Iranian sources claim that some of them are no longer able to access the ShapeShift swap swap platform, even when they use virtual private networks (VPNs). As such, sanctions seem to already have an impact on the Iranians who want to make legitimate use of cryptocurrencies.
Some of Iran's favorite portfolios are Electrom, Atomic, Exodus, Samourai Wallet and Wasabi Wallet, in particular the CoinJoin function that sends many batch transactions simultaneously to make it more difficult to monitor specific portfolios. According to several Iranian developers, the interest in zcash private money is much more common these days, reports Bitcoin Desk.
An anonymous developer of Tehran, who traded ethereum for bitcoins in global trade, then sent the bitcoins to his wallet, agreed that security and privacy are the two main attributes he looks for in a portfolio.
"Cutting an entire country from global business is cruel," said the developer, also stating that laws should limit criminal activity. However, most of the trade in mainstream cryptocurrencies like Coinbase will reject transactions related to prohibited currencies, even if several phases are removed. As such, some criminal actions could have knock-on effects in the thriving community of buyers and retail users in Iran.
For less experienced bitcoin technology users who might struggle with monitoring specific blockchain data, these ads pose a significant risk.
Lawyer Steve Middlebrook tweeted that anyone who received bitcoins from those sanctioned addresses should "keep the coins and inform the feds".
On the other hand, the lawyer Nelson Rosario, specializing in blockchain technology at Marshall, Gerstein & Borun LLP, tweeted an open question about how users could "clean" bitcoins from a sanctioned bitcoin wallet address. Could collaboration with US authorities really help innocent bystanders avoid blacklists?
Meanwhile, the Iranian mining industry is exploding with fresh crops of uncontaminated bitcoin.
Thanks to Iran's subsidized electricity offers, which make cryptocurrency extraction relatively cheap, mining continues to grow despite global price declines.
"I'm trying to expand the mining industry and [bitcoin’s] He uses the case for Iran business, "said Javad Sedighi, a miner based in Isfahan, adding that he wants to help build a world with fewer sanctions and censorship." Bitcoins in Iran are mostly young people who are interested in technology".
Just like Sedighi, the developer of Tehran Saad said that political complications only increase their dedication to the promotion of traditional adoption.
Governments can not freeze privately held and managed bitcoin portfolios. So, the more people memorize and deal with bitcoins themselves, the less legitimate users have to fear discrimination.
"When the criptos become so common and accepted globally, these measures do not work," said Saad.
Therefore, choosing a bitcoin wallet with strong privacy features is important for those who, in some way, are literally becoming their banks.
The anonymous developer of Teheran told CoinDesk that despite the political tensions, the singular bitcoin value proposition inspires more local engineers to learn about the blockchain and start experimenting with the uses of technology.
"Public adoption would be the best thing we could wish for," he added.
On Wednesday, the United States accused two Iranians of launching a computer attack with the ransomware known as "SamSam" and sanctioned two more for helping to exchange ransom payments from the digital Bitcoin currency in rial.