If you have read my first post you noticed that I was full of enthusiasm for considering cryptos as a way for avoiding hateful restrictions that people have to undergo in Lebanon, during a period of hard economic difficulties.
After some days my enthusiasm had to fight with the first doubts, enough for calming me down.
I asked myself: since there are a lot of restrictions in Lebanon and cryptos seem the solution to get freedom, can it be possible that my journey has to be stopped soon because buying, holding and using cryptos is illegal in my country? This doubt made me have a couple of uncomfortable hours. Fortunately I collected some information that let me believe I don't need to worry:
In Lebanon you can pay services only using the recognized currency (Lebanese Lira and US Dollar), but you are free to hold and trade cryptos, even if the Government tries to discourage their adoption by saying "cryptos are not safe".
This was enough to let me tranquill to go on (shouldn't I?). My journey can continue...
Anyway it's time for another doubt. Cryptos can change value very soon and very much. I have already noticed it and it seems that this happens often, it is an intrinsic characteristic. But at least it can be down and it can be up, better than the lebanese lira that since hyperinflation started to go only down. So, I don't want to lose hope about cryptos, however this is something I need to consider. Well, let's go on, but without fanaticism.
How I have already written, things I did are not so many: I installed a crypto wallet for mobiles named COINOMI, I wrote down my secret words in a piece of paper and I have hidden it. Then I used my public key to receive a little bit of coins, to try. The little bit is 0.5$ worth in bitcoin cash, I'm happy for this amount because I can move them for testing without a big disaster. That's all.
So we arrive at the next step, I need a solution to collect and exchange my cryptos. My needs are very simple: it has to be on my mobile, to be easy to use, to allow me to hold little amounts of different cryptos and to let me exchange all the coins into the ones I want to put in my wallet.
Unfortunately I discovered many exchanges ask for identity documents. I was very disappointed. I don't know why but I was expecting much more freedom. Ok, it's legal to keep cryptos, but if the Government decides new restrictions?
So I decided not to consider who asked me for documents and at the end I kept 2 choices.
The first choice is signing up on Binance. If you use only cryptos, they say, you can deposit, withdraw, sell and buy using only your personal email. I liked this, it made me feel tranquill. And fees seem very low.
The second choice is Atomic Wallet, the one recommended by publish0x. It's a wallet but it gives the possibility to exchange one coin into another. For my needs this is enough so I could avoid using an exchange at all.
So, Coinomi and Binance together or Atomic Wallet alone. I promised myself to make a decision before my next post.
Thank you for reading ❤️
P. S. Obviously if you want to give me advice or to suggest better solutions for my simple needs please feel free to write them in the comments section.