As for banks, using cryptocurrency means being the bank yourself so you don't need services from them which would result for them to lose some income. The aim of having blockchain technology is to eliminate the middlemen to reduce the cost and banks are middlemen so we don't need them anymore if we wanted to continue using cryptocurrency that's why they are suspending some accounts involved with cryptocurrency transactions even though they cannot give any reason why they suspend it. It will just affect them if they continue banning it anyway since many people would withdraw and then close their accounts resulting to more losses for them. All they can think about why they suspend such accounts is because of Anti-Money Laundering although the account holder has proof where he got the money.

As for the government, being decentralized means there is no single authority that is in control and in our case now, it is the government that has the control over its people. Having a semi-anonymous currency means they cannot monitor all the time who are the people behind such transactions and they are afraid that people will get involved in illegal transactions.

I am pretty sure OP was hyped and didn't do his own research in investing in bitcoin and ethereum and because he ends up at a loss, he is calling it scam. I believe a lot of people was hyped last December and many even borrow money just to buy bitcoin and ends up having huge debt because they can't pay back their debts yet or they may already paid at whatever amount they can sell their coins. Calling something scam just because you didn't take necessary precaution and didn't know the risk involved when you decided to buy the coin is just being careless.


OP is impatient too and think maybe that investing in cryptocurrency is just a get rich quick scheme. At this rate, OP may have been in rage already as the price is not yet profitable for him but if he just have a rational mind and trade then maybe he was already able to get back what he lost.

It is important that before buying the coin, we already know when to take profit because whatever happens, we know what to do. This is one of the major mistakes of some traders and I am guilty of this too before because I tend to become greedy as I don't know when to take profit so I am always hoping that the price would go up only to see it the next minute drop down in value and then regret why I didn't take profit when the price is high. I still need to get over about the control of emotion as it is what hinders me to think properly. My recommendation would be to take profit from time to time and do not be greedy.

If you are in for the long term investment then a good way be cost averaging so that you will not have a big loss when the price goes down in value. Besides that, the short term price wouldn't matter that much to you as you are positive that you will reap your profits after a few years.

In fact, Satoshi Nakamoto was able to think of a decentralized currency due to the financial crisis that happened way back 2008. Because of recession, a lot of people suffered and some companies are closed resulting to a lot of people losing their jobs. Inflation rate is at the ceiling so a deflationary currency is one of the ways to resolve the crisis. Eventually, the recession subsided and some companies was able to get back on its feet and then come the currency that has a backbone of a technology that would solved many problems including but not limited to double spending and using middlemen.

This is what the banks are afraid of. A peer to peer transaction would make them useless and would eventually make them lose their business that's why they are searching for ways now to use blockchain technology and gain back the trust of people. With crypto, we become the bank ourselves and have control of our own money in which the banks cannot give us because they are the ones who have control of our funds once we decide to deposit our money to them.

It would depend on the situation if you often use that site or not. You have to calculate how much time you spend on a particular site and then see if it is more favorable for you to pay a subscription fee or just one time micropayment if you need to use that site. You have to look at the bigger picture and see if you will have more savings when you subscribe and when you just use micropayment. When you subscribe in netflix for a month but didn't watch as much or wasn't able to utilized it then it would have been better if you just use micropayment.

Yes this would be a good payment option as you are receiving only what you paid for. Personally, I would prefer this one compared to subscription because I would be busy with other things so I cannot afford to just have a movie marathon all month to make my payment worth it. This would be applicable as well to those shopping cards wherein you have to pay for a whole year subscription to get points but you don't shop that much especially for us who are into crypto since we prefer to be in front of our computer than go outside.

One of the problems that gamblers face is being known that they are gambling especially when they are reputable people and gambling is one of the habits or addiction that they cannot let go of so having anonymity is one of the things that they wanted. Gambling with cryptocurrency would be able to grant that since only wallet address is needed and the lesser fee it would have when you opt to use it instead of fiat. You can gamble in countries that you are restricted to join as well before since you can use VPN and depositing using crypto instead of debit/credit card would make them anonymous as to what country they are from.

Take a look at this article. This is related to your topic and some reasons why people opt to use cryptocurrencies in gambling.

https://bitcoingarden.org/bitcoin-casinos-grow-in-popularity-why/

That's right. We just need to go with the flow as the cryptocurrencies are still in its early stages that's why its value is fluctuating and cannot find its stable value yet. The truth is that most of the coins have no real value because the whitepaper is just attractive but the project itself is not implemented so it would end up in speculation for some time before it will have its real value if the project is already implemented with all of the plans applied by the developers. It is still early to conclude that cryptocurrency is bad just because it is full of speculation and the use case of the coins are not followed. In a few years time, coins will be used as what they are supposed to be.

It is due time that they recognize it as something that would be world-changing rather than preventing the technology to bring more efficiency to the world. There are so many uses of blockchain technology but in terms of cryptocurrencies, they just have some problems with it due to its effect in the financial system. The technology creates a solution to lessen the cost and be more efficient which would then create an opportunity for more jobs as more businesses would emerged. Instead of stopping blockchain which is near to impossibility and it would make them weak if they ban it, it would be better to just implement some laws so that in some ways they can still have control.

In terms of being a currency, it would affect the circulating supply in which people would tend to be out of stock of it but then due to its limited supply and higher demand, it would result to a higher price because people are willing to pay higher just to get hold of the coin. Of course there are bitcoins that would be released each block for mining rewards but this is not enough for some as the demand increase so the price continue to go up. With the additional fiat money injected to the market, it would be more lucrative to make it as an investment than a currency because of the opportunity that its value will increase in a short period of time compared to other investment vehicles.


Due to people who are already involved with cryptocurrency and wanted to add more bitcoin to their stash, it prevents some of the newbies to have bitcoin so it would result to just a few people holding it and as oppose to what its purpose to be which is currency, this would prevent mass adoption but this is an extreme case as there are still bitcoin that can be purchase since some holders are willing to sell to have some profit.

I've been giving warning to some people too that they will just lose their investments in those cloud mining sites but they still do it. Well it is not my fault anymore if they lose their funds because they are hard headed and I think they would just only learn when they experience it themselves. They cannot stop themselves for now because a high interest is so attractive and they are now thinking that they can grow their coins in just few days. I know the feeling since I've been there before but have a big time regret later on. It is a great way of earning passive income that's why even if some already got scammed before, they still continue to invest in such sites hoping to get back what they lose.

There are those people who are successful in investing in cloud mining sites but more people lose so the best way for them to come to their senses is to experience it themselves. Usually the ones who are joining these sites are newbies so they will just learn along the way what's best for them.

There is a site wherein you can donate for charity. Just check this site https://bithope.org/

You can choose what campaign you would like to support or even add your own campaign to raise some funds. This is also the site where the donations for this forum was raised. The amount raised can be viewed and currently there are thirteen campaigns.

You also have a choice to just have a campaign in your place or country and for those crypto enthusiast out there, they can donate for whatever cause you are planning as long as you can help other people.

I am looking at the market capitalization of a coin too which would be the total supply multiplied by the price because you cannot immediately say that a $1 coin is more expensive than a $0.10 if the total supply of the first one is only one million while the second one is 1 billion. Nevertheless, you cannot just immediately conclude if a coin is cheap or expensive because there might be the chance that it is the value that the market is comfortable trading with.

During the times though when a coin is having a parabolic move just like what happen with bitcoin last December then expect for a correction or crash that would follow because people would be taking profits otherwise if the coin is having an organic growth wherein there is a regular profit taking then there wouldn't be drastic moves and even if its price is already high, you cannot say it is already expensive because there are still people willing to buy it.

This is the reason why it is important to research about the coin you bought first and see its roadmap if they were able to follow it and in my opinion, if the project is at the end of the cycle or they were able to achieve their goals then that would be the time we would see the true value of the coin since we will know if people will be interested to use it for its actual use or it was just all speculation.

Those who sold the coins below ICO price may not be weak hands but they just know how the price of coins work in crypto world. More often than not, when a coin is listed in an exchange, price would dump because there are those bounty hunters selling and maybe some investors taking profit but only to buy again at a cheaper price so they are not weak hands. So many ICOs last year are below ICO price and some may not even be able to reach its ICO price because of various reasons so instead of having a coin that would eventually be worthless, it is better to sell it below ICO price.

For the strong hands, patience is a virtue in crypto market so if you believe in the project even though it takes a long time, you would wait which is what most of the crypto holders are doing. There are just times when you are force to sell a coin even if you don't want to because of your urgent needs.


That's right. If they experience it themselves that the coin they receive or bought has multiply in value after they sold it then they wouldn't immediately sell it the next time. It is not enough to just tell them not to sell but they need experience cause it is still the best teacher.

Indeed patience is needed in crypto trading because if you will make drastic decisions then you might end up regretting in the end but this is easier said than done. I have been trading for sometime but there are times when I still drastic decision because of being impatient and sometimes I have profit but most of the time I regret my decision. Through experience, you can develop this virtue but you need to experience losing first and making mistakes to learn.


But this is not applicable all the time because there are coins I regret not selling earlier and now they are almost worthless because investors lose faith in the coin so it is still case to case basis. Besides that, there are times when you become greedy by waiting and instead of having profits, you sold at a loss but in general, patience is one of the key to be a successful trader as long as you have a plan.

It is a lucrative business because crypto enthusiast are growing in number day by day but the problem would be the accounting of it. Due to the instability of the price, there is a risk that instead of a profit, you would end up at a loss. It would be preferable if you are buying the items with crypto so that you can sell it with crypto as well and you can account properly since they have the same coins but if you bought it with fiat and then sold it using crypto then there is a tendency for you to lose if its fiat value went down. Otherwise, I would use a platform that would just immediately convert the payments to fiat just like what the other companies are doing who are accepting cryptocurrencies nowadays.

I do believe too that cash will not be eliminated because the world is not ready for an exclusive digital currency. If only the internet connection can reach even those far away places then there wouldn't be a problem but then there is a problem even when it comes to electricity so a digital currency is useless for them. I think crypto and fiat will co-exist so that people will have multiple choice in terms of payment.


It may happen in the next 30 or 60 years. The millennials are the ones who are active when it comes to technology so I think when the time has come for the baby boomers in which the seniors are already the millennials then during that time, maybe we already have a cashless society.

I'm with you in this type of savings or investments. It is better to invest in cryptocurrencies and stocks rather than cash because we all know that its value will just diminish in the future. By having this kind of investments wherein the possible profits is higher than inflation rate then your investment would be growing instead of just having the same value or even diminish in value after a few years. Land is a good investment for me because its value keeps increasing. In addition to your suggestions would be a business that my children can run themselves in the future.

I would still save cash even if it has already lose some of its original value because cash is needed in case they have an emergency. The cannot just easily sell of the property when they need something so cash is still important. They can start with what I will inherit to them and they can earn for themselves afterwards.

This is one of the problems with some people when it comes to investing. When they know that they can earn from something because they heard from someone earning from it even though they do not have any idea of the risk involved with it, they would push through with their investments even if they would borrow money and has a high interest since they will already claim that they can pay it back through their profits but the problem is that the value of coins during the bear market went down and some are at a loss resulting to some people totally losing their needs like their house and some of the things they need to pay for the interest. They may always heard it but people should invest only what they have and not borrow from others especially if it is a high risk investment.

There is always an inherent risk when it comes to investing so better be prepared for what will happen in the future and diversify your investments.

Other countries are implementing it already so it is not surprising for the country to implement it as well. It is the people's responsibility to pay whatever taxes are due to them may it be from cryptocurrency or other source of income. The thing that people complain about is the usage of taxes by the government officials. Some just refuse to pay taxes because they can see that their taxes are not spent properly as it only benefits the government officials.

It is good to know that they are taking a positive stance towards cryptocurrencies by having an association especially dedicated to cryptocurrencies. I do hope that for those countries who are deciding to ban crypto would just build an association like them to combat those fraudulent actions involving cryptocurrencies.

You should start with yourself. Do not participate in pump and dump and if you know someone participating in it then advise them to avoid it because they will just lose in the long run. There are some who opt to create their own channel and recruit new members to join their channel because they know that they will end up losing if they were just a member. They have to be the admin to actually profit from this scheme.

It would be better if we trade on our own and not depend on someone to trade. More often than not when someone advise you to buy something then they probably just want to pump their coin. Besides that, people will only realize their mistake in joining pump and dump groups when they are burn.