I just read this somewhere from a site that is also introducing its own version of cryptocurrency and they claimed to be combining the best of both worlds...that of Bitcoin and Ethereum. Anyway, let's give them the needed good luck in the sea of cryptocurrencies we already have.
Bitcoin is a digital currency, invented by Satoshi Nakamoto in 2009, that is limited to just 21,000,000 units. As the price of bitcoin has risen, its use case has evolved from a currency into a store of value. It is no longer practical to use bitcoin to make every day purchases.
There are two points presented here. One is that Bitcoin has already evolved from being a currency into a store of value (maybe just like the physical gold) and two that Bitcoin is not anymore practical to be used for day to day purchases (maybe because it is very volatile and hence people are becoming speculators with its value). Any comment? |
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You can simply use coins.ph . it is a philipine exchanger and wallet also.They support all countries around globe. I am not residing in philipine but i have seen its features once months ago and i was using it without verification.
To renove limitations , they may ask you for id verification but it is not compulsory.
I am from the Philippines and I am a member of Coins.Ph but because I am a local here am not really familiar if it is also dealing with foreigners especially one residing in other countries and in Middle East at that. Yes, it can be good to maybe talk to the support of Coins.Ph and ask how to buy Bitcoin when one is based in another country. I feel lucky that in the Philippines we have Coins.Ph and there are two more Bitcoin exchanges coming soon and has already got the approval from the Central Bank no less. Cryptocurrency is now very much alive in the Philippines. |
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Of course this is possible but somehow I think ne hasn't done that. Since nobody knows who he or she really is nobody can't know how many coins are in his/hers possesion and this will probably stay mistery forever. But I don't believe that Satoshy has sold all coins, if not for something else then because of sentimental attachement to them.  I just talked to him down the alley and he told me that he is not yet planning to sell any of his Bitcoin since he is actually a rich guy and he can afford a convenient lifestyle even without touching his cache of Bitcoin hidden somewhere under his big and antique table. But once the value of Bitcoin will already be a million then he might be releasing some of his Bitcoin partly to bring the value back to 500K again and so that he can also have a taste of what he invented years ago. He is sending a big regards to all members of this forum...anyway he is still reading the forum from time to time. |
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Of course this is possible but somehow I think ne hasn't done that. Since nobody knows who he or she really is nobody can't know how many coins are in his/hers possesion and this will probably stay mistery forever. But I don't believe that Satoshy has sold all coins, if not for something else then because of sentimental attachement to them. I just talked to him down the alley and he told me that he is not yet planning to sell any of his Bitcoin since he is actually a rich guy and he can afford a convenient lifestyle even without touching his cache of Bitcoin hidden somewhere under his big and antique table. But once the value of Bitcoin will already be a million then he might be releasing some of his Bitcoin partly to bring the value back to 500K again and so that he can also have a taste of what he invented years ago. He is sending a big regards to all members of this forum...anyway he is still reading the forum from time to time. |
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The reason I invest bitcoin is:
1. future payment system
2. very profitable
3. faster and cheaper transactions
There is just a little problem for number 3 point though Bitcoin is right now upgrading itself so that soon transactions can indeed be so fast like a lightning or a flash. This is one concern for many that limits Bitcoin as a currency because of slower transaction turnaround. Hope things can be better next year. |
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The story of Bitcoin in Venezuela is already a very popular one and this good rate of adoption is due to the failing economic policies of the past and present administrations. The country's past leadership led the country to unbridled socialism which proved to be so disastrous to the whole economy and their currency run amok. Bitcoin came in as a way for many to buy foods and things abroad as severe supply affected the whole market. Venezuela then became a classic example of how Bitcoin can be of big help to a country mired in its own economic miseries. |
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I have read from ETH News that the Central Bank approves licenses for two cryptocurrency exchanges. Do you think it is true? They said the implementing rules are still to come out. Is it really true?
How will it affect the Philippine banking system?
Implementing rules are still to come out? I don't think that this is true, as far as i know BSP will not regulate Virtual Currencies, and there are two exchanges that i know in the Philippines, coins.ph which is the famous one and rebit.ph which i have not yet checked. I think this is not true. When we say regulate it means that there are some rules that are establish for doing business for a certain industry...it does not mean actually control but laying a fair level field for all possible participants to the said business. The BSP had already announced these two Bitcoin exchange applicants and I think next year they can start operating here as both have foreign roots meaning they are not homegrown companies. |
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We can all insult the IRS as much as we want, but it doesn't change their goals. It should have been common sense that the IRS were trying something like this. Any intelligent tax cheat or privacy-centric person would know that BTC is not anonymous and that if they want to keep their identity from the authorities it will be hard. The only solutions are to take steps to anonymise your coins such as using Tails, mixing coins and creating separate wallets or to use more anonymous coins (namely Monero).
The thing is that IRS is also doing its job. And I think in USA you should really be declaring your correct income and pay the right taxes or the burden of the law will fall on you. The message is always this: Pay your correct taxes and hell will not be coming to your front door. I am glad that I live in a country which is not yet that high tech in tracking my online income. |
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Wow...50 exchanges applying for permit! That is a huge development in the Bitcoin community of Japan. There is really a big demand in Japan for Bitcoin and other coins that is why there are so many who are interested to do business with cryptocurrency. This is really helping Bitcoin rise in value. I always love hearing news about Bitcoin in Japan because they are usually good news.
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This is not all surprising as USA is not that friendly to Bitcoin exchange and one has to undergo rigorous and grueling system to get a license to operate and do business with and for US citizens. I am sure that they have their eyes already focused elsewhere where regulations are more friendly and the market is bigger. Hope they will not end up as just another failed business. The Bitcoin and cryptocurrency market is always growing and I am sure they know how to capitalize on this for months and years to come.
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I think Bitcoin is less evil than PayPal. There are now also many scammers and hackers who are using Bitcoin but it is not usually the fault of Bitcoin why these people exist...we just have to be careful not to be victims of these bad people as it is impossible to get rid of them. PayPal has the power to do whatever they want especially if they suspect you of doing something they "feel" can be illegal or against the TOS.
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I think it would be great if you could pay your Taxi-drive with Bitcoin! U agree with me?
This is a big possibility soon. I just hope that there would be a sizable number of people who are willing to sue their Bitcoin just for a taxi drive. You see, most of the Bitcoin holders are speculative people as they know that Bitcoin is really rising so they are not spending it...this is the reason why many called Bitcoin not as currency but as an asset (akin to gold...you don't pay taxi with gold, right). |
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Hello, Just read somewhere that BTC is accepted by strippers now? lol I wonder what will happen if it gets regulated by the government? value would go down? perhaps consolidation? Overall , what's the general outlook? Obviously, I understand it'll be personal opinion but still. Go ahead and share. I'll get to learn something new.
It is not a big wonder if strippers would be accepting Bitcoin as more and more people are getting acquainted into Bitcoin. Now, am wondering if how many customers would be using their Bitcoin just for a sleazy entertainment. On your question, Bitcoin or rather the use and trading of Bitcoin is already regulated in some countries like Japan. The government has laid down rules of the game where exchanges and users have to follow otherwise there can be violations and penalties. I see no problem with that because this is the way for Bitcoin to grow more. |
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It's really hard to agree or disagree for the simple reason that it can go both ways. However, the idea of btc reaching the said $15,000 is quite plausible.
I agree. Bitcoin is an unpredictable beast but one thing that most analysts will tell us is that Bitcoin will continue to go up in the coming months...as to how much would it be next year that is something only time can tell. I am not going to make my own prediction for this matter as it would be adding more incoherent voice in a sea of noise. |
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Buy 0.1 BTC if you can't afford 1 BTC. I think you will never be too late. You might need to wait a bit longer depending on the buying point, but I would call it a good long term investment.
As of now, nobody is too late for Bitcoin. Maybe when BTC can already be hovering around $100,000 then I could say it is too late but then again if BTC can be $500K then at that level it is not also too late. The more a person thinks that it is too late then the more he will not jump into the opportunity...I think being late is on a mindset. |
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Higher prices are the flavour of the season. If you look at all predictions a year back, none of them would have predicted Bitcoin crossing $1000. But now all of them expect the moon to be the next target!
There is a tend these days...the higher is the announced projection and prediction then the bigger is the potential that the media would be picking up the story ensuring more traffic to the site promoting it. This is just a way to market so more eyeballs can be allured for attention. Anyway, nobody can be sure what can happen tomorrow so we will just enjoy what can be and what will be. |
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Wow, this project is one that I really missed. I was not at first interested with the concept but this is turning out to be a good project and the team is really working hard to make it well-known and well-adopted. Congratulations to those who carry the cudgels of investing into it and those who promoted the ICO.
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According to a contract recently obtained by the Daily Beast, the IRS can now track bitcoin and other cryptocurrency addresses. They can do this to route out potential tax evaders. They purchased software from the blockchain analysis group Chainalysis. The document details that “criminals” have used digital currencies to launder money, deal drugs, and commit other unlawful behavior. However, criminals have also been using digital currencies to ignore tax liabilities and evade responsibility. The reason the IRS is cracking down on digital currencies appears to be because only 802 people declared bitcoin profits or losses in 2015. The Daily Beast article suggests that many people may have not expected the IRS to collect on digital currencies. Others may have just thought they could easily sidestep this alleged obligation. The Source is here. I think the message here is always this: Pay your taxes and things will be all right! As a citizen of the land, we have to make sure that we are declaring and paying the correct taxes because the government can get to so creative in making sure that we do. So there is now a way for IRS to track people who are not paying the tax for their Bitcoin income. I would not wonder if soon there would be many cases that the IRS will file against people who failed to pay their taxes. I am then lucky because I am not a USA citizen and I belong to a country which is not yet that strict when it comes to taxes for Bitcoin transactions (though we are paying the tax without us knowing it because those are usually added by the wallet providers). |
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Why are government still wants to do this? I haven't heard any government back currency become successful because they have their own fiat already so it really doesn't make any sense for them to really push for their own coin. And I don't think they can also used it as hedge right? Would other country trade with them in their crypto coin? I highly doubt. So for me they should not do it, but instead just go adopt or embrace bitcoin if they are really a crypto friendly country. Eventhough Vitalik himself back this up, I don't this it will be successful in the long run. Maybe he has his own agenda here. Who knows.  This is not actually a coin directly coming from the government but this is a project backed by the government. I think the idea is good but we will see how the market would react. I have no problem with this because right now we are seeing so many altcoin introductions and with this new project the government is the one guaranteeing its value...so this is much better compared to be buying coin/token from unknown people. This just means that the government in Estonia is really into cryptocurrency and hopefully this country is also very friendly to the blockchain revolution. As long as the government is not blocking Bitcoin then we should welcome this development. |
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The first Bitcoin ATM in the British territory of Gibraltar has been installed. The European tax haven on the southern coast of Spain already has a few Bitcoin businesses and the government is currently working on a regulatory framework for digital currencies. Gibraltar’s first Bitcoin ATM (BTM) was installed in the reception area of the World Trade Center Gibraltar, the center announced last week. The British Overseas Territory on Spain’s south coast has a population of about 34,408 as of 2016. The BTM accepts British pound sterling, Gibraltar pounds as well as Euro notes. The Source! I am sure this can help Bitcoin get more popular in Gibraltar and in Spain in general. This and many development can be one of the big reasons why it is insulting that some people are comparing Bitcoin with the many bubbles in history especially that of the tulip bulb bubble. Right now, there are so many companies and moneyed individuals who are planning to link with Bitcoin in order to be part of the bandwagon and as a result also make some money out of this new innovation and revolution. Cryptocurrency is really here to stay and Bitcoin is at the forefront of this great financial revolution! |
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