Nov 26, · The Current Status of Bitcoin #Infographic Published by Sana Imaad Thursday, November 26, The use of cryptocurrencies has been on the rise in the twenty-first century. Although financial assets have been experiencing a downfall ever since March due to the global pandemic, Bitcoin's position and status have been quite the opposite. Current status of Bitcoin > returns unveiled - Avoid mistakes! Another big mistake that daylight experienced users seem is. Getting started with Current status of Bitcoin investing doesn’t have to represent complicated, especially now in This advice in an old Chinese saying is most assume for the users planning to invest In Bitcoin. Mar 13, · What is the current status of Bitcoin? (assuming you mean just Bitcoin and not the entire market). It depends how you view it. Over the past year, the price of Bitcoin has plummeted massively, and this directly correlates to the wider interest. Ho.
Todays status of bitcoinTrends & Future of Bitcoin, Cryptocurrencies & Blockchain Tech (Interview)
That led to a lot of merchants who kind of saw this as a big user experience fail for people who want to make a payment on their website — they made the payment, but it took five days before the transaction was confirmed.
It made it really difficult for them to justify the need — the continued acceptance of Bitcoin on their platforms. So the interesting thing following that is that I would not necessarily accept the fact that merchant acceptance of bitcoin has dwindled. One of such technologies is called the lightning network and that actually allows people to be able to make instant payments for extremely low fees. So it has something to do with how the Bitcoin network is designed.
It tries to ensure that there is fair game for every participant. Bitcoin transactions are generally confirmed every 10 minutes. Bitcoin blocks are technically around four virtual megabytes. And so we still have that particular restriction on the number of transactions that can be confirmed every 10 minutes roughly. So regardless of whether there is a lot of computing power or there is very little computing power, we still have this more or less crowd control system in place that will still make the network run at a more predictable pace.
So the the the automatic solution has always been OK, let us scale on layers on top and you can look at how the Internet works today. We have this thing called the OSI model, right. Where we talk about the different layers from the physical network and presentation. And we see that the Internet has been built layer upon layer.
And so the whole idea of using layers as a way to scale technologies has always been an attractive one. And like your network, for example, is one of these technologies that make it possible for you to scale beyond the limitations of the base layer or the Bitcoin protocol.
And the reason why that works that way is just about how the architectures. So a node receives a transaction from one of its peers and it gossips and tells every other peer does is connected to it about that transaction.
And they in turn do the same thing with known pairs until at a certain point in time, usually within a few seconds, every node that is online has heard about that transaction. Ok, so a few years ago, it was very common for people to hedge their money against Bitcoin towards the end of The value of Bitcoin was increasing almost on a daily basis or an hourly basis. So you put your money in bitcoin and there was almost a guarantee that you will get some returns when you sell it a few days or a few weeks.
So that has stopped. The value has never gone back to that level. So for those who consider it a means by means of investment, like gold, like forex trading, what is your comment on that? Is it worth it? Is it something we should avoid completely? For example, because of this COVID19 crisis, theoretically, you would assume that the value is going to increase because so many currencies are losing value against the US Dollars but the bitcoin has not gained any significant value in the last two months.
So what happened in was a speculative mania. And I think when you look at the price of Bitcoin since inception in , you would find that it has had this frequent booms and busts. So for a lot of people who you know, who saw that short term increase in price they got attracted to because they felt that it was going to be something that they could get rich overnight with.
And as you know, with a lot of speculative manias, they come to an end. And so at a particular point in time, people felt, look, the price of this thing is highly overvalued. And so some people started to sell. And as they began to sell, the price started to come down. And then, you know, at this, you know, the same way people are kind of like in this craze of the fear of missing out, they also got into this fear as well of losing everything.
And so it created this panic in the market that led a lot of people to join in the fray of selling off their position to preserve their capital. What you see, there are lots of things about Bitcoin that makes it very different. And when you look at the economics of money in general, you see that when you have something that is extremely scarce that the market will over time, you know, when you have something that is going to be printed to infinity as we have with fiat currencies around the world, it may take a while.
So for a lot of people who are looking to preserve their capital or wealth, Bitcoin is still a significant and very, very great property that you can own. I like how someone actually terms it.
He likens Bitcoin to prime real estate. And, because of that particular property of real estate, we tend to see the price of reality increases over time.
The markets sometimes get overheated. And so we would tend to overvalue them sometimes and other times we also tend to undervalue them. So for a smart investor who understands this, they can actually take advantage of those misjudgments in the price and, you know, buy when the prices look depressed and sell when.
When the prices are overvalued. There was a time when you were partly or briefly part of a startup in Nigeria for selling Bitcoin online. What was the biggest lessons you learned during that enterprise in terms of the trend in the local market? So the way we ran the company for about 18 months in total and it was a phenomenal experience. The reason is because a lot of awareness is still going on. You know, lots of people are still getting to learn about Bitcoin. But besides the what you could call it the speculative aspect of it, where people are looking to make a quick buck, you know, looking to trade it and hopefully make profits in the trades.
You also find people who are using Bitcoin as a way to make international payments. Now, there are a lot of reasons why they would turn to Bitcoin for to provide this particular service. One of them is the fact that for certain kinds of businesses, that is the only way that they can have access to an instrument that can allowed them to make payments in situations where they cannot access foreign exchange.
So a lot of importers who are unable to access the forex market will use bitcoin to make that payment. And so the large, very large percentage of people who are actually using Bitcoin as at the time when we were running this brokerage service actually engaged in this activity.
And I think that for the vast majority of Bitcoin transactions in Nigeria. I would categorize that probably 90 per cent, maybe 95 per cent of those transactions in terms of quantity, not necessarily value, are actually for payments and not necessarily for investment purposes.
I think Bitcoin has a very, very huge potential and it has a very bright future. And there are lots of ways in which I can see that actually taking place. But these transactions are most likely going to involve merchants who are already plugged into the system.
And so I see bitcoin as being that technology that would with subsequent awareness, that would be used to facilitate more cross-border payment. So you have an importer who once seen for import coffee beans from, say, Kenya, they pay their supplier in Bitcoin, and that supplier can, in turn, convert that bitcoin locally to their local currency to maybe pay their own farmers who are actually supplying them those coffee beans.
So I see that as being one of the really, really big opportunities for Bitcoin to really gain adoption and market share in. It will also significantly improve remittances as well. People who want to send money to their family back home from the diaspora would be able to easily buy bitcoin. So using an app like Cash Tap, for example, in the US and send bitcoin to their relatives in Nigeria, or Kenya, or South Africa and in a matter of minutes they can convert that bitcoin into whatever local currency.
So for those who are like, okay, looking to send me a very cheap way to do that. So remittances, cross-border transactions, international payments, obviously even for merchant adoption. So by when I say cross-border payment, it also includes the ability for merchants who want to sell directly to customers to be able to accept payments.
I mean, I think look at look at this situation here in Africa. I think Bitcoin sold this problem because of its push nature by allowing merchants to be able to accept payment. I know that many governments around the world are not very happy about Bitcoin, due to tax evasion and money laundering. So what do you think? So there are two issues here. There is no evidence to show that people are at mass using Bitcoin as a means to evade taxes. You usually go through an exchange. The second issue is about money laundering.
Money laundering is obviously a big problem, right. And I think this is why we also have regulated exchanges that have all the necessary policies in place to ensure that sufficient monitoring of transactions is carried on, carried out. Once someone on boards, you know, using Fiat on to an exchange, the exchange knows what bitcoin address the bitcoin is, where we dropped drawn to, and you can trace whether Bitcoin left from that addressed in the next address to the next address and so on and so forth.
So the audit trail is out there. You can easily piece together how the phones have actually flowed online. You know, the use of cash. In fact, I would I would say that most criminals who are looking to launder money are not likely to use bitcoin because of this transparency, but most likely going to use things like cash or even banks. You know, there have been lots of reports in the past that banks have been the enablers of really, really huge money laundering schemes.
So I think that, you know, the possibility for the use of Bitcoin for money laundering is significantly limited with good policing work.
In the world today, we have just essentially one reserve currency and that is the U. You would agree with me. The U. And so when you think about how much money generally involves, everybody tends to congregate or everybody tends to converge on just one.
So for the currency competition, basically we are looking at. The best answers are voted up and rise to the top. What is the current legal status of Bitcoin around the world? Ask Question. Asked 9 years, 4 months ago. Active 2 years, 11 months ago. Viewed 4k times. Has there been any concrete information about the legality of Bitcoin in any country? Isn't it better to have separate questions like this for each country? I vote to close for this reason. My opinion is that I'd like to see the information centered in one question, not scattered into lots of smaller ones.
I started a discussion about this on meta to try and sort it out. I suspect this question will need to be updated many times in the coming years. A French court will decide about this soon.
Active Oldest Votes. Gary Rowe 7, 3 3 gold badges 30 30 silver badges 59 59 bronze badges. Joshua Kolden Joshua Kolden 3, 21 21 silver badges 25 25 bronze badges. There are potential pitfalls in that it is illegal to create any form of money for the exchange of goods and services unless you are the US Congress per the Constitution.
There is also potential problems with tax evasion, sedition, conspiracy, treason, fraud, and incitement statutes that it could be argued that bit coin violates. While there may be no statute that says do not create a bit coin there are statutes that say do not do some of the things that bitcoin can do. Chad: Citations needed. Here are some main points: Financial Institutions Handling Bitcoin for more than personal use as judged by local law, not by you, which could be triggered simply by handling more than pocket change or as payment for goods be it personal or as a merchant can potentially make you fit definitions meant for financial institutions.
I found this Wikipedia article very helpful for this exact question: Legality of bitcoin by country or territory The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of them. Willtech Willtech 2, 2 2 gold badges 8 8 silver badges 38 38 bronze badges. Sign up or log in Sign up using Google. Sign up using Facebook. Sign up using Email and Password. Post as a guest Name. Email Required, but never shown. The Overflow Blog. Podcast What can you program in just one tweet?