Is Bitcoin Really Illegal in Thailand?

On July 30th, there was news that Thailand’s national bank had ruled Bitcoin illegal. Of course, this came in as a shock to many people who use the virtual currency, especially those who are not Thai. The ruling left those who follow the news wondering: can the bank make laws?

Actually, the answer is yes and no. Bitcoin exchange services in Thailand weren’t actually declared “illegal” per se, but Bitcoin Co. Ltd., the company this news originally came from, has been operating in Thailand without a license, which is illegal.

Any type of currency enchange service in Thailand needs to get a license from the Bank of Thailand, according to the Exchange Control Regulations in Thailand whether it’s “real” money or not. That’s why Bitcoin Co. Ltd. needed to be authorized to operate, and since it didn’t have that authorization, it was forced to shut down.

Prasan Trairatworakun, Bank of Thailand’s governor, says that the bank hasn’t approved Bitcoin Co. Ltd. to do business in Thailand because the transactions that the company is involved in center around the exchange rate but are not an actual currency exchange (since bitcoin is not a physical currency).

Of course, this is something really new for Thailand and the explanation Prasan gave comes from old laws because we don’t have any rules to support electronic currencies. Therefore, since there are no applicable laws that can control or tax Bitcoins, they are de-facto illegal (for now).

However, the Bank of Thailand isn’t just ignoring this matter. It’s working with the relevant authorities such as the Ministry of ICT and the Securities and Exchange Commission to sort this out. Using Bitcoin in any way within the Kingdom of Thailand is banned for now, but if Bitcoin Co. Ltd. has proof that this digital crypto-currency has legally operated in other countries without interfering with the real-money exchange system, the Bank of Thailand might reconsider its ruling.

(Picture Credit: cdn.btcpedia.com)

Read more ...

What is Bitcoin

Bitcoin is a digital currency (also called crypto-currency) that is not backed by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.

Bitcoin-to-Bitcoin transactions are made by digitally exchanging anonymous, heavily encrypted hash codes across a peer-to-peer (P2P) network. The P2P network monitors and verifies the transfer of Bitcoins between users. Each user's Bitcoins are stored in a program called a digital wallet, which also holds each address the user sends and receives Bitcoins from, as well as a private key known only to the user. 

The Bitcoin network is designed to mathematically generate no more than 21 million Bitcoins and the network is set up to regulate itself to deal with inflation. Bitcoins can be spent by initiating a transfer request from a Bitcoin address in the customer's wallet to a Bitcoin address in the vendor's wallet. As of this writing, one Bitcoin (also called a BTC)  is worth $104 -- but just as with stocks, the value of Bitcoins can fluctuate quickly. 

In the United States, Bitcoins are controversial because they can be used to anonymously transfer illicit funds or hide unreported income from the Internal Revenue Service (IRS). Bitcoin policy now requires transactions that involve traditional, government-backed currencies to be attached to an identity. 

This CNN video provides an overview of Bitcoin:

(Picture Credit: cdn.btcpedia.com)

Read more ...

Get paid to write at bubblews

Hi everyone, i guess your heard about bubblews too? itso ne of the best paid to write in internet now a days. If you have any experiences in writing online,then this place is good for you. There are thousand of members who earned for good in here. They are even earning $10 to $10 a day, wew its like a rate of those regular employees working in a call center with highest rate.

I am doing bubblews for almost 3 months now and guess what, the results is really appreciated I earned already $1,000 in 1 month by writing good quality articles. Do you want to know what we really do at bubblews?

1. Writing
2. Interaction
3. Cennecting

Read more ...

Earn online while at home

Do you ever consider earning online is another opportunity to grab? well, for it is..it is another source of income or another way to earn money while at home. There are different earning online opportunities in internet where you can join and earn.

I been doing online earning since 2009, at first its really hard to earn $1 or more. Earning online needs a proper knowledge and ideas and need patience and self discipline. When you cam across opportunities offers by someone else, dont hesitate to check and  ask. Study the system of every opportunities and consider the trial and errors. Which is, learning while doing it.

Online World, is the place where you can find thousand of opportunities. One keyword "online earning" you will have thousands of result. But hey, always remember to check the legitimate one. There are thousand of online opportunities but there 60% are not legitimate.

Why internet is one of the potential place to create wealth?

Because its a place where people are used to stay, its place of our modern time. Everyone knows how to internet, people working online and earning online. Even business establishment and companies doing their business online too.

There are about 2.4 billion total population in internet including the number of facebook users. And there are about millions of people world wide staying at home and create wealth. This is one of the best job in the world. No tax and stress free...

Read more ...