Bitcoin is only banned in Iceland, Ecuador, Bolivia, Kyrgystan and Vietnam. All of these countries make up just 4.25% of the worlds GDP which is a very small amount. It is also worth mentioning that 4 out of 5 of these countries are very much developing economies and therefore the government and banks within these countries need to restrict the use of bitcoin to ensure that they keep the countries financial system denominated in FIAT currencies afloat. Additionally, Iceland (the country not included) already have a very accountable financial system, recently they imprisoned leading banking figures for their role in the 2008 economic crash. Therefore, bitcoin is not as attractive to them at this moment in time.
That being said, all 5 of these countries would benefit from using the bitcoin network on a peer to peer basis and once the confusion and negativity towards bitcoin in stripped away, and people are able to see the true purpose of this great piece of technology, any country that still bans bitcoin use or simply does not use it will be hindering themselves and their financial industry.
Bitcoin is definitely spreading all over the world at a fast pace. With the Brexit drama and the GBP crash many UK citizens surged to change their money into Bitcoin to protect their funds. Now Coinbase, i.e. the largest Bitcoin exchange in the world, has formed a partnership with a large Japanese bank and they intend to fuel an Asian expansion, although there’s no word whether that means expansion in Japan. I doubt they’ll be last to do that.
How do you think banks feel about Bitcoin? Do they think it is trustworthy. I have heard a lot about the use of Bitcoin for illegal activity. Do you know if they have made any advances in monitoring the activity associated with it?
I agree that bitcoin would become stronger every year. My broker has introduced bitcoin trading and I’m seriosly thinking about to start trading them.
It’s not cheap, but may give me great income
Bitcoins are good to trade however they have a lot of volatility risk associated with them and that’s why only few brokers have started accepted them so try to be very careful while trading with them and stay safe.
Bitcoin is a very interesting and perspective direction in trading and cryptcurrencies, but many analysts are prone to believing that one day this currency will pop like a soap bubble, since it’s not founded on anything, what do you guys think?
Personally I agree with him. She’s kind of popular but not how it is achieved. Today there is no tomorrow and lose everything. Just as the bubble burst.
Even if this happens mush time will pass…
People can’t accept new things quickly. Let’s look at the history… How much time has passed from the moment people stopped buying things for goods and started to buy them with money. Now money (currencies) can be traded too. What’s wrong with bitcoin? It will live until internet works. I don’t think that it will crash at just one moment. It’ll be a long long looong process
Bitcoin is awesome! especially for trading as it should have no transaction fees!
I run a business and started accepting bitcoin a while ago. Not many ppl use it of course but its better then credit cards… No transaction fees!!! You just have to accept that converting it to cash is not a good option.
In order to own a bitcoin, people have to install first a “bitcoin wallet” app on their phone or computer. This will allow them to participate in the buying and selling activities in the bitcoin exchange.
When a specific user pay for something or get paid with bit coin, their transaction is recorded in a ledger. Computers will confirm the transaction in a process called mining, where they compete by solving extremely complex math equations.
Bitcoins are believed to benefit small business although there are still questions about its credibility as it is vulnerable to hacking.
It looks like your prediction will come true sooner rather than later, as BTC is still rallying. There are even some rather outrageous predictions that it will eventually reach $2000 and above. What I am more curious about is whether this is a bubble that will burst at some point or whether it has real long-term prospects. Considering the times we live in the latter seems the more logical outcome or am I just being optimistic?
However here is something that managed to slip past me.
Decision due by 11th March 2017
[I]Bitcoin is at a critical juncture. Any time now, the Securities and Exchange Commission will issue a decision that could throw open the door to a flood of new capital, and change how many investors regard the digital currency.
The SEC’s bitcoin decision, which is over three years in the making, is due by Friday. Here’s a plain English guide to what might happen, including why the decision is so important and how it could affect the price of bitcoin.[/I]
Bolivia is one of the countries that has prohibited cryptocurrencies and considers them “pyramidal schemes that are only looking to appropriate the money and savings of Bolivians”.
Some people embrace progress, others reject it or take much longer to embrace it.
We cannot deny that bitcoin is a quite controversial currency. But it is still considered as the future. Many countries and governments try to deny it and forbid it because it’s not regulated by any nation or bank and therefore is considered as a quite risky one. But I think it has a lot of potential although it has no physical existence.
What concerns me is that the more and more bitcoin is becoming accepted and used, the higher the risk for thefts and scams is. If for an example your bitcoins are stolen by a hack, can you recover the lost cash?
As for the trading, I hear that more and more brokers are preparing to add bitcoin to their instruments available for trading, although the spreads will be quite high but that’s kind of expected I guess…
