19,000 a Bitcoin and bitcoin currency country shows no signs of stopping. That investment has of course has done extremely well nearly tripling my investment in less than six months.
I create and present on a lot of business solutions and strategies including Blockchain which is the underlying base technology of Bitcoin. The very general concept of all the different blockchain technologies are in essence the same – there are participants which hold accounting-like ledgers and they all share each change to the ledgers on a consensus bases. Bitcoin leverages the Blockchain technology to record the holdings of Bitcoin cryptocurrency. Miners are all linked, encrypted, and agree on ledger changes. The result is one of the most globally secure currencies ever devised which tracks full or fractional amounts of Bitcoins. Using Coinbase, the process for me was fairly simple. Set up a Coinbase account, verify some deposits on my bank for a wire transfer and deposits on my credit card accounts and then I was ready to buy.
I transferred in money from my bank account which is slower, but less expensive than the higher fee credit card cryptocurrency purchases. Overall the process is pretty simple, but not quite as smooth as online stock trade accounts. Currently there are hundreds of various cryptocurrencies on the market, however Bitcoin, Ethereum, and Litecoin are the most popular by far. Early on I made a lot of money during the internet bubble where stocks were soaring, but those valuation increases are nothing compared to what is happening with Bitcoin. I am not a broker, and admittedly willing to throw disposable income at some risky investments.
Some investments have panned out and some I lost my shirt, but I have never had an investment that tripled my money in less than six months with no apparent slowdown. After what appeared to be a stall in Ethereum and Litecoin, I sold them and moved all the money into Bitcoin. In hindsight, it was the right decision and wish I would have dumped all the money into Bitcoin at the start. To date though investments in Ethereum and Litecoin would still have doubled my investment. Sure I hold out hope that the insane growth continues and I and up a millionaire, but the real reason I wanted to have some money in Bitcoin was that it provides a completely transportable currency even if I am stripped naked and walked over the border of another country. That seems like an extreme example, however throughout history and even currently, political refugees are being forced from their homes with nothing more than their clothes.
How would I start over in another country if that happend to me, or suddenly US cash was worthless, or all Gold and Silver was confiscated like in 1933 as ordered by FDR. Just as I have a stash of cash, hold some silver and gold, the prudent option is to have a currency which can be accessed anyplace in the world. 20s and pound of gold at home does you little good if you are stranded far away from those funds. Sure it may take a week to reset passwords and reestablish my Coinbase credentials if forced to move without my electronics, however the money would still be there and once accessible, I have now have a tidy sum of Bitcoin which can be transferred into any bank account around the world. 0, it may be the best investment you could make in your survival. Bitcoin may be the best survival currency ever, after all US cash, gold and silver have not increased in value much over the last decade.
Perhaps it is time to think of survival beyond just physical currencies. This report surveys forty foreign jurisdictions and the European Union, reporting on any regulations or statements from central banks or government offices on the handling of bitcoins as well as any significant use of bitcoins in business transactions. Of those countries surveyed, only a very few, notably China and Brazil, have specific regulations applicable to bitcoin use. There is widespread concern about the Bitcoin system’s possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation.
Overall, the findings of this report reveal that the debate over how to deal with this new virtual currency is still in its infancy. Updates and additional countries have been added below. There are no official statements on the Alderney government’s website regarding its position towards the bitcoin, and it appears to be unregulated on the island. Bitcoins are not legal currency strictly speaking, since they are not issued by the government monetary authority and are not legal tender. He said that there was nothing to stop people holding or transacting in other currencies in Australia, including the bitcoin. Draft Ruling, and four draft taxation determinations on the taxation treatment of Bitcoin and other virtual currencies.