Bitcoin Fraud-JP Morgan announced
“Bitcoin fraud” is a very simple phrase that could eventually change your life a bitcoin holder. Just imagine someone like JP Morgan Chase & Co CEO, Jamie Dimon can collapse the whole digital currency community (Cryptocurrency) or bitcoin. Early this month as the price of bitcoin soared up to almost $5000, JP Morgan Chase & Co. CEO, announced that bitcoin is a fraud and people must avoid using them. This followed the early pronouncement of the government of China to totally ban the use of bitcoin in China.
All of the sudden, the price of bitcoin dropped suddenly to almost $2000 after less than a week after Dimon’s statement about bitcoin. People were selling their bitcoin fearing of losing their hard earned investments in bitcoin. It was also during that controversy, the same company who announced “bitcoin” is fraud was seen buying significant amount of bitcoin. Is not that ironic?
Bitcoin is dead
People even said that it was the end of bitcoin but experts believe bitcoin can still recover before the end of the month. In the middle of September bitcoin has recovered and became stable at $3500 – $3800 per bitcoin.
Why Bitcoin is Fraud?
According to Dimon, bitcoin is a big fraud because first, it is not regulated by the bank. Anybody can create it by what they call mining. Bitcoin is so stupid and it “isn’t going to work”. Dimon said that “You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
Dimon also warned any JP Morgan employees who will be trading the cryptocurrency would be fired for breaking their corporate rules and being stupid.
Bypassing bank regulations
Bitcoin allows individual to send payment for goods and services without going through the banks and other remittance and financial channels. This cuts remittances. While other remittance services charge up to 10%, bitcoin is less expensive or even FREE. For example, in the Philippines, many Filipinos are now working from home and normally receive remittances from their loved ones abroad, through bitcoin payment, they can save more from remittance fees plus they can get higher foreign exchange rate than other remittance centers.
Coins.ph offers remittance services for Filipinos around the world. Now, they have launched branch in Thailand and Indonesia. These three are one. One you have Coins.ph account, you can also open your coins.co.th account. However, the features are different you can still send money to your loved ones in the Philippines.