Scorum / cryptocurrenccy

costanza
Scorum 0.0077$ | Scam or Discount?
The Scorum price has been in a steep downfall for a while and reached a new an all-time low of 0.0077$ on Hotbit. I'm honestly tempted to buy and pick some more SCR up but simply can't because I'm torn between seeing it as a Scam or a Discount. I lined up some arguments for both sides in this post... Reasons for Scorum to trade at Discount PriceWorking Blogging Platform While the platform is just a Steemit clone and is getting a lot of competition from sportstalk.social, bitsports.io, sprtshub.io, it still is the best looking front page interface by far and everything works as it should. Betscorum The 0% Fee betting exchange solves the main problem that needs solving in the multi-billion Sports Betting industry. It has a really user-friendly interface and works well enough despite only having soccer on offer. It has a betting license and gets betting event data from an outside source. Despite some bugs that occur at times, it is by far still the best solution to take bets on a blockchain. Community Even though more people are leaving and none are really coming in, there is still enough activity and initiatives not to make the platform look and feel completely dead. The current market cap of ~200.000 $ is literally nothing for a project like this and it's potential. If only there were not so many indications that everyone is getting played and that it's just another crypto scam. Reasons for Scorum to be a ScamPrice Action The price pretty much continues to dump and is now down to 0.0077$ coming from a 1.00$ ICO Price. There are basically only sellers and no real buyers because everyone understands that there is something fundamentally wrong on the platforms right now. Also, the fact that the devs don't seem to be buying up their own coins at this price if they still stand behind their project says a lot. ( hotbit )Devs are out of Funds From what I understand they got around 5 Million worth of ETH from ICO investors and everything is gone because they kept all of it in ETH during the crypto market crash. I'm not sure exactly how that works or if it can actually be checked. Broken Post Payouts It took forever to make a simple fix no longer showing 1 SCR as 1 Dollar in the wallet but it seems to be finally fixed now. Next up are the post-payout $ amounts which still makes the blogging platform very much look like a scam to anyone who comes in not knowing it's actually SCR (which is worthless) instead of US Dollar ($). I guess the devs think making people who visit Scorum for the first time see $$$ amounts makes it more attractive saying $ stands for 'money'. The fact that these things don't just get fixed instantly makes it hard to put any faith in the project. Broken Communication There has been a pattern of months of complete radio silence, followed by the community getting worried about an exit scam and getting more vocal about it as the price continues to collapse. This is usually followed by an update by the devs with empty promises to quiet things down after which this cycle starts all over. Devs moved to new Project? The team is now working on a centralized bookmaker saying it's a completely different project and that it will be used to gain funding for scorum which makes no real sense to me as it shows quite a big conflict. Users Leaving & Dumping Socrum has some good momentum at the start, but instead of activity increasing, it actually went down by a lot. There are a lot of bloggers that used to post2mine on a daily basis but nearly all of them gave up because of the price decline and the fact that it's hard to see SCR one day being worth something is things continue like this. The same went for Betscorum where the volume went up week by week at the start but has declined to the point where there is just no action whatsoever. Many of the bloggers and bettors who got in early earning or buying coins are now dumping their bags even at these prices. The only sensible reason to sell right now is if you believe the project is an actual scam. Userbase Posts & Comments The platform is pretty much full of posts and comments with desperation about the team and the project in general and there are very few still optimistic about it all. Devs just seem to watch and see their own platform burn while not doing anything about it as if they want it to be that way. ... It would be nice to see some actions by the devs that show that they actually stand behind their own platform. Things that come to mind that would already do a lot are: Improved communication with regular updates to keep the community updated Listen to the Community and work with them Fixing post-payout amounts Add new Sports to Betscorum Tools to easily act as a bookie on Betscorum Buy up their own Coins at these Prices... I'm tired of trying to figure out this project and where it is going as none of it makes any sense. Let me know in the comments if you think Scorum is a scam, at a discount or if you are in between not knowing what you have to do right now.
0.00
36
24

costanza
Scorum 0.0077$ | Scam or Discount?
The Scorum price has been in a steep downfall for a while and reached a new an all-time low of 0.0077$ on Hotbit. I'm honestly tempted to buy and pick some more SCR up but simply can't because I'm torn between seeing it as a Scam or a Discount. I lined up some arguments for both sides in this post... Reasons for Scorum to trade at Discount PriceWorking Blogging Platform While the platform is just a Steemit clone and is getting a lot of competition from sportstalk.social, bitsports.io, sprtshub.io, it still is the best looking front page interface by far and everything works as it should. Betscorum The 0% Fee betting exchange solves the main problem that needs solving in the multi-billion Sports Betting industry. It has a really user-friendly interface and works well enough despite only having soccer on offer. It has a betting license and gets betting event data from an outside source. Despite some bugs that occur at times, it is by far still the best solution to take bets on a blockchain. Community Even though more people are leaving and none are really coming in, there is still enough activity and initiatives not to make the platform look and feel completely dead. The current market cap of ~200.000 $ is literally nothing for a project like this and it's potential. If only there were not so many indications that everyone is getting played and that it's just another crypto scam. Reasons for Scorum to be a ScamPrice Action The price pretty much continues to dump and is now down to 0.0077$ coming from a 1.00$ ICO Price. There are basically only sellers and no real buyers because everyone understands that there is something fundamentally wrong on the platforms right now. Also, the fact that the devs don't seem to be buying up their own coins at this price if they still stand behind their project says a lot. ( hotbit )Devs are out of Funds From what I understand they got around 5 Million worth of ETH from ICO investors and everything is gone because they kept all of it in ETH during the crypto market crash. I'm not sure exactly how that works or if it can actually be checked. Broken Post Payouts It took forever to make a simple fix no longer showing 1 SCR as 1 Dollar in the wallet but it seems to be finally fixed now. Next up are the post-payout $ amounts which still makes the blogging platform very much look like a scam to anyone who comes in not knowing it's actually SCR (which is worthless) instead of US Dollar ($). I guess the devs think making people who visit Scorum for the first time see $$$ amounts makes it more attractive saying $ stands for 'money'. The fact that these things don't just get fixed instantly makes it hard to put any faith in the project. Broken Communication There has been a pattern of months of complete radio silence, followed by the community getting worried about an exit scam and getting more vocal about it as the price continues to collapse. This is usually followed by an update by the devs with empty promises to quiet things down after which this cycle starts all over. Devs moved to new Project? The team is now working on a centralized bookmaker saying it's a completely different project and that it will be used to gain funding for scorum which makes no real sense to me as it shows quite a big conflict. Users Leaving & Dumping Socrum has some good momentum at the start, but instead of activity increasing, it actually went down by a lot. There are a lot of bloggers that used to post2mine on a daily basis but nearly all of them gave up because of the price decline and the fact that it's hard to see SCR one day being worth something is things continue like this. The same went for Betscorum where the volume went up week by week at the start but has declined to the point where there is just no action whatsoever. Many of the bloggers and bettors who got in early earning or buying coins are now dumping their bags even at these prices. The only sensible reason to sell right now is if you believe the project is an actual scam. Userbase Posts & Comments The platform is pretty much full of posts and comments with desperation about the team and the project in general and there are very few still optimistic about it all. Devs just seem to watch and see their own platform burn while not doing anything about it as if they want it to be that way. ... It would be nice to see some actions by the devs that show that they actually stand behind their own platform. Things that come to mind that would already do a lot are: Improved communication with regular updates to keep the community updated Listen to the Community and work with them Fixing post-payout amounts Add new Sports to Betscorum Tools to easily act as a bookie on Betscorum Buy up their own Coins at these Prices... I'm tired of trying to figure out this project and where it is going as none of it makes any sense. Let me know in the comments if you think Scorum is a scam, at a discount or if you are in between not knowing what you have to do right now.
0.00
36
24

costanza
Scorum 0.0077$ | Scam or Discount?
The Scorum price has been in a steep downfall for a while and reached a new an all-time low of 0.0077$ on Hotbit. I'm honestly tempted to buy and pick some more SCR up but simply can't because I'm torn between seeing it as a Scam or a Discount. I lined up some arguments for both sides in this post... Reasons for Scorum to trade at Discount PriceWorking Blogging Platform While the platform is just a Steemit clone and is getting a lot of competition from sportstalk.social, bitsports.io, sprtshub.io, it still is the best looking front page interface by far and everything works as it should. Betscorum The 0% Fee betting exchange solves the main problem that needs solving in the multi-billion Sports Betting industry. It has a really user-friendly interface and works well enough despite only having soccer on offer. It has a betting license and gets betting event data from an outside source. Despite some bugs that occur at times, it is by far still the best solution to take bets on a blockchain. Community Even though more people are leaving and none are really coming in, there is still enough activity and initiatives not to make the platform look and feel completely dead. The current market cap of ~200.000 $ is literally nothing for a project like this and it's potential. If only there were not so many indications that everyone is getting played and that it's just another crypto scam. Reasons for Scorum to be a ScamPrice Action The price pretty much continues to dump and is now down to 0.0077$ coming from a 1.00$ ICO Price. There are basically only sellers and no real buyers because everyone understands that there is something fundamentally wrong on the platforms right now. Also, the fact that the devs don't seem to be buying up their own coins at this price if they still stand behind their project says a lot. ( hotbit )Devs are out of Funds From what I understand they got around 5 Million worth of ETH from ICO investors and everything is gone because they kept all of it in ETH during the crypto market crash. I'm not sure exactly how that works or if it can actually be checked. Broken Post Payouts It took forever to make a simple fix no longer showing 1 SCR as 1 Dollar in the wallet but it seems to be finally fixed now. Next up are the post-payout $ amounts which still makes the blogging platform very much look like a scam to anyone who comes in not knowing it's actually SCR (which is worthless) instead of US Dollar ($). I guess the devs think making people who visit Scorum for the first time see $$$ amounts makes it more attractive saying $ stands for 'money'. The fact that these things don't just get fixed instantly makes it hard to put any faith in the project. Broken Communication There has been a pattern of months of complete radio silence, followed by the community getting worried about an exit scam and getting more vocal about it as the price continues to collapse. This is usually followed by an update by the devs with empty promises to quiet things down after which this cycle starts all over. Devs moved to new Project? The team is now working on a centralized bookmaker saying it's a completely different project and that it will be used to gain funding for scorum which makes no real sense to me as it shows quite a big conflict. Users Leaving & Dumping Socrum has some good momentum at the start, but instead of activity increasing, it actually went down by a lot. There are a lot of bloggers that used to post2mine on a daily basis but nearly all of them gave up because of the price decline and the fact that it's hard to see SCR one day being worth something is things continue like this. The same went for Betscorum where the volume went up week by week at the start but has declined to the point where there is just no action whatsoever. Many of the bloggers and bettors who got in early earning or buying coins are now dumping their bags even at these prices. The only sensible reason to sell right now is if you believe the project is an actual scam. Userbase Posts & Comments The platform is pretty much full of posts and comments with desperation about the team and the project in general and there are very few still optimistic about it all. Devs just seem to watch and see their own platform burn while not doing anything about it as if they want it to be that way. ... It would be nice to see some actions by the devs that show that they actually stand behind their own platform. Things that come to mind that would already do a lot are: Improved communication with regular updates to keep the community updated Listen to the Community and work with them Fixing post-payout amounts Add new Sports to Betscorum Tools to easily act as a bookie on Betscorum Buy up their own Coins at these Prices... I'm tired of trying to figure out this project and where it is going as none of it makes any sense. Let me know in the comments if you think Scorum is a scam, at a discount or if you are in between not knowing what you have to do right now.
0.00
36
24
0.00
47
12
0.00
47
12
0.00
47
12
0.00
18
4
0.00
18
4
0.00
18
4
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams
0.00
6
2
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams
0.00
6
2
nhinestreamsupdated
The Enjin Multiverse Melting pot
I never paid much attention to the melting fee's and what the value of Enjin backing meant. After all, if an item carries value and importance it should be worth far more than what the Enjin backing value is. People want it, people will go after it and the market will push the value up on its own. That common weapon with 0.005 Enjin backing? If I need that weapon, what's the big deal in paying 1-5 Enjin for it? No big deal. A limited edition item with low backing but high popularity? We won't have trouble finding items like this where the trade price is well over 10x the melt value. How does this relate to melting? Well let's look at the positive side of higher melt %'s going back to the developer. Many of these games will eventually be flooded with massive amounts of common gear that has very little value but possibly no more interest in people buying, that leaves 2 options. You either collect it and for some people that means it becomes junk or you melt it. If you melt it maybe the 0.005 Enjin doesn't mean much to you at this point but a few hundred commons you've collected in the game you love that number can begin to add up. The positive side of higher melt fee's on those transactions is the items that became junk can now be recycled as the Enjin adds up on the developer side as well. The developer can now breathe new life into their game in the form of new Enj-backed items. More Enjin into more items can equal new players and keeping the game relevant. If the developer is not making money or Enjin back on their game, all of those assets will only be worth the melt fee when the game dies off completely. On the other side of the argument there are some players who are passionate about not having a higher % melt fee because they simply feel that it is a way for developers to bleed money from their game and put more interest in insuring their potential losses. The idea that the game could go under, and potentially all of the assets are melted by the users means that all of that Enjin is thrust back out into the world. The larger the piece of that pie that the developers want to pull in for themselves may send the wrong signals to the community. For one, it shows that they may not believe in their game succeeding on it's own. Another reason is that it is just greedy that even if they do think they will be a success, they are gaining even more profit from the items that get melted. At that point, who is even making sure the items are recycled and re-minted and not sent directly to a nice bonus wallet for the developers? Outside of Enjin, games have always had to live or die on how well it was built and received by the players. Adding high melt fee's to games now doesn't carry that same "All in" mentality that supporters want to see. They want to know they are investing their time and money into a game that is backed by people who are fully committed to its success. Where do I fall on this? The Enjin multiverse was built on the idea that we own our assets. When a high melt fee is placed on an item that comes into my wallet, I only own a % of that item now and not all of it. That's not what brought me into the fold. I want my earned items to be my earned Enjin. I thought that was the whole selling point, wasn't it? Nhinestreams aka The Multiverse Murderer www.twitch.tv/nhinestreams www.twitter.com/nhinestreams
0.00
6
2
0.00
22
10
0.00
22
10
0.00
22
10
0.00
36
20
0.00
36
20
0.00
36
20
0.00
1
0
0.00
1
0
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1
0
zbun123
Countries Where Bitcoin Is Legal & Illegal
The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency. While tax authorities, enforcement agencies and regulators worldwide are still debating best practices, one pertinent question: is Bitcoin legal or illegal? The answer – it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank. Instead, they are created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, Bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin) Consumers have greater ability to purchase goods and services with Bitcoin directly at online retailers, pull cash out of Bitcoin ATMs and use Bitcoin at some brick-and-mortar stores. The currency is being traded on exchanges, and virtual currency-related ventures and ICOs draw interest from across the investment spectrum. While Bitcoin appears at glance to be a well-established virtual currency system, there are still no uniform international laws that regulate Bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins) Countries that Say Yes to Bitcoin Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons. Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. However, Bitcoin is never legally acceptable as a substitute for a country’s legal tender. The United States The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions. Prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway and Overstock.com (OSTK) welcome payment in Bitcoin. The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence. The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013. The Treasury has defined Bitcoin not as currency, but as a money services business (MSB). This places it under the Bank Secrecy Act which requires exchanges and payment processors to adhere to certain responsibilities like reporting, registration, and record keeping. In addition, Bitcoin is categorized as property for taxation purposes by the Internal Revenue Service (IRS). (Related Bitcoin: Current And Future Legal Framework) Canada Like its southern neighbor the United States, Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends whether the individual has a buying-selling business or is only concerned with investing. Canada considers Bitcoin exchanges to be money service businesses. This brings them under the purview of the anti-money laundering (AML) laws. Bitcoin exchanges need to register with Financial Transactions and Reports Analysis Centre (FINTRAC), report any suspicious transactions, abide by the compliance plans, and even keep certain records. In addition, some major Canadian banks have banned the use of their credit or debit cards for Bitcoin transactions. Australia Australia considers Bitcoin a currency like any other and allows entities to trade, mine, or buy it. The European Union Though the European Union (EU) has followed developments in cryptocurrency, it has not issued any official decision on legality, acceptance or regulation. In the absence of central guidance, individual EU countries have developed their own Bitcoin stances. In Finland, the Central Board of Taxes (CBT) has given Bitcoin a value-added tax exempt status by classifying it as a financial service. Bitcoin is treated as a commodity in Finland and not as a currency. The Federal Public Service Finance of Belgium has also made Bitcoin exempt from value added tax (VAT). In Cyprus, Bitcoin are not controlled or regulated either. The Financial Conduct Authority (FCA) in the United Kingdom (U.K.) has a pro-Bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations in the U.K. The National Revenue Agency (NRA) of Bulgaria has also brought Bitcoin under its existing taw laws. Germany is open to Bitcoin; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises or users. Countries That Say No to Bitcoin While Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned the digital currency while others have tried to cut off any support from the banking and financial system essential for its trading and use. China Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned. The government has cracked down on miners. (Related reading How Bitcoin Can Change The World) Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam’s government and its state bank maintain that Bitcoin is a not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia and Ecuador El Banco Central de Bolivia has banned the use of Bitcoin and other cryptocurrencies. Columbia does not allow Bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly. The Bottom Line Although Bitcoin is now almost 10 years old, many countries still do not have explicit systems that restrict, regulate or ban the cryptocurrency. The decentralized and anonymous nature of Bitcoin has challenged many governments on how to allow legal use while preventing criminal transactions. Many countries are still analyzing ways to regulate the the cryptocurrency. Overall, Bitcoin remains in a legal gray area for much of the world.
0
0
zbun123
Countries Where Bitcoin Is Legal & Illegal
The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency. While tax authorities, enforcement agencies and regulators worldwide are still debating best practices, one pertinent question: is Bitcoin legal or illegal? The answer – it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank. Instead, they are created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, Bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin) Consumers have greater ability to purchase goods and services with Bitcoin directly at online retailers, pull cash out of Bitcoin ATMs and use Bitcoin at some brick-and-mortar stores. The currency is being traded on exchanges, and virtual currency-related ventures and ICOs draw interest from across the investment spectrum. While Bitcoin appears at glance to be a well-established virtual currency system, there are still no uniform international laws that regulate Bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins) Countries that Say Yes to Bitcoin Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons. Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. However, Bitcoin is never legally acceptable as a substitute for a country’s legal tender. The United States The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions. Prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway and Overstock.com (OSTK) welcome payment in Bitcoin. The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence. The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013. The Treasury has defined Bitcoin not as currency, but as a money services business (MSB). This places it under the Bank Secrecy Act which requires exchanges and payment processors to adhere to certain responsibilities like reporting, registration, and record keeping. In addition, Bitcoin is categorized as property for taxation purposes by the Internal Revenue Service (IRS). (Related Bitcoin: Current And Future Legal Framework) Canada Like its southern neighbor the United States, Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends whether the individual has a buying-selling business or is only concerned with investing. Canada considers Bitcoin exchanges to be money service businesses. This brings them under the purview of the anti-money laundering (AML) laws. Bitcoin exchanges need to register with Financial Transactions and Reports Analysis Centre (FINTRAC), report any suspicious transactions, abide by the compliance plans, and even keep certain records. In addition, some major Canadian banks have banned the use of their credit or debit cards for Bitcoin transactions. Australia Australia considers Bitcoin a currency like any other and allows entities to trade, mine, or buy it. The European Union Though the European Union (EU) has followed developments in cryptocurrency, it has not issued any official decision on legality, acceptance or regulation. In the absence of central guidance, individual EU countries have developed their own Bitcoin stances. In Finland, the Central Board of Taxes (CBT) has given Bitcoin a value-added tax exempt status by classifying it as a financial service. Bitcoin is treated as a commodity in Finland and not as a currency. The Federal Public Service Finance of Belgium has also made Bitcoin exempt from value added tax (VAT). In Cyprus, Bitcoin are not controlled or regulated either. The Financial Conduct Authority (FCA) in the United Kingdom (U.K.) has a pro-Bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations in the U.K. The National Revenue Agency (NRA) of Bulgaria has also brought Bitcoin under its existing taw laws. Germany is open to Bitcoin; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises or users. Countries That Say No to Bitcoin While Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned the digital currency while others have tried to cut off any support from the banking and financial system essential for its trading and use. China Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned. The government has cracked down on miners. (Related reading How Bitcoin Can Change The World) Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam’s government and its state bank maintain that Bitcoin is a not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia and Ecuador El Banco Central de Bolivia has banned the use of Bitcoin and other cryptocurrencies. Columbia does not allow Bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly. The Bottom Line Although Bitcoin is now almost 10 years old, many countries still do not have explicit systems that restrict, regulate or ban the cryptocurrency. The decentralized and anonymous nature of Bitcoin has challenged many governments on how to allow legal use while preventing criminal transactions. Many countries are still analyzing ways to regulate the the cryptocurrency. Overall, Bitcoin remains in a legal gray area for much of the world.
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zbun123
Countries Where Bitcoin Is Legal & Illegal
The peer-to-peer digital currency Bitcoin made its debut in 2009 and with it ushered in a new era of cryptocurrency. While tax authorities, enforcement agencies and regulators worldwide are still debating best practices, one pertinent question: is Bitcoin legal or illegal? The answer – it depends on the location and activity of the user. Bitcoins are not issued, endorsed, or regulated by any central bank. Instead, they are created through a computer-generated process known as mining. In addition to being a cryptocurrency unrelated to any government, Bitcoin is a peer-to-peer payment system since it does not exist in a physical form. As such, it offers a convenient way to conduct cross-border transactions with no exchange rate fees. It also allows users to remain anonymous. (Related reading The Risks Of Buying Bitcoin) Consumers have greater ability to purchase goods and services with Bitcoin directly at online retailers, pull cash out of Bitcoin ATMs and use Bitcoin at some brick-and-mortar stores. The currency is being traded on exchanges, and virtual currency-related ventures and ICOs draw interest from across the investment spectrum. While Bitcoin appears at glance to be a well-established virtual currency system, there are still no uniform international laws that regulate Bitcoin. (For more see Stores Where You Can Buy Things With Bitcoins) Countries that Say Yes to Bitcoin Bitcoin can be used anonymously to conduct transactions between any account holders, anywhere and anytime across the globe, which makes it attractive to criminals and terror organizations. They may use Bitcoin to buy or sell illegal goods like drugs or weapons. Most countries have not clearly determined the legality of Bitcoin, preferring instead to take a wait-and-see approach. Some countries have indirectly assented to the legal use of Bitcoin by enacting some regulatory oversight. However, Bitcoin is never legally acceptable as a substitute for a country’s legal tender. The United States The United States has taken a generally positive stance toward Bitcoin, though several government agencies work to prevent or reduce Bitcoin use for illegal transactions. Prominent businesses like Dish Network (DISH), the Microsoft Store, sandwich retailer Subway and Overstock.com (OSTK) welcome payment in Bitcoin. The digital currency has also made its way to the U.S. derivatives markets, which speaks about its increasingly legitimate presence. The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) has been issuing guidance on Bitcoin since 2013. The Treasury has defined Bitcoin not as currency, but as a money services business (MSB). This places it under the Bank Secrecy Act which requires exchanges and payment processors to adhere to certain responsibilities like reporting, registration, and record keeping. In addition, Bitcoin is categorized as property for taxation purposes by the Internal Revenue Service (IRS). (Related Bitcoin: Current And Future Legal Framework) Canada Like its southern neighbor the United States, Canada maintains a generally Bitcoin-friendly stance while also ensuring the cryptocurrency is not used for money laundering. Bitcoin is viewed as a commodity by the Canada Revenue Agency (CRA). This means that Bitcoin transactions are viewed as barter transactions, and the income generated is considered as business income. The taxation also depends whether the individual has a buying-selling business or is only concerned with investing. Canada considers Bitcoin exchanges to be money service businesses. This brings them under the purview of the anti-money laundering (AML) laws. Bitcoin exchanges need to register with Financial Transactions and Reports Analysis Centre (FINTRAC), report any suspicious transactions, abide by the compliance plans, and even keep certain records. In addition, some major Canadian banks have banned the use of their credit or debit cards for Bitcoin transactions. Australia Australia considers Bitcoin a currency like any other and allows entities to trade, mine, or buy it. The European Union Though the European Union (EU) has followed developments in cryptocurrency, it has not issued any official decision on legality, acceptance or regulation. In the absence of central guidance, individual EU countries have developed their own Bitcoin stances. In Finland, the Central Board of Taxes (CBT) has given Bitcoin a value-added tax exempt status by classifying it as a financial service. Bitcoin is treated as a commodity in Finland and not as a currency. The Federal Public Service Finance of Belgium has also made Bitcoin exempt from value added tax (VAT). In Cyprus, Bitcoin are not controlled or regulated either. The Financial Conduct Authority (FCA) in the United Kingdom (U.K.) has a pro-Bitcoin stance and wants the regulatory environment to be supportive of the digital currency. Bitcoin is under certain tax regulations in the U.K. The National Revenue Agency (NRA) of Bulgaria has also brought Bitcoin under its existing taw laws. Germany is open to Bitcoin; it is considered legal but taxed differently depending upon whether the authorities are dealing with exchanges, miners, enterprises or users. Countries That Say No to Bitcoin While Bitcoin is welcomed in many parts of the world, a few countries are wary because of its volatility, decentralized nature, perceived threat to current monetary systems and links to illicit activities like drug trafficking and money laundering. Some nations have outright banned the digital currency while others have tried to cut off any support from the banking and financial system essential for its trading and use. China Bitcoin is essentially banned in China. All banks and other financial institutions like payment processors are prohibited from transacting or dealing in Bitcoin. Cryptocurrency exchanges are banned. The government has cracked down on miners. (Related reading How Bitcoin Can Change The World) Russia Bitcoin is not regulated in Russia, though its use as payment for goods or services is illegal. Vietnam Vietnam’s government and its state bank maintain that Bitcoin is a not a legitimate payment method, though it is not regulated as an investment. Bolivia, Columbia and Ecuador El Banco Central de Bolivia has banned the use of Bitcoin and other cryptocurrencies. Columbia does not allow Bitcoin use or investment. Bitcoin and other cryptocurrencies were banned in Ecuador by a majority vote in the national assembly. The Bottom Line Although Bitcoin is now almost 10 years old, many countries still do not have explicit systems that restrict, regulate or ban the cryptocurrency. The decentralized and anonymous nature of Bitcoin has challenged many governments on how to allow legal use while preventing criminal transactions. Many countries are still analyzing ways to regulate the the cryptocurrency. Overall, Bitcoin remains in a legal gray area for much of the world.
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