4 reasons why bitconnect is the best bitcoin investment platform ever 101
On 4 October , BNM announced that The decision on whether cryptocurrencies should be banned in Malaysia will be taken by them before the end of the year. Recently virtual currencies were legalized and cryptocurrency exchanges are now regulated by Central Bank of the Philippines Bangko Sentral ng Pilipinas under Circular [].
In December , the Monetary Authority of Singapore reportedly stated that "[w]hether or not businesses accept bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene. On 22 September , the Monetary Authority of Singapore MAS warned users of the risks associated with using bitcoin stating "If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse" [] and in December stated "Whether or not businesses accept Bitcoins in exchange for their goods and services is a commercial decision in which MAS does not intervene" [] In January , the Inland Revenue Authority of Singapore issued a series of tax guidelines according to which bitcoin transactions may be treated as a barter exchange if it is used as a payment method for real goods and services.
Businesses that deal with bitcoin currency exchanges will be taxed based on their bitcoin sales. The initial position of the Bank of Thailand, mid , was to discourage the use of bitcoin, however as of [update] , the Bank of Thailand is open to bitcoin provided proper controls are in place. Thai based bitcoin exchanges can only exchange Digital Currencies for Thai Baht and are required to operate with a Thailand Business Development Department e-commerce license.
In cases where an ICO constitutes offering of securities, the issuer will need to comply with applicable regulatory requirements []. As of February the Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities [].
These include 1 Investing or trading in cryptocurrency 2 Exchanging cryptocurrencies 3 Creating platforms for cryptocurrency trading 4 Allowing clients to use credit cards to buy cryptocurrencies 5 Advising customers on cryptocurrency investing and trading. The Thai government is expected to introduce regulatory framework in early but stated that "The government will not ban cryptocurrnecy trading. Trading in bitcoin in Vietnam is still unrestricted and unregulated by law, and two largest bitcoin markets in Vietnam - VBTC and Bitcoin Vietnam are working without being restricted.
In August , Vietnam's prime minister has approved a plan that could see the country formally recognize bitcoin as a form of payment by the end of The State Bank of Vietnam has declared that the issuance, supply and use of bitcoin and other similar virtual currency is illegal as a mean of payment and subject to punishment ranging from million to million VND, [] but the government doesn't ban bitcoin trading as a virtual goods or assets.
Although not considered to be an official form of currency, earnings are subject to tax law. On 6 December , the Croatian National Bank reportedly conducted a discussion on the circulation of digital currencies and concluded that bitcoin is not illegal in Croatia. Bitcoin trading does not require authorization by the Czech National Bank and the Czech National Bank cannot grant such an authorization On 19 August , the German Finance Ministry announced that bitcoin is now essentially a "unit of account" and can be used for the purpose of tax and trading in the country, meaning that purchases made with it must pay VAT as with Euro transactions.
It is not classified as a foreign currency or e—money but stands as "private money" which can be used in "multilateral clearing circles", according to the ministry. The use of bitcoin in Poland is not regulated by a legal act at present. They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities.
As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". In October , the National Fiscal Administration Agency ANAF declared that there is a lack of a legislative framework around bitcoin, and therefore, it is unable to create a tax regulation framework for it as well implying no taxation. The National Bank of Slovakia NBS , stated [] that bitcoin does not have the legal attributes of a currency, and therefore does not fall under national control.
At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins. Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme virtual currency is at your own risk. Exchanges or purchases of virtual currencies represent the business risk of investors and investors' money are not protected.
For any compensation of losses caused by such exchanges or purchases there is no legal entitlement. On 23 December the Slovenian Ministry of Finance made an announcement [] stating that bitcoin is neither a currency nor an asset.
Bitcoin businesses in Switzerland are subject to anti-money laundering regulations and in some instances may need to obtain a banking license. In response to the parliament postulates, the Swiss Federal Council issued a report on virtual currencies in June In , Zug added bitcoin as a means of paying city fees, in a test and an attempt to advance Zug as a region that is advancing future technologies. The use of bitcoins is not regulated in Ukraine.
As of [update] , FSA says that doing business with bitcoin does not fall under its regulatory authority and therefore FSA does not prevent anyone from opening such businesses. In Estonia, the use of bitcoins is not regulated or otherwise controlled by the government.
The Estonian Ministry of Finance have concluded that there is no legal obstacles to use bitcoin-like crypto currencies as payment method. Traders must therefore identify the buyer when establishing business relationship or if the buyer acquires more than 1, euros of the currency in a month. The Finnish Tax Administration has issued instructions for the taxation of virtual currencies, including the bitcoin.
Finland [] Rather than a currency or a security, a bitcoin transaction is considered a private contract equivalent to a contract for difference for tax purposes. Purchases of goods with bitcoin or conversion of bitcoin into legal currency "realizes" the value and any increase in price will be taxable; however, losses are not tax-deductible.
Mined bitcoin is considered earned income. This is because the court classified bitcoins as payment instruments - whereas most countries treat their use as an unregulated method for the exchange of goods, or even as a crime. According to a opinion, from the Central Bank of Iceland "there is no authorization to purchase foreign currency from financial institutions in Iceland or to transfer foreign currency across borders on the basis of transactions with virtual currency.
For this reason alone, transactions with virtual currency are subject to restrictions in Iceland. On 12 March , the Central Bank amended its rules. With the new rules, wide and general exemptions have been granted from the restrictions of the Foreign Exchange Act No. Bank of Lithuania released a warning on 31 January , that bitcoin is not recognized as legal tender in Lithuania and that bitcoin users should be aware of high risks that come with the usage of it. The Norwegian Tax Administration stated in December that they don't define bitcoin as money but regard it as an asset.
Profits are subjected to wealth tax. In business, use of bitcoin falls under the sales tax regulation. The Norwegian government stated in February that they would not levy VAT on the purchase or sale of bitcoin. As of November declared, bitcoins are "not illegal" according to the Federal Tax Service of Russia.
The decision has been appealed by the Swedish Tax Authority. The Swedish jurisdiction is in general quite favorable for bitcoin businesses and users as compared to other countries within the EU and the rest of the world.
The governmental regulatory and supervisory body Swedish Financial Supervisory Authority Finansinspektionen have legitimized the fast growing industry by publicly proclaiming bitcoin and other digital currencies as a means of payment. There is not a single word in Bulgarian laws about bitcoin. No specific legislation on bitcoins exists in Greece. Italy does not regulate bitcoin use by private individuals. As of [update] , Malta does not have any regulations specifically pertaining to bitcoins.
Paying in crypto is not legal in Macedonia and using digital money is discouraged by the National Bank of the Republic of Macedonia. Bitcoin operation in our country will be sanctioned. Bitcoin is basically a speculative currency, which makes investment in it extremely risky.
The responsible person in the legal entity or sole proprietor in the territory of The Republic of Macedonia shall carry out, in its own name and on its own account, as well as for another person legal or physical payment or payment into effective foreign currency contrary to the provisions of this Law, shall be sentenced to imprisonment of six months to five years. In Macedonia so far only one company has announced that it is working with bitcoin, and there is also a failed initiative to start using it in restaurants and cafes.
Bitcoin has no specific legal framework in Portugal. Transactions in bitcoins are subject to the same laws as barter transactions. The Minister of Finance indicated that government intervention with regard to the bitcoin system does not appear necessary at the present time. The French Ministry of Finance issued regulations on 11 July pertaining to the operation of virtual currency professionals, exchanges, and taxation.
The Central Bank of Ireland was quoted in the Assembly of Ireland as stating that it does not regulate bitcoins. The Commission de Surveillance du Secteur Financier has issued a communication in February acknowledging the status of currency to the bitcoin and other cryptocurrencies. As of [update] , virtual currencies such as bitcoin do not fall within the scope of the Act on Financial Supervision of the Netherlands. Bitcoin is treated as 'private money'. When bitcoin is exchanged for sterling or for foreign currencies, such as euro or dollar, no VAT will be due on the value of the bitcoins themselves.
However, in all instances, VAT will be due in the normal way from suppliers of any goods or services sold in exchange for bitcoin or other similar cryptocurrency. Profits and losses on cryptocurrencies are subject to capital gains tax.
In December , the governor of the Reserve Bank of Australia RBA indicated in an interview about bitcoin legality stating, "There would be nothing to stop people in this country deciding to transact in some other currency in a shop if they wanted to. The Reserve Bank of New Zealand states: From Wikipedia, the free encyclopedia. For a broader coverage related to this topic, see Bitcoin. This section needs expansion. You can help by adding to it. Relevant discussion may be found on the talk page.
Accessed 25 September Retrieved 25 February Court of Justice of the European Union. Retrieved 6 December Retrieved 23 October Retrieved 5 March Market, economics and regulation" PDF. European Parliamentary Research Service. Bitcoin regulation or plans therefor in selected countries. Retrieved 18 February Retrieved 8 July Guidance for a risk-based approach. Retrieved 6 March Retrieved 30 October South African Reserve Bank.
Retrieved 11 June Sandra Appel A security Agreement for Bitcoin: Retrieved 5 September Financial Crimes Enforcement Network. Retrieved 1 June Retrieved 22 April Banco Central de Costa Rica. Trinidad and Tobago Guardian. Retrieved 23 February Banco Central do Brasil. Retrieved 17 November Superintendencia Financiera de Colombia. Retrieved 20 October Banco Central del Ecuador.
Retrieved 22 October International Finance Centre Development Agency. National Bank of the Kyrgyz Republic. Retrieved 13 February Retrieved 6 July Retrieved 21 August Retrieved 17 July Retrieved 17 June Turkish Banking Regulation and Supervision Agency.
How close Bitcoin to be Legalized in Iran? Retrieved 16 December We're Not Giving Up Yet". Retrieved 19 December Retrieved 8 November Archived from the original on 9 February Retrieved 6 October Retrieved 10 January Retrieved 18 January Archived from the original on Bitcoin is not Currency in Japanese ".
Retrieved 28 April Retrieved 26 February Archived from the original on 21 September Retrieved 21 September Retrieved 9 July Retrieved 17 April The central bank does not regulate it but the public is advised not to speculate on it ".
Retrieved 15 October Retrieved 5 February Retrieved 2 March Retrieved 11 January Retrieved 7 May Retrieved 27 December Retrieved 29 October Retrieved 1 November Retrieved 25 August Retrieved 19 March Retrieved 14 December Retrieved 8 August Bitcoin nie jest nielegalny". Retrieved 18 December Retrieved 28 January Retrieved 31 July Retrieved 3 February Retrieved 24 March Swiss Financial Market Supervisory Authority.
Retrieved 16 April Retrieved 28 November Archived from the original on 20 September Retrieved 20 September Make quick and easy purchases with Bitcoin". Retrieved 5 January Archived from the original on 17 December Retrieved 24 December Retrieved 15 March Retrieved 15 November The Central Bank of Iceland. Retrieved 8 January Deal Book New York Times.
New Yotk Times Company. Retrieved 9 December The Ministry of Finance. Retrieved 5 June Retrieved 31 January Retrieved 2 April Retrieved 20 December Retrieved 16 September Retrieved 25 April Bozinovska, Vesna 9 October Retrieved 6 June Commission de Surveillance du Secteur Financier. Retrieved 19 October The Australian Financial Review. Because I do my homeworks sir i don't believe without proof some people invented the best bot of the world, never booking a loss and printing unsustainable daily interest rate consistently whatever are the market conditions.
The best part of this discussion is the future will show us who is wrong or right between us. I wish you all the luck and i hope your consciousness will not be too heavy to sleep well.
I'm not saying whether its a scam one way or another because nobody knows for certain but if you had a recipe as a head chef at a killer restaurant would you disclose how you make your signature dish to all the other punters out there? There is also no proof of a trading bot. Please note that there are days with 0 payout, indicating that no money was made from trading that day. This again proves nothing other than coincidence. Bitconnect is now traded on 5 exchanges besides its own internal market.
I think all crpytos are in as much danger of being shut down by authority, not just bitconnect in particular.
And I thank you for the offer of luck buy I don't need it so you can keep it. I also sleep very well actually, and as for my conscience, it is also extremely well since I have done nothing wrong. I sense you imply I did.
Well then you are not a part of these scammers selling dreams and motivating new users to boost their referral earning by posting success story on internet. You are only a bitconnect investors blindly trusting lies. The fact Bitconnect bot never book a loosing day is a proof by itself and i am pretty sure it could be mathematically proven, probability could proove given a very short period of time 1 day that variance induce at very high odds a loosing day should occurs at least one time over a long period of time months.
I repeat to you Bitcoin can't be shut down by authority, the fact that you don't know that show the level of ignorance you have regarding blockchain technology. Trading bots are trading bots. The algorithms are agnostic since all they do is crunch data sets, there would be absolutely no difference between the alleged Bitconnect bot and any decent quality Forex foreign exchange trading bot. Aside from the level of returns that strain common sense well past its breaking point, their own premise does not hold water.
Since they are almost the sole market maker, they can run spurious trades all day just to generate faux volatility. Finally, please don't compare BCC to Bitcoin. Bitcoin never promised returns of any type. Moreover, the complete lack of any ownership indication or even location of the organization should give anyone tossing any money cause for concern.
They can last a lot longer with crypto, have the standard income and the increase in token value, expect the owners are holding a lot of their tokens.
Steem is basically a ponzi scheme aswell though, it has no income. Even if it did display ads they wouldn't make anywhere near as much as is given out in upvotes. Difference with steemit , simple users don't take risk, only investors buying steem do, we have all the data available to take decison, and what is promised distribution of curation and author rewards can be verify in open source code. If steemit website is down with your keys you have still access to your funds.
No sir Bitcoin can't be shut down, this is the principle of dencentralization but i agree Bitconnect can be. In a sense all cryptocurrency can be seen as baked air, but bitconnect takes this concept to the next level. A Trading bot with no proof of actually existing that never loses, makers are anonymous, not listed on the big exchanges and textbook pyramid scheme structure. Dont you think that many of the cryptocoins and tokens are a scam in one way or the other? In the end most of the coins are floated to the market with some pre-mining, an ICO, and then brought to exchanges.
I totally agree with you, crypto market is not regulated and from what i witness for years i think it is highly manipulated by several entities. There is a lot of scam in one way or aother, market manipulation, biased ecosystem, false informations, insider trading It is very difficult to proove these occult activity because in unregulated market data are not accessible and verified by anyone. This is exactly why i don't trust bitconnect and i strongly think it is a scam, no accessible data and a probable biased ecosytem because of the daily average high interest.
I don't know Bitconnect to be honest and when indeed the daily interest is set high, one shall be careful, since in the end anything with high revenues, have also the risks attached it'll never happen.
That said, the service that we are using to make this conversation happen may also be a scam, a well disguised scam, but the enormous amount of Steem in the hands of the founders and the enormous amount of SP in the hands of a few, is something to be very careful about. BUT, that said, as long as we can profit from these services and coins in one way or the other, we can own the coins and tokens and use the services: I suspects many many many more scams coming to life next years. But for those who own BTC, they will have the opportunity to use the scam, and profit from it.
Sell the clones ASAP before these values will go south. I think without a truly decentralized governance system we will be not be safe against powerful entity able to manipulate coins.
This could destroy Bitcoin as we know it and be replaced by another coin with a more decentralized ecosystem simply because conflict are "coded" in human nature and BTC code will evolve slower than other coins, too big to fall so less risk taken and too many people to convince each tim we want to integrate a changement.
Dash for example has a decentralized voting system by masternode, it is not perfect because of Dash initial coin distribution and the fact that whales own the most of voting power, but it is better than nothing.
I think it will become a hot subject soon, these coins might outperform the other in such context. Decentralised can only work when power is distributed more or less even over many many individuals, that I realise. What I also realise that likely no coin has this, since it are humans who launch the coins and most of the people who do that, want something more for themselves then others.
DCR, I own a little bit of for trading, but it is something I like to look further into for investment. This post might be old but I have to express my respect to you, sir, after reading this and noticing you actually posted this 4 months ago.
It is what it is It'll keep working till it doesn't Who's the lucky Irishman that will be burned 1 day before there principle is scheduled to free up? It pays out and does well for now But the music will stop and they'll be no more chairs.
It is nearly impossible to get such payments per day. Bitconnect does not allow us to withdraw our initial investment. And this is the reason why it has so much value now. And it also allows to reinvest. This makes people to reinvest and almost no one sells Bitconnect. This is increasing the value of the coin everyday. It will pay till it pays. And someday it will stop paying directly. Good luck to the investors. I am from Indonesia.
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Thank you so much. So many idiots out there are pushing and pushing for bitconnect, and arguing that because it worked for them once, it's the wave of the future! I've seen articles like these before You sound like a broken record I have been invested in the platform for a few months now, I mine BCC and stake it as well, some of it I sell on Nova exchange, and some I invest.
I agree that people should do their own research, and decide for themselves. I did my own research, and came to my own conclusions. I do not believe it is a scam, and I believe that time will be the best proof that it is not a scam. You are entitled to your opinions. The best of luck to you, and have a great day.. Thank you Ian , i hope you will be fine at the end, remember nothing is won until you withdraw it.
I've been seeing a lot about this so far and think that it can be a pyramid. It can't be that so many people talk about it as a scam. BitPetite is way better. Big thumbs up for this post mate! I stayed away from BCC for a while now and I'm sure it is the good choice. My instinct is telling me that this "thing" will crash sooner or later. I hate pyramid scheme and here we are and so many people are closing their eyes in front of it.
Which can u suggest person should buy am confused.. Hi, Thank you very much for sharing, really thank you very much. Thank you for the in depth explanation, I did saw some of the post about bitconnect here on steemit too. Does it matter much if it is a scam. Just get in fast get out fast maybe. Or just don't put anything you can't afford to lose. I have never even heard of it myself, but appreciate the heads up nonetheless. At least you have opened eyes for many others that have possibly been caught.
Yes i see too much hype on youtube and steemit, i tought it would be fair to equilibrate the situation and remind people there is no free money without counterparty risk. Here is the invite link - use it, don't use it ; https: Even i dont know about the coins but i also have to understand this. There r many things to know Cool , thanks for the heads up! It must be hard for the scammers to scam these days, with so much transparency and sharing info, the bad guys are rooted out pretty quickkkk!!
Thank you for these reminders it really helps especially for us who are still new here on Steemit and who have limited knowledge about cryptocurrencies and bitcoins, etc. Thank you for the information, it is necessary to be attentive to these swindlers, regards, I invite you to visit my blog. I'm not into cryptocurrency but my wife does, steemit is the only decentralized platform I know and wish to know more about bitconnet and the others. Just came here to say thank you for the welcome upvote, I am grateful Yes i still believe it is the case but Bitcoin rise so much that Bitconnect can easily pay the rewards.
We will really discover the truth when Bitcoin will be flat or in downtrend for weeks. I haven't tried using bitconnect but there are Lots of sites now that we think legit but it's a trap, ive heard that bitconnect stop paying referrals already. Best wishes to you.. Register in this to make more money by just clicking and earning btc, satoshi, dash, litecoin, etc www. Thank yo for the appreciation. I was always sure about bitconnet that is a scam, the fact that they provide this information and they say that is a registred company prove that they are just a scam project: Thanks god I didn't join because a lot of people was inviting me there and seeing how they make big money also attract, but some people will lose a lot of money also.
Award for the number of comments. As long as you manage your risk nothing wrong to gamble a small part of your portofolio. If you know what you don't know then you act accordingly: You are right boss. There is no way you can make it without risk in all dimensions. Please find your time to visit my blog damarth. Always nice to read. Hope we get more out of Steemit. Is Bitconnect a scam? Hello steemians, Today i want to warn you about Bitconnect Pyramid scheme scam. Do Biconnect invented a super bot beating all the competition?
NO or proove it. Why Bitconnect bot don't destroy stock market aswell? Thousand of investors will be ruined! Are we all gonna be rich with dollars raining from the sky? Authors get paid when people like you upvote their post. Let's take you points by points: Or they payout with the fresh money people keep lending them.
Bitconnect fanboys are either one of these 2 things: Gullible Deceptive pieces of shit. That in itself should ring a bell. Bitconnect detractors are a. This is what it pretty much boils down to. And let's look at Occam's razor here folks. They made a bot better than any other trading bot in the history of the world. They are running a classic pyramid scheme used since the beginning of time. So, so, so many stupid people out there Well this Dummy is making profits!
I guess I'll continue to be stupid Your profit makes you a thief, or at least an accomplice.