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In Depth: Is Bitcoin Mining Legal?

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The reason why some governments ban bitcoin mining is that they fear that it will compete with the fiat currency of their country.

Bitcoin mining is all about creating new currencies and not about duplicating or counterfeiting existing coins.
The reason why some governments ban bitcoin mining is that they fear that it will compete with the fiat currency of their country.

 

Bitcoin Mining in different legislation

In Iceland, bitcoin mining is legal; only users are not allowed to trade bitcoin for kroner, the official currency of the country. In countries where Bitcoin mining is considered legal, users are expected to use white hat strategies to extract their Bitcoin, and this would involve the use of their computing and electricity.

Bitcoin mining is a complex process of computer science and mathematics in which bitcoin miners are introducing new bitcoin to the world, as well as checking and adding bitcoin transactions to the general ledger, i. e. the blockchain.

 

Bitcoin Mining in India

The RBI regulates payment systems and, as RBI has expressly limited banks and financial institutions to deal with bitcoin or to provide services related to bitcoin, bitcoin may not be considered as payment systems.

In recent times, the interest in bitcoins as an investment and payment system has increased dramatically, as bitcoin is the world’s first cryptocurrency and is easily traded and maintained.

India has not explicitly stated that bitcoins are illegal and have not introduced any laws regulating Bitcoin transactions, so that Bitcoin mining and other activities are still in India, albeit on a tiny scale.

 

Miner Friendly Nations

If you live in North America and most Western Europe, bitcoin mining, as well as ownership, is not only legal but also local regulations provide some protection and essential supervision.

In most cases, national governments that have not banned bitcoin have not adopted laws on bitcoin mining.
Sometimes people mistakenly believe that bitcoin mining is like counterfeit money, but it is just not true.
Mining of bitcoin, as well as ownership and use of bitcoin, is illegal in some countries.

In other countries, the use and mining of bitcoin are more ambiguous when the government sends mixed messages.
For the time being, bitcoin mining in these countries is generally legal and secure, but the regulatory environment may change rapidly.

 

Bitcoin Mining:

Bitcoin mining is an exciting way to try to make a few bitcoin chips on the side, but it also serves a fundamental purpose in maintaining and maintaining the bitcoin blockchain. In contrast to the usual fiat coins ( such as US dollars or euros ), bitcoin’s assets are not controlled by a central government or bank, and new bitcoin ( BTC ) cannot be printed and issued as paper money. Bitcoin is awarded to miners who have solved the mathematical problems needed to verify bitcoin transactions.

 

Bitcoin ASICS were introduced in 2013, and from November 2017 they are the best processors available for bitcoin mining, better than the FPGAs in power consumption.

But with the spread of bitcoin mining, the network has become much more stingy in distributing bitcoins to miners.
To start working with your mining equipment, you buy bitcoin mining equipment ( or other virtual currency ), set it up and let it run 24 hours a day, seven days a day, seven days a day, bitcoin transaction resolution.
Cloud mining companies invest in huge mining equipment, often filling entire data centers with hardware, and then selling subscriptions to people interested in bitcoin mining.

 

Regulations:

However, In some countries, there has been the talk of banning cryptocurrency mining due to the high energy consumption associated with mining. As more and more cryptocurrencies enter the market and prices rise, interest in bitcoin mining will increase.

There are many cases where the national governments have not banned Bitcoin; no laws have been passed on Bitcoin mining. There are times when people mistakenly believe that Bitcoin mining is similar to counterfeit money, but in reality, it is not. Bitcoin mining is currently considered legal in many countries and is safe, but such regulatory environments may change rapidly.

Companies engaged in bitcoin exchange will be subject to tax on their bitcoin sales. The trade in Bitcoin in Vietnam is still legally unlimited and unregulated, and the two largest Bitcoin markets in Vietnam – VBTC and Bitcoin Vietnam continue to operate without restriction.

Today, however, Bitcoin mining has become a niche business, which only works with ASIC special equipment.
The most appropriate thing is to say that Bitcoin mining is legal in many countries, except for a few.

It is not practical to try to transfer exclusive rights to a local authority under the rules of the global Bitcoin network.
Bitcoin is not a fiat currency with a legal tender status in any jurisdiction, but tax liability is often incurred regardless of the medium used.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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Amazon Owned Whole Foods, Other Big Retailers Start Accepting Bitcoin

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Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

Whole Foods, which is owned and operated by the e-commerce giant Amazon and other big retailers are now going to accept payments in bitcoin.

 

Whole Foods and Others accepting Bitcoin using Spedn:

A company called Flexa in collaboration with Gemini exchange which is owned by the Winklevoss Twins has managed to persuade a lot of big retailers including Nordstrom, Crate and Barrel & Whole Foods to configure the same scanners that they are already using for payments from other digital wallets like Apple Pay to work with their cryptocurrency payments app called Spedn.

 


Everything is handled on the backend of the application so that the cashier need not even have heard of bitcoin, let alone understand how to manage payment in cryptocurrency. The merchant has the choice in receiving immediately converted fiat or actually taking and holding the cryptocurrency.

 

The Spedn app lets consumers pay in bitcoin, bitcoin cash, ethereum and GUSD (Gemini Dollar), the Gemini backed stablecoin.

 

This new solution actually uses the existing systems and offers really only upsides for the companies as they don’t have to do any special training for their staff and there is no new hardware required and just a software upgrade.

 

It is worth noting that this is still in its early experimental stages for all the retailers which are cooperating with this scheme and things may of course change in the future. The thing to keep in mind here is that Bakkt is likely launching a massive payment processing service for cryptocurrency in the very near future as well and it could be a big competitor to what Gemini and Flexa are offering.

 

The company will also need to prove itself with consumers and get people to actually go out, download and use the Spedn app.

 

Can this be a game changer in retailer adoption of bitcoin and cryptocurrencies? Let us know about your thoughts in the comments section below.

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