I have heard some stories about making bitcoin transactions illegal. It's all been a humor and I don't think any government have officially made bitcoin transactions illegal. Why is that?
Many governments are trying to regulate bitcoin, control exchanges and force people to be authorized. But I am sure government wish bitcoin was not created and there was no trouble of regulating bitcoin. They prefer their fiat to any other currency.
Why no government have made bitcoin transactions illegal?
I think they want to avoid creating an underground market.They don't want bitcoin to be traded like Alcohol and drugs. They have to accept bitcoin as they cannot stop a decentralized network and now they can only try to regulate it. Do you agree with me? Is there any other things have caused governments to not make bitcoin illegal?
Actually, some countries do prohibit using these cryptocurrencies. The problem lies on how the government will restrict its usage on a large scale. Users can use Virtual Private Networks, on top of untraceability of Bitcoin transactions, making it difficult for governments to restrict it. The benefits of restriction is somehow good, anonimity is sacrificed for further insurance for thefts and crimes. But the whole network cannot be really stopped as of now. In order to stop it, every single node must be completely shut down, since its decentralized and each one has a copy of the ledger. It's like a mesh that even if stopped at a region, it'll find its way using different route to make transactions possible and therefore, uncontrollable by centralized institutions. |
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I am a strong believer in HODL. I expected bitcoin volatility decreases as time goes by, I totally didn't expect such big price change in the past several days.
Is bitcoin volatility here to stay and not decrease?
Its decentralized nature, whales and an emotion driven investors makes bitcoin volatile. I don't think it would decrease even in the near future because of its nature and the fact that no institutions govern bitcoin trading, makes traders exchange bitcoins at rates that makes pumps and dumps to the price. I think this pattern would just continue, sudden sell-offs, sudden surge of investors, it really depends on what's the recent news that affects cryptocurrencies in general. This price action makes bitcoin trading risky but can also be highly profitable. |
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It could because of the benefits that come along with it. Along with security, transparency and such, it would help expand the modes of payment available to the consumers. This would also increase awareness to cryptocurrencies, leading to more potential investors and therefore, increasing the demand which in turn would also increase its price. Fast transactions, away from centralized institutions, cutting away middlemen and interests would be also beneficial to the businesses.
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As per the latest, Google has reached Quantum Supremacy. Meaning it could potentially decode an entire blockchain and... YOUR PRIVATE KEYS... Blockchains are secured through elliptic curve cryptography (ECC), just like encrypted user data and website traffic. Now the issue is that ECC is NOT "quantum-safe" meaning that a quantum computer could theoretically decrypt a user's private keys and forge transaction signatures. Is this the end of Crypto? I don't think so, but I'd love to hear your opinions too! (Especially the opinion of a cryptographer) source https://www.coindesk.com/what-googles-quantum-supremacy-means-for-the-future-of-cryptocurrencyIt would not be an easy ending for bitcoin. On theory, it could crack ones private keys. But researchers of blockchain security are aware of this and started their progress on developing quantum-proof cryptography. If thieves could have access to such computing power in the future, it's no wonder that security would also tighten up for bitcoin as they can also use it to develop more complex algorithms of encrypting private keys. As of now, those leaks mean nothing since we still doesn't see quantum computers in action. |
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Looking at the market dominance, bitcoin covers almost 70.5% of the market trade as of time of writing. there is the need for altcoin recovery or it might spell doom for investors. i.e, people invest today on a new project and sell off tomorrow.
According to a wall street executive, Max keiser, he strongly believed that altcoins has reached there dead end and advised that everyone should focus on bitcoin. considering the fact that bitcoin is limited. there is the need for altcoins as the name implies, Alternative coins.
What is your say on this.
I don't think altcoins would just be gone just like that. There is still a need to them, especially ETH as it is mostly used for exhanges from an altcoin to be traded to bitcoin. Maybe some would be dead given the recent crash but as of now, it starts to regain some traction and if it would continue, we might see some hope for them. But if some whales sold off, it might trigger a chain of sell offs that may be the worst case scenario for altcoins. Only those coins with solid foundations may survive since altcoin's market is a crowded one but only a few proves themselves to be beneficial. |
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So we all know how Indian government is banning cryptocurrencies soon. https://www.livemint.com/news/india/banning-cryptocurrency-in-india-not-a-solution-nasscom-1564476081539.htmlNow nasscom is adding fuel to the war along with the Reserve bank of India suggesting that they didn't have anything to do with it makes worth a point *They themselves think this is overboard and doesn't want to actually associate with it* Earlier this week it was criticised by people all around the world also at the same time the committee was submitting the records rejecting any good involvement. Nasscom is actually the Indian IT sector more like a non profit organization. Earlier today there were websites suggesting how you should sell your coins so that you don't get jailed for long-term. So , should you sell or hold onto bitcoins .? All I know is if we all held onto our bitcoins , they won't be able to send each and every one of us to jail .. the supporters are actually a lot more than you could imagine. I am holding onto my coins , what are you gonna do ? From reading the article and with some knowledge of the blockchain, its cryptographic nature makes it quite impossible to track who transacts on the platform. The government bans it because it's not regulated to their terms. What they want is for people to stick to a centralized system for easier tracking of your activities. But just to be sure, you could use premium VPNs to conceal your online activities, on top of the encryption blockchain provides. Also do note to pick trusted VPNs only as other cheap/free VPN might sell your data since it passes through their servers. |
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It's the logic of supply and demand. Increase the number of printed fiats and you end up crashing its price until it's worthless since there would be too much in the circulation. Limited supply of fiat makes the demand to it rise and thus, makes one unit of it worth something to others. If unlimited fiat is printed, it would just make that currency worthless to people, which in turn means you still can't buy all of the bitcoin. They could do it but your main goal would not be attainable.
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The creation of blockchain came with possibilities and predictions of a future where intermediaries could be eliminated entirely. It is capable of executing millions of transactions within seconds at a lower transaction cost and requires no centralized authorization. With the blockchain trend going on as strong as the moment, is it possible that blockchain will replace banks any time soon in the future? More here: https://www.hb-wallet.com/post/2018/12/20/can-blockchain-replace-banksBlockchain is rapidly growing but I don't think it will entirely replace banking in the near future. Not all layers of the society would have access to the technology. Fiat is still essential for the small transactions. Replacing banking entirely is not a viable option since a large percentage of the society still rely on them. Also, one thing to note is the quick price swings of cryptocurrencies, which would make it more difficult for merchants to transact with prices as it can go up and down pretty quickly, which would be inefficient and would disrupt their profits and such. |
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I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?
It really depends on the person's way of looking into gambling. If gambling is not one of your likings, then definitely what you'll see with crypto is it's relation to something illegal. However, if you look at the core nature of crypto and even stock markets, all of it are really a gamble of themselves. You risk by investing, the same way you risk by betting. It's no different to each other, it's just that gambling is associated with games/entertainment and luck while investment is often related to something you could get profit in the long run. |
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We, as physically and intellectually healthy individuals, strive and survive to achieve our dreams, establish our roles in the society and fulfill our needs and wants. But in order to do this, we are also required to be financially healthy. The lingering fact is that money is not achievable as a single candy you can buy in the store. Sometimes, people risk their lives and reputation just to get a handful. Bitcoins are not officially a currency that you can just see in a certain country, that are being utilized and used. So, is dealing with bitcoins and other things related to it also puts us in a risky gamble?
Every investment is a gamble. Every gamble is a risk. Dealing with bitcoins or any other investment, whether it be real estate, stock market or real franchises, it will always have some risks associated with it. It's just the magnitude of risk factor and loss you can handle you need to be aware of. You should also consider your time span, if you're willing to wait for long-term investments or only short-term plans. I would consider investing in bitcoin in the short-term ones because the market for this is volatile and drastic amount of price change may happen within a couple of weeks or months so be wary. |
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The nature of Africa was decentralization! Africa was unite and great until colonial masters began to centralize everything. Now all the resources is control by the western world. Now that the world is changing and blockchain is bring back decentralization to the world would Africa get their power back?
Blockchain might help solve some crisis regarding corruption and will provide more transparent and faster transaction to other countries to further boost their economy. It is also true that the decentralized nature of this technology would help them somehow control their country and minimize the regulations imposed by the big countries to them. However, the future of Africa, given with the blockchain, will still rely from the people who utilizes them. Blockchain also provides freedom, and it depends on the user to use it for the general good or only for his own. |
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All things comes with risks or drawbacks. It's true that having anonimity would also mean easier grounds for illegal activities to happen. One must be sacrificed to gain another.
I would choose anonimity over tracing transactions because that's the main idea that started Bitcoin and other cryptocurrencies, to have a transparent, anonymous way of handling transactions. That's also what makes cryptocurrency unique to fiat. There is no governing bodies, no regulations, no restrictions and manipulation.
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In the present days the BTC market is going down and there is some fluctuation in the price but that is just to test the patience of the traders and the investors because when the big fishes wants to invest the price just go down and they buy the BTC at low price and when the market recover itself and come to the original state then they just dump the coin and make a heavy profit.
I would suggest that you keep a strong patience and set tight. Market will recover itself.
Do you think that i am right? Go ahead and share you thoughts about the current market situation and your point of view.
Recent drop in prices of Bitcoin and other altcoins are generally sell-offs of holders of those coins. News suggests these drops are caused by the 40% drop in hash rate of Bitcoin, which is what some websites have reported. This hash rate somewhat determines the security of the blockchain. Of course, panic selling is part of these news and that's what we see today. Still be optimistic as the price of Bitcoin stabilized to around 8.2k USD and maybe it would reach the point of return to its uptrend. |
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Given the continuous progress in improvements in Artificial Intelligence and computing resources, especially with new leaks about Google's quantum computing, all the benefits that come with these new innovations always comes with some risks. AI's capabilities could be used to personal interest/greed such as identity theft. Voice emulation and deep fakes are only some of what AI can do which are dangerous if someone is dedicated enough to his intent. Having said that, cyber security also has its own advancements as counter measure to these threats.
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Totally relying on Technical Analyisis on your trades and investments is quite a bad idea. These tools sometimes help but only to further validate your predictions/intuition of the market's future. Remember that cryptocurrency market is volatile and tend to swing with recent news and events with relation to cryptocurrencies. I prefer to watch the current happenings and take advantage to buy/sell depending on the situation. Time is money in trading because price changes may happen suddenly in short periods of time.
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You know this question is unavoidable...
DID I MAKE A MISTAKE INVESTING IN BITCOIN?
A lot of people have heard of the benefits achievable with BTC investments and decided to invest.
The recent market setbacks have brewed a very big question in the minds of new investors...
What will be your response to this question?
As of now, I don't think it's a mistake to invest in Bitcoin. However, all investments have risks associated with them. You must be prepared and be wary of the prices, don't panic when the price drops. I see Bitcoin as the future, with the constant growth and awareness of the people with its potential and security, I don't think it would go as low as nobody would want to invest on it. |
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If that house you sold is not your main asset and have much to spare, then you're still good. However, have atleast some of your earnings to tested and solid coins like Bitcoin. Altcoin market has recently crashed, maybe because of Bitcoin's bear market due to recent news about the crash in its hash rate and recent advancements in quantum computing. Still, the bitcoin market has become steady now, so altcoins prices may also hover and if better, rise up again.
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Sometimes, we tend to forget to use our own knowledge, intuition, and reasoning to take the right decisions. This is what we must try to avoid doing, instead make use of your own skills and tools to assess the best desicion with all the factors taken into account. Having said that, it's still not bad to do mistakes once in a while, as all people do. What's important is you learn after you failed, and use that learning you gained to perform better in decision making.
Learn from your mistakes, and do not get stuck in the past. Move forward and be better.
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Reapplying Hoping for your consideration  |
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