US Federal Government Bitcoin

❶ The US SEC approved the Bitcoin futures ETF, SEC, what is the abbreviation

SEC is the abbreviation of the first letters in the English expression “Securities Exchange Committing” of the (US) Securities and Exchange Commission. It approves and manages financial products such as stocks, funds, and futures listed and traded on the exchange.

❷ Why the U.S. recognizes Bitcoin

On July 25, 2020, the U.S. federal court said for the first time that virtual currencies such as Bitcoin are a “currency” covered by the country’s laws. ”, which means that Bitcoin is not just a commodity trading category, but money, with monetary attributes, however, the US federal government does not regard it as legal tender, so don’t interpret it too much, the US dollar is still far from a collapse for the time being. In terms of the world currency structure, the status of the US dollar is temporarily difficult to replace. Even if the United States admits that Bitcoin has currency properties, it is difficult to compare it with the US dollar, but it is only due to various considerations.

There is no doubt that blockchain technology will lead market changes, optimize the current financial payment system, and form a safer, faster and more stable currency system. There are many types of currencies, but none of them will become the protagonist. The final big competition is still in the central banks of various countries. The cryptocurrency launched by the central bank itself will be the real mainstream in the future.

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❸ The U.S. Federal Court ruled that Bitcoin is legal currency, what is Bitcoin

【Characteristics of Bitcoin】

Bit Coins are anonymous because they are built on a decentralized system, Bitcoin is completely self-contained, and the outside world cannot shut it down through some kind of core infrastructure.

“Anonymity” is very useful for those who do not want to associate their name with the goods or services they purchase, all outsiders see is your bitcoin wallet address and A string of random letters and numbers, without any personally identifiable information. For relatively paranoid users, multiple new wallets can also be created for free.

Bitcoin is designed to allow anonymous ownership and usage rights, and bitcoins can be stored in the form of computer files (wallets) On a personal computer, it can also be stored on a third-party hosting service. Regardless of how they are stored, bitcoins can be sent to anyone on the Internet through a bitcoin address. The distributed nature of P2P and the design without a central management mechanism ensure that it is impossible for any institution to manipulate the value of Bitcoin or create inflation. Its main features are:

  • Decentralization

Bitcoin is the first distributed virtual currency, the entire network Consists of users, no central bank. Decentralization is the guarantee of Bitcoin’s security and freedom

  • circulating all over the world

Bitcoin can be received at any computer Managed on a computer connected to the Internet. Anyone can mine, buy, sell, or receive bitcoin, no matter where they are.

  • Exclusive Ownership

Manipulating Bitcoin requires a private key, which can be isolated and stored on any storage medium. No one can get it except the user himself.

  • Low transaction fees

You can send bitcoins for free, but you will eventually be charged about 1 bit per transaction transaction fees to ensure faster transaction execution.

  • No hidden costs

As a payment method from A to B, Bitcoin does not have cumbersome quotas and procedures. You can pay by knowing the bitcoin address of the other party.

  • Cross-platform mining

Users can explore the computing power of different hardware on many platforms.

[How to get bitcoin]

First of all, your computer should have the latest version of the bitcoin client installed, after opening the client It will automatically download all the transaction information data on the network to the local, this process may take several hours depending on the speed of the network. At this time, the account balance is 0, and the user can ask friends to send some coins, but a more feasible way is to go to miners to mine or buy from merchants. [6]

  • Mining as a miner

To be a miner is to use your own computer to produce bitcoin. There is still an option of mining in the terminal, but it has been cancelled. The reason is very simple. As more and more people participate in mining, it may take a few years to mine 50 coins by yourself, so miners Generally, they are organized into miners’ guilds, and everyone digs together. For specific mining methods, you can search online by yourself. This approach is already unrealistic.

  • Acquisition as a merchant

As a merchant, you can use money to acquire coins mined by miners, or you can set up an online store Sell ​​things to receive bitcoin, and you can go to the exchange to speculate. provide a comparisonThere are many websites for currency exchange services, and almost any currency can be exchanged. If you really don’t know how to exchange, you can also come to the old end for help.

Bitcoin mining difficulty is proportional to the amount of currency that has been mined. The more difficult it is to mine, the more difficult it is to mine. After 20 million bitcoins are mined in 2030, the remaining 1 million bitcoins are likely to take decades to be mined. And Bitcoin does not have a central issuer, it is generated by network nodes through complex calculations, and anyone can run Bitcoin software on a computer to make it. When circulating, enter the quantity 1 on the client software, and then come to the bitcoin address of the other party, and sign it with the password of the payer. After that, the bitcoin is the other party’s.

Relevant information and pictures are from the Internet: through Internet search

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❹ Which country does Bitcoin belong to?

Bitcoin is a P2P digital currency. Originally proposed by Satoshi Nakamoto in 2009, the concept, design ideas, and the release of open source software were completed, and a corresponding P2P network was constructed. Its point-to-point transmission means that it is a decentralized payment system. The Bitcoin economy uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors, and uses cryptographic design to ensure the security of all aspects of currency circulation. The currency system used to have no more than 10.5 million for 4 years, after which the total number will be permanently capped at 21 million. Bitcoin can be used to cash in most countries’ currencies and can be used to buy virtual items as well as real items. [1][2] In 2010, 1 Bitcoin was worth 0.25 cents. On February 26, 2014, Joe Manchin asked the U.S. federal government to ban Bitcoin altogether. From 12:00 noon on January 24, 2017, the three major bitcoin platforms in China officially began to charge transaction fees. At the end of 2017, the bitcoin price exceeded $20,000. [3][4] On November 21, 2018, the price of Bitcoin fell below $4,100, a 13-month low.

❺ What is Bitcoin

Bitcoin (Bitcoin: Bit Gold) was originally a virtual currency on the Internet, which can be used to purchase real-life items. It is characterized by decentralization, anonymity, and can only be used in the digital world. It does not belong to any country or financial institution, and is not subject to geographical restrictions. It can be exchanged anywhere in the world. Therefore, it is used by some criminals as a money laundering tool. . In 2013, the U.S. government recognized the legal status of Bitcoin, causing the price of Bitcoin to skyrocket. In China, on November 19, 2013, one bitcoin was worth 6,989 yuan.

On January 7, 2014, Taobao issued an announcement announcing that the sale of Bitcoin, Litecoin and other Internet virtual currencies and other commodities will be banned from January 14. On February 26, 2014, Democratic Senator Joe Manchin (Joe Manchin) of West Virginia issued an open letter to various regulatory agencies of the U.S. federal government, hoping that the relevant agencies could take action against the current situation that Bitcoin encourages illegal activities and disrupts the financial order. Pay attention and demand that action be taken as soon as possible to completely block the electronic currency. On January 11, 2017), the Shanghai Headquarters of the People’s Bank of China, the Shanghai Financial Office, etc. carried out on-site inspections on Bitcoin China, focusing on checking whether the company has carried out credit, payment, exchange and other related businesses without a license or license; anti-money laundering The implementation of the system; hidden dangers of financial security, etc. On January 12, 2017, the central bank’s business management department also stationed in Beijing, “”, “Bixing” and other trading platforms.

On May 12, 2017, the global sudden Bitcoin virus attacked public and commercial systems! Nearly 74 countries around the world have been severely attacked!

From August 1, 2017, the global bitcoin trading platform will suspend deposit and withdrawal services. Bitcoin China digital asset trading platform will stop the registration of new users from September 14th, and the digital asset trading platform will stop all trading operations on September 30th.

The global financial crisis broke out in 2008, when someone published a paper under the pseudonym “Satoshi Nakamoto” describing the model of Bitcoin.

Compared with fiat currency, Bitcoin does not have a centralized issuer, but is generated by the calculation of network nodes. Anyone can participate in the creation of Bitcoin, and it can be circulated all over the world and can be placed in any one place. Buying and selling on a computer connected to the Internet, no matter where they are, anyone can mine, buy, sell or receive Bitcoin, and outsiders cannot identify user identity information during the transaction process. In 2009, Bitcoin, which is not controlled by the central bank and any financial institution, was born. Bitcoin is a kind of “electronic currency”, which consists of strings of complex codes generated by computers, and new bitcoins are made through a preset program.�With the increase of the total amount of bitcoins, the rate of new coin creation slowed down, until reaching the total cap of 21 million in 2014, and the total amount of bitcoins mined has exceeded 12 million .

When Bitcoin enters the mainstream media’s field of vision, the mainstream media will always ask some mainstream economists to analyze Bitcoin. Earlier, these analyses always focused on whether Bitcoin was a scam. And today’s analysis always focuses on whether Bitcoin can become the mainstream currency of the future. The focus of this debate is often focused on the deflationary nature of Bitcoin.

Many bitcoin players are attracted by the fact that bitcoin cannot be issued at will. Contrary to the attitude of Bitcoin players, economists are polarized in their attitude towards Bitcoin’s fixed total of 21 million.

Keynesian economists believe that the government should actively control the monetary aggregate, and use the tightness of monetary policy to fuel or brake the economy in a timely manner. As such, they argue that Bitcoin’s fixed-cap currency sacrifices controllability and, worse, will inevitably lead to deflation, which in turn will hurt the economy as a whole. The Austrian school economists hold the opposite view. They believe that the less the government intervenes in the currency, the better, and the deflation caused by the fixed monetary aggregate is not a big deal, and even a sign of social progress.

❻ Virtual black money, why the federal government is investigating Bitcoin

Recently, this has changed about the U.S. government wanting more information about a Bitcoin-like decentralized virtual currency It’s very clear. In a spending budget recently passed by the committee, congressional representatives asked the FBI to provide them with a report. The title of the bill is “Money Laundering”. The Committee understands that Bitcoin and other similar forms of peer-to-peer digital currencies are a potential tool that can be used by criminals, terrorists, or other illegal organizations and individuals to engage in illicit money laundering and transfer of funds. News reports indicate that bitcoin has been used to help finance travel and activities for fugitives. “(Translator: Are you talking about Snowden?) – House Appropriations Committee. In the same week, the Senate Committee sent a letter on Homeland Security to Secretary of Homeland Security Janet Napolitano. The letter mentioned the need for a A strategic framework for dealing with Bitcoin. However, this letter is very clear that it is only seeking a guideline, not the idea of ​​suffocating legislation that many fear. With any emerging technology, the federal government We must be confident that any potential threat can be dealt with promptly; however, we must also ensure that reckless and ignorant actions are not taken to stifle valuable potential technology. – U.S. Senate Committee on Homeland Security and Governmental Affairs Finally, Financial Services in New York State The Authority issued a virtual currency inquiry letter. They made it clear what they meant in the letter was to find a way to operate in the new financial environment, and that the regulations for common fiat currencies may not necessarily apply to currencies like bitcoin. On. As Fortune reported, this has resulted in numerous subpoenas being issued to 22 bitcoin-related companies in New York for the authorities to learn more. If virtual currencies remain a virtual wild west, it’s hard for drug dealers And other criminals. This will threaten not only the national security of our country but also the very existence of the virtual currency industry itself as a legitimate business enterprise. — New York State Financial Services Authority Black Money A recent case given by a Texas court in the United States The verdict that came out already gave a precedent that Bitcoin is money. That precedent was actually related to Bitcoin Savings & Trust, which was accused of being a Ponzi scheme. A verdict that clearly believed that Bitcoin was indeed money meant that it was an out of scope for a judicial investigation. Authorities already know that tracking bitcoin transactions is difficult. This is the key reason why illicit drug markets like Silk Road and Atlantis operate exclusively with bitcoin. According to recent reports, that site has deployed a A system to further anonymize bitcoins flowing to drug sellers on the site. This would make it much harder for authorities to track bitcoins than real dollars. Although judicially has reportedly found bitcoins in a drug-related case. This means They are not completely ignorant. However, if you consider that criminals are generally one step ahead and adapt to the authorities, and there are policies above and countermeasures below, the federal government will be at a serious disadvantage. Bitcoin startup boostvcsub already has many Bitcoin startups The company has received millions in VC funding. An investigation in New York casts a shadow over the continued development of the U.S. bitcoin industry. While U.S. bitcoin startups may feel threatened by regulators, others may There are loose regulations. Even if that were true, the U.S. is still the best place for startups to get VC funding. VCs love it.�� Invest in tech companies in the Bay Area, as this is a hotbed of tech talent and capital. Can this be replicated elsewhere? It still has to wait to know. Bitcoin is very popular in the financial world in both the San Francisco Bay Area and New York. It’s scary to think how expensive it would be to fully regulate a bitcoin business, whether you run a bitcoin exchange, a bitcoin mobile wallet, or a mining company. All these kinds of operations are moving money, as state courts have ruled. Any company that handles bitcoin for customers is moving money. Economic Impact Regulators need to strike a balance between allowing innovative financial technologies like Bitcoin to stimulate the economy without having these companies overwhelmed by inexplicable fees and regulations. California has done this, and has enacted complex money-transfer regulations for local companies, so much so that particularly sophisticated tech companies like Facebook, which have their own virtual currency, choose to ignore the law. btccompanies subpoenaed companies. List of companies subpoenaed by federal lawmakers who won’t let any bitcoin slip through the cracks. There are too many Bitcoin crime crises out there that need governments to thwart to be done. It’s interesting to look at the companies that were subpoenaed: most are well-known established companies. There are a lot of VC firms on the list. Standard Wealth Bitcoin is not a bank. He does not need to deal directly with regulators to process funds. There isn’t much to stop an American bitcoin company from operating right now. As the International Monetary Fund recently wrote, “Because of Bitcoin’s transnational and decentralized nature, Bitcoin’s role as an unregulated virtual cash raises a number of difficult legal issues.” The open-sourced U.S. dollar is an interesting concept. Standard Wealth is a company that is currently building something akin to an application programming interface (API) for USD. The idea is to make banking easier for businesses or organizations that pay high banking fees. Although there is more to show. No matter what Standard Wealth does, with an innovative project like this, the U.S. government will always have the highest authority over the dollar. It’s an economic weapon, the reserve currency for 61% of the world. Protecting this is part of the purpose of Bitcoin legislation, even if something like Standard Wealth actually makes banking more transparent. Fewer Bitcoin Fraud The US government doesn’t want another Bitcoin Bank & Trust. Trendon Shavers, the indicted owner of the fake bank, has shown the government how easy it is to swindle $60 million from ordinary people who want to invest to make money. USDBTCtransaction so the government doesn’t want people to use bitcoin as a medium of exchange to buy drugs that are mailed to them anonymously. They may be able to control any kind of Bitcoin enterprise, but Bitcoin is not Liberty Reserve after all. He is decentralized. There is no central operator there that the federal government can talk to. Bottom Line: Can the U.S. Government Control Bitcoin? They see bitcoin as an advanced form of money, and one that may be too powerful in the hands of criminals. But whether they can control it like fiat currency is still a question. However, governments need to start thinking about what to do before Bitcoin develops into everyday life. How do you think governments, especially the U.S. government, will regulate Bitcoin?

❼ What is Bitcoin

Bitcoin (Bitcoin, abbreviated BTC) is a digital currency with a constant total of 21 million, which has the same decentralization, globalization, Anonymity, etc. Sending bitcoins to the other side of the world is as easy as sending an email, low cost and with no restrictions. Bitcoin is therefore used for cross-border trade, payments, remittances, and more.
Because of the broad prospects and huge space for reverie, the price of Bitcoin has continued to rise since its birth in 2009. The currency price reached $1 in 2011, and reached a maximum of $1,200 in 2013, exceeding the price of 1 ounce of gold. ” (currently around $450).
Bitcoin began in 2008 with the paper “Bitcoin: A Peer-to-Peer Electronic Cash System (Chinese Version)” by the mysterious figure Satoshi Nakamoto. In the six years since its birth, Bitcoin, as an unprecedented new currency, has experienced countless market tests and technical attacks, and has always stood firm. Now Bitcoin has grown into a currency system with millions of users around the world, tens of thousands of merchants accepting payments, and a market value of up to 10 billion US dollars.

❽ This bitcoin bill ripped open the legalization of the United States!

I believe that recently, you have been brainwashed by Japan’s recognition of the legalization of Bitcoin. But did you know that there is such a place as Bitcoin is the best in the world?�: New Hampshire, United States.

It is reported that at the beginning of July every year, the city of Manchester in the state will hold a bitcoin player meeting, where people can buy anything they want through bitcoin. In addition, there are many stores or companies that accept bitcoin payments.

In this Bitcoin player’s paradise, another positive event that may be a turning point in history has occurred recently.

It is reported that a bitcoin protection bill was supported at a New Hampshire Commerce Commission hearing, which proposes that New Hampshire virtual currency users no longer need to register as “money transmitters.” Note: The bill passed the state House of Representatives in March.

The proponent said: This bill is to encourage the development of innovative industries in New Hampshire, and the state’s “Consumer Protection Act” can regulate the use of Bitcoin to a certain extent. At the same time, the proponent also revealed that the Department of Electronic Commerce has expressed support for the bill. At present, the number of supporters of the bill is far greater than the number of opponents. The voices of opposition mainly come from the New Hampshire Banking Commission, because banks are unwilling to take financial risks that are not within their own scope. They believe that the bill is helping the virtual currency industry to avoid New Hampshire. State regulation.

Simply put, once the bill is passed, bitcoin companies will no longer be subject to strict know-your-customer and anti-money laundering rules. That is, Bitcoin can become unblocked here and never be bound again!

Of course, the reason for the constant iteration of the Bitcoin Act is also due to the popularity of Bitcoin’s underlying blockchain technology. The current blockchain technology has spread to all large institutions and companies in the world, which undoubtedly paved the way for its first application, Bitcoin.

Not all states in the U.S. are currently open to bitcoin users or businesses: Earlier this year, Coinbase was forced to cease its operations in Hawaii. The landing of the new law in New Hampshire will surely promote the popularity of Bitcoin in the world’s largest economic power. Its deeper significance is that it represents that Bitcoin has opened a hole in the US supervision, or it will have a positive guiding effect on the attitude of the United States towards Bitcoin in the future.


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