Richard Quest, an English journalist and CNN international anchor joined the Bitcoin discussion and said that Bitcoin is more than just a Bubble.
Richard Quest just visited a Bitcoin Mine in Iceland recently and was very surprised by the process how a heavily equipped mine is processing bitcoin transactions.
Bitcoin Mania has taken over the entire world, everyone is talking about it and host of the programme CNN business traveler and 500 questions recently joined the discussion of the bitcoin world, he mentioned that it is too easy for investors to mention Bitcoin as a ponzi scheme or a bubble or even a scam but one thing that they don’t understand is that there is a complete structure behind this and each and every transaction on Bitcoin goes through a properly conducted process called Bitcoin mining, he get to know more about the process of bitcoin mining when he recently visited a Bitcoin mine in Iceland.
Another side of the story
He presented another side of the story as well, he mentioned “We should not just accept the notion that bitcoin is the new source of money for the future, replacing paper currencies and gold. The fact that bitcoin prices roared up to over $11,000 and then just as quickly fell back to $9,300 in a matter of hours shows all the hallmarks of pure speculation. Money is being invested purely on the possibility of making more money because other investors are pouring in and pushing the price higher. This is different from stocks where the price is led by the earnings of the company involved, dividends and other tangible financial measures.
Whatever happens to bitcoin, other cryptocurrencies are gaining ground and more respect. Ethereum, for instance, has far more transparency. So while this week reinforced the fact the crypto revolution is coming, it also showed you can lose your shirt buying and selling bitcoin”
Risk is massive but reward is also sweet
Although risk with Bitcoin is massive but reward in terms of growth is also good making it can attractive investment at least for short term, we don’t know if it’s a Bubble or not, but it is a reality and we need to accept that
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share