This is how it should be. If these fraudulent ICOs are penalized, then countries would not have to ban them as a whole. These scams have been making people wary even of legit ICOs for too long.
As for stupid people needing protection from the government, well... that's just how it is. To me, it's not so much protecting stupid people, it's more of scammers being prosecuted. The world is a better place without them.
It's good because the government has actually given attention to the business dealings and doings of the ICOs, and they've made some actions so that they may further protect its citizens and crypto users. A lot have been already suspicious of ICOs because of the numerous scams, and these regulations may encourage the people to invest again. If the government do not make any action and regulations are not made, then the scammers would just continue to do about their business because they're not afraid of getting caught. With these regulations and help from the government, it will control and bring justice to these scammers. It's about time that something's to be done about this because a lot have fallen victim to the fraudulent ICOs. |
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I am just trying to convert all my earnings into crypto now. I exchange them to fiat or spend them when I need it. Otherwise, everything will be in crypto, mostly bitcoin and only sometimes it will be in my favorite altcoins. At least 35-40% of my earnings goes to savings.
This is very dangerous, even you like crypto that much, you need to save some fiat currency so that you don't cry if a major market crash happens ever. Even if I believe that bitcoin is a good investment, relying on crypto too much is risky and dangerous. You should still leave some of your savings in fiat currency. We can never say what the future will be and if ever a market crash happens you would lose all your savings. Even if we want to stay positive and believe that Bitcoin will continually be strong, we must always have a back up so don't convert all your fiat savings into crypto just yet. |
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Not giving much importance to Bitcoin in 2014 and 15. Someone told me to invest in Bitcoin, it was $300-400 back then. But as a newcomer it was little complicated for me. I would have made 3x the amount in a year. Bad of me.  I almost have the same experience, the main difference is that my friends didn't advise me but then I discovered about Bitcoin on my own. A few years back when I found out about Bitcoin I chose to ignore it because I found it to be too complicated as well, especially when I encountered the concept of mining. I found the terms to be too technical and it intimidated me so I chose to just ignore bitcoin. Had I already invested during that time, I may have already acquired a large amount of BTC. I sometimes still regret it to this very day. |
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They will not replace fiat. There are many reasons.
But they will become the backbone of financial structure.
As far as regulation, it's nonsensical for the most part. First it's decentralized all over the world. It is peer regulated. Nearly every possible application of existing laws is for reasons that cryptos are immune to. The point of conversion is from fiat to crypto where regulation needs apply again. The other case is when cryptos are used in exchange for goods and services under the purview of a government - up until that time they are not no matter what lies Coin Center and know-it-all officials claim.
Consider this, once you have cryptos in a peer regulated system being used for liquidity of funds the government no longer needs to spend time and resources on them since they're immutable and essentially 51% attack impossible. That's ONE reason they aren't in the tax & regulation jurisdiction. (although illegally right now people claim they are)
maybe not replace fiat but they can lvie together side by side with any fiat currency just look at japan they have both their local currency and bitcoin living together with the same importance i think yes altcoin need to be regulated if you want real adoption, otherwise many shop will simply not accept it,a nd it's the reason why amazon int he first palce is not accepting it Yeah, agree about the fact that fiat money won't be replaced in the nearest future. But for the long term, there s a good chance for it to happen. For fiat money means it is accepted as money because a government says that it’s legal tender, I think it's possible the government establishes some law or regulation on cryptocurrency and therefore admitting its national legality. And then in some sense cryptocurrency may become part (perhaps, the main part) of fiat money. Bitcoin is far from replacing fiat money because of various reasons. Crypto users use Bitcoin precisely for the reason that it is decentralized. Once it replaces fiat money, then there will be control over it and it will lose its element of decentralization. In my country, Bitcoin is recognized but it does not have legal tender. It is recognized as "property" and not as a payment system, therefore it does not have legal tender. The laws on cryptocurrency and Bitcoin still do not touch on the specifics but its quite possible for there to be regulations made in the future - whether or not it replaces fiat currency. |
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People should stop focus on the value of an altcoin or their market caps. Altcoins enjoy no actual usage other than the speculative aspect, and that's something people here don't seem to think about.
There have already been altcoins with a higher unit value than Bitcoin, and there have been several altcoins with a higher market cap than Bitcoin ~ it's absolutely meaningless.
No altcoin comes even close to the level of usage that Bitcoin experiences, or how secure its network is, or how much money is going through its ecosystem, and that's the most important thing here.
Altcoins come and go, and due to cheap tricks they can have a massive market cap, or a massive unit value, but that's as I said, meaningless. Bitcoin remains the first and only crypto coin that enjoys the far majority of the support.
I believe it already happened. It's quite possible that an altcoin has already surpassed bitcoin in value but nothing significant has happened nor did it make much of an impact. Bitcoin remains to reign supreme among all of the cryptocurrencies and it will continue to do so as compared to other cryptocurrencies. It's still more popular and widely used by the crypto users. I agree that in terms of usage, Bitcoin is still more superior and this is the reason why no altcoin would surpass Bitcoin. Bitcoin will continue to be popular because of its usage and security of network. |
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If there is a store that accepts payments using bitcoin from the wallet that is on your phone, I think it's too risky, I think we need to exchange our bitcoin to fiat, bitcoin prices that tend to increase as well as very fast decline, it Which can not be done for transactions from your phone wallet. This will cause losses from the store that receives payment with bitcoin, if the price of the goods you buy is not worth the bitcoin price that is decreasing. To do this there needs to be a better technical, so that no parties feel a loss for the transactions made.
I agree with that but what if there's no other way to transact in using bitcoin. How can we deal on this few years from now if the systems don't accept bitcoin. But just in my case I really cash out my bitcoin change to our currency and that's the time I purchase goods so that it will be useful. If it means to decreasing point I don't have to worry at all. It is possible only when the price of the bitcoin will become stable. Otherwise, it is a big loss for both customer and the shoppe owner. After paying your bill through Bitcoin, the price increase means what will do it is profit for the shop owner. If it reverses the price drops means it is a loss for shop owner so this will not work out until the price will become stable. My local exchange wallet allows me to buy load directly and it exchanges my btc to fiat automatically whenever I make a purchase. I guess this would be convenient if I could do the same with other products such as food, clothes, shoes etc. It's quite possible for something like this to happen in the near future but there are some problems such as security. I agree that some merchants may not accept BTC as a payment because of the price stability. It would be a loss for them if the price of BTC goes down suddenly. |
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Besides keeping it to raise in value later. There is not much I can do...
With fiat money, I can pay rent, go to restaurants, buy clothes. But with BTC, there is basically no stores that accept them in my country. Sure it's easier online, but then again the stores might not have the best products or is the cheapest/best value.
Am I the only one facing this issue?
Why not then convert your bitcoin to fiat and used to buy anything that you want? Is this another FUD? If you put everything in bitcoin then of course you can't do anything besides looking as the price go up. That's why you need to invest what you can afford. And I'm sure that you are not the one facing this issue, but member here found ways to used bitcoin in every way they can. You said that its keeps raising in value. Do you have a problem seeing your investment grow? I was about to suggest for you to just hold your BTC because it would increase in tremendous value but then it turns out that OP already knows about it. Why would you find ways to spend it knowing that its better to hodl because bitcoin is good for long term investment. You could just convert it to fiat if you really just want to spend it. Or use it in gambling and trading so that somehow, you'd be able to profit if you had a good chance. |
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I think it is possible for Bitcoin to reach 1 million and it is never impossible to reach that amount as well though time will only tell us when that will happen. We can't say it is reality though because it has not happened yet nor can we say it is fiction because it is not impossible also.
It may be possible. Just this year, I didn't think that the bitcoin price would reach up to this point so anything may be possible even if it doesn't seem like it. If this were to happen, then those who were able to acquire bitcoins in the past are very lucky and in contrast, it would be very hard for people to earn even just one bitcoin at that rate. As of this moment, I already find it hard to acquire 1 BTC (unless you are rich) so what more when it has the value of 1 million. |
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If there are no such laws, it's completely legal, and since law doesn't work backwards, if it's ever outlawed, nobody will be able to prosecute you for using it in the past.
1) There are grey areas in law, subject to interpretation. The government may prosecute you based on current interpretation of law, for your past actions. 2) Some countries have enacted laws with retrospective effect. https://www.alrc.gov.au/publications/laws-retrospective-operation-0If the law to be enacted were to have a retroactive effect, then past actions such as possession and usage of bitcoin would be prosecuted. Most jurisdictions do not specify and have yet to declare their legal stand on bitcoin. In the future perhaps, there will be stipulations made on the specifics for Bitcoin. Such as the situation in my country - since there are no laws that declare it as illegal, then the use of Bitcoin is not prohibited. They have not declared it as legal either, simply recognized by the central banking with a fair warning to the public for its usage. |
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Bitcoin is decentralized so that whoever you are from wherever you are rich or poor, you are free to use bitcoin for any purpose. Bitcoin is freely used for anyone. anywhere
What is your response with this opinion?
bitcoin if for everyone but not anyone can use it especialy the poor one. some are poor and even struggle to eat 3 times a day do you think they can afford to buy computer or cellphone and have stable internet. Yes, internet is needed to use bitcoin. But this dividing barrier will become less and less, as internet coverage expands to even the most remote areas. Trust me on this. In a decade, i'd say that 95% of the world will have access to the internet and therefore be able to use bitcoin. This is much better than the banking system, where people are judged by where they are from, their credit ratings(or lack of thereof), etc. Bitcoin can be used by anyone. Those who are poor cannot afford to have an internet connection nor device like a mobile or pc for them to use with it hence they cannot have access to Bitcoin and other cryptocurrencies as well. Although bitcoin is open to all levels of society, this essential element - internet and a device - prevents those who are less privileged some access. You are right though, as compared to banks and other financial systems, Bitcoin is much more accessible to the lower class because it does not discriminate. It does not matter what financial background that you have and regardless of it you can still use bitcoin. |
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Unpleasant there is a tendency with the prohibition of ICO. After China and other countries began to look closely at such activities as the original offer of coins (ICO). Such a prohibition is useful only when the critical situation with this activity develops and is related to its non-transparency of conduct and a significant increase in the risk for investors that are associated with the possibility of fraud with investors' funds. I hope that this prohibition of ICO in Korea will be temporary and aimed only at good ends.
The Korean government probably just wanted to protect its citizens from getting scammed because the ICO investors are susceptible to scams. Some find ICOs to be very sketchy in nature and the possibility of fraud is highly possible since there is no control over ICOs. Hopefully this ban would be lifted in the near future so that the Korean citizens would be able to participate and invest because despite the numerous scams, there are worthwhile coins and ICOs out there worthy to invest in. |
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What I'm personally in need of is a way to spend my coins on my daily needs with ease. We are slowly coming towards a point when many of us will find themselves holding a lot of value in BTC. I used to treat it as a fun investment on the side, but when it his $5000 I came to a conclusion that my coins are starting to be worth more than the house I'm living in. So time to spend some, right? Nope. I actually can't do much with my coins beside paying medical bills or ordering food. So basically anything that converts coins directly into items and doesn't make you wait a month before they arrive from China will be a nice addition. That said, I'm waiting for the Amazon news to confirm.
I kind of have the same thoughts. Initially, I'd prefer to just hold all my BTC and stray away from spending a single cent but with its increasing value, it wouldn't hurt to use or spend some. With this, I think there should be a website that could cater to the needs of bitcoin users, one where they can spend BTC like amazon or eBay. I think that would be convenient for the bitcoin users should they opt to spend it. |
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If it involves money, I never see it as fun and games. It won't be 'fun' once you lose your money in the process. It may be entertaining because trading in a way looks fun in nature and its 'fun' when you earn and profit from it but I don't see it as a game. In games, you can restart and it's okay for you to lose because it's not substantial but with trading there is actual loss.
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Just hold my bitcoin and altcoins then buy some bitcoin and altcoins while it is now at the very lowest price.
In my opinion, a good/wise trader always seek for the lowest point so that when it reach to the highest point. He/she can have a very nice profit.
Have you heard of the saying of most traders which is to "buy low, sell high"?? You can either buy once the price plummets or you can choose to just stay where you are and hold everything that you have. Just don't panic. A mistake that most traders do is to panic sell whenever the price gets low and this has a domino effect on other people as well making them to panic too. It is good to still hold, especially bitcoin even when the price is low. I trust that bitcoin is strong and would sustain for the following years so don't sell it just yet when the price comes down. |
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at the beginning it took me some time to explain people about this market.
i wonder:
when you try to explain people about cryptocurrency do they understand?
I explain them short and easy what bitcoin is so they can at least make an idea about it. It is hard to explain all the process that bitcoin does and they cant understand it if they dont know all the informations. So explain them only the important part of bitcoin , what it is and how it works. I find it difficult to explain bitcoin and cryptocurrency to other people but I would usually introduce them to use this forum because they'd find out about it more when they use this. Basically, they don't understand it at first but most get interested especially when they hear the word "money" and when they find out about the high price of Bitcoin. I would say that Bitcoin is a digital currency and from that, they would somehow be able to grasp the concept of it. It's hard for me to explain about the other aspects of Bitcoin such as trading, mining and blockchain technology, which needs thorough explanation. |
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Not yet ,i will only admit that im already a richman if i have 4 luxury cars, condos, private plane , 1000 bitcoin. Which is too impossible to happen. But i will still try my best to be richman after 30 years. I promise!!! A true gentleman words.
This is the true dream and goal. I'm still very far from this day. I doesn't hurt for a man to dream, even for a luxurious one - one with luxury cars, private jets and private islands in it. I've been yearning for the day that I can wake up comfortably and live a luxurious life, and I work hard so that in the future I'd be able to have the lifestyle of a rich gentleman. With Bitcoin, I hope to be able to achieve this dream. |
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If this were the case, then one wouldn't have access to bitcoin because electricity is needed for you to transact, much less to trade bitcoin. Even if it is a preferred currency in the area, then they won't be able to use bitcoin if there is no electricity. There's no alternative way or other way around when electricity is not available - cryptocurrencies and bitcoin would simply not exist.
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If it were to be true that your grandma has placed all her lifesavings in Bitcoin, then I would think that it was not wise for her to place every single cent in one place even though that I think that Bitcoin is good place to invest. Putting all your savings in one place is a bad idea in itself, and its important to always have contingencies and back up plans.
Also, she should be able to enjoy her lifesavings. By putting it in bitcoin, its better not to spend it immediately but as an old person, one should be able to enjoy the fruits of their labor and at that age, they should be able to spend on the things that they want with the savings that they have.
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I think that people do not understand why China made such loud statements. So I created such a panic. I'm sure the Chinese government decided to force the Chinese to keep their savings in dollars. Thus the Chinese in the country attracts the capital. With the miners to fight no one will. They will sell the mined coins outside of China and to attract dollars into the country. Perhaps these actions are more directed at the increased pressure on the dollar than to fight bitcoin.
I guess it is inevitable for this kinds of news to appear or issues that would affect btc. There would always be some bad news regarding btc. China is the main miner in btc and it really affected the price but as i heard that it was temporary until the next election, i guess another price surge if the legislation would change there mine about the banning in China. There will always be negative news like this that may come out and I'm pretty sure that there are more to come in the incoming years. China and J.P Morgan's statements had a big impact because they were both influential, thus the public simply reacted to it. I'm not so sure as to the reason why China made such statements and I am also not that knowledgeable of the politics and nature of government in their country but from what I know, there are a lot of bitcoin users in that country. The recent events surely has affected them, and even for us who don't live in China. |
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