If there’s a Will there’s a Way
We have heard news of countries cracking down, or downright banning cryptocurrencies. But considering how most governments and central banks view cryptocurrencies and the market in the first place, it shouldn’t really come as a surprise.
Yes, most governments weren’t very fond of cryptocurrencies (a huge understatement, I know) as they could not control it unlike fiat money, and would like nothing more than to see it fail. And with the law of the land on their hands, they could do a lot of things that will make cryptocurrency traders’ lives difficult.
But no matter what the government and the central banks do, they cannot stop the growth of cryptocurrency, nor can they stop people from trading in the crypto-market.
They can ban, and restrict the trade and transaction of cryptocurrency in their respective country but traders, even common people, would still find ways to overcome to use and trader cryptocurrencies. After all, as the famous saying goes, “if there’s a will there’s a way”.
Indeed. It was a known fact that the more you forbid people from doing something the more they would want to do it. The same goes for cryptocurrency trading in countries facing bans, crackdowns, and restrictions.
In countries where cryptocurrency trading were ban or restricted, traders have found several ways to circumvent said bans and restrictions implemented by their own government and central banks.
For example, in Nigeria where the Central Bank of Nigeria (CBN) issued a directive to all financial institutions in the country to halt the service to people trading with cryptocurrencies; it was reported that traders had switched to P2P platforms or other platform that the Central Bank of Nigeria had very little or no control of to do trades. And as result, the growth of cryptocurrency in the country was pretty much unhindered.
Of course, the severity of bans and restrictions are different from country to country. The reason that Nigerian could pull off trades despite the directive from the Central Bank of Nigeria was due to the fact that only financial institutions like banks and (possibly) lending companies are affected by the directive while other platforms are unaffected.
Nonetheless, it still shows that people are willing to go to great length no matter how troublesome to continue trading with cryptocurrencies.
Speaking of going to great lengths, in countries where bans and restrictions are more severe, many traders chooses to move out of said countries entirely to escape the ban for good.
Personally, I do not like this method but personal preference aside I also understand why some people would choose to move out of their countries. In one of my articles, I even suggested that miners currently in China should move to other countries due to current crackdowns on cryptocurrency mining and trading by the Chinese government.
The reason why I’m so vehement for mining companies to move their operations to other countries despite my personal dislike of the aforementioned method was due to the fact that China was the biggest cryptocurrency mining hub in the world, and what’s happening in said country is greatly affecting the entire crypto-market.
Another method that comes to mind that could help circumvent bans or restrictions was to use proxy. No, I don’t mean VPN or the likes. What I meant by proxy was to look for people you could trust, possibly a relative that’s living in another country to do the trading for you.
The risk in this method was very obvious as other people even relatives could easily betray your trust when money is involve but for those who don’t want to leave their country for another country this is a viable option.
There should be other ways to circumvent the cryptocurrency bans and restrictions, and what I listed above are just the most common ones that traders all around the world use. If you’re a trader and is living in a country that’s not too accepting to cryptocurrency and could not use the above methods, scouring the internet is your best bet. After all you one could find almost everything in the internet if one searched hard enough – including methods on how to circumvent bans and restrictions.
Unstoppable Growth
Cryptocurrency is growing and will keep on growing. No matter what our detractors and the government do, they could never stop cryptocurrency from becoming mainstream. It’s expected and in my opinion, inevitable.
Also, in my humble opinion, the blockchain and cryptocurrency is one of the greatest inventions of the modern age, and its benefits are palpable. One of the benefits of trading in cryptocurrency (possibly the biggest) is that it allows common people financial freedom as cryptocurrency could not be controlled by any government and could be used and traded anywhere and anytime as long as one have phone and an internet connection.
It was for this very same reason that allowed cryptocurrency to gain such a huge following in just over a decade. And if the trend continues, which I believe it would, cryptocurrency is bound for greater heights.
I am aware of course that cryptocurrency is in a slump due to the bear market but it’s just temporary. Besides, it’s not like it never happened before. Surely, many of you still remembered the time when the price of Bitcoin dropped from $20k to only more than $3k in 2018.
But look were we are now in 2021? Bitcoin reached almost $64k in this year alone. Certainly, the price had fallen to about $33k (as of time of writing) but the price was still a lot higher than the highest price of previous years.
Which bring us to a very important point: Cryptocurrency will always bounce back much stronger after each slump. And this current bear market is no exception.
Why? It’s because cryptocurrency had grown strong over the years. Certainly, it would still encounter bumps here and there but that’s only normal. One of the reasons why cryptocurrency was able to weather all previous storms that come its way was because those so called bumps actually help the market mature and made the community more united.
Which mean that instead of fearing the current bear market we should be thankful instead as it will allow the market to become much stronger than before. After all, the growth of cryptocurrency is pretty much unstoppable at this point.
That’s all for now; thank you for reading.
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My other articles: https://read.cash/@beastion
Yes! You are right... Although, it's a risky business that requires carefulness but it pays real good