There has been a lot of talk in the corporate world and among investors about whether or not to buy bitcoin. Is this an appropriate move? How can it affect my business? What are its advantages over traditional investment opportunities like gold and oil? And what are the disadvantages? Here are answers to these and more.
The most obvious benefit is that these days, it’s hard not to hear about people who’ve made big money investing in digital currencies. The man at the top of this movement is Warren Buffet. He famously has a large investment in ether (the primary virtual currency) and has long talked about the power of the internet to create wealth. At the time of writing, he has 22.2 millionether accounts.
For investors interested in putting their money into the ether, there are a number of ways to go about it. There are existing digital asset exchanges, including Gemini. Investors don’t need a license or registration, although it is advisable to become familiar with the local taxation rules. This may be a way for inexperienced investors to avoid the risks involved in local government and get a reliable venue to buy and sell ether and other digital assets.
In addition, investors can make use of offshore vehicles, including Swiss banks. These have minimum requirements for minimum deposits and maximum withdrawal limits. They’re similar to those followed in the US stock market, where registration is required, and there are a few restrictions on trade. Mauritian laws are stricter, though, so it’s best to proceed with care. Another advantage is that it is not widely known that the government controls the money supply and spends it. That’s why there are no sales taxes and transaction fees.
One concern that investors in ether should have is the likelihood of the government arresting people for their involvement. The last thing the government wants is to lose its hard-won financial credibility. But if the government felt that necessary, it could always withdraw from the exchange and resume printing bills. As things stand now, this isn’t likely to happen.
There is also the possibility of a “Dirty Bomb” scenario, in which the government accidentally prints too much money (let’s hope it doesn’t). Then everybody loses out when the price goes up. That is why it’s important to buy bitcoins when you can. The government can’t do much if the money printing runs out, but they will certainly lose their credibility.
Of course, there is also a risk of government seizure of your money, which is why it’s smart to buy bitcoins in the country you are currently based in. That way, you at least have some money in the event that you run into financial trouble. Since electronic cash is completely anonymous, nobody besides you will ever know exactly how much you owe. That’s the beauty of it. No one will ever know how much you owe until you tell them. And even then, they probably won’t know what your financial problems are.
It’s possible to buy bitcoins in Mauritius without having to resort to any risky methods. However, since the government of the country isn’t known for being trustworthy, it’s a good idea to at least know where you’re going and what you’re getting. In most cases, it’s safer to stick with cash. While it can be difficult to protect it from thieves, the physical safety of cash is no worse than that of a virtual wallet. Therefore, it’s a smart move to buy some bitcoins in the digital currency rather than in local currency.
Like many countries, the US has very strict laws about the handling of money abroad. Therefore, you should get a full understanding of the financial laws governing your destination country before making any purchases. There are plenty of reputable websites on the internet that can help you do this.
If you want to purchase money that is not local, however, you may find that there are no options available. If this is the case, then it’s up to you to get a merchant account. This is an account that is run by a payment processor, which takes care of all the legal aspects of sending money from point A to point B. If you don’t trust the government, then this may be the best option for you.
Regardless of what you ultimately choose, it’s important to remember that it’s illegal to buy bitcoins in Mauritius. Since the government hasn’t revealed its intentions regarding digital currency, it’s impossible to say whether or not they will make it legal in the future. For now, it’s best to stick to traditional methods of purchasing such as cash or check. However, if things start to change, the government has said that it would be open to options like trading or exchanging currencies. This could prove to be very helpful to investors in Mauritius who wish to buy bitcoins.