I bought 3 btc on credit for 19k about. What should I do? I am way underwater.
Two options: 1. If you are really financially struggling and you lack the necessary resources in order to pay for your monthly bills and obligations, then you may withdraw a partial of your bitcoins and exchange them to cash; AND 2. Just hold and pray since that is your only option. I go by the rule of never selling your bitcoins below the initial price you acquired them. May this scenario serve as a learning lesson to check and study the market first before buying your first bitcoins as it may lead to unprecedented outcomes, which is like this one wherein you acquired bitcoin at its peak price. No need to panic, just hold this month the market has shown a positive trend, many people predict that this year will be greater than the year 2017 because we start at a fairly high number than in 2017, hopefully this year bitcoin will be able to penetrate ATH on year 2017.
If I were in his situation, I would panic but I'll stick with my principle of not selling my bitcoins from a price lowered from what I acquired them at the first place. The only option is to hold and to hope that there would be some world-wide provision of supporting bitcoins as it contributes to its price significantly. |
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 Check out this cool interactive map covering Bitcoin legal status globally. I don't think I have seen something like this anywhere. What the future holds for the world where utmost people’s and companies’ interests clash daily, the time will only show. You’re welcome to a full and comprehensive guide to the legal status of Bitcoin throughout the world with a unique interactive map providing access to a visual history of cryptocurrency regulation. The legality and status of bitcoin depends upon the country that you are staying. Most countries in Asia accept the utilization and transaction of bitcoin especially countries like Japan, and the Philippines as they are taking measures in order to improve and develop it for the public. While there are countries that view bitcoin as legal, other countries around the world prohibit the utilization of such due to many reasons, such as: - Due to its decentralized nature, the government cannot regulate the use of bitcoin and they resort to prohibiting it;
- Its anonymity factor in transactions makes it a perfect gateway and currency under the dark web for illegal transactions which can contribute to the criminality rate; and
- Some banks see it as a threat to the economy and to the general public since investing into a foreign website may lead to scams and hacks.
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As owner of a gambling guide - Bitcoin Gambling 101, I am curious as to how the crazy December and then January price changes affected your gambling wins/ losses? Well you may take me out of context as my gambling experiences revolved around the lessons that I learned from the past but I do agree that the price increase of bitcoin has affected a lot of gamblers recently. Though it may be a double-edged sword, gambling cannot be profitable for individuals who hope that they can regain or pay their financial liabilities through gambling. To some it had not greatly affected especially those who lay low when Bitcoins price was down and minimized gambling so there would be less losses. And for those who were affected by the price drop of Bitcoin and also the alternate coins as well, I think most of them stopped entirely playing for a while and now just got back because it is slowly recovering.
I did not really stop gambling, even if the value of bitcoin drop I still enjoy gambling because I don't really risk a lot of money in gambling, I am more focus in investing and trading and I have learn to be more matured in treating gambling and it's only an entertainment for me now. Well at least, on the bright side you know your limits since this mitigates the damage incurring in the long run. Knowing your boundaries lessen the risks of losing all of your resources since you gamble only the money that you are WILLING TO LOSE. You are not chasing anything as you view it purely for entertainment. |
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worldwide regulatory bodies are looking to set legal guide rules to regulate crypto markets which will limit ICO. Do you think that this will increase the size of crypto markets since it will increase trust, or would it decrease the size of crypto since the number of ICO will go down  There are a lot of implications when cryptocurrencies become regulated by the government. You must understand that almost all investment mechanisms are regulated and controlled by the government which explains on why they are viewed as the standard instruments of investment. If cryptocurrencies were to be regulated, expect prices to be controlled at some moment. This will lessen its volatility and become centralized. If the government also has the control of it, they can provide collaterals and securities to most investors which protect them from scams and hacks. Despite having some positive conditions when regulated, in my opinion it defeats the purpose of investing into bitcoin- wherein you realize large amounts of profits in a short amount of time comared to other investment instruments. |
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Hey I am still a junior member and I doesnt know everything about btc, I just want to ask that if ever we are going to sell our bitcoin, there will be an immediate buyer?? and where to sell it. please respect my post.
This answer depends on what wallet you are using or what trading platform is available to your country. I suggest that you search upon bitcoin wallets as some wallets have their own trading platform where you can exchange fiat to bitcoin and the other way around. Note: before exchanging your bitcoins, make sure that the trading platform is well-known and famous in order to at least lessen the risk of getting scammed. It really depends on how are you thinking of selling your bitcoin out,is it for cashout or just trade?Then if it for cashout then you can sell them on p2p or person to person type of deals where you can get instant cash for your bitcoin.Now if it is for trading then you can go for trading sites such as bitfinex or many more,and yes there will be always immediate buyer for your bitcoin if youre in the right selling price
I agree. The most reliable method would be the p2p system wherein you meet with the person you exchange your coins with. You may also want to consider exchanging your bitcoins to trusted members in this forum. Lastly, you may also want to look exchange your bitcoins into other services or products depending on the wallet provider that you are using. |
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Bitcoin will continue to dominate the crypto market. Because interest in Bitcoin always goes up every year. And the second position of dominance is still occupied by Ethereum.
Not only this, but Bitcoin is the cryptocurrency brand. It has the most secure network out of all the other coins, and it has adopted by many people. Definitely has the first mover advantage. I do honestly think Bitcoin will always be the #1 coin on coin market cap. Bitcoin will be a huge store of wealth and the reserve currency for the world. It will continue to eat into golds market cap, becoming the best store of value in the process. Well technically speaking, bitcoin will continue to reign the market due to its origin and developments throughout the years under the blockchain technology. Bitcoin, also, is the first ever cryptocurrency- making it the trademark and the flagship. People would prefer more to invest into bitcoin due to its large market price but some altcoins are a good alternative for diversifying your investments in order to reduce the risks. We can Really see a slight drop, And base on my experience with the Crypto Market and mostly bitcoin Even if bitcoin did not out stretch it's value not like other Altcoin did, It really doesn't mean that bitcoin got left behind, Because it still has a bigger value than the rest of the other coins, We should appreciate bitcoin more than any Altcoin because if not for bitcoin there would be no other Coins that will be created.
It can happens to see a slight drops of the price so actually were a long way to go to think of december this year. Many things many situation to be happen in this market it should conquers all the hindrances to achieve on what to be hit. Yes bitcoin still has the biggest hits among all other coins so btc will dominates indeed. Last month, the price of bitcoin was around $7,200-$7,500 and currently the price is sitting at around $9,000 and still increasing. People always doubt the whenever its price decrease and they tend to panic sell most of their resources, resulting to a surplus of bitcoin in the market lowering its price further. Bitcoin will remain the dominant coin in the market unless a new type of cryptocurrency would replace bitcoin (which I believe is unlikely happening). |
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1. Blockchain has a long way to go to be a practical solution
Businesses will not miss the opportunity until the technology demonstrates its scalability. However, this can not be proven in the real world until the companies make the leap and produce a concrete result, not an experiment. Moreover, not all industries will benefit from blockchain, while other industries may face a costly and time-consuming conversion process so they choose blockchain over a network. now available.
2. Too easy to join
The real concern with a low barrier to participation is that there is no way to ensure that this technology will not become obsolete for several months. This is another reason why businesses have not implemented blockchain technology. Why invest in a blockchain while only a few months later will have a better blockchain next generation? Replacing and upgrading can be costly and time consuming.
3. Very few tangible means value of crypto.
One of the biggest misconceptions with digital currency is its mass acceptance of tokens, meaning that they are successful. Unfortunately, using a virtual currency does not necessarily generate revenue or profit for developers behind the token. Furthermore, blockchain technology tends to hold long-term potential values, not the token itself. Therefore, buying into a token that does not actually acquire ownership in the base blockchain does not make sense to the investor.
4. Tax situation is a nightmare
Investing in the crypto algorithm means that you need to track the increase and decrease in capital for each transaction. Even using your token to purchase goods and services will also serve as a taxable service, in line with the Tax Administration's tax guidelines.
You have summarized most of the reasons on why people are hesitant on investing into cryptocurrencies but let me add some of the things that you missed: - The lack of security and collateral makes bitcoin a 'high-risk, high-reward' type of investment wherein people may lose all of their investments without any collateral secured;
- Government prohibition makes bitcoin a risky investment as many countries have started banning the utilization of such cryptourrency due to its decentralized and volatile nature. Most investment mechanisms are supported and regulated by government institutions which makes it safer;
- The volatility of bitcoin makes it a double-edged sword among investors; and
- Media has affected the decisions of most new investors regarding bitcoin as a stigma was created due to various news circulating which is prejudicial to bitcoin.
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The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).
Relatively speaking, yes due to its decentralized and volatile system wherein it provides anonymity between the parties that transact and the fees are lower compared to other sending remittances. Not to mention, the convenience it provides to users make this as the perfect avenue for sending money globally and also for corporations which they can utilize their business transactions more. There are a lot of implications when using bitcoin as a payment system but what hinders it from developing are the restrictions imposed from countries who prohibit the use of such. |
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Bitcoin was supposed to be used as a currency, not only a form of investment. However, it's been more successful as a form of investment, a "speculative asset".
Do you guys think that this can change in the long term ?
What do you mean 'failed as a currency'? It is not a currency to begin with! In order for something to be considered as a 'currency' it must follow the requisites, such as the government accepting it and making it as a standard payment throughout the world, the value must be backed upon by something like gold, and it must be regulated by our banks. Bitcoin, on the other hand, is not regulated and intervened by the government and only laws are imposed strictly against its utilization. Another thing to consider is that bitcoin cannot be a currency YET as the blockchain technology is not fully expound and explained up to date. We can't say this thing right now because the future are still bright with bitcoin. Yeah, for now a lot of black propaganda just to ruins bitcoin reputation but I still believe in the future of this thing, bitcoin will become a major currency in the future. This is just the beginning.
Though you may be right, I consider bitcoin as the gateway towards this digitalized revolution wherein people would use its platform in the future. It may be the foundation on how we transact in the future- and that may be the ideal situation. But as of now, we cannot embrace that idealistic scenario. |
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As I heard a lot of prediction about bitcoin that it is going to $ 1mn till end of 2020 and people will see it soon. As a holder of bitcoin I am always worried that bitcoin may not go down as I am much money in it. I mostly think that I should sell my bitcoin now and make my money but also fears to post the train of bitcoin. So what are you people suggestions that will bitcoin will always continue to grow or will it stablize at some price or may go down?
There are a lot of things to consider when making a statement about the prices of bitcoin increasing consistently. Here are some of the factors that affect the price of bitcoins in the future: - Government prohibitions and world-wide implementation may affect the price of bitcoins relatively. If the government announced that they will prohibit the use of such, then we may expect prices to decrease;
- Economic discrepancies between countries hinder the further development and enhancement of cryptocurrencies as underdeveloped countries may prioritize different issues rather than embracing the implementation of a digitalized payment; and
- The risks of having a new type of cryptocurrency that may ultimately take the spot of bitcoin is possible in the future.
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Generally bitcoin was made with characteristics to be the leading coins ever or made to be the future money, the future to use in transactions. Corporations, companies and also malls accept bitcoin as payment. Maybe they see the future of its potential in doing business transactions. And maybe they believe to its long long domain terms in business world.
Well another name for 'corporation' is 'business', and the reason on why they accept bitcoin is due to its potential in the market. Their goal is to maximize their profit while limiting the risks involve. Bitcoin, while its nature being risky, has the element of having a 'high-risk, high-reward' type of aspect wherein one may yield large amounts of profits in a short amount of time. Like you mentioned, businesses will resort to means in order to maximize the diversification of their profit by allowing bitcoin into transactions around the world. I don't know I am too confused why they do so. Don't they suffer a loss?
Before they accept bitcoin as a payment, they DO understand the risks involved. But sometimes the profit outweighs the risks in the aspect of profit realization. Think of it that they will be able to conduct business transactions around the world relative to the country that they are staying (due to various laws). Some countries even lack necessary laws that prohibit the utilization of bitcoin which in return, is beneficial to these companies. |
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I need some opinion if panic selling can contribute of rapidly drop of the bitcoin price. If it is right how can we convince to the bitcoiners to not doing panic selling.
One of the main factors that contribute to the price of bitcoin is the law of demand and supply. Depending on what the market demands, it will surely affect the price of bitcoins. If the price of cryptocurrencies, in general, suddenly decrease the initial reaction of most investors would be to sell their resources- thus increasing the supply in the market and lowering the demand (ultimately decreasing the price). Though I cannot blame them for selling their coins, one should not sell their bitcoins since it is a normal occurrence due to its volatile nature. Never sell your bitcoins on a price lower from what you acquired them initially and only sell them if you are financially struggling at the moment. You are wasting its potential for price increase in the future. |
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As a citizen of a country everyone have to pay taxes to their country,and if you are found for not paying the appropriate taxes most of the governments will cease all the assets of the person and sometime even in jailed for years.So we need to do our work right and then expect others to pay the taxes correct,the changes have to occur in each person for having a good country.
Paying taxes is paramount for a country's development and enhancements as this mainly provides budget for the said improvements. Regarding with cryptocurrencies, some countries prohibit the utilization of such since its decentralized nature makes it difficult for them to regulate it- thus the imposition of taxes is immaterial. Though in the Philippines, earning bitcoin through mining is under the category of 'other income' making it subject for paying taxes. It seems to me that the more popular the topic will be how to avoid paying taxes. Why do people voluntarily agree to pay taxes on the use of cryptocurrencies? In order to pay taxes, the government must provide full support to users. We can't see. That's why I don't feel obligated to pay taxes.
I agree with you on this aspect. The problem with the government is that they want to earn revenue but they do not eant to provide any support in this concern. that is why most of the members of the community resent to pay taxes. They do not want to contribute anything towards the revenue of the government because they do not support the bitcoin community. We can well evaluate our taxation liability, but what we want is in which country do we have to pay taxes and to what extent we are exempted from paying the taxes. There is no crime when there is no law punishing it. Paying taxes in adherence to cryptocurrency would only make it relevant if such law exists. The reason on why bitcoin's price is volatile revolves around the lack of any government intervention when it comes to regulation and imposition of restrictions. Relatively speaking, some countries resort to the prohibition of it rather than imposing tax on it. |
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I wonder,that the other country didnt accept bitcoin.
we all know that more on countries didnt accept bitcoin as a currency but i think someday it gonna make sense to them to accept it. There are a lot of implications before a country accepts something as their currency. In our case, fiat (or paper money) has been accepted by all countries as the standard medium of exchange since the government of each country views it as the national currency (acceptance) and there is something that backs up its value (which is gold). Another thing to consider is the economic discrepancies among countries. As developed and underdeveloped countries exist, adopting a digitalized currency may be prejudicial to underdeveloped countries as they have priorities to consider before adapting this kind of technical and expensive change. Yes. Here in the Philippines bitcoin is the most popular when it comes in cryptocurrency exchange. Manu businessmen are trying and working hard to invest in bitcoin. In somw neww papers, tabloids and broad news papers are open to discuss the average of tendecies of bitcoin in our country.
I do agree. Our BSP (central bank) has considered bitcoin as property and not as currency- thus not subject to legal tender. Our government views bitcoin as something that is not a threat and they explicitly mentioned that they may soon adopt and support its implementation. |
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Hello guys, has anybody receive payment yet, cause I have not gotten mine, should anybody receive, please post here, so others might know.
The spreadsheet has not been updated,the manager wasnt online for a day now,and keeps on saying promises but yet nothings come to reality.you should be ready about the result of this campaign i dont want to give you false hope,but most of the newly releases campaign has turn into scamming..keep an eye guys no one can tell what will happen for tomorrow.. Wish you luck. Considering that the manager has opened another campaign recently with promising rates, this makes it shadier in general. Since I posted an application form on the campaign that he opened, I am also keeping myself updated into this campaign as this will be my basis if he truly complies with everything that he said. Nevertheless, I wish all of the participants good luck. |
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The recent Cambridge analytica scandal with Facebook has raised concerns about the protection of user privacy, I think this is an opportunity for Bitcoin and blockchain technology that offers a solution to this issue.
The blockchain technology was created in order for wireless and electronic payments to be convenient compared to sending money through different platforms. Facebook, on the other hand, utilizes a different mechanism under the complex system of the internet and softwares which I believe is irrelevant to the blockchain technology. Though it may provide security and anonymity, social media websites typically have a different application used. Which I feared all this time against facebook eventually happened also where the personal data of the owners of the account are distributed away. Hopefully, the data is not used for things that can result in losses on the account owner. Things like this I've anticipated by never following a game or various surveys that are in facebook that requires charging some personal data.
The only thing that I fear is the implication of it to the users. If the recent scam on Facebook revolved around the leak on security and privacy, then there is always the possibility of it happening to the blockchain technology in the future. Whatever exists on the internet is bound to be leaked and hacked by some malicious softwares and abusers. That is the reason on why having an electronic wallet is not guaranteed 100% safe, despite having all security measures installed. |
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Objectively, the money is just a sheet of paper, why? The paper is recognized by the state government to ensure that, so what is the guarantee? that is gold. Which country more and more gold, wealth assets are terrible, that currency is priced compared to other currencies. To understand more about currency you can see the book "War Money" nhé!
Bitcoin is generally accepted by the community and is priced against USD or gold so it's worth it.
In short, every value is converted into gold. But gold has some major disadvantages so new alternatives are available such as money and now Bitcoin.
There exist a distinction that you failed to realize. Money or currency is something that has value due to being backed by something (which is gold) and IS GENERALLY ACCEPTED by the government of each country across the world. Money, the standard means of payment, evolved throughout the century wherein they first used coins as a representation of something that has value! Bitcoin, on the other hand, has some restrictions and strict prohibitions in some countries across Asia. Some countries prohibit the utilization of bitcoin and they imposed rules prejudicial to its existence. All of these contribute on why its nature is decentralized and volatile (due to lack of any regulation among government agencies). |
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Over the past ten (10) years from today, bitcoin was created along with the blockchain technology (which has been utilized as its ledger) by Satoshi Nakamoto in order to cater for more security, less inflation and for convenience. Bitcoin has been the reigning cryptocurrency and its price has been maximized by investors in order to earn short or long-term income. Though some altcoins are showing potential in terms of its price nowadays, bitcoin still influences the prices of most altcoins in the market, making a direct-proportional relationship on their prices. It’s very likely because bitcoin is the very first cryptocurrency made and it has a high value among the other cryptcurrency or altcoins. And also, people are depending on what media display about cyptocurrency, they are focus on bitcoin rather than the other altcoins, but hopefully altcoins will be recognized sooner, not just bitcoin. all around the bitcoin atm is being installed rather than altcoin as it difficult to install 1500+ altcoin atm. So bitcoin is the solution
The media has been proven to influence and attract most investors/traders into allocating their investment plan into bitcoin. It created this hype throughout the media and has scattered throughout different social media platforms like facebook, twitter, etc. This skyrocketed its price, garnering more investors and traders across the world due to the law of demand and supply (which ultimately lowered its price from around $19,000 last year to less than $9,000 today). |
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Illiteracy is the cause of poverty. We know a cup of coffee (Starbucks) = 20 notebooks, or a school bag, or two pairs of slippers for poor children in Vietnam.
The question is rather vague as bitcoin is no other than an asset or a currency depending on its use. Following this description, donating money/bitcoin can help poor children in general! Why would an underdeveloped country develop a system wherein it revolves around a digitalized form of payment if most of their population are living under the marginalized sector? This would only lead to a waste of resources and money as it may be better if they diversify their expenses into enhancing their current infrastructures for job opportunities and employment for the people. Not to mention, you said it yourself! Being illiterate is common throughout the world and introducing them a complex system of payment would only add insult to injury. Give donation in the form of money, clothes, foods, etc. so that their government would establish schools for the youth and NOT BITCOIN. |
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