Latest posts of: chenging14

Bitcoin is more likely to be called gambling in the sense of investing. Investing is gambling, when you buy stocks you could lose your money if the company goes bankrupt or if the price per share goes down.
But It's not gambling in the traditional sense, but it could be said that it is “gambling”.
The difference between trading and investing is primarily the perspective of ownership. Trading positions are kept for short periods, typically measured in days, hours or even minutes. investments on the other hand tend to be in months, years or even decadesin the bitcoin community there is some trading, some commercial traffic, and a lot of investment. people are buying bitcoin because they’ve bought into the future of the currency. a large majority are true believers and in it for a longer term.

Everytime I saw my vesting accounts getting higher and higher it gives me the reason to be more active in this project! Thank you so much crypto mark!

Bitcoin can be use as a payment system, the way the banks and credit card systems dealt with this was to create a ‘ledger system’ – basically records of account showing who owns what. It is simply one global ledger system that synchronizes across the entire internet, so that everyone can access the same ledger account in real time no matter who or where they are. The result? Money can easily be transferred between parties without all the lag times and exorbitant fees. Just like it used to be before the world became big and complicated.
If the transfer is between two accounts at the same bank, it’s easy to transfer, but if it’s between two different banks it gets a bit more complicated. They might have different ledger systems that need to be reconciled. For this they charge a fee, and it often takes more time to complete the transfer. When they are banks or other financial systems in foreign countries, it gets even more complicated: different languages, systems, currencies, more parties to co-ordinate and so on, so the fees and transfer times increase. That’s why the current financial system is so complex. It’s just a massive entanglement of various ledger systems around the world..

Here are some tips that you should know before investing:
Do your research.
Everywhere you turn in crypto, there is another hot take or sure thing. At Block X, we have assembled a team of industry experts dedicated to researching the best investment opportunities.
Be responsible
Cryptocurrencies can belong in any investment portfolio but should be treated as high risk. Put 10–20% of your portfolio into crypto investments but always ensure your portfolio remains diversified to mitigate extreme risks.
Be vigilant, borderline paranoid
Most of the concerns surrounding hacks and security, while well-founded, are also avoidable, even for the non-tech savvy. Vigilance can come in the form of selecting the right blockchain company to manage your investment. Selecting an organization like Block X that has a reputable team and is dedicated to conducting extreme due diligence will ensure your investment is safe.
Track your gains and losses
As crypto is global and doesn’t yet classify as a ‘real investment,’ many say capital gains don’t apply. Regardless, you should track your gains and losses for your own personal knowledge to see how your portfolio is doing. As countries start to regulate crypto-related capital gains taxes, you’re going to want to be in a position to pay your fair share and not deal with the IRS or CRA.

Bitcoin is a form of digital “currency”. It is created and held electronically, on a computer. Bitcoins are not paper money like dollars, euro or yen by central banks or monetary authorities. Bitcoin is the first example of a cryptocurrency, which is produced by people and businesses all over the world using advanced computer software that solves mathematical problems.
There is a great deal of debate about whether Bitcoin is a currency. The Merriam-Webster Dictionary defines currency as:
•   Circulation as a medium of exchange
•   General use, acceptance, or prevalence
•   The quality or state of being present
•   Something (like coins, treasury notes, and banknotes) that is in circulation as a medium of exchange
•   Paper money in circulation
•   A comment article used for barter
•   A medium of verbal or intellectual expression
The official definition of currency may leave you more confused about whether Bitcoin is a currency or something else. After all, it certainly meets some of the characteristics in the definition, but not others.
In September 2015, the Commodity Futures Trading Commission (CFTC) in the United States officially designated Bitcoin as a commodity.

Advantages of bitcoin are:
No Taxes
There is no way for a third party to intercept transactions of Bitcoins, and therefore there is no viable way to implement a Bitcoin taxation system. The only way to pay a tax would be, if someone voluntarily sends a percentage of the amount being sent as tax.

No Tracking
Unless users publicize their wallet addresses publicly, no one can trace transactions back to them. No one, other than the wallet owners, will know how many Bitcoins they have. Even if the wallet address was publicized, a new wallet address can be easily generated. This greatly increases privacy when compared to traditional currency systems, where third parties potentially have access to personal financial data.

No Transaction Costs
Sending and receiving Bitcoins requires users to keep the Bitcoin client running and connected to other nodes. Essentially, by using bitcoins users will be contributing to the network, and thus sharing the burden of authorizing transactions. Sharing this work greatly reduces transaction costs, and thus makes transaction costs negligible.

Bitcoins Cannot be Stolen
Bitcoins’ ownership address can only be changed by the owner. No one can steal Bitcoins unless they have physical access to a user’s computer, and they send the bitcoins to their account. Unlike convential currency systems, where only a few authentication details are required to gain access to finances, this system requires physical access, which makes it much harder to steal.

I just read their plan about the distribution and alike. Happy to see how they plan this project not just for their benefits but for everyone.

wishing all the success to this new project!

I'm so lucky not just lucky but blessed to be part of this project! I'm looking forward for this one to be finally successful.

I think yes and due to some research, the U.S. has made localized attempts to regulate specific aspects of bitcoin. New York State requires a “BitLicense” for bitcoin related businesses, with specific rules for employee vetting and identification. Just last month, the IRS won a landmark ruling to gain access to information about 14,000 historic Coinbase accounts, in an attempt to gather back taxes from owners.

Banks are definitely interested in blockchain. However, most banks we surveyed are still in the early stages of adoption, with about three-quarters either involved in a proof-of-concept, formulating their blockchain strategy, or just beginning to look into it.

Bitcoins Are Not Widely Accepted
Bitcoins are still only accepted by a very small group of online merchants. This makes it unfeasible to completely rely on Bitcoins as a currency. There is also a possibility that governments might force merchants to not use Bitcoins to ensure that users’ transactions can be tracked.

The Bitcoin offers the ability to make fast, secure and low-cost user-to-consumer payments without the need for bank intervention or other centralized payment systems.
Systematic transactions occur directly between users' digital portfolios and are verified in a block. Transactions are digitally signed with a unique "personal key", which is proof that the orders come from the digital portfolio owner.

The safest option is a hardware wallet which you keep offline, in a secure place. That way there is no risk that your account can be hacked, your keys stolen and your bitcoin whisked away. But, if you lose the wallet, your bitcoin are gone, unless you have created a clone and/or kept reliable backups of the keys.

If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied, which is equal to the ordinary income tax rate for the individual.
Taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Bitcoins are very volatile and there are huge swings in prices in a single trading day.