Crypto , Digital Currency Trading , Forex

When it comes to investing, there are so many opportunities and chances to earn more money with digital currencies compared to stock market investing. But sadly Forex and other digital currency trading was banned during 2015-2020 period with a bad misunderstanding and lack of knowledge.

I'm so much interested in this field and once I invested in forex using iq option before the ban happened. Now sadly all sl visa and debit/credit cards are being blocked for digital currency trading by central bank. It's true that some people lose big amount of money trying to do this as a gamble so central bank took this decision to stop outflowing the money inside the country. But there're so many opportunities which can be used to make investments double , tripe or even 100 or 1000 times if a good knowledge provided. So it will be a good source to start a foreign money inflow to our country.

I believe we can give it a try to change these policies with this government. I heard they gonna remove the useless PayPal ban also. These bad policies just stopping a good money inflow to our country. Past days me and few others used "write to GR" to inform the high authorities about these useless policies. Seems it is working now.

So i think we should give a try to inform them about the digital currency trading ban also.

Anyone in?

In

Yes, the approach should be not to ban but to educate about these things to be used properly.

engineer wrote:Yes, the approach should be not to ban but to educate about these things to be used properly.

Yeah so true.

I have a lack of trust in the fundamentals of Crypto / digital currencies. Not talking about forex. Forex market has a logic and a value based on supply and demand. 

Unlike many legitimate currencies, Crypto currencies are not backed by a collateral nor does it have a legal tender. You may have value for it today and wake up tomorrow morning, your algorithm has taken you for a ride and will declare the currency is no more active. Google the number of non performing non functional crypto currencies and you will know. 

The money you invest in a stock goes long way to produce some goods or services which is utilized by many people among many layers in a society. You buy a share of a bank, you help the bank provide a service. you buy a share of a manufacturing company, you help them manufacture something. Where does the money you pay for a crypto currency go?? where do you think it goes??

If the crypto is so worth it, why do a person having crypto sell it for a normal currency??

Food for thought. I believe those who are taking decisions in CBSL are more matured and got the know how and what abouts regarding financial systems than many of us here!!!

dayandacool wrote:I have a lack of trust in the fundamentals of Crypto / digital currencies. Not talking about forex. Forex market has a logic and a value based on supply and demand. 

Unlike many legitimate currencies, Crypto currencies are not backed by a collateral nor does it have a legal tender. You may have value for it today and wake up tomorrow morning, your algorithm has taken you for a ride and will declare the currency is no more active. Google the number of non performing non functional crypto currencies and you will know. 

Yes I can understand you point Mr.Cool. Ofc digital currencies doesn't has any institute or authorities to control the rates like normal currencies. The prices will totally depends on the investors opinion about each of them.

The money you invest in a stock goes long way to produce some goods or services which is utilized by many people among many layers in a society. You buy a share of a bank, you help the bank provide a service. you buy a share of a manufacturing company, you help them manufacture something. Where does the money you pay for a crypto currency go?? where do you think it goes??

Yes actually when we comparing investing in crypto with stocks of companies which we can see and which we can experience, there's a problem as you mentioned above. I think crypto is just another way that people can store there money. Without any interest rates and crypto is a high risky investment too. And blockchain is the concept behind it. This digital currency idea is rocking for a decade now. If you have invested 100 bucks in BTC 5 yrs ago, now it worth more than 5000 bucks. That's crazy right? 1000% annual gain omg. The story back in 2010 is the most craziest actually. In 2010 BTC was started with a price of $0.3 cents. Today it is trading above $10800. Also i guess in 2030, someone will take 2020's price for the same story. And i just took BTC for an example. There are many crypto currencies out there.

If the crypto is so worth it, why do a person having crypto sell it for a normal currency??

Whether it is worthy or not, it's our (investors) decision to make. Either there are no profits or losses to count or no any organization behind the currencies to control them. If people think it is worthy the price will go up, in the same way down. Just now people doesn't want to store there money in safe lockers or in a bank. Digital currencies cannot be robbed (Can be happen but now the chance is minimum compared to safes or banks) and a lot safer way to store money and i think tomorrow world will start to use them for many local and global transactions. 

Food for thought. I believe those who are taking decisions in CBSL are more matured and got the know how and what abouts regarding financial systems than many of us here!!!

Actually that should be true but it seems they are a lot traditional and brainless in digital currencies and gateways. PayPal ban is an example.

Finally after counting all the things, i recommend everyone to have 10% of their investments in crypto. High risk, high gain.

However it should be our choice to take that risk or not, CBSL cannot just ban it. We might had a cheaper USD rate if this was available in SL since 2010. Srilankan people aren't that crazy as CBSL thinking rn.

Currently there are many difficulties to deposit from sl bank or a visa card as our CBSL doesn't agree with it yet (But so many well developed countries gave access to it). I'm fighting to take that right. And we are trying to bring some money to our motherland.

@ Kavindu, I respect your views and above views are purely my very own. But here's the thing, you agree that Crypto currencies aren't back by a collateral or a legal tender. and you also agree that they are high risk high gain compared to a stock market. Just how many people succeed in investing in stock market in the long run?? Your guess is as good as mine and that's less than 3%. When you lose in CSE, your money largely or should I say at least part of it remains in the country because CSE belongs to Sri Lanka. But Imagine where your money goes when you lose in trading Crypto currencies?? 

Do you think that a population of investors who don't have the discipline to succeed in a comparatively less risky stock market can overcome all the risks attached to it and gain the most wanted dollars to the country by trading Crypto currencies?? Answer for me is Hell No!!! hence the irony. You plan to get more dollars to the country by investing local currencies in crypto currencies and you end up getting Nada Zero. That's the reason the CBSL has banned all these Ponzy schemes. What's the point of gaining 3% when 97% of them lose??

Purely my view and I respect yours!!!

dayandacool wrote:@ Kavindu, I respect your views and above views are purely my very own. But here's the thing, you agree that Crypto currencies aren't back by a collateral or a legal tender. and you also agree that they are high risk high gain compared to a stock market. Just how many people succeed in investing in stock market in the long run?? Your guess is as good as mine and that's less than 3%. When you lose in CSE, your money largely or should I say at least part of it remains in the country because CSE belongs to Sri Lanka. But Imagine where your money goes when you lose in trading Crypto currencies?? 

Do you think that a population of investors who don't have the discipline to succeed in a comparatively less risky stock market can overcome all the risks attached to it and gain the most wanted dollars to the country by trading Crypto currencies?? Answer for me is Hell No!!! hence the irony. You plan to get more dollars to the country by investing local currencies in crypto currencies and you end up getting Nada Zero. That's the reason the CBSL has banned all these Ponzy schemes. What's the point of gaining 3% when 97% of them lose??

Purely my view and I respect yours!!!

Yeah respect your view Mr.Cool. 

But it's kinda annoying that CBSL ban the whole thing like that -,-

I think government should give necessary education for it and lift this ban. I see a lot of opportunity there.

It's true that country losses money when we lose in crypto trading. But, i think those gamblers will lose their money anyway whether there's a thing called crypto or not.

Don't you agree there shouldn't exist a ban for it, we should understand the risks and the thing before enter but banning the whole act like this won't work for our country. Idk just my opinion.

I’m also in Kavindu. That was a great explanation about crypto. I respect you buddy for your effort . I faced d same problem. I opened an account with Trading 212 app (UK registered company). It’s a commission free app( No fee for trade) . I thought to invest in US market and crypto as well. Unfortunately I couldn’t deposit to the account With my debit card because of the ban from Sri Lankan government. I hope they will lift d ban soon. We will make a change

Trading Crypto currency is an amazing opportunity to get huge return with high risk Within a short period of time, Of course you should have proper knowledge before enter in it like stock market.

Keshav wrote:I’m also in Kavindu. That was a great explanation about crypto. I respect you buddy for your effort . I faced d same problem. I opened an account with Trading 212 app (UK registered company). It’s a commission free app( No fee for trade) . I thought to invest in US market and crypto as well. Unfortunately I couldn’t deposit to the account With my debit card  because of the ban from Sri Lankan government. I hope they will lift d ban soon.  We will make a change

@Keshav Thanks for your kind words dude. We are missing opportunities day by day. We have to take an action asap for a better srilanka. The only way i see as a option is write to GR system. There's no other way to inform them about this problem. If someone has a political relation, please inform high authorities about this.

Dear Kavindu 
Please respond to my post on ASPI 
Thanks

KavinduTM wrote:

dayandacool wrote:@ Kavindu, I respect your views and above views are purely my very own. But here's the thing, you agree that Crypto currencies aren't back by a collateral or a legal tender. and you also agree that they are high risk high gain compared to a stock market. Just how many people succeed in investing in stock market in the long run?? Your guess is as good as mine and that's less than 3%. When you lose in CSE, your money largely or should I say at least part of it remains in the country because CSE belongs to Sri Lanka. But Imagine where your money goes when you lose in trading Crypto currencies?? 

Do you think that a population of investors who don't have the discipline to succeed in a comparatively less risky stock market can overcome all the risks attached to it and gain the most wanted dollars to the country by trading Crypto currencies?? Answer for me is Hell No!!! hence the irony. You plan to get more dollars to the country by investing local currencies in crypto currencies and you end up getting Nada Zero. That's the reason the CBSL has banned all these Ponzy schemes. What's the point of gaining 3% when 97% of them lose??

Purely my view and I respect yours!!!

Yeah respect your view Mr.Cool. 

But it's kinda annoying that CBSL ban the whole thing like that -,-

I think government should give necessary education for it and lift this ban. I see a lot of opportunity there.

It's true that country losses money when we lose in crypto trading. But, i think those gamblers will lose their money anyway whether there's a thing called crypto or not.

Don't you agree there shouldn't exist a ban for it, we should understand the risks and the thing before enter but banning the whole act like this won't work for our country. Idk just my opinion.

"But, i think those gamblers will lose their money anyway whether there's a thing called crypto or not."

That's exactly my point Kavindu. When you gamble and lose money in Stock market, money remains in the country. but when you gamble and lose in Crypto, your lost money is gone out of the country. More the expected gain, more easier to lure those gamblers. Attractive is the word you used.

That's the very reason why a ban exists!!!

I'm also with @KavinduTM but this government also will not remove these paypal ban.

kasun_gimhana wrote:I'm also with @KavinduTM but this government also will not remove these paypal ban.

Thanks @kasun_gimhana
I heard they talked about it recently. Waiting for a positive news.

I have made my first investment in crypto today!

I've bought Binance coin, Bitcoin and few other coins today using Binance Exchange. Still crypto trading cannot be done so easily as srilankan central bank has blocked all the gateways for years now. But there are options for us srilankans too.

I have a faith that 2021 will be an epic year for digital currencies. So i've decided to invest more in crypto during this year.

@KavinduTM - I iinstalled Binance recently but need to know more before i invest.

Will it be possible to get in touch with you brother to know more about how this works ?

Mithooshan wrote:@KavinduTM - I iinstalled Binance recently but need to know more before i invest.

Will it be possible to get in touch with you brother ? (i would like to have a conversation with you)

@Mithooshan Yeah sure. I've fb. However still I'm not totally into this. Once my AL's over (November 2) I'll fully grind into investing.

My fb name is Kavindu Thathsara with an all black pp and cover. Btw i'm not a veteran but i won't hesitate to share what i know.

Basically if someone has decided to invest just a 1$ or 100rs in bitcoin during 2010, when it was trading for 0.3$ cents, Now it worth 3.5$ Mn. Which means that 100rs is now 646 Mn Rupees. Crazy right?

I am not in FB brother. Please send an email for mithoo1996@gmail.com if possible.

Mithooshan wrote:I am not in FB brother. Please send an email for mithoo1996@gmail.com if possible.

Sure bro.

What's up guys? Have you guys started investing in crypto?

In my opinion this will be a good way to have a foreign money inflow to our country. Still the crypto trading gateways are being blocked by the government but we can do this. There are few ways. Currently I use Binance P2P option to trade crypto.

Every investor may has at least 10% of their investment in crypto currencies. High risk high gain (Not like gambling btw)

Crypto will be the future world.

KavinduTM wrote:What's up guys? Have you guys started investing in crypto?

In my opinion this will be a good way to have a foreign money inflow to our country. Still the crypto trading gateways are being blocked by the government but we can do this. There are few ways. Currently I use Binance P2P option to trade crypto.

Every investor may has at least 10% of their investment in crypto currencies. High risk high gain (Not like gambling btw)

Crypto will be the future world.

I too wanted to study before investing. Still did not manage to. Will invest soon !

KavinduTM wrote:I have made my first investment in crypto today!

I've bought Binance coin, Bitcoin and few other coins today using Binance Exchange. Still crypto trading cannot be done so easily as srilankan central bank has blocked all the gateways for years now. But there are options for us srilankans too.

I have a faith that 2021 will be an epic year for digital currencies. So i've decided to invest more in crypto during this year.

Bitcoin price was $10,500 that day (45 days ago). And now it is trading above $17,750. Not only Bitcoin, most of my crypto investments are highly profitable so far. 

Congratulations who bought with me ( If there any).

Teller told every one to buy btc@ 10,300 last month , now became 17,000 $