What is Bitcoin and How does it work [ALL YOU NEED TO KNOW] How to get Bitcoins,What is a Bitcoin wallet,Bitcoin price variation with time:How fast does the Bitcoin price change,What causes Bitcoin to go up and down(Factors affecting Bitcoin price),Bitcoin speculations,Bitcoin Halving
QuietGrowth maintains that investing in bitcoin is measured speculation. Bitcoin is yet to prove to be a dependable store of value. ~35% drop in value during current market volatility due to corona virus outbreak isn't helping the case of bitcoin.
Every price bubble creates more adoption - without price speculation Bitcoin would die.
I believe without the volatility you'd never achieve adoption of the currency. The masses so to speak don't buy Bitcoin here (after is fallen 75%) but take a wait and see approach buying into the next bubble highs. This increases the development of the Bitcoin eco-system as Gordon Gekko put it best "Greed is Good". Over time more and more users add Bitcoin so will the price smooth out. One should really take a step back for a moment and look deeper into Bitcoin's price volatility before they criticize. When really think about it, when you buy Bitcoin what you are really doing is rewarding the miners for verify the transaction and securing the network. The real reason Bitcoin's will be worth a lot is the fact that the Blockchain is the most secure value transaction verification and many apps will be built on top of it b/c of its size and scale. Its pretty much a winner take all scenario, although its very likely another alt coin could gain in scale, its very unlikely at this point to de-throne Blockchains security by its raw computing power.
Belgium's tax services just decided that any profits speculating bitcoins are to be taxed 33-50%
"The Belgian tax authorities have decided to withhold 33% tax from the revenues that would speculate with bitcoins. This is evident from a new ruling from the Federal Public Service Finance. Anyone speculating with the virtual currency as a private individual, so buying and selling bitcoins with the clear goal of making a profit, will now have to pay 33% taxes on the income. The tax authorities regard the proceeds as 'various income', writes the tax authorities in the ruling on which De Tijd reports. The decision comes after the case of a student who had developed an application for the automatic purchase and sale of bitcoins for his studies. "Thanks to these automatic purchase and sale transactions, he has realized revenue", says the tax authorities. And taxes have to be paid on that. Not as 'good family man' The tax authorities do not consider the profits made by the student as an added value such as those from ordinary shares, since they were not under the normal management of their private assets. Trading shares as "good housefather," you say. Then the capital gains would be tax-free. Since the aim was to make a profit from the price fluctuations of bitcoins, taxes have to be paid. The student, named X in the ruling, is relatively easy with 33 percent since the tax authorities decided not to consider their profits as professional income. The tax can then rise to 50 percent. "He developed the application he used as a hobby and out of interest in his study domain", the tax authorities said. "The development of the application was intended to test to what extent he could convert the theoretical knowledge from his or her training into a concrete application. The resources he has used to make the application work are limited and little organized. The realized added value is not linked to a professional activity and therefore does not have a professional character. " Steep advance The bitcoin has been on a particularly steep rise in recent weeks. Today 1 bitcoin is worth about 16,000 dollars, compared to 900 dollars a year ago. Last week, the price also fluctuated around 20,000 dollars." So far it's just a single court ruling ... but knowing Belgium, it'll soon find it's way into law. Source: (Dutch) https://www.hln.be/geld/speculeren-met-bitcoins-zet-dan-al-maar-33-procent-opzij-voor-de-fiscus~aa8441ad/
Speculative Bitcoin Adoption/Price Theory: The growth of adoption of Bitcoin and therefore bitcoin price is following an S-Curve of Technological Adoption, which is itself characterized by fractally repeating, exponentially increasing Gartner Hype Cycles.
Beyond speculation, Bitcoin is also a payment system with useful and competitive attributes that are being used by thousands of users and businesses. Doesn't Bitcoin unfairly benefit early adopters? Some early adopters have large numbers of bitcoins because they took risks and invested time and resources in an unproven technology that was ... Former hedge fund manager turned bitcoin enthusiast Mike Novogratz says that the speculation surrounding BTC is too out of hand. Bitcoin price forecast at the end of the month $11911, change for November 4.2%. BTC to USD predictions for December 2020. In the beginning price at 11911 Dollars. Maximum price $14784, minimum price $11911. The average for the month $13106. Bitcoin price forecast at the end of the month $13817, change for December 16.0%. The speculation is the upgrade could help litecoin, which has gained about 50% this year to $63, catch up with bitcoin’s 64% increase. ... But that’s still far slower than the Bitcoin ... “The bitcoin – its value is based off of scarcity – and an artificial scarcity that’s out there,” “It’s really tough to imagine where the long-term return comes from other than speculation.” – Joe Davis
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