free awareness creation for cryptos. More people would likely go into crypto after learning about the advantages and trade with it using the p2p function as described above.
The second possiblity is that, since those who have cryptocurrencies could no longer easily withraw it as local currency, they would want to put their assets into use by exchanging it for goods and services within themselves. In such case, crypto usage would increase.
My recommendation
This is my personal Recommendation with reasons for the love of a good Future. If you are thinking of the best crypto to use in any such cases described above, think no further, bitcoincash is your best choice. It is completely decentralized, it is the easiest to use with fast transactions and a very low fee. I have been using it, and it has never disappointed me.
You could also simply earn it on noise.cash and read.cash by writing readable essays. It also has a great upward potential which means you are liable to earn big profits from your investments in the nearest future.
Crypto is the future and no one bans the future from coming through....it will always win.
Legislation is nothing but legitimized corruption.
The Nigerian ban is simply their central bank signaling
that bribes are now in order to handle cryptocurrency.
It is simply the State's way of trying to milk a goose.
The only effect it has on private wallets is increase crypto values.
The next thing to witness is the value of the Naira decrease,
because such proclamations always hide unfortunate discoveries in the vaults.