Well it depends on the level of regulation. If they severely restrict who can transact or even outlaw bitcoin then we could be in trouble. Banning or restricting ICOs would also have a negative impact because a lot of the money transacted inc cryptos is being fueled by ICO investment etc. If suddenly they become a heavily restricted market with KYC regulations etc then a lot of them will die off or find it hard to get investors.
Well, I don't agree. Majority of countries don't have any intention to outlaw Bitcoin. But they want to regulate it to give more security both to users and to businesses and to control illegal activities. Regarding ICOs I also that the goal isn't ban but to be honest among ICOs there are many scams so their regulation would actualy help with protection. Bitcoin is changing, it's get more regulated, at some moment KYC rules will also be introduced but I still don't think this will harm Bitcoin, just the opposite. |
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To my opinion this only shows how quickly the price can change and in both ways. So actualy you have to be ready for any scenario and ready to adapt to the changes on the market.
In such situations it's hard to predict which way the price will go next but it's important not to make some sudden moves without taking the situation in whole because you might regret it.
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I'm with Bitcoin for a long time now and this is not first such experience for me. So actualy I'm calm and this price drop doesn't give me the headache.
To sell now it's not the good thing to do, especialy if you have bought Bitcoin at higher price. Be patient, don't give up, the price will recover.
I think that one of the problems is that everyone get spoiled with price we had at the end of next year and now are many disappointed especialy new and unexperienced users.
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Currently it's good time to buy Bitcoins. The price is under 8000$. But I don't think it will go all the way under 5000$ so there is no need for further waiting for price to fall.
If you have some extra cash I would suggest investing.
In fact having in mind volatility and how easily price is changing you have to be ready all the time to react to turn situation in your favour.
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Well, Yobit is not on the list of trustworthy exchanges for a long time now but still I don't know if something like this could happen without any reason.
Maybe they have seen your withdrawals as some kind of suspicious activities maybe connected with money laundering.
Exchanges are strongly regulated in AML and anti terorrism financing area so that could be one of the reasons that crossed my mind.
Still the right answer you should get from the customer service but having in mind how bad this Yobit service is don't expect too much.
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People often don't understand and don't want to accept something that is new and not familiar to them. The same is with Bitcoin.
Many still think that Bitcoin is some kind of scam, ponzi and tied to illegal activities. It will take a while for Bitcoin to break that myth.
On the other hand some have made wrong decision, miscalculate their possibilities and lost money. That is why they don't like Bitcoin.
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Centralized exchanges and Bitcoin wallet like blockchain have access to your private key.
From security aspect this is very dangerous because there is no guarantee that someone will not misuse it.
But in practice I have never heard of case when there is address that was already in use.
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To get in involved in cloud mining would be very reckless move.
This concept was proved to be shady a long time ago as a full of scam scheems and actualy as a waist of time and money. And even if you find some legit service the question is if you will earn anything at all, it's just not worth.
Take the advice and run away from that before you'll be sorry. There are better ways to invest in Bitcoin.
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Bitcoin is nothing more related to criminals than any fiat currency. But some think that Bitcoin is criminal currency because of Dark Web and more possibilities for money laundering. Some are also using Bitcoin for tax evasion and undeclared income but generaly I don't consider Bitcoin to be criminal or that is more misused than some other currency.
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I know this is nothing new and that we see such panic threads every time when the Bitcoin price goes down.
But what makes me sad is the number of users who are not familiar with basic facts how the market and Bitcoin are functioning. And I have the feeling this number is growing instead of getting lower.
Is there any way this could be changed?
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That depends on the country and the regulation regarding Bitcoin and other cryptocurrencies that is changing rather fast.
In most countries you will not pay taxes on Bitcoin if you keep it in your wallet. But you will pay taxes if you are registered Bitcoin trader and if you exchange Bitcoin to fiat, so transactions are taxed.
If you are not sure the best thing is to check with tax authorities in your country.
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I can't believe we always have same discussions and same dramatic threads every time when the Bitcoin price goes down. Deja vu, all the time. Just relax.
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What bad news exactly do you mean and what is going down? When you put it this ways it sounds so cataclismic. But what I see it's just normal volatility process related to Bitcoin and the news that are coming like those form Germany are not bad.
So I guess it's the question of perspective. And experience I would say. And the statement that it's the end of cryptocurrencies is totaly out of common sense.
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I downloaded Mycelium on a rooted phone to test it and it still works. Pin is still stored in the /data/data/com.mycelium.wallet/shared_prefs/settings.xml The PIN is in plaintext too. Is this not a security vulnerability? A malicious app with root access could read the file and send bitcoin to an attacker's address without the consent of the owner. People shouldn't run sensitive applications on rooted devices anyway. This is definetely huge vulnerability. And good to know because I use Mycelium too. I'm surprised how people are easy deciding to use applications like Bitcoin wallets, that are highly sensitive and they could suffer big damage, on rooted phones. This is not smart to do and when you loose coins it will be too late. |
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I would say as much as you can afford. With important notice that you also have to calculate the possible loss, so what are your limits for taking risks.
And it's depending also on your appetite for profit and are you planing investment on long term or short term position. There is no universal answer on this question, it's depending on your individual judgement.
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It's not possible to move to 6000$.Still now the price of bitcoin is stable at 8000$,so no worry for the holders.They will get some dollars in their hand if they hold.They have to hold the bitcoin with patience for the profit.
Of course it's possible to fall to 6000$. Every price is possible but it's question of moment and if there are circumstances for this to happen. Not so long time ago we had similar situation and it's hard to beleive that people are always asking the same question. Just remember that Bitcoin is volatile and price dumps are normal process. |
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Realy don't understand, why would you panic?
We had similar situation not so long ago and Bitcoin price was even lower. It might happen this time too but still don't see the reason to panic.
Why don't people learn anything from the past, don't they get any kind of experience with time? It seems unbelivable that we are rolling the same subject over and over again.
I can't believe that all this users with such questions are so new in Bitcoin world.
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Currently I don't see that option. It's not impossibe but at the moment market is not showing any signs that the price could go that low.
Actualy I think that some positive information like the recent from Germany could influence the price in good way and encourage it for go up, at least for a short term period.
My suggestion is not to sell.
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Get a Mistertango IBAN account which comes with a linked MasterCard debit card. More information on their website: https://mistertango.com/en/You will get a chip and pin card which you can use to withdraw money from ATMs and for purchases at merchants (yes, including supermarkets). Opening an account is free. So is the MasterCard. You will get your own dedicated static bitcoin address which is how you deposit into the account. BTC deposits are processed automatically after 1 confirmation and immediately credited to your account in Euros. The account also allows you to perform SEPA payments. And for the moment this is the only card that could be recommended that is functioning without any issues. Unfortunately, the choice is not big since previous Bitcoin debit card providers still haven't found a new partner to fill the gap which was made after Visa left this market. The only thing you should pay attention and that is negative to my experience is high Bitcoin deposit fee. |
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No, quite the opposite. Regulation will help Bitcoin on a long term basis. It will make it stronger and more accepted, especialy when businesses are involved.
Germany is just one of the positive examples but I beleive that many countries, especialy in Europe will follow.
We don't have to be afraid of regulation it can help Bitcoin grow and attract new users who will feel more protected.
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