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The reason behind the ban was to force the people that were using it illegibly by exploiting electricity and making huge amounts of money and not paying any taxes, and this lift came with some laws by making sure that the government can get in on this and make some profit from this industry as well, since it has a huge revenue by imposing taxes and issuing licensees, and i believe that every country is going to be doing the same because it is clearly that they are not able to stop the crypto progress so they will be joining it.
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What would happen if everybody wants to exchange for a real money?
I consider it not fair to mine cryptocurrencies?
If it is so good why there is a need for exchange rate to the real money?
Why recently I needed to block about 30 phone numbers constantly calling me to invest money in cryptocurrency? Is it going to finish soon because of having probblems not to be fed this pyramide game with real money?
It is all dependent on the currency, because not every currency is subject to being exchanged, some of the low popular cryptos that get some hype and than die after are the ones that are a subject to this matter, but for currencies like bitcoin and Ethereum where a lot of people are looking up to them and they believe that they are the future, they are being held for a long time and because of that there is demand and supply that keeps its market alive and the price going up and down. |
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Bitcoin as a deflationary currency has sustained its position as the only exit from inflation as Bitcoin continues to move above every form of resistance from the Central currency which is an inflationary tool in the hands of the government and the central banks.
Bitcoin made a 9.3% price increases against the United States dollars on the first day of October a move that happens on a day the US Department of Commerce announced the 0.3% increase in August and 3.6% over a year.
I think that bitcoin is great way to protect against inflation, because as we are seeing with the constant problems that are going on in the world the drawback of covid the governments are constantly trying the fix a problem with a solution that will heavily affect the economy on the long run, and because of how bitcoin and crypto market somewhat is independent from all of this and is backed by its own values and and people that are believing in it and being moved independently from all the assets. |
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Bitcoin has no physical presence. What if we just stop believing in bitcoin. I mean every country has the equivalent of gold to their fiat. Bitcoin has no gold or physical value. Can this ever happen ?
The bitcoin has gained and still gaining its popularity from its limited supply and the people that are constantly making transactions with it, but if you think about it fiat first started being backed by gold and then little by little governments started printing more and no caring about the cause and giving their own values to their own currency, so if anything we should be losing faith in the fiat and we should stop believing in it and not stop believing in bitcoin because it is the future. |
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Trading bitcoin and crypto is way different that trading forex, and the strategies used to trade them is completely different, the forex market even though they don't seem to be fixed but they move in a specific direction and they are easily controlled and effected by news, because they are centralized, but with crypto and bitcoin where every one on his own a lot of things are happening and the free market where people are selling and buying at all time nothing is that predictable.
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I feel like this was to be the case with pretty much any place where the crypto or bitcoin is widely used, we saw that china has progressively banned bitcoin and that is to launch their own version of crypto currency and new we are seeing a place like Nigeria where the CB is trying to make their own, and i really think that this is useless because the whole idea of using crypto is to stay away from the control from the banks and governments and using these or accepting them is against that idea.
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I really don't think that this is going to be affecting the nature of the market in any bad way, the more people that use bitcoin the more decentralized it get the more volatile it gets, a large adoption of bitcoin will only create more supply and that will eventually lead to the increase of the price, so if anything it will affect the transactions, meaning that the fees will get higher and longer time to confirm, which make microtransactions non usable with bitcoin.
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With the increase of the amount of information that we are getting in this day and age where the whole world is connected by a small click of the button it is obvious that we will be getting a lot of information that are useless and a lot of information that are used to scam or mislead others, and this is not specific to crypto or bitcoin, and if you are on the internet you should obviously know where to get your information and how to check their credibility so you don't fall into the trap of scammers.
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A very nice move that could prove other people that small amount of investment is also worth to invest in bitcoin.
But my suggestion for the upcoming weeks, you should also looking for an alts too because the famous principle of investment is "Never put all of your eggs into one basket" means you have to split your investment to few kind of altcoins just to make sure you won't lose so much if a coin drop.
But it's still a good move, hope you have persistence to have at leat this program running for a year and people could see the growth of your investment
I disagree, while it has been demonstrated many times that this kind of strategy will work in bitcoin, and I have no doubts it will keep working as the price of bitcoin will keep increasing, there is no guarantee this is going to work with altcoins, maybe if you are talking about ethereum then this could be worth considering, but when it comes to any other altcoin we do not know if they will hold their value for the long term, but the evidence points towards this not being the case and as such it will be a huge mistake when you can do the same with bitcoin at almost no risk for you. It depends on the user himself, whether he wants to get a hold of other promising alts like ETH or BNB. But I do agree that most alts ended up bad. Only few of them are worthy to hold and sometimes it is hard to know which one is/are better to hold long term. So with the decision of the OP to hold bitcoin, I have no qualms about that. It is his money and it is his strategy. Each one of us here anyway has strategies to increase our portfolio. I don't think that BNB is a good example here for holding for a long time, considering that it is a coin related to binacne which is an exchange, but never the less choosing the right coin to invest in is not a problem the problem is funding, and the op has said that he is investing 200$ each month which is a big amount for so many people, i really think that you can really make some profit just from investing with smaller amounts. |
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Ever since the dawn of the civilization, the most powerful man are the ones who have the most money and that idea has been carried out through history whether we ant to admit it or not, sure a lot of people would lie and say that money can't buy happiness but when facing your problems do you rather face them as a poor man or as a rich man, money in it all forms whether its crypto or fiat if you hold it, you hold the key and the answer to every issue.
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It seems to me that the president of El Salvador is going in hard on using bitcoin, and he has so much trust and belief in its potential and its future to become a global asset, for him to not just accept it and make it a legal tender but to also start mining and using green energy is a genius idea and shows how bitcoin is sees as a resource that will be as good as gold in this day and age that countries will race to get their hands on. |
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It is easy for anyone to come up with predictions and speculations about the movement of prices so far in the future, because by the time that date comes if they are wrong nobody will even remember that they said so, but if they are right they will 100% tell that they did, i think that some of these people that give these kind of statements are just crazy and they are doing it just for social justification and not to add anything of value.
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This is was obvious and i actually was surprised that it took them a while to ban it, since bitcoin has been very popular among Chinese and the government had no control over it, but i think that with the increase of the use of crypto in the world they have decided to create their own crypto and ban bitcoin and cryptocurrency just to force people to use their own version, just like they did with many internet sites and devices . |
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Obviously there is a lot of opinions about this but i think if you ask some of the people who have invested for a long time in bitcoin, they will say that its a currency because at one time or another they have used it to buy or pay for things back when the price was not that high, but now with the huge price and the popularity that it got and how many people have put money in it just in hopes to get some huge profits, they would say that it is an asset.
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We have to take in mind that china has been always enclosed on itself has highly invested in communism and only cares about its internal affaires and its people and the reason why they have banned bitcoin and cryptocurrency is obvious and that is due to the facr that they saw that this was a popular thing that has gained a lot of popularity inside that they have no control over not so ever and they did so to make place for the new digital currency that they are planning to release, in other way of the people want to use crypto they will have to use the ones that the government made just like the internet.
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Crypto regulations and the ban have taken over the news headline recently following china’s reinstatement of their earlier stance on cryptocurrency within the region. On the 27th of September 2021, the Chinese government places a total ban on Bitcoin and other cryptocurrency in the country, a move I view as a political tool to pave way for their digital Yuan. Considering this development, a whale in the crypto industry, ELON MUSK, has ditch out his advice to the United States, Do nothing to cryptocurrency, either in form of regulation or ban, his judgment is base on the fact that the decentralized nature of cryptocurrency makes it impossible to be regulated. https://cointelegraph.com/news/crypto-is-impossible-to-destroy-says-tesla-ceo-elon-muskUs government is basically a free market based on capitalism which is completely different to china, and that is why i think that the use of bitcoin and crypto is easier to control or rather monitor since they have ways to keeps an eye on people's income and transactions even if they are using bitcoin, so they are able to ban and they are able to somewhat prevent people from using it, but why not profit from them and make them pay taxes since it is a profitable market that has billions of dollars of income. |
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Isn't speculation and volatility a problem for Bitcoin?
The volatility is in the nature of bitcoin and that is due to the fact that it is not centralized and not controlled by anyone so selling and buying form different people is creating this volatility and to be honest it is not a bad thing because it constantly keeps the market active and alive, and so as the speculation always whenever a big news about some company adopting it it creates this hype and excitement and incentive for people to buy and so as the bad news, which keep the market active. |
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Hate or not the news about a government and especially a big one like china completely banning the use of bitcoin is a negative news and we are truly seeing its influence on the market, sure they banned the mining in earlier date and that affected the price slightly, but banning the use of it is a big deal, and we all know that the government has a some strict surveillance on its people so anyone who is using bitcoin will defiantly be looking to sell.
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Every person is responsible for his own statements and opinions, and the prime minister here is just making a suggestion and approval about having to use bitcoin and adopt it, but at the end of the like any official who is in the government they don't just have full control over making any laws or passing any decisions on thier own they have to go through a lot of people and be voted by majority because that is how democracy works, so lets not just the gun and get hyped for no reason.
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Hey guys!
I have noticed that whenever people in real life find out that I use bitcoin, they ask me to explain it to them. For example, some family friends that are my age came over to my house around 2 weeks ago, when they arrived, I was looking at crypto graphs because I had a little bit of money saved up to invest. Bitcoin was on one of the charts, so when they walked into my room, they asked about it, "You do bitcoin? How does it even work?." So I started explaining it to them, but what they didnt get was that it is decentralized. When I was explaining it they asked "Why doesnt bitcoin's creator give himself a billion bitcoin?" I told them that it is impossible for the creator to do so since he doesnt have control over the network, but after I said that, they told me that I was wrong and that since He made it, he can control it, which is incorrect. Do you guys have any suggestions on how to explain coins to non-crypto people?
For me i find it difficult to explain crypto to people because as soon as i start talking about some technical stuff they start get way overwhelmed and they think that it is way complicated than what it really is and they lose intrest and they start looking at me like i am some kind of hacker for knowing this stuff, so i think that the best way to inform people about bitcoin or teach them about it is to stick to the basics and keep mentioning that they are able to get profit from it and they will stick with you. |
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