This is one regular thing I see when I talk to people about Cryptos. I mean to people who have not yet ventured in this space. Skepticism and Fear.
I try to keep spreading around the word of Cryptos specially to my extended family and friends. This is the good time to get in so that when the markets boom they can benefit maximum and have some decent profits.
A few days ago again I was talking to a friend advising on doing some investment in Cryptos and the blunt answer was NO, on checking why such a strong denial the response was it is Illegal. Now this is not the first time I am getting such a response, I have got to hear this many a times when I advise people to buy Cryptos.
What is Illegal? The Indian Government has not set regulations around this space and hence it is considered to be illegal by people and the Governments also put it in that form to keep the fear going on in people. I feel sad when they turn so blind and not wanting to think beyond and understand why it is termed as illegal. I mean are you committing a crime, are you bringing harm to others, are you robbing some one? None of these then why is it illegal, just because it is a threat to the governments. You are wanting to invest your own money to gain profits from a source which allows you to so what is wrong in it.
Source
The other Fear that I have seen while talking to people is the volatile nature of Cryptos. Definitely with any investments comes risk but if you have good planning then you can be safe. And no other investments will give returns as quick as Cryptos so risk also will be higher in that case. For people who want to gamble, trade I feel they should just do it sensibly and be prepared to face the risk. For someone like me, I have kept a target for around 5 years and I am sure that despite of it's volatility it will still give me better returns then any other investment, so I am happy to take the risk.
For now I feel the Bear market is coming to an end and we are going to see some bright sunny days. So for those who have still not ventured in this space it is their loss. I can only advice but not force and all of us can only do that.
I hope people get some good sense and learn to be in control of their own finances rather then being puppets and blindly following the directives without thinking.
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As soon as institutional investors get their feet wet in the crypto space and that will be soon everyone including governments would look into cryptos and it will be a good thing certainly for early adopter and believers @nainaztengra
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Very true. We will be the happy faces at that point of time :-)
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Cryptocurrency isn’t thought of as illegal in the UK that I know of, although it’s not particularly easy to purchase into as many major banks are starting to refuse payments to exchanges. I suppose the other aspect for government is the potential loss of tax revenue - with money invested into cryptocurrency it’s difficult for them to track earnings and recover taxes from them.
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In India it is literally termed as illegal so there is lot of fear in people to invest into it. That's true that the governments will face a lot of Tax loss and hence that's one big reason why Indian govt. does not want to work around it. Also with all good things there will also be some risk, a lot of money laundering and illegal activities can be done with ease so this is another one important aspect they are looking at.
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I have never met anyone whilo thinks crypto is illegal. The bear market is almost over. Everyone should focus on bagging coins that will being them goos gains. I am all in on Icx and Veil coin... Which coins have you bought?
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It is more country based. In Middle East we have no issues but in India we do have a lot of hassle and risk also getting into it. Honestly I am not much into coins, my focus is only BTC and Steem which I earn here through blogging.
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Many people afraid to involve crypto because of uncertain laws in their country.Finally the bear market coming to an end and good times ahead for crypto. Actually whoever skeptic about crypto can start by trying privacy coins like monero,veil,grın and enter the crypto world anonymously.
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