Hello there... I am from India, and Bitcoin is still in the grey area here. It is not legal, but it has not been declared illegal either. But the government has explicitly stated that Bitcoin is not recognized as a legal currency here.
The government is still working on deciding a framework for it, but we have absolutely no idea about what its verdict will be. So, people here are trading in Bitcoin for short-term gains. Make hay while the sun shines!
How are your governments reacting to Bitcoin and what's its position in your country?
Our government uses crypto-currencies to legalize its revenues. Like this ! |
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I know we are still at a start of cryptocurrencies, but bitcoin is growing with lightning speed right now and some banks already see it as a potential threat.
There has been a lot of accusations form banks, that bitcoin is perfect for money laundering and is used for supporting crime.
I think they can do a lot of harm to bitcoin market and they will eventually start with harsh campaign against it.
Do you think it will happen and when?
The war is already on. From around the world comes information on cases of closing accounts traders crypto-currencies. |
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Why do you need an audit?
People are already pouring money on them!
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I will start with the customary statement, this is not investment advice in any shape or form about bitcoin or any other investment.
That being said, treat this like any other high risk investment.
Buy what you can afford to lose.
If you are investing, then have a firm trading planning - entry points, exist and resistance levels to ensure you don't lose your entire investment.
At this point I look for moments when the price drops to buy, I buy monthly and accumulate over time. There have been some big ups and that means there will be some big downs coming as well.
Due to the recent big moves a lot of new investors are expecting similar moves to happen in the short term. I don't believe that will happen but I am confident if you take a multi-year view of your investment you will win.
Also look at other crypto-currencies to diversify your investment so you are not just in coin. I would research Ethereum, Ripple, Zcash, Monero & Litecoin to name a few.
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The risks of Bitcoin are the following: No national federal bank is behind the currency, so if Bitcoin fails there is no authority that can help you You can loose your local wallet (thats the most likely risk  ) so you will loose access to your Bitcoins forever You store your Bitcoins on a central portal, similar to a bank account and this account gets robbed and again you loose all your Bitcoins Bitcoin looses market cap and trust and the value of Bitcoin is decreasing again |
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Bitcoin is in its boom era, similar to the galaxies big boom. The technology is expanding and real people are adopting it and using it to replace traditional financial management methods, as more people transfer their asset from traditional currency into cryptocurrency and this increases the market cap, which increases the value of each asset(coin).
Currently companies are being formed around Blockchain and this will propel innovation and allow for community development to be made, IPOs, and ICOs cover this. The awesome thing is that there is almost limitless potential for innovation and development here.
Bitcoin will rise to 5,000 than 10,000 than 50,000 and 500,000 and throughout all of this new adopters will still invest in and adopt the technology because it’s unstoppable and a beast of an invention.
Beware: Bitcoin’s decentralization from governance makes it risky and raises many red flags for its community and leadership. Other cryptocurrencies are more stable, people like Gordon are inventing innovative crypto-technology software that give hope for stability.
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You own it
There is no other electronic cash system in which your account isn't owned by someone else. Take PayPal, for example: if the company decides for some reason that your account has been misused, it has the power to freeze all of the assets held in the account, without consulting you. It is then up to you to jump through whatever hoops are necessary to get it cleared, so that you can access your funds. With bitcoin, you own the private key and the corresponding public key that makes up a bitcoin address. No one can take that away from you (unless you lose it yourself, or host it with a web-based wallet service that loses it for you).
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Bitcoin has been declared dead about ninety times since it’s release in 2009, but this time it’s different. Instead of a media outlet breathlessly repeating assurances from a banking sector executive that the first BLOCKCHAIN based virtual currency is dead, the source of the obituary was none other than Mike Hearn, a leading BITCOINdeveloper.
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The real #1 – MyCelium Android Bitcoin wallet
MyCelium is a popular mobile app wallet that features a wealth of advanced privacy and security features. Yes, the wallet can be a bit complicated for newbie users but it’s still one of the safest and fastest on the market. As an open source software program, MyCelium is constantly being upgraded.
The wallet doesn’t have a web or desktop interface meaning coins can be accessed only through your mobile wallet. The good news is that you can use Mycelium together with a hardware wallet in order to get maximum security for your coins.
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Criminals can easily use bitcoin to obtain ransom - their identity can not be revealed. The digital currency is also linked to online sales, money laundering and sexual trafficking. Despite of that, each of which is connected with the use of crypto-currencies. Blockblocks "provide a really useful source of truth," says Jonathan Levin, co-founder of Chainalysis, who develops software tools for analyzing block data. The company's products can help researchers draw conclusions about how people use the currency. [/color][/color] |
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