Essay Examples on Money Transfers

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Bitcoins and Other Cryptocurrency Regulations

Bitcoins and Other Cryptocurrency tumbled on Dec 28th, 2017 as South Korea and Australia and the UK are freezing Bank Accounts. Cryptocurrency Speculation has been heated up and there is an immediate need to regulate the cryptocurrency trading. Bitcoin the world s biggest and the best-known cryptocurrency has fallen about 28 from its highest record. Bank Accounts Vs Bitcoin. Traders The Bitcoin attraction towards the investors has been increasing from day to day due to the increase in the growth of the Bitcoins and other Altcoins. The growth is tremendous which is more than 200 within the last 6 months. The catch is when you buy those virtual currencies which is decentralized the banks are considering the transaction towards the Bitcoin and other Altcoin as anonymous. When you buy those virtual currencies through the debit card or through the direct bank account the transaction is marked as anonymous. As a result of it the bank does not allow any such transactions it immediately freezes their account without any notification. The history of the banks freezing the accounts due to the purchase of the Bitcoins has been happening from 2015 onwards. The UK's reputed Barclay Bank has shut down a student's account after his dealing with the Bitcoin the digital currency.

2 pages | 410 words
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