Torrevieja To Become A "Crypto-Friendly" City

[Carl]

https://www.cope.es/actualidad/espana/n ... 06_3131339

I am not up to speed with crypto currencies so unsure whether the benefits for Torrevieja being highlighted in the article are realistic and achieveable.

As a side note, I did notice that there is a Bitcoin ATM in Carrefour Torrevieja.

[Biker1]

Has anyone got any bitcoin ?
What backs it up . Gold ?
Or nothing ?

[gail]

Nothing backs it up. My husband has done a lot of research about it, but the British banks make it virtually impossible to buy into it as they won't transfer funds to a crypto currency exchange, despite many saying they will...

[Bee]

The Governor of the Irish Central Bank has said it is nothing more than a form of Pyramid selling. Criminals like it as unless you have the code/password to your account it is locked away from the authorities. I know of people who bought in years ago and lost their password so can't access it. No it has no backing like gold. If you can "mine " it you can produce it. It fluctuates wildly in price. Sam Bankman was recently charged with one of the biggest financial fraud cases in history in the U.S.

https://www.reuters.com/legal/ftx-found ... Nov%202%20(Reuters,former%20billionaire's%20fall%20from%20grace.

Bee

[Biker1]

And yet -- (copied from the internet)

Even though there is no certain regulation on the law about Bitcoin, it is legally acceptable to purchase real estate in Spain with cryptocurrency. Any purchase made with crypto is considered legal before the law.

[Bee]

That's an interesting one Biker1. I had a look at using it in Ireland to fund a house purchase and this is what it says.
"If you’re looking to use a crypto balance to help fund a home purchase, tread carefully as it will need to be in euro for the bank to consider it. “You cannot get a statement with your full name and address for crypto, so banks will not accept the value in the account as evidence of balance of funds to complete the purchase of a property,”

Also the article pointed out just because you buy cryptocurrency from Revolut Bank it is not covered under the Bank Guarantee Deposit Scheme. And any disposal of cryptocurrency above your initial investment is liable for capital gains tax.

Bee

[Biker1]

Sorry, more copy and paste.
If you are thinking about buying crypto you need to know the basics and understand the risks before jumping in. And remember, if you decide to invest in crypto then you should be prepared to lose all the money you have invested.

Seems to be a big pyramid sale.

The peak trading price of Bitcoin was in November 2021 when its value reached £51,032.02. At the end of December 2022, this had fallen by 73.12%, and value was £13,724.88. If you invested £300 at its peak, this would be worth £80.64 in December 2022.

I won't be buying any !

[Lincoln45]

Bit like Tulips then

[Biker1]

Bit like Tulips then

No, like daffodils.

[Lincoln45]

Bit like Tulips then

No, like daffodils.

Tulips
https://www.history.com/news/tulip-mani ... sh-holland