Syrians and cryptocurrencies.. The ambition to get rich and the “Caesar” law

From mid-2019 to mid-2020, the digital currency or cryptocurrency market witnessed a major revival around the eyes of investors towards this emerging and mysterious sector.

With the beginnings of the “Corona” pandemic and the rise in interest in everything that is electronic, as well as the rise in the shares of companies that provide services that facilitate life from homes, even ordinary people found in the digital currency market an opportunity to get rich quickly, improve income, or at least save in assets that are constantly rising.

Read also: Cryptocurrency market.. Investment and obstacles

In principle, dreams of getting rich and getting rich quickly haunt almost all human beings, no matter how satisfied a person is with his reality, his work, his level of life and his income, most people will not mind if they are told “there is a million dollars in your bank account.” This dream or desire teased closely the cryptocurrency revolution, or what has become popularly known as the “Bitcoin Revolution”, which reached its climax in the middle of the year 2020 when it crossed the $50 thousand barrier for one “bitcoin”.

piece of pizza

An unknown person or group of people, who founded “Bitcoin” under the name “Satoshi Nakamoto”, and therefore part of “Bitcoin” is called “Satoshi” and every hundred thousand “Satoshi” or “Sat” is one “Bitcoin”.

Many stories have teased young people’s dreams of getting rich through the cryptocurrency market, including about people who bought “bitcoin” cheaply and then when they became rich and forgot the password for the electronic wallet, and others about those who refused to receive the payment of a service with “bitcoin” and then regretted, and the most famous or funniest story is Pizza story.

This story recorded the first cryptocurrency sale in history, and it tells of a person who offered to pay for two pizzas with “bitcoin” and the price of each disk was 10,000 bitcoins. One today moves between 18 and 22 thousand dollars.

continuous winter

After the middle of 2020, digital currencies began to decline, but slightly and not frighteningly for investors, ups and downs like all financial assets or stocks, despite major declines that the market was witnessing in some periods, and soon recovered from them.

The situation continued in this way until the beginning of the Russian invasion of Ukraine recently, which confused all financial markets, including the cryptocurrency market, and “Bitcoin” touched for the first time the limit of about 18 thousand dollars for one “Bitcoin”, which is the limit from which it began to rise in mid-2019.

Specialized economic websites recently described this period as “the persistent and cold winter of cryptocurrencies”, but the hope for the recovery of this market continues, especially for the second currency in the lists of investors, which is “Ether”, which relies on its own “Blockchain” network, the “Ethereum” network, which was launched before Weeks of its new update “Ether 2.0”.

Ambition to get rich “we caught the trend”

The rise in popularity of digital currencies, the stories spread around them, and the ambitions of getting rich quickly, encouraged millions around the world to enter this market, and new investors encouraged ease of trading and access to the platforms provided for this service, as Fouad (a pseudonym), says to a Syrian lawyer who lives in Europe and has entered the cryptocurrency market Under the influence of the last wave, during his speech to “Al-Hol Net”, “we caught the trend,” and he continued to narrate his motives for this market, by saying that I began to feel anxious after the news circulating about the collapse of the dollar and the nature of the work of banks and the interest system in which they operate, so I decided to start my own adventure, As he put it. Fouad’s main goal was to preserve his savings and not make more money, as he started with stocks and then switched to cryptocurrencies as he was convinced of the idea of ​​(Blockchain).

Fouad describes his experience as bad because he entered the cryptocurrency market without sufficient knowledge and knowledge, and social media played a role in that as well. He lost, but was considered to have learned, as he put it.

Fouad finds that there are negatives in this type of trading, especially the lack of confidence, as he did not dare to invest more despite offers from companies specialized in this, and attributed this to the fact that as a Syrian citizen, he did not forget what happened from companies investing money in Syria in the nineties of the last century. .

As for the positives, they are many, most notably learning more about the economy and trading in the markets, as well as the world of “Blockchain” and “NFT,” says Fouad.

better income

Other investors had other goals, including Rami Traboulsi, a middle-class journalist and father of two children who lives in Sweden. He told Al-Hol.net, “My income is considered normal, and this was my motivation to enter the digital currency market. I was looking to improve my financial situation.

Cryptocurrencies were growing quickly, and making great profits, without experience in trading, and he continues his narration, I made small gains but good for me as a start, and because of the lack of experience I lost those gains and I did not risk large numbers, because I do not have the courage to do this and my financial situation does not allow me to do so either.

Rami does not advise middle- or simple-income earners to enter this market and describes the losses in it as “painful.” As for Saif Azzam, who is also a journalist and a father of three, who lives in France, he told Al-Hol.net, I am following my investment in cryptocurrencies and it is fun. At the moment I lost due to the recent price drop, but I know that I will be able to compensate for the losses in the coming period.

In order to become a cryptocurrency trader, you need years of experience, to know how to follow the movement of the market and to know the right time to buy and sell, according to Azzam.

Speaking about his experience and goals, Azzam says, in the beginning it is tempting and constitutes a kind of greed, but we must not forget the risks that may lead to the loss of the entire amount, I entered this market mainly to improve my financial situation.

This market achieves greater profits than stocks, but the stock market is more stable, and here lies the fun in trading cryptocurrencies, as lies the danger of this matter, according to Azzam.

The demand of Syrians on the digital currency market does not seem strange, even though the country is living in a stifling economic situation that imposes even on residents abroad monthly financial obligations towards their relatives inside the country.

The Syrians were interested in the changes that occur technically and economically, and they rushed, like others, to the digital currency market, according to the statement of the stock market specialist, Tariq Al-Junaidi, to Al-Hol.net. The crazy prices and the collapse of the Syrian currency, as well as the models of the winners and those who made fortunes through the cryptocurrency market.

But Al-Juneidi pointed out that these models that succeeded in the cryptocurrency market, made new investors forget the most important principles of investment, which is not to risk any amount we actually need in the expenses of daily life.

Several months after the “Caesar” law was issued, many Syrians, specifically through the “Binence” platform, which is the most famous in the cryptocurrency market, received a notification that their accounts would be closed for reasons related to “the country’s security rules” without indicating that they are Syrians, and the platform left a deadline for customers to withdraw their balances or transfer them to wallets. other.

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