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Countries that accept bitcoins

There are more than 500 cryptocurrencies in the world, but Bitcoin has dominant worth. In fact, some countries become the hub of this peer-to-peer digital currency. Here, this article is about the story of some countries, which country uses Bitcoin and who accept the Bitcoin and use it in payment transactions.

Countries that say yes to bitcoins

If a country going to introduce Bitcoin technology to its financial sector. Then, it clearly means that country is going toward the revolutionary situation. It would leave a strong impact on its all sectors and also on related countries.

Bitcoin accepted countries:

Canada

Canada becomes a bitcoin-friendly country, which ensures that Bitcoin cryptocurrency is not used for money laundering. Canadian authority makes it sure that transactions of Bitcoin are taken place under complete supervision. Canada revenue agency takes Bitcoin transactions as barter transaction. In addition, income generated from these transactions named business income.

Australia

Australia allows The Australian taxation office considers Bitcoin transaction as barter arrangement. Which means, Bitcoin transaction legally completes its process under specific rules and regulation.

Estonia   

A small nation, accept the Bitcoin digital currency. It has no history of jumping to new technology. whereas, its financial sector show interest to implement on Bitcoin technology.  They are going to use blockchain technology for healthcare, banking services and much more.

Denmark

Denmark is one of the developed countries in the world with living standard and with financial stand as well. Bitcoin will be used in all aspects. Whether in means of exchange or to the alternative to central banking monopoly. Danish bank declares that “Denmark is home to a number of Bitcoin startups and exchanges such as CCEDK, which has been a prolific innovator in the crypto-space with recent releases of Bitcoin “3.0” technology and decentralized exchange.”

Countries with strict rules

In the same way, countries which opposed Bitcoin first. Now, those countries have a dominant part in Bitcoin transactions. They utilize its advantages in their investment. The main reason behind the opposition was the anonymous conduction of transactions between two account holders. it may use in illegal dealings like buying drugs or weapons…

Whereas, in presence of all securities, countries accept the Bitcoin with strict rules. Here are some countries with strict rules.

USA

As the USA is considered as Bitcoin friendly country. Whereas, the government is trying to control Bitcoin transaction process. Same as with its traditional money. Incidentally, Bitcoin is peer-to-peer digital currency and never controlled by anyone or any authority. In that case, USA government generate some rules regarding Bitcoin.

Japan

In the same way, Japanese Financial service agency place regulations to Bitcoin exchanges. According to Motokazu Endo, Attorney of FSA,

“Cryptocurrencies’ prices fluctuate sharply, and they’re highly speculative. Many exchanges have the weak financial basis, and should they go bankrupt, it would be tough to protect creditors’ assets.”

At this point, if Japanese people want to buy bitcoin. Then, they have to pay 8% consumption tax. And this all transaction will be through Yens. Because bitcoins considered as imported goods.

China

In July 2016, China introduces a law named “civil right object” to the public. Chinese can buy and sell goods through Bitcoin under this law.

 

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Bitcoin Experts Warn Users; say Bitcoin Will Experience a Drop

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The bitcoin market worries experts

At the moment, the value of bitcoin is sky rocketing due to the rising demand of the cryptocurrency.  This has led many experts to believe that a fall is expected in the market soon. Currently, Bitcoin is preparing to reach a new record as it is on the journey of going from $4,031 to $4,500.

Bitcoin value has increased by 60% in the past month and experts are predicting that something could go very wrong in the market.

The reason behind bitcoin’s drive to such high notes is that a larger number of people have begun to obtain bitcoin and this increased demand has led to increasing the market capitalization of the cryptocurrency.

The head of investment strategy at Black Rock, Richard Ternhill, recently commented on the Cryptocurrency Exchange situation as “terrifying”.

In the meantime, Goldman Sachs specialists predict that the bitcoin price is expected to experience a sharp drop and its duplicates would downfall to zero. They are expecting the price to drop to $1,800.

 

Story Credits: marketsmorning.com

Image Credits: shutterstock.com

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How To Buy Bitcoins – A Bitcoin Buying Guide For Beginners

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How To Buy Bitcoins

Buying Bitcoin is extremely simple. All you need to have is a Bitcoin wallet because, Without it, you can’t buy the coins. The goal of this post is to provide you the complete idea about how to buy bitcoins straightaway.

How To Buy Bitcoins:

There are countless Bitcoin sellers, exchanges and wallet servers. The number is so high, it makes the process of choosing a reliable and reputed service quite overwhelming and daunting for the newbies.

Users are required to provide identity verification in order to buy bitcoins. Once the information is verified, your account is activated and you will be able to buy bitcoins without any legal obligations.

Buying Bitcoins with PayPal:

Although the site has banned its merchants from accepting bitcoin payments, there is still a way to buy Bitcoin through PayPal. It’s called “Local Bitcoins”.

The service facilitates the trading of Bitcoin through PayPal ads. What happens here is that the user posts an ad stating exchange rates and method of payment for trading bitcoins.

The interested users respond to the ad and discuss terms. Once everything is finalized, the transaction takes place between the two parties.

The payment methods for Local Bitcoins include:

  • Bank transfers
  • PayPal
  • Gift cards
  • Cash

Local Bitcoin is considered to be the safest way to exchange Bitcoin with PayPal. In addition to the user safety, it offers escrow service to make sure the transaction takes place in a safe environment.

Buying Bitcoins Through Coinbase:

Coinbase is the largest and most renowned bitcoin broker in the world with presence in over 30 major countries. In order to buy Bitcoin from Coinbase, you will need to provide your identity and bank card as a proof.

Coinbase users are categorized into two levels: level 1 and 2.

  • Level 1 users: Also known as fully verified users can buy up to $1,000 worth of bitcoin per week.
  • Level 2 users can only buy up to $100 worth of bitcoin per week.

The transaction fee of Coinsbase is 3.99%; which is pretty low compared to other exchanges.

Buying Coins Through CoinMama:

CoinMama specializes in helping users to buy large quantities of coins through debit/credit card. The CoinMama users can buy up to $5,000 worth of bitcoins per week and up to $20k per month.

The transaction fee of coin mama is 5%; which is slightly higher than Coinbase. This service is best for users who like to buy a lot of bitcoins with credit card/debit card.

BitPanda:

BitPanda is an Austrian bitcoin broker and is well known across Europe. It accepts payments through both credit and debit card and provides instant bitcoins. The transaction fees are around 3-4%. However, the exact number is only disclosed to their registered users.

The Final Word:

These are some different techniques to buy instant bitcoins. All are pretty safe and involve no danger. However, when dealing through “Local Bitcoins”, make sure to arrange a meet up at a public place and bring a close friend or family member in the event things go south.

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‘Blockchain Rights’ Bill Passed By Arizona Senate

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It is obviously a good news for the Arizona blockchain dependent corporations. According to the new bill passed by the Arizona Senate recently, the corporations active within Arizona borders can now hold and share data on a blockchain law fully as it has been followed by the signing of a new act of law by the U.S. state’s governor. The bill concerning blockchain usage was first introduced by Jeff Weninger. According to amendments it will be applied to recognize data written and stored on various systems with the help of blockchain technology. As reported by a a legislation tracker, it was being signed by the Governor of state Doug Ducey on April 3.

blockchain news

The Arizona House was quiet efficient to pass that bill within eight days since it was being introduced. Though the senate followed the case roughly a month later. However it was passed by the senate as a result of unanimous voting. It was reported in a blockchain news that only four of the House Representatives voted against the bill or abstained it.

Why was the bill passed?

There were several reasons for that bill, however the main reason being in terms of legal documentations. Need for such a bill was felt more than ever after signatures recorded on a blockchain and smart contracts were considered as legal documentations. It was also mentioned in the bill that the law accepts these signatures as legal electronic signatures. Now it will be possible for concerned individuals to sign digital records or smart contracts on a blockchain with full authority. It has been assumed that this new amendment new legislation will also play an important role in arousing interest in blockchain applications across other parts of the United States of America.

Background of the bill

However Arizona is not the first state of America to pass such a bill. Lawmakers in Delaware have gone through similar legislative bills and law measures in 2017. Thus Delaware has the honour to be the first U.S. state which provided a legal basis for trading blockchain based stocks. Also, it was being reported by the most famous crypto discussion platform CoinDesk last year that four such bills were introduced by a lawmaker in New York. The aim of these bills was to evaluate blockchain applications for various types of storage purposes.

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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