QUOTE(Life_House @ Jun 12 2017, 09:48 PM)
Hi all,
I read a summary of bitcoin development. Up and down but still sustaining. Some countries like Japan made it a recognized coin. And it's used as one of the medium for trading in Nasdaq. Our gov started looking into bitcoin to be implemented in local banks in future...
I was wondering.. Would the sifus here mind to share what are the holding power for bitcoin that it can sustain and bounce back despite some temporary downhill ?
Thanks in advance
the main reason for Bitcoin is illicit money transfer (capital control), illegal business & failing currency, and investment
illicit outflow for China alone tops USD 100Bil annually and they (PRC) are out of options to invest in stocks, commodities as well as properties. trading volume in the world mainly comes from 3 exchanges in USD but, a few more asian exchanges is catching up in volume as well.
tight capital control countries
1. china (tight outflow)
2. Korea
3. India
see this site for currency flow involving BTC
http://fiatleak.com/illegal business on that side there are plenty of usage especially on silk road (drugs), online scams (demn nigerian scammer), credit card scams all use Bitcoin.
so the demand for bitcoin is already there. it's used to bypass cross country payment system as well as avoid identity detection
This post has been edited by AllnGap: Jun 12 2017, 10:03 PM