Isn't bitcoin used for money laundering ?
Banks have laundered WAY more dollars and pounds than any other entity !
Any currency can be used for good or bad. Bitcoins blockchain is traceable so therefore not actually very good for laundering.
Deutsche Bank fined for $10 billion Russian money-laundering scheme
Deutsche Bank fined $630m over Russia money laundering claims
HSBC to pay $1.9 billion U.S. fine in money-laundering case
Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries
Any currency can be used for good or bad. Bitcoins blockchain is traceable so therefore not actually very good for laundering.
Deutsche Bank fined for $10 billion Russian money-laundering scheme
Deutsche Bank fined $630m over Russia money laundering claims
HSBC to pay $1.9 billion U.S. fine in money-laundering case
Big Banks Money Laundering: UBS Fined $4.2 Billion, Danske Shuts Down in 4 Countries
How much energy does Bitcoin use ?
32Twh/year of roughly 75% renewable energy
Bitcoin power consumption = Hash rate X the efficiency of the mining rigs. 90000000 Ths x 40W/Ths =3.6GW
Below is a comparison between Bitcoin - Banks - Country's and Googles energy consumption.
0.008% of USAs electrical consumption.
Below is a comparison between Bitcoin - Banks - Country's and Googles energy consumption.
0.008% of USAs electrical consumption.
Power consumed serves two purposes
- Minting new coins 96%
- Performing transactions 4%
Bitcoin total power consumption. This is an issue close to my heart as an environmentalist.
It uses way less energy than Gold mining ! Gold mining is much more fossil fuel orientated. Gold mining is destructive to the environment. In 2013 it took 25.8 gallons of Diesel to produce 1 ounce of gold ! Bitcoin tends to use the cheapest electricity which is usually the greenest EG excess power from
It's the emissions produced in making the energy and destruction of enviroent that is important ! Bitcoin could replace 100,000s of Banks, sky scrapers armoured cars. Not to mention the Military Industrial Complex required to defend the Dollar. Bitcoin incentivises Green energy. Giving a very useful outlet for excess wind, solar (see Sunexchange) and hydro power. In Germany and the UK people are actually PAID TO CONSUME excess wind power, imagine getting paid twice to use power!
In the UK Octopus Energy can go as low as -3p /kWh. Also the bitcoin mines tend to go to where the energy is produced eliminating the need for energy wasting infrastructure EG power pylons / Oil pipes etc. Second use of the heat (a by product of Bitcoin mining) can be used to heat homes EG - Run a Bitcoin mine in your house at night on Cheep rate Green electricity to heat your home through winter. A heater that makes MONEY! If you really want to be green shut down the Military Industrial Complex, Gold mining and banks ! Bitcoin could do that without a shot being fired how green is that ! |
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What is Bitcoin backed by ?
Limited supply uncencorabilty, mining, unchangeability, Faith. Just like Gold or £ or $. Anything is only worth what people think its is worth. If you believe you can exchange £1000 worth of BTC for £1000 worth of goods and services or a £1000, then its it worth precisely that.
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Micro Payments Auto Micro Pay Fungibilty Store of value Ease of sending Uncensorable Limited supply Unconfiscatable Proof of work Low Storage costs |
Bitcoin
Yes Yes Yes Yes Yes Yes Yes Maybe Yes Yes |
Gold
No No Maybe Yes No Yes Maybe No Yes No |
Dollar Pound
No No Yes Diminishing Yes No No No No Yes |
Venezuela Bolivar
No No Yes No Yes No No No No Yes |
Can Bitcoin be hacked ?
Nope, its been going since 2009 and no one has hacked the Bitcoin protocol with a pot of $100,000,000,000 at stake, if it could have been hacked it would have been by now. Mount Gox did get hacked also other exchanges and may be the odd wallet, but not Bitcoin its self.
Can the Government ban Bitcoin ?
No One - Country, Entity or person owns Bitcoin. There is no where for the Government to walk in and shut down.
The Bitcoin blockchain is replicated all over the world on tens of thousands of computers in hundreds of country's. Banning is impossible. You may be able to ban it in one country but not all the others. Banning is ultimately holding your country back from the Crypto Evolution. Bitcoin is now legal tender in Japan and accepted by these companies KFC Canada - Overstock.com – Virgin Galactic – Virgin Mobile - Virgin Airline - OkCupid – CheapAir.com – Expedia.com – Newegg.com – Wikipedia.
The Bitcoin blockchain is replicated all over the world on tens of thousands of computers in hundreds of country's. Banning is impossible. You may be able to ban it in one country but not all the others. Banning is ultimately holding your country back from the Crypto Evolution. Bitcoin is now legal tender in Japan and accepted by these companies KFC Canada - Overstock.com – Virgin Galactic – Virgin Mobile - Virgin Airline - OkCupid – CheapAir.com – Expedia.com – Newegg.com – Wikipedia.
Can the Government Tax it.
May be, but then they will have to admit its legal tender, store and reissue it. Making it legitimate and increasing value. Bitcoin VAT ?
Which Bitcoin is the real bitcoin ?
Bitcoin BTC is the original. All other bitcoins are either Scams or copies- WHY ?
Scams
Some coins require a "premine" and to be issued by an entity.
"Ill make 100,000,000 of my new coin, but first put 10,000,000 in my pocket then sell the rest and ill be a millionaire". (pre-mine scam)
Also the issuing "entity" can be attacked by governments.
Copies
We had a spell of copies with allegedly better tech. If better tech is created it can always be assimilated into BTC.
It will take you a year or so to truly get to know the truth of this.
Most others are scams especially - XRP, Bitcoin Cash / Bitcoin SV / Bitcoin ABC. Created by Rodger Ver, Jihan Woo, Craig Wright.
Ethereum is a different animal but will never work unless it can scale.
Scams
Some coins require a "premine" and to be issued by an entity.
"Ill make 100,000,000 of my new coin, but first put 10,000,000 in my pocket then sell the rest and ill be a millionaire". (pre-mine scam)
Also the issuing "entity" can be attacked by governments.
Copies
We had a spell of copies with allegedly better tech. If better tech is created it can always be assimilated into BTC.
It will take you a year or so to truly get to know the truth of this.
Most others are scams especially - XRP, Bitcoin Cash / Bitcoin SV / Bitcoin ABC. Created by Rodger Ver, Jihan Woo, Craig Wright.
Ethereum is a different animal but will never work unless it can scale.
PROOF OF WORK vs PROOF OF STAKE
Like Gold before it. If it was just laying on the ground like stones, it would have no value. Gold has value because WORK, blood sweat tears and ENERGY got it out of the ground and its rare. Bitcoin emulates the mining of gold by giving cost to production and having a limited supply. If it was easy to produce, it would all get snapped up very quickly by rich people (PROOF OF STAKE) and proof of stake requires premining.
Bitcoin price has crashed - Is it over ?Bitcoin has had many runs up and crash's (Pumps and Dumps) but so has Amazon. Do you think an evolution like this would go smoothly up in price? , This is very normal market psychology (see chart below).
Also see 99bitcoins.com/bitcoinobituaries/ (Bitcoin obituary site) 
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Do we need Bitcoin ?Well you might do. See the Bolivar down below.
If you follow the world financials you will be aware that a meltdown could be on its way. We are starting to see the beginnings of this with Greece Venezuela, Turkey, Argentina, Peru etc.
Hyper inflation of 250,000% has already wiped out the Venezuelan Bolivar & therefore their pensions nest eggs etc. If these people had bought Bitcoin they would be much better off. 
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