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CommunityNews

Bitcoin hits new record of $50,000

Digital currency Bitcoin has risen to a new record high of more than $50,000 (£36,000).

The so-called cryptocurrency, which was created by an unknown inventor, has risen about 72% this year.

Bitcoin and other cryptocurrencies are generated by computers. Part of its supposed value comes from the finite number that can be computed.

But regulators have warned that they are risky, since their value can change fast, both downwards and upwards.

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dorgan

dorgan

I use it to receive donations and pay my vps. Government regulations on foreign currency is too heavy and converting ARS to USD costs me quite a lot of money.

I don’t think it’s very usable for day to day payments, but if you need to bypass stupid government restrictions, nothing beats it imho.

Doubling my savings these last 3 months was a nice bonus though.

malloryerik

malloryerik

Well you can’t lend or borrow BTC because of the wild volatility so there’s no real banking possible, but I can see usefulness as a cross-border payments system or a store of wealth if you’re in a place with broken currency and/or financial institutions. So maybe if I were in Venezuela I’d love BTC?

AstonJ

AstonJ

The UK now has UWOs - so for the largest cases (they probably don’t care so much about smaller transactions) they could probably find out through serving a UWO:

An unexplained wealth order (UWO) is a type of court order issued by a British court to compel the target to reveal the sources of their unexplained wealth.[1] UWOs were introduced by sections 1–2 of the Criminal Finances Act 2017 and are governed by sections 362A–362T of Part 8 of the Proceeds of Crime Act 2002. Persons who fail to account are liable to have assets seized after an enforcement authority, such as the National Crime Agency (NCA), makes a successful appeal to the High Court.

From: Unexplained wealth order - Wikipedia

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