CRYPTOCURRENCIES -BITCOIN are they legal? Complete analysis👇
Cryptocurrency -THE NEXT BOOM??👇👇
Check it out guys!
WHAT IS THIS NEW TERM?🤔
Cryptocurrency (aka Cryptic Currency or Altcoin) is a medium of exchange like normal currencies such as Indian Rupee or USD but designed for the purpose of exchanging digital information (data) through a process made possible by certain principles of cryptography. In other words, cryptocurrency is electricity converted into lines of code with monetary value. Cryptocurrency is decentralized encrypted digital currency regulated by the third party
Some important points about cryptocurrency:
Extremely volatile without logical reasons - Price of bitcoin varied significantly even in a fraction of seconds. Price can be reaching Sky or it will fall down to ground in a couple of seconds without supporting logical reasons. Rather there is a debate whether Crypto-currencies are commodities or currencies.
Security is a major issue - Hackers are always behind you. Such transactions are not secure. Your bitcoin can be easily stolen. In August-2016, bitcoin worth $78 mln were stolen from Bitfinex exchange in Hong Kong. (Source: Bitcoin worth $78m stolen from Bitfinex exchange in Hong Kong)
Anonymity - Worst enemy of its own - Since bitcoin is based on block chain technology, identity of receiver and sender remains anonymous. Due to this anonymity, there is increase in fraud and crime. Rather bitcoin is mainly used in various illegal activities. Recent example is WannaCry attack.
Not Legalized but not illegal as well - Most of countries have not legalized digital currency but it is not illegal as per their respective laws. So it is not backed by government, in case of fraud you will loose all your money and you can not do anything. Countries are still facing problem in how to legalize Crypto-currency.
No authorized exchange or broker - There are no reasonable ways available to invest in bitcoin. You are more prone to risk of theft and fraud. “Back in 2014, Mt. Gox, a Japan-based exchange that was handling about 70% of all bitcoin transactions at the time, filed for bankruptcy. In its February 2014 bankruptcy filing, Mt. Gox listed 850,000 bitcoins that had been hacked, worth about $450 million at the time, and said it had also lost the $27 million in cash it purportedly had in its coffers.”
It is a bubble which can burst any time - How price of bitcoin evolved for which there is no logical explanation. It more seems like bubbles which are managed by some of handful hackers, and not by demand or supply positions. Rather statistics of Bitcoin and its holding are not available. It is typically Mr. disappear. Recently, “Jamie Dimon, chief executive of JPMorgan Chase & Co has cautioned that bitcoin is fraud that will blow up”
THE SURGING DOWN OF PRICES!
Source;:👇👇
https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://qz.com/1197541/bitcoin-ban-inside-the-indian-governments-struggle-to-curb-cryptocurrencies/amp/&ved=0ahUKEwj6v_CtuJbZAhWKL48KHS5KBE0QiJQBCCUwAA&usg=AOvVaw0PxbYUhudfP7F-2LomaxC6&cf=1
also some controversial info:https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/amp/&ved=0ahUKEwj6v_CtuJbZAhWKL48KHS5KBE0QiJQBCCgwAQ&usg=AOvVaw1Oqbb4dQDBVHKwfrMfuMUe&cf=1
Thank you!!..
Stay updated for more infos !.#cheers😎
Check it out guys!
Cryptocurrency (aka Cryptic Currency or Altcoin) is a medium of exchange like normal currencies such as Indian Rupee or USD but designed for the purpose of exchanging digital information (data) through a process made possible by certain principles of cryptography. In other words, cryptocurrency is electricity converted into lines of code with monetary value. Cryptocurrency is decentralized encrypted digital currency regulated by the third party
Some important points about cryptocurrency:
Extremely volatile without logical reasons - Price of bitcoin varied significantly even in a fraction of seconds. Price can be reaching Sky or it will fall down to ground in a couple of seconds without supporting logical reasons. Rather there is a debate whether Crypto-currencies are commodities or currencies.
Security is a major issue - Hackers are always behind you. Such transactions are not secure. Your bitcoin can be easily stolen. In August-2016, bitcoin worth $78 mln were stolen from Bitfinex exchange in Hong Kong. (Source: Bitcoin worth $78m stolen from Bitfinex exchange in Hong Kong)
Anonymity - Worst enemy of its own - Since bitcoin is based on block chain technology, identity of receiver and sender remains anonymous. Due to this anonymity, there is increase in fraud and crime. Rather bitcoin is mainly used in various illegal activities. Recent example is WannaCry attack.
Not Legalized but not illegal as well - Most of countries have not legalized digital currency but it is not illegal as per their respective laws. So it is not backed by government, in case of fraud you will loose all your money and you can not do anything. Countries are still facing problem in how to legalize Crypto-currency.
No authorized exchange or broker - There are no reasonable ways available to invest in bitcoin. You are more prone to risk of theft and fraud. “Back in 2014, Mt. Gox, a Japan-based exchange that was handling about 70% of all bitcoin transactions at the time, filed for bankruptcy. In its February 2014 bankruptcy filing, Mt. Gox listed 850,000 bitcoins that had been hacked, worth about $450 million at the time, and said it had also lost the $27 million in cash it purportedly had in its coffers.”
It is a bubble which can burst any time - How price of bitcoin evolved for which there is no logical explanation. It more seems like bubbles which are managed by some of handful hackers, and not by demand or supply positions. Rather statistics of Bitcoin and its holding are not available. It is typically Mr. disappear. Recently, “Jamie Dimon, chief executive of JPMorgan Chase & Co has cautioned that bitcoin is fraud that will blow up”
THE SURGING DOWN OF PRICES!
Source;:👇👇
https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://qz.com/1197541/bitcoin-ban-inside-the-indian-governments-struggle-to-curb-cryptocurrencies/amp/&ved=0ahUKEwj6v_CtuJbZAhWKL48KHS5KBE0QiJQBCCUwAA&usg=AOvVaw0PxbYUhudfP7F-2LomaxC6&cf=1
also some controversial info:https://www.google.co.in/url?sa=t&source=web&rct=j&url=https://www.forbes.com/sites/sindhujabalaji/2018/02/06/india-is-not-banning-cryptocurrency-heres-what-it-is-doing-instead/amp/&ved=0ahUKEwj6v_CtuJbZAhWKL48KHS5KBE0QiJQBCCgwAQ&usg=AOvVaw1Oqbb4dQDBVHKwfrMfuMUe&cf=1
Thank you!!..
Stay updated for more infos !.#cheers😎
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