Cryptocurrency

[AtW]

Long way to go before cryptocurrency will be controlled or shut down by the Government.

How did you buy your coins, what was the payment method?

[scooterscot]

Attack points where bittulip is exchanged for real dollars: this is where money laundering going on, proceeds of crime from malware gets cashed out - as soon as those points are closed the "value" of crypto "currency" would drop to zero.

Bitcoin is the single most important factor responsible for growth of ransomware - without ability to accept payments that thing simply would not be attractive to criminals.

The end is nigh for Bitcoin...

Bitcoin is very traceable. I'm not sure why them ransomware idiots are using it other than because exchanges facilitate it. Even still, I'm pretty sure the proceeds from crime moves through fiat more so than crypto. I just don't credit drug dealers with that amount of intelligence.

Even still you don't have to use an exchange to transfer bitcoin to Fiat. https://bitsquare.io being one example whereby individuals can trade crypto with fiat without the middleman.

[scooterscot]

Not sure about any of these. Bitcoin value going back up, Litecoin steady at around $30, not bad for anyone purchasing it at $4 and under 3 weeks ago.

Long way to go before cryptocurrency will be controlled or shut down by the Government.

Blockchain is a world wide effort between users. No one government can close it down. It is like saying the UK government is going to make Amazon pay corp tax for all sales in the UK. It'll never happen. Isolationist policies are doomed to fail, which Brexit is full of.

[scooterscot]

How did you buy your coins, what was the payment method?

By far the easiest and cheapest method if you are in the UK is using bitsquare. Avoid putting 'bitcoin' in the transaction reference if you believe trading in your jurisdiction is illegal.

https://bitsquare.io

[Drei]

How did you buy your coins, what was the payment method?

I didn't yet but I did register on a few exchanges and installed bitsquare. Trying to follow Scoots advice. With exchanges it can take up to a month before you are fully registered and can start trading but the whole issue is the Wallets. If you use exchanges you keep your money in their wallets, this means they can potentially take it as some did in the past. A few allow you to link your wallets but they also want your secret keys... You might be able to transfer the crypto from exchange to your own wallet but that will cost you a small % of the amount transferred or could be fixed depending on exchange and wallets used.

You can use your CC to buy on some exchanges, mostly it is bank transfers. I tried a CC buy but for some reason it did not go through so I just left it for now. With a CC you can buy a max of £100, great for the lower cost cryptos but not for anything over £20. I think after a month you can use the CC to make higher purchases.

[europetractor]

Blockchain is a world wide effort between users. No one government can close it down. It is like saying the UK government is going to make Amazon pay corp tax for all sales in the UK. It'll never happen. Isolationist policies are doomed to fail, which Brexit is full of.

They support a QE private monetary system, and collect taxes and overthrow governments who don't support the global central banking system , killing thousands in the process, and try to initimidate other nuclear powers. When cryptocurrency gets some traction with wider masses, it will be subdued and taxed to death.

[AtW]

By far the easiest and cheapest method if you are in the UK is using bitsquare. Avoid putting 'bitcoin' in the transaction reference if you believe trading in your jurisdiction is illegal. https://bitsquare.io

How did you pay - credit/debit card, Paypal, bank transfer?

[AtW]

You can use your CC to buy on some exchanges, mostly it is bank transfers.

Ok, so those avenues will be closed for money laundering reasons - it's particularly easy to ID exchanges because they would be:a

a) receiving money from many different sources
b) paying out money to many different sources

"Value" of "cryptocurrency" will drop 100 times very quickly.

[Drei]

Ok, so those avenues will be closed for money laundering reasons - it's particularly easy to ID exchanges because they would be:a

a) receiving money from many different sources
b) paying out money to many different sources

"Value" of "cryptocurrency" will drop 100 times very quickly.

I will let Scoot answer this one but the banks would need to identify the specific accounts this is going to. In addition there are plenty of intermediary services that can bypass bank flags. I believe that Banks have closed some accounts for people that transferred money to specific exchanges.

Plenty of Banks laundering money for their wealthy clients, the issue with the banks is that they don't like cyrptocurrency in general, bypassing their greedy hands.

In principle all you need is one transfer, let's say £10K after which you can purchase any amount of cryptos, the value for those can increase substantially. The end cash-out would be problematic I guess hence why I was asking about it.

[AtW]

Plenty of Banks laundering money for their wealthy clients, the issue with the banks is that they don't like cyrptocurrency in general, bypassing their greedy hands.

They know their wealthy clients but with "cryptocurrency" they don't know purpose of transaction - could be financing of ISIS for all they know, so only responsible course of action is to block it...

A business account is trivially detectable - too many unique sources of incoming money, normal person would have usually 1, maybe 2-3, not thousands.