Does anyone know that how to buy cryptocurrency like Bitcoin
And does the banks deal in cryptocurrencies?
And does the banks deal in cryptocurrencies?
Cryptocurrency (Bit coin - Ripple)
- Thread starter araein
- Start date
U can try your luck on Ripple :):):)
I did not understand, plz elaborate
Ripple total supply is premined and held by Ripple foundation. They are the one releasing every month set amount of ripple in market. Their main business is to establish partnership with banks and big companies for transfer of funds across borders using Ripple blockchain.
So which currencies are worthed to buy and similar to Bitcoin
It depends. Why you want to buy. Investment or want to use. There are many crypto currencies. Bitcoin, Litecoin, Ethereum, Ripple, Monero, ZCash and so much more. It's mostly speculative market with very high risk of losing lots of investment. Bitcoin is already correcting from 3000 usd downwards and along with it all cryptocurrencies are going down at the moment. But it is also important to know that there has been 1000 - 2000% increase in last 6 months for BTC, ETH and many cryptos. So High risk High gain investment.
I want to buy for investment purpose.
Is this reliable website for buying currencies?
https://www.bitstamp.net
ashiqahasan
Minister (2k+ posts)
www.btcwonder.com is the best place to know everything about cryptocurrencies.
Sohail Shuja
Chief Minister (5k+ posts)
There was a boom given to this crypto thing after the crash of 2008. In effect, this currency is no different than any other international currency like greenback or pound etc. They say that there are no taxes, but that isn't true... the taxes and charges are paid in the form of commission while buying or selling the currency. People say that it is untraceable, that too isn't true. The only thing which is scary about BitCoin is that the BitCoin exchange which is working for you can disappear overnight and all your money gets lost in thin air.
This happened recently in Japan, with an exchange named MT.Gox, which was handling 70pc of all Bitcoin transactions a year earlier, suspended trading and was eventually liquidated, with approximately $450m disappearing (Ref: https://www.bloomberg.com/news/articles/2016-08-11/bitcoin-hack-upends-world-of-700-yields).
Plus now as the international scenarios are changing, there are going to be regulatory laws applied to these CURRUPTO-Currencies as well. It has already started from Japan, and that is why you see that the BitCoin is adjusting itself downwards from 3000 USD.
Temporary surges are introduced, when most of the exchanges see that the buying is slowing down. These are the temporary enticing jitters given to the market... since no one can really apply the laws of demand and supply of this currency. There always is an unlimited supply of this currency.
In my own limited point of view (which is very much pointed), BitCoin is of good use while you are making any international transactions. It gives you the ease of transfer over the cumbersome statutes of Banks, but, as an investment, I think I will like to invest in something which I can hold in my hand... something tangible.
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First of all Bitcoin is not unlimited as total supply is capped at 21 million and that's why it's price is going to rise over time with more people trying to get hold of it. Recently bitcoin and other major cryptocurrencies are having trouble with transaction speed due to inbuilt protocols and high transaction costs. This is being looked into it with new protocols and some new currencies are being developed to overcome these issues.
Regarding exchanges vanishing away with your bitcoin, its a real threat as there is no centralized authority to regulate Bitcoin. That's why always use safe practices, keep most of your bitcoins in your own wallet and keep your wallet safe. Best way is to use Hardware wallet for safe keeping of most of your bitcoins.
Something tangible can also be lost (gold, dolloar, any commodity, property) In my opinion we do investment for profit and also for our generations to use. I think digital currencies are the survival assets in future and really your coming generations will thank you and remember you if you invest and keep these for them.
Sohail Shuja
Chief Minister (5k+ posts)
They tell you that the supply is capped at 21 million BTC, but you cannot track back a BTC's transaction. What and how cumbersome to understand. How do they calculate the that the total supply is limited? If they can say that, then it means they have a tracking system, or if they don't, then they can't be sure of that.
Secondly, it is an unverifiable claim by BTC. Can there be a third party involved to verify this claim of theirs? Practically, NO
Saving for future generations is not a bad idea at all, but keeping your investment safe so that it actually gets passed on to your next generation is the key thing to ensure first.
Hardware wallets are no silver bullets. Your own closet with a proper lock and key is still safer.
Investing in tangible items have many benefits over this cryptocurrency which is nothing but digital stocks which lie no where.
In case of theft, there is a higher probability to get it back, as there are law enforcement agencies which can help. But in case of Bitcoin, there is nothing you can do.
Plus there is a possibility to insure your physical assets. BTC.... well ....
You said the right thing that it is a high risk and high return game, but when I personally weigh the risks involved in keeping your investments locked up in your e-wallet/hardware wallet, I tend to smell more of risk than a profit.
Plus, as I was telling you that now the governments are looking into controlling this currency, there certainly is going to be a backlash of that on to the market rates of this currency and when the regulatory bodies will jump in, they will surely get their cut out of every transaction which is made.
So, I still take BTC/cryptocurrency being useful in making international transactions, where you momentarily deposit your funds and get it through to the person you know and trust. I will still not use it for any business transactions where I might, in the future may require details of the transaction in case of a dispute. A banking channel may be a bit more costly, but it is much safer.
For investments, I will like to invest in something tangible, e.g. property, goods, commodities and/or tangible currency in my hand (not through e-trading platforms which can gobble up all your money as the market crashes).
The idea is to ensure that at least some of my saving of the day do actually get passed on to my generations. That is the idea of balancing risks with the returns. Off course, I wont like to play dice in that case if I am really serious.
I think you have not gone through how bitcoin works. Bitcoin software is opensource and can be examined by anyone and rest assured there are many who have examined the software. Its supply is fixed and all the transactions can be traced back to day 1. Without this feature bitcoin will be worthless as someone would be able to double spend the coin if transactions cannot be traced. Idea of bitcoin is decentralization without any central control. It's your asset and no one should control your asset other than you.
Tangible items like gold and property have benefits but you cannot move them with you easily. Gold is your asset but you are not allowed to take it out or bring in crossborder with ease and safety. Most of Insurance companies will not cover you for war, terrorist attacks and disasters.
Yes governments don't like bitcoin and they want to control but it's not easy for them to control it due to its decentralized nature. Few countries have already legalised Bitcoin including Japan and there citizen will reap benefits of this. We will be last to realize the benefits. In crypto world it is always suggested to invest what you can afford to loose and do not invest more than 10% of your total assets. I think in future this is going to change and people will not be afraid to invest in digital assets.
