With this kind of law and recognition in their country, then the simple act of trade would constitute to an illegal activity. For there to be fraud, there would have to be deceit and intention to cause a wrong doing against other persons but since the simple act of trading is declared to be illegal, then the persons involved were jailed.

This would inevitably happen when a government declares this kind of jurisdiction pertaining to cryptocurrencies. Even if you do not intend to harm anyone, you may be jailed by simply performing these kind of acts.

It doesn't just take luck for you to be able to trade. You might as well be wasting a lot of money if you make careless trading decisions. There are risks to trading and in a way, it would be like guessing and it is also somewhat similar to gambling but I disagree that you would only need luck in trading. Most successful traders have accumulated knowledge and experience - with this they are able to make wise decisions.

Also, it doesn't just take money to make money. One could have a large capital and plenty of money but without the right skills and knowledge, they could just easily lose that money if they don't make the right financial decisions.

That's true. It will be a problem for the merchants to accept BTC because they may incur a loss when the price goes down. The price of bitcoin fluctuates too frequently, so this would be problematic on the part of the merchant.

However, it would be convenient for a traveller if they had the option to pay with BTC. There won't be the hassle of having to convert the prices mentally everything you buy before you make a purchase so as to make a comparison with your own local currency.

Choose carefully what coin to invest on because not all of the coins will prosper, and your investment might go to waste and it will just incur a loss on their part. Conducting thorough research on the coin will help you choose wisely and minimize this risk.

Also, be constantly updated on current news and events so that you may deduce some predictions from this. These won't tell you what the price will be but perhaps you can make a close enough guess. The prices frequently fluctuate and it is sometimes affect by the current happenings so best be always updated.

Is this is what to be expected this Christmas? If this were the case, then I'll try to hold the coins that I have until Christmas. I'd be able to buy gifts for my friends and family, and probably spoil myself a little. Instead of cashing out now, I'll probably wait until December hoping that its value will get a little higher. Some have speculated that its possible for bitcoin to reach $5000 or $6000 by the end of the year

I agree. Fiat would also then be just numbers written on a piece of paper just as bitcoin are just numbers in the internet were it not for the demand. The demand on a currency dictates its price and gives "value" to these as well. Its users have been giving these value because they are being used by them.

It's true that most jurisdictions do not have any specifications for bitcoin yet but I don't see how this makes fiat an asset because of its legal power? Fiat is legal yes, but how is different from bitcoin in terms of legal power as OP have said? I don't quite understand what do you mean by "no legal case can be made to get some kind of value out of them". If you are referring to recovery in case of deceit or lost - then fiat is recognized whereas with bitcoin, there are no legal ways to recover them? Surely in the future there will be adjustments made for this since bitcoin is getting more and more recognized.

Bitcoin is already being recognized as legal by a lot of governments and countries and I think this would contribute to the legitimacy of Bitcoin and cryptocurrency. With this, Bitcoin has been getting more and more popular everywhere - positively and not negatively like a scam as you've said.

It would be awesome for it to be an international currency because a lot of people will be able to use it easily and conveniently, and this would give some ease for those who are travelling.

I've seen countless threads saying that Bitcoin is a bubble but here we are, experiencing more and more growth over the years. People have been saying this for year and look at the people who didn't believe in bitcoin a few years back - they deeply regret it to this day. It's not surprising to see that bitcoin will experience a price drop and its just normal for it to go down. I don't think that the price will stop increasing because of this.

I plan to hold as long as possible because I believe that the value of bitcoin will become very much higher in the future. Although I must admit that I've been tempted countless times to just convert it into fiat and spend it on material things, I will try as much as I can to remain strong. I've already spent some because of some needs but as much as I can, I will just store it in my wallet.

I have to agree with you. There may be no instant way to get rich because everything takes hard work and effort. Bitcoin is a good investment in the long run because its value will surely increase in the future, and it will take you hard work and effort to hold it and prevent yourself from spending plus continue earning it. Thus, even in bitcoin it will take some hard work for you to get rich just as with anythin else.

I am in a similar situation. Bitcoin provides you with the opportunity to earn, so the unemployed are definitely encourage to engage in earning bitcoins such as participating in signature campaigns. The nice thing about this is you won't have to go through the hassle of applying or validation for you to earn bitcoins because there is no requirement - all you need to have is an internet connection and working device. Even if you have a regular day job, you can earn bitcoins as a sideline income.

Wow that would a big jump if it happens in early 2018.

But I have to agree that a lot of adoptions are being made for bitcoin and it's not far from being mainstream. It's becoming more and more popular and I've been seeing a lot of advertisements on cryptocurrencies. Also, the mainstream media has been giving more attention to it.

Most did not expect bitcoin to be the price as it is now, so I guess we can never tell what the future holds for the bitcoin price. For me, I think around mid or end of 2018, it would be possible for bitcoin to hit 10K.

I am also a student so at the end of the day when I'm done with my studies, I get to spend the rest of my spare time on this forum. I typically spend about 2-3 hours on this forum. I have to admit that its hard because there are a lot of times that I need to spend late nights to review and do other academic requirements thus losing any spare time left but it's all a matter of priority. Prioritize what is important so that you don't waste your time and efforts.

I believe that they probably have been using bitcoin mixers. Not sure how it operates but from my understanding, even if the transactions of your bitcoins are traced, the use of a bitcoin mixer would mix up your bitcoin with a bunch of others thus you would have a hard time finding it.

Another is your advantage of anonymity. You can easily exchange it without the need of validation or verfication, therefore a lot can really get away with it.

Perhaps in the future when bitcoin is more mainstream and widely used, this would be convenient for the bitcoin users especially when they're caught in a situation of having no cash to pay the taxi fare. I remember one time when I rode a taxi, I didn't have enough cash on me to pay the taxi and it was ridiculously high because of the traffic and distance of my destination. I ended up having a debt with the driver because of this. I guess if one could opt to pay with bitcoin, you could avoid a situation like this.

Taxes is a way for the government to generate income and revenue but then as you said, I'm sure that the bitcoin users would be against this because this would mean additional cost for them. But this would be the likely thing for the government to do, as with other new entities that need control.

I remember when Uber was new in our country, nothing was done to regulate it but after some time they require them to have some licensure. Uber can still continue its operation and at the same time - is regulated by the government. Perhaps something like this would be applicable for bitcoin and cryptocurrency.

Since it's an asset, it should be declared along with the rest of your property and possessions. Despite your feelings and being bitter of the split up, it's still her right to have half.

However, I think it would be useless if my wife doesn't know or understand what Bitcoin is. She won't be able to utilize it unless we convert everything to fiat the half of her share, which would pretty much be a waste. If it were up to me, I probably won't declare it especially if she has no crypto knowledge.

Perhaps its too much of a big jump for Bitcoin to get to 10K by the end of the year. I have to admit that I did not expect for the price to be as it is now and we can never tell what may happen in the future. I think that the hard in November will cause a disruption in the increasing bitcoin price but it won't stop it. More road blocks and negative news will come to but along with it, more and more bitcoin adoptions and legalizations will help Bitcoin rise.

The local exchange wallet that I've been using has given me some convenience because I can easily exchange my BTC into fiat but I think having a bitcoin debit card would also be convenient. With a bitcoin debit card, I won't have to retrieve or carry the fiat. Fees may be a problem but there are also fees when I exchange BTC and when I use credit cards. I don't own a bitcoin debit card because I don't think that it's available in my country nor will I be able to use it as there are no merchants which accept it, from my knowledge.

I guess it could also provide you a sense of security, because you may use the bitcoin debit card in times of emergency.

I think that it definitely could especially once you've experienced losing money while gambling. It can teach you to be more wiser of your decisions and to think carefully consider first the risks before making a bet. Losing some money in gambling can also teach you to never bet with money that you're not prepared to lose.

Gambling doesn't only teach you when you lose money but also when you win some. Besides the aforementioned lessons you may get when you lose money, gambling could also teach you to take some risks. When there's high risk, there's also a possibility of high reward.