What happens if someone owns all Bitcoin?
When someone invested on it and ‘bought’ it, then the coin had a value. That is, when you have all the BTC, you need to release them to have a value. One more thing is, BTC is ‘not yet complete’. When you buy all the BTC right now, there will be a new BTC, until some time that it will stop producing.
Can the government make cryptocurrency illegal?
There is no law that stated that holding or trading bitcoin is illegal.
What is the problem with cryptocurrency?
All cryptocurrencies have a finite supply and the speed at which they can be increased is uncertain and not controllable by anyone. These supply limitations make cryptocurrencies unsuitable as legal tender because the static ‘money supply’ would deprive central banks of the ability to conduct countercyclical policy.
Is it true that cryptocurrency has been banned?
While banks and other financial institutions are prohibited from dealing in cryptocurrencies in Nigeria, cryptocurrency has not been termed illegal, but it is unregulated.
What will happen if Cryptocurrency is banned?
Well, if the government decides to ban cryptos, then the transactions between the bank and your crypto exchanges will be stopped. You will not be able to convert your local currency to buy any crypto. Also, you will not be able to get them encashed.
Is cryptocurrency the ultimate currency of free people?
The fans of cryptocurrency praise it as the ultimate currency of free people, but no government in the world recognizes cryptocurrency as a legitimate currency. It’s too volatile to serve as currency and you can’t buy anything with it. The truth is, cryptocurrency is not currency and it is not an investment.
Are you prepared to secure your cryptocurrency?
Likewise, if someone else gets a hold of your private keys or seed phrases, they can easily steal your funds. Frankly, this level of security and personal responsibility for securing one’s assets is something that the vast majority of cryptocurrency users aren’t prepared for, much less equipped for.
How does the crypto pump and dump work?
A single cryptocurrency aristocrat can initiate the pump and dump. The wealth generated by this strategy can be staggering. Here’s how the crypto pump and dump works; the cryptocurrency aristocrat creates media buzz-generating irrational exuberance for the crypto of choice.
Can you take full custody of your cryptocurrency?
The only financial assets other than cryptocurrency that people have the ability to take full custody of are commodities like gold (which are generally impractical to self-store securely at least in larger quantities) and cash. If you had the cash in your wallet stolen, who would you hold liable?