Regulations for Bitcoin provide some form of relief to cryptocurrency users within a particular jurisdiction or a nation when it has been decided that use of cryptocurrencies, although monitored and the exchanges controlled, can continue to happen among parties that are interested in it. This infact allows stores and people to accept them without being in constant fears of any legal pressures, but when a country deems Bitcoin and cryptocurrencies in general as an illegal tender, it makes me ponder on what possible uses could the dreaded investors and users derive out of their Bitcoins? Would they continue to find value in exchanging cryptocurrencies (its non intended purpose), like trading it similar to a stock / derivative or like currencies being traded in a forex exchange to seek profitable margins? I'm sure most of you might have a hint of the country that I'm talking about and which has, atleast temporarily, deemed using cryptocurrencies as a medium of exchange / legal tender, illegal. In India, the Minister of Corporate Affairs had read out these lines on public television when he was asked about the 'legal status' of Bitcoins and cryptocurrencies in general. I also remember reading here that the Ministry of Finance had outrightly stated cryptocurrencies as ponzi scheems and that they are neither currencies nor coins. Keep aside the general interview of our finance minister and an uneducated member of parliament. These are just their personal opinion. However, on February 1st, 2018, out Finance Minister Mr. Arun Jetley made an official statement on crypto currencies and he mentioned that "crypto currency is not a legal tender in India". It means you can't use crypto currency to purchase goods or services and also can't fulfill any debt using that. However, you must note a point here that, he didn't mention anything about crypto currency holding. So users can continue holding crypto currency as per their own will. What they are going to do with that crypto currency, it's the holder's problem. Government can't be blamed in any case. That is what our Finance Minister meant in his official statement during budget day. Now, it's pretty much possible that many other nations could follow suit and take a similar approach towards Bitcoins. My real concern and the thing that leads to me asking my question is, if they're no longer a legal tender, how would Bitcoin and "cryptocurrencies" in general be used for their original purpose? (considering that loopholes aren't being used, as I'm aware that there's one being utilized at the moment, but could be outlawed soon perhaps?) Most investors would hence prefer to only trade them on an exchange for any value that they find out of it (the value here being the price). What do you think are its potential aftermath and uses if your country is on the verge to deeming it as an illegal tender? Would you be concerned about no longer being able to use Bitcoins for its intended purpose, i.e; To no longer rely on your Banks and to be your own bank? We don't have a reason to worry if other countries take the similar approach. Because bitcoin and other cryptos were never created to be accepted by the governments. It was created with a vision of becoming a reliable p2p currency and we have diverted from that path long back. Today bitcoin is considered as an excellent investment asset. People are more comfortable to hold it for longer period of time instead of using it for general purchase. So I see no reason to worry as of now. Bitcoin exists because of the free market rule where the holder are the supreme decision makers. Till the time demand for crypto currency exists, we don't need to rely on any government. |
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According to ICODrops - G20 closing statement on cryptocurrencies: we acknowledge it - but it needs regulations. We will keep monitoring it.  This should be seen as a good news for Bitcoin and crypto space; we knew regulation is coming, it's great they didn't decide to take a strong position against the technology. Source: https://www.ethnews.com/g20s-closing-statements-on-cryptocurrency-and-blockchainThe best part is that, strong economies are now starting to acknowledge the cryptocurrency. 2 years back, majority of the governments were too ignorant about it. Now it is not only acknowledged but also being discussed in a serious events like G20. So that's good news for the entire crypto market in general. We all know that regulation is inevitable. But I am also sure that majority of the governments won't ban it. Because it is literally impossible for the government to actually ban it. Governments can certainly ban it by issuing a law but they can't ban it in practice. So they will not take this route. So when they say that they are monitoring it, it means they are digging deeper to gather more information before actually taking any decision. I am sure 2018 is going to be the year of cryptocurrency adoption. |
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Bitcoin price is very sensitive to the bad news and also it is decided by pure public sentiment. So whenever we see serious bad news like a country banning crypto currency operations or criminalizing it, market reacts badly. On the other hand, the market should react well for any good news. My concern is, now the market is not reacting to the good news. Otherwise, we have two great news with us like, Germany legalizing it and G20 summit showed positive thoughts about it. But the market didn't react well instead the price keeps going down for no apparent reason.
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the manipulation is so severe that bitcoin had just recover 5% of its lost, I really think this is not enough or we can not still see the potential positiveness of this news because of manipulation from many whales and so we can not still see the real deal for bitcoin value, But as time passes I think that many are doing their part in making bitcoin value huge again, I really think this is only the beginning for this year and it can continue every month passes.
You can't expect bitcoin to respond in a positive manner only because a company has decided to adopt bitcoin as a payment processor. Especially when the operation of this company is limited to Canada only. If it had been Ebay, I would have expected some impact because Ebay is a global company. But the current downtrend seems really clueless to me because market is not flooded with bad news. Instead we have lot of positive news floating in the market. Along with Germany's adoption, the G20 summit also signalled positively towards cryptocurrency. So I am failed to understand why the market is reacting so badly and going down constantly! Probably someone can shed some light on it. |
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Maybe a month ago, kodak announced it would create a blockchain based payment system for photographers. As a result kodak's stock price increased as much as 40% over the short term. Many other corporate entities have done the same. They've announced "blockchain" or "crypto" related projects and benefited from their stock price increasing dramatically.
I was about to say the same thing. Kodak also announced that they are planning to bring their own cryptocurrency and mining equipment to the market. But in reality, nothing has actually came to the market. Meanwhile Kodak banked on the sudden stock price increase. I am just concerned that it should not be the same case with Fujitsu as well. But on the flipside, we badly need such research centers across the globe to explore the possibility of blockchain technology and leverage on it. Blockchain is yet an unexplored technology and the full potential is yet to be discovered. Governments are not likely to come up with any research and development centers unless they see any particular and quantifiable benefit. So the responsibility stands on the big corporates to bring the benefits of blochchain technology in our daily lives. So it is generally a good news as of now but it will really make an impact if it turns into reality. |
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As the title says that if you want to increase the price of bitcoin then promote it everywhere around you. As if you will promote it and will discuss about bitcoin with your friends and family and your other relatives then they will also invest their money in bitcoin and the name of bitcoin may reach to a group of people who will have a high amount to invest in bitcoin which will increase the demand of it than its supply.
I am saying it because a few days ago I heard from a person that he discussed about bitcoin with a friend and after that his friend felt interest in that coin and he said that he has a total of $60000 income per day from his business and when he will fully learn about bitcoin then he will invest all of them in bitcoin each day instead of depositing them in his bank account. If people like that will get awareness about bitcoin then once again the price will start to rise.
Bitcoin's price moves as per the free market decision. It is impossible to increase the price of bitcoin just by promoting it to everyone you know. Also it has lot of risks as well. If your friends loose money after investing in it, you will be blamed for that. I am sure you are talking about butterfly effect here that goes well with lifestyle brands, but not with cryptocurrency. The best we can do to use facebook, twitter and similar social media platforms. Try to share good and positive news about bitcoin as much as you can. If a major percentage of crypto community members start doing it, it may show some result. The real change can come only when governments start adopting it. I mean not by the handful of governments but the major economies. That's when the bitcoin market will see a real change. Otherwise it is very very hard to do bring back the positivity in the crypto market by whispering campaign. |
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I read an article recently that gave the number of bitcoins in circulation to be 16.7miion. The article also stated that, bitcoins are being regulated not to exceed 21million in circulation.
What is the reason behind this measure to limit circulating bitcoins to 21 million where as the world’s population is 7.3 billion?
Will many individuals not be denied easy access to earn and invest in bitcoin?
Bitcoin is available in small denominations like 0.00000001 which is represented as satoshi. So one satoshi means one hundred millionth of one bitcoin. So distribution is not a problem here. The limitation is put in place just to control the supply. Whenever one asset is available in abundance, mankind doesn't realize its value. Just take an example of oxygen. It's available in abundance so we are not yet realizing its value. So to create a value chain, it has be limited in supply. I belive that is the only consideration behind its 21 million cap. This limitation has paved the way to create value for bitcoin by simple demand supply rule. |
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I have read a news that has left me somewhat worried:
"Bitcoin prices dropped more than 5% in early trading Thursday to slip below the $7,500 mark. Thursday morning's decline sent bitcoin to its lowest price since early February, bringing 2018 losses to as much as 48% in earlier trading. This quarter's major decline is the largest in the span of a single three-month period since 2011. The decline Thursday brought bitcoin close to breaking below its 200-day moving average as well. Should bitcoin reach close to $7,240, the cryptocurrency's 50-day moving average could break below its 200-day moving average, a phenomenon traders refer to as the "death cross." According to Coindesk's statistics, bitcoin fell as low as $7,330 Thursday, putting it within striking distance of the ominously named technical level."
Should we worry if a death cross occurs?
Probably No! For any real world stock, this term of death cross applies. I am not sure about the crypto currency though, because it moves based on the free market decision and technical analysis doesn't hold much significance in crypto market. However, looking at the current price movement, short term profit seekers may start worrying because they are unable to see the opportunity it possess. Buying bitcoin in this market is the best thing anyone can think of. The market is overwhelmed with supply and the price is low. So if you have long term outlook for bitcoin investment, think no more! Go ahead and buy in bulk without thinking much about the technical analysis and related jargon like "Death Cross". When public sentiment comes in to play, technical analysis looks like a very stupid tool. |
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Owning bitcoin or any other cryptos is not a crime in Canada. The Canadian government is just worried for the black market trade that is happening through dark web where the medium of payment is crypto currency. That's where the problem is. Even we can't deny the fact that crypto currency is an ideal medium of payment for such illegal trades. That's where the gap exists. Neither the Canadian government nor this article mentioned that owning crypto currency is illegal in Canada. It's the usage of crypto currency to facilitate such illegal trades through dark web. The existence of dark web is the problem for them and it is true for the majority of the countries nowadays. But this gap can be bridged through proper training to the investigating officers. Blindly saying crypto currency is illegal, is not what the article means. So stop panicking!
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things this reveals
1. banks internal network is not secure.
2. ATM's actually have code to 'spit' out cash without a card. and also spit out more than a few hundred at a time
3. bank accounts can 'add balance' without the account checking where the funds originated
i think banks have admitted too much about how in-secure they are.
banks should take a lesson from blockchain tech about point 3. blockchain cant just add balance without showing source of funds
That's a really accurate analysis. What makes it hilarious is that the banks argument against Bitcoin is that it is money created out of 'thin air', while this article suggest that it's even more true for banks and thus fiat. Everything within world wide web is not 100% secure. Banks are no exceptions. So when it comes to the security of people's money, banks can't give us peace of mind. And the argument is another different story altogether and can't be linked with this news. Banks will not leave any single chance to demoralize crypto user by saying fake things because it is directly affecting their business. Also we can't deny that fact that cryptos are now being used as a medium of money laundering. So that's a risk factor for common people in general. But we can't expect everyone to be perfect. So this kind of matters will keep popping up every now and then. |
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Excellent! I am going to share few tweets with this picture and try to publicize it as much as humanely possible for me. A much needed refreshing news for the community. But it needs to be publicized. So I request everyone to share this news with the picture in twitter and facebook and try to make it viral. If this goes unnoticed, then we won't see any impact. I strongly believe that 2018 is going to be the year of new adoption. A lot of other countries outside G20 is going to adopt cryptos this year. Whoever is staking up now, can fetch immense profit by the end of 2018 for sure.
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I don't think Australian crypto community need to worry just as yet. This is a draft taxation guideline and nothing has been finalized yet. The Australian taxing authority is actually proposing this law and asking citizens to provide their feedback. While asking feedback is a good thing, but there are few areas in the proposed law, which are extremely worrying. Let me quote few of these below, Where you exchange one cryptocurrency for another cryptocurrency, you dispose of one CGT asset and acquire another CGT asset. Where you receive property instead of cash as part of a transaction, you are usually taken to have received the market value in Australian dollars of the property received. This essentially means, if you exchang your bitcoin for ETH, you will have to consider it as an acquisition of asset and needs to be termed in AUD. So lets take an hypothetical example. Assume you have exchanged 1 BTC for 20 ETH. If 1 ETH is price at 400 AUD at the time of transaction, you are actually receiving 8000 AUD worth of asset. Now if tomorrow ETH price goes down to 300 AUD, will it be considered as a short term capital loss? No clear answer to that. Point of concern! It does not matter how many exchange transactions you undertake. You need to undertake this process for every transaction occurring during the income year. That means, you have to repeat the above described calculation every time you trade and convert the amount to AUD for record keeping. This law is unnecessarily complicating the matter and it will discourage a lot of active traders in Australia. However, the only hope is that, the law is still not enforced and the government is looking for public feedback on it. |
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The trend now regarding bitcoin is that it constantly goes down in every second and every minute. Is this the end of it? Will there be any possibility that its value becomes zero? Or specifically demonetised? Because for me I think 5 to 10 years from now this will happen simply because of the appearance of other alternative coins. What's your opinion about it?
I see no chance of it happening anytime now or in future. Especially when countries and global leaders are showing interest on the technology as well as on the bitcoin itself. I think it is just preparing its ground to take the next dream run. This usually happens before any upcoming growth. That's true for any real world stocks as well. I am sure a lot of small investors are already buying in small numbers, just need the whales back in the market. |
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Username: avikz
Current Post Count: 2272
Current Rank: Legendary
Bitcoin Address: 18BN5y2mSjH6pbSPjjVgVM9jQdSuijYD4R
I would like to apply for this long running campaign if a slot is available. Signature and avatar will be updated if accepted. Thanks!
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I can suggest you to use "waveswallet.io". It is very similar to the MyEtherWallet that supports every ETH based tokens, similarly "waveswallet.io" supports all waves based tokens. It also has an integrated exchange with it where you can trade the tokens. However, I am not sure about the trading volume, so for trading, it is better use any listed exchange. I am not active in the waves based token market anymore so please do some research on this wallet before coming to a conclusion. Hope that helps!
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To decide the profit percentage from bitcoin to beat the conventional investment, we need to first benchmark the conventional investment strategies. Gold is an excellent investment instrument since decades and used by majority of the households for capital protection. Also whenever we have seen the global stock markets going down, Gold was there to save the investor's money. So if we benchmark the return from Gold, bitcoin definitely beats it considering the return. Having said that, we also need to understand that past profits or performance can't really guarantee the future performance. Investors like me, who had entered the crypto market long back, bitcoin remains as a most profitable venture. But those who have entered during late 2017 when the price was at peak, bitcoin investment is the baddest decision for them. So it also depends on the timing of your entry. We can further complicate the scenario with inflation and risk analysis.
But what important is that, we need to always have both types of investment in our portfolio. Because diversification is the key to a healthy investment portfolio. So it is always advisable to have bank deposits, Stock investments, precious metals in your kitty along with crypto currencies. Because majority of the bank investment is providing guaranteed return unlike bitcoin and crypto investment. Crypto can go down to any level within a very short period of time unlike bank investments. So to protect and appreciate your capital, a good mix of above mentioned investment instruments is required. We should not rely on bitcoin investment alone.
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Hello Bitcoiners,
here a great article to share about Bitcoins broader adoption. These are great news into the right direction for Bitcoin acceptance growth.
"The German National Tourism Board has announced that it accepts cryptocurrencies such as bitcoin for its services. The organization promotes German travel destinations with offices in 32 countries around the world. GNTB also intends to implement blockchain technologies in its finances. “We want to be a global innovation driver in the tourism industry,” its chairperson recently stated.
Also rear: 80,000 New Merchants in Europe Gain Option to Accept Crypto
Accepting Bitcoin to Drive Innovation
Services offered by the German National Tourism Board (GNTB) can now be paid in cryptocurrency. The organization which promotes Germany as a travel destination accepts bitcoin payments from March this year, according to a press release. It also announced “medium-term” plans to test blockchain technologies in the processing of its international financial transactions."
Yes, Germany has legalized bitcoin and crypto currency few weeks back, so no wonder that GNTB has decided to accept it, because bitcoin is an official tender in Germany. The part I like the most is the mention about innovation. I have been saying this similar thing since a long time. We should not take bitcoin and blockchain protocol just as a payment system. It has far better and broader use in our daily lives. Until some country or some company decides to invest in research and Development activity of blockchain, it will not progress. Since Germany has now accepted and legalized bitcoin, I hope that German government will do something about it. Blockchain technology can bring transparency to the entire social economy and reduce the individual burdens. I am glad that Germany is thinking seriously about it and since it is one of the strongest economy of the world, it will have some real positive impact in near future. |
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In this open world, we will see difference in opinions. JPM chief and Mr. Warren Buffett has expressed the same concern as well. On the other hand we have twitter CEO, Amazon boss Mr. Jeff Bezos and Tesla chief Mr. Elon Musk expressed their interest in the blockchain technology and bitcoin. So everyone is free to think and express their voice on anything. That doesn't particularly mean That they are right. It is always better to wait and see what happens instead of engulfing our thoughts with negativity.
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