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Countries that banned cryptocurrencies

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bitcoin ban

More and more people across several countries and geographies around the world are beginning to fear that digital currencies would be banned in their country. This has led to more and more people being apprehensive about investing in the digital currency market and are thus not investing in it. This has led to quite a downfall with many countries banning the mining, buying, selling, and trading using virtual currencies and also banning any transactions or purchases using it. This is done widely because these countries believe that these virtual currencies are bringing about a financial instability in their country. Keeping knowledge of any such bans is important to give diligence to any cryptocurrency related businesses.

Even so called global digital currencies like Bitcoin are banned in way too many countries. Several nations are yet to understand the revolutionary prospects of digital currencies like Bitcoin, Ethereum etc and are themselves dooming their future economically. In Bangladesh, the police went as far as to hunt down all Bitcoin owners and users. On the other hand, countries like Japan and Switzerland are welcoming this revolutionary new digital currency system with open hands and are looking to make great advancements in the fintech sector. Currencies like Bitcoin is universal in every geography around the world. Just like we have dollars in the United States, rupees in India and many more variations of legal currency, Bitcoin is universal around the world. It is borderless and does not change in different parts of the world. However, many countries still do not recognize it as a legal form of value exchange and looking at current trends, they do not plan to give it a legal status any time soon.

Countries that banned cryptocurrencies and bitcoin are:

  • China – Although all sorts of digital currency trading and purchasing is banned in China, it is still very positive on the blockchain technology front. They even mentioned Blockchain in their 13th 5 year plan of the government report and also opened an Industrial Blockchain Park to attract economists, blockchain based startups and academia to further grow in the field of Blockchain. 
  • Algeria – Bitcoin was made illegal as of 2017. Not just buying, selling and trading, but holding Bitcoins has been recognised as a punishable offense too. 
  • Bolivia – A resolution was issued by the Central Bank of Bolivia, banning any digital currency which is not regulated by a country or economic zone. 
  • Ecuador – All decentralized digital currencies have been banned in Ecuador. 
  • Bangladesh – In accordance with this country’s anti money laundering laws, any holder of digital currency in any form would be sent to jail. 
  • Nepal – This country recently banned Bitcoins on 13th August, 2017. 
  • Indonesia – This country does not exercise complete ban on all digital currencies. It is legal to trade and hold digital currencies however, it is illegal to use them as a payment tool or form. This was announced on 1st January, 2018. 
  • Thailand – Since 2013, Thailand had been very discouraging of any form of digital currency trading or holding however since 2017, it is fine with Bitcoin. However, they still demand proper measures to be put in place. 
  • Vietnam – Just like Indonesia, it is legal to trade and hold digital currencies but one cannot use it as a payment tool. 
  • Macedonia – Using any digital currency as a tool or method of payment is illegal in Macedonia. In addition to prison, hefty fines are levied on the offenders too. All initiatives to introduce it as a payment tool in restaurants and cafes has failed. 
  • Brazil – All forms of cryptocurrency has been banned in Brazil. 
  • India – Digital currencies are not completely banned. Using any type of digital currency as a tool of payment is banned in india. Money laundering regulations have been put in place. 
  • Mexico – Mexico has a mixed stance on digital currencies. It is permitted however ICOs are regulated. 
  • United States of America ICOs are prohibited here and strict regulations and monitoring is done  when it comes to money laundering and illegal activities. 
  • South Africa – Although currently regulated, the government has announced a future regulation that would soon be put into place. 
  • South Korea – The activities relating to digital currencies are unregulated here however, one needs to provide their real names when making transactions and purchases. A public address is not enough. ICO regulations and tax regulations will soon be put into place too. 
  • United Kingdom – Although still unregulated, the government and financial institutions have called for a crackdown.

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Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

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There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

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Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

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The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

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#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

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Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

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