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We know Bitcoin is one of the powerful and top coin in marketplace.
But world wide all county are announced its illegal.
I personally think that bitcoin is very help us for paying any payment.
Its has many facility.
But our government are announced its illegal
Bitcoin has been involved in terrorist funding. So, they did the right thing |
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Quote from the link provided : An alert and active checking on cash transactions amounting to ten thousand euros has been implemented. This limit has been brought down from fifteen thousand euros. Any transactions exceeding the aforementioned threshold will be considered as ‘obliged entities’. This comes under the extended AML regulations that now place wider range of restrictions on monetary exchanges that are over a particular amount The 10,000€ is still a big amount and people could still fly under the radar with their cash transactions if they did small tranches of their real transaction multiple times below 10,000€. What they will mostly do is instead of making a whole transaction worth 10,000 they will just do two 5,000€ transactions in order to remain undetected. What if they just monitor or provide a cap on how many transactions you can do everyday it will be more effective compared to only doing the procedure on transactions above 10k. That's correct! There will be loopholes in the system and criminals will be using those loopholes to stay undetected! They will just break down the total amount into smaller transactions and instead of doing two smaller transactions in one day, they will just increase the span and probably make two transactions in a week, so providing a cap on the number of transactions will not help either! Definitely it can reduce the numbers of illegal payments, but still the system is not full proof. That's where AI can help us to detect illegal payments. AI can help to identify a pattern in criminal proceedings and to identify multiple payments from a single source to multiple destinations while the destination accounts are being operated from a single IP or from similar locations. That's far more complicated in nature. But putting ceiling in the amount or the number of transactions is an ineffective method as compared to today's technological prowess. I think loopholes are everywhere. It is just the issue of implementation. If they want to do it they should be serious. Otherwise all effect will come on common man. |
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Debate for transparency is long but it may completely remove the decentralized concept of bitcoins
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A really good group of scammers will spend all of their time reading articles like this to know exactly how to trick people. Then they will carefully follow all steps mentioned to ensure that a very solid front appears. They'll also spend a lot of time on marketing and building relationships with those that matter: endorsers, clients, press, etc. to ensure they have a very positive image being portrayed.
They won't make any false promises or engage in any trickery. Until one day, they flick the switch and no one is to be seen. Poof, gone.
Thats a very good point scammers are smart but please keep in mind we always have some chance against scammers if we are able to see some warning signs. Thats my point. Even some knowledge can really help you a lot. |
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People say nobody controls the market, but in reality it is controlled by the people. That is the effect of free market economy that depends solely on supply and demand. It can be a huge problem as well as we have seen earlier with crypto boom. Moreover crypto is filled with frauds as well. I would suggest if you want to purchase an ICO watch out for the Identity Verification Service. If an ICO is doing that it means atleast it is not a fraud. Read More: https://shuftipro.com/blogs/kyc-services-for-icos/ |
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I heard the news, that banks are afraid of bitcoin and can replace banks, because the excess of bitcoin is much compared to local banks
On the other hand, many swiss banks are trying to get their hands on cryptocurrency. Even the ID verification service providers are same for banks and ICOs. We have an example of shuftipro.com as well. so it is just about time, soon everything will be fine. |
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This information is worth it. Most interesting will be to have bitcoin ATMs in most of the countries even in the crypto resisting nations like India etc.
Yeah thats the thing. It will take time for the third world countries like India to recognize bitcoin as a legitimate currency. |
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We all know how risky bitcoin is. Let's imagine the most riskiest money deposit situation.
What do you think guys, will this moment ever come and banks decide to offer us Bitcoin deposits (e.g. fixed profit on 1 year deposit and etc).
This can be very, very profitable for banks if they make correct decisions.
P.S I don't mean freebitco.in's offer of holds on their wallet. I mean if official banks ever offer us this service.
All is going to change in future. People adapt to new technologies. Definitely it would take some time but eventually crypto will be part of our future. Even we have bitcoin ATMs so future is near. Read more: https://shuftipro.com/blogs/bitcoin-atms/ |
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The article essentially divides the crypto mass into three broad categories, 1. Individual 2. Exchange 3. Administrator As per the definitions provided, we as a general user of cryptocurrency falls under the "Individual" category who uses the service of an exchange or an administrator for transmitting cryptos making them liable for any AML non reporting issue. So here the exchanges and administrators need to follow the current AML guideline to remain compliant. Even though I personally don't support any censorship on cryptos, but the raising concerns regarding criminal activity and terrorism financing needs ro be stopped. I see no issues in the circular. If you find any, can you please point that out for us? I am thinking about the future implications. Don't you guys think these compliances will strengthen in future i.e. more taxes and more regulations that may make it centralised? |
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Why we need to do KYC compliance for bitcoin because its a decentralized currency and if we do KYC then what guarantee is our personal info never be leaked or hack. Now many investors hold bitcoins in their wallets and all never want to do KYC compliance because they don't wanna reveal How much bitcoin they are holding. so there is no need to do KYC for any private company.
This is exactly the reason why governments are not allowing it. Atleast for new coins, this should be done so that all may enjoy benefits of crypto. |
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ATM booths of BTC can be very helpful for conversion of BTC to local currency or vice versa but apart from that there's no exciting new feature that would make people go 'wow'. But the best part is you don't have to pay extra charge for transferring your funds.
The best part of your comment is actually the answer to it. |
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I think in future, it will be a really good thing. E.g. it can be used in another financial breakdown
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