Is Bitcoin Legal? (Is Bitcoin Legal a Scam? Why is it not canceled?)
Is Bitcoin legal? Bitcoin is a type of digital currency that has been under scr
Is Bitcoin legal? Bitcoin is a type of digital currency that has been under scrutiny by regulatory agencies around the world since it was classified as a security by the US SEC in 2017. But what is its legal status? According to the 2013 Virtual Currency Trading Report, after conducting extensive investigations on Bitcoin, China found that most countries have a prohibitive or restrictive attitude towards ICOs and token issuance. So, is Bitcoin legal? What is Bitcoin all about?
The first thing to answer is that if you want to buy Bitcoin as an asset class, you need to register and must obtain a Federal Reserve Bank license in the United States to use the platform. This means that you only need to have an account to buy and sell Bitcoin, and you can invest without any third-party authorization. In addition, Bitcoin, like gold, is considered a “commodity” because they are both a form of payment denominated in US dollars rather than legal tender. There is also a saying that goes: “If you don’t trust your Bitcoin, you can’t exchange it for other people’s money.”
Is Bitcoin Legal? Is it a Scam? Why is it not canceled?
Many people ask, is Bitcoin really a scam? If it is a Ponzi scheme, it must be fraud. But the question is: why can’t it be banned?
Bitcoin was initially seen as a huge bubble and had nothing to serve as a medium of exchange, that’s why its value was severely restricted by governments. However, in the long run, it will become increasingly difficult to change this situation over time.
According to US law, investors will not be able to exchange Bitcoin for US dollars, which has caused concerns about the volatility of Bitcoin. However, the situation has changed now, and they must admit that Bitcoin is a “virtual commodity”. So, some may argue that when you buy a pound of coffee, the price rises (because it has high investment returns) and sell it to someone else at a lower price (maybe to make money). So, what is the purpose and meaning of Bitcoin?
Firstly, it’s important to know that whether you are an investor or a consumer, cryptocurrency is actually a good payment tool. Secondly, cryptocurrencies themselves do not have a stable mechanism tied to fiat currency and are decentralized. Therefore, even with strict controls, cryptocurrencies will still be regarded as a form of asset or means of exchange.
Finally, for those who are not familiar with the specific definition of Bitcoin, remember that Bitcoin is a high-risk investment, not speculation. Of course, this statement will also affect how others perceive it, after all, Bitcoin is just based on certain computational conditions and cannot be accepted like traditional banking systems.
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