Monday, October 6, 2014

Russia will probably ban Bitcon and other Cryptocurrencies


Russia's government may soon ban the use of Bitcoins and all the cryptocurrencies. It could, in part, explain the drop of the value of Bitcoin - that and one guy selling more than 15000BTC at $300... If the legislation put forward by Russia's Ministry of Finance are approved, all digital currencies would be ban, and it'll be against the law for Russians to possess Bitcoins, or any of other digital currencies.

The legislation that Russia’s Ministry of Finance wants to approve will impose a range of financial penalties on individuals and companies caught creating, generating, or using “quasi-money.” It's also expected that websites associated with Bitcoins market to be banned as well.

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Bitcoin Value Drops Below 300$ for the first time in one year!

Bitcoin Price Value one year Graph
(source)
For the first time since November, 2013, the value of Bitcoin dropped today below $300, hitting the lowest price of the year, and again the fear of crash reaches investors. The fear of a crash is exaggerated? Still seen by many as a currency for speculators and technology enthusiasts, whenever the price of bitcoin descends steeply, its detractors herald the end of the coin. But Bitcoins is here to stay, and went back up above $300.

The principal problem of Bitcoin is yet to find a general use that will push it into the mainstream and help stabilize its price, but in recent months many retailers and online stores began to accept Bitcoins, and it's now possible to buy almost anything with bitcois; it's true that thought it is possible to buy almost anything, it's not possible to buy it anywhere. That time, I'm sure, will come. In fact, the main problem of Bitcoin is governments regulations (and even prohibitions); but since some governments accept it, others will follow.

What's your opinion? Leave it on comments.

BitCoins Donations: 1DCsCVzimktDfHmwnZ6Xq7JeABeE6X37Tm 

Also read: Price of Bitcoin Tumbles, at The New York Times.