Bitcoin finally wins as Chinese Court Declared BTC Legal as Virtual Property

Bitcoin (BTC) has now been declared as a legally recognized virtual property by a Chinese court. As per the Hangzhou Internet Court ruling, Bitcoin has the characteristics to be regarded as a virtual property and thus owning Bitcoin will be legal in China. The court also said that the digital currency thoroughly meets the criteria of a virtual property’s definition as it is scarce, has value, and is disposable too. Moreover, all those who hold BTC will find themselves protected by the legal system of the nation, as first reported by The Beijing News.

‘Google Coin’ Within 2 Years as FANGs Will Go Crypto, Say Winklevoss

Digital currency will form part of all four FANG companies’ offerings by 2021, Tyler and Cameron Winklevoss told CNBC in a new interview on July 9.

Speaking about Facebook Libra, the twins, who co-founded cryptocurrency trading platform Gemini, said it was only a matter of time before other tech giants followed suit.

Bitcoin Price Slips 10% in 24 Hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior United States lawmaker.

Market visualization courtesy of Coin360

Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development.
Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.

Will Bitcoin ever hit ₦355m ($100k), why or why not?

In my opinion, yes, absolutely, Bitcoin will eventually hit $100,000 US dollars per coin.

But my prediction isn’t really about Bitcoin.

My prediction is about the dollar.

In some sense, your question can be restated like this: “Will the Federal Reserve keep printing dollars?” And the answer is “yes, absolutely.”

If Bitcoin is meant to replace centralized Fiat currency, what should its value be described in other than US dollars?

My answer is Time.

I think everyone should measure everything - including cryptocurrencies, fiat currencies, and anything they own - in the most important asset there is: time.

And my answer applies regardless of whether or not Bitcoin replaces fiat currencies.

My answer comes from two simple ideas:

Do you believe Bitcoin will be a commonly used currency for the general public in the next 5 years?

No, I do not believe Bitcoin will be a commonly used currency for the general public in the next 5 years, or ever, but it’s not because of the limited transaction processing capability.

Even if Bitcoin could implement upgrades and become “infinitely scalable,” a simple truth remains: Bitcoin is too good at being money to actually be used in day-to-day transactions.

I wrote a post about this here: If Bitcoin stops being used as currency, what WILL it be used for?

Summary:

Las Vegas Bitcoiner, Morgan Rockcoons sentenced to Jail for selling BTC on Localbitcoins.com

Morgan Rockcoons, a Nevadan man accused of wire fraud and operating an unlicensed Bitcoin exchange for using LocalBitcoins, was sentenced to nearly 2 yrs in prison. Based on a government press release, Rockcoons will also need to forfeit $80,600 in illicit profits.

Operating unlicensed Bitcoin exchange results in a 2-year prison sentence
Morgan Rockcoons, who also passes Morgan Rockwell, was sentenced to 21 months in prison by U.S. District Judge Anthony J. Battaglia for wire fraud and operating an unlicensed money transmitting business.