“Don’t be greedy when it comes to Bitcoins”

Virtual currencies, such as Bitcoin, have recently become popular and are intended to serve as a type of money. They may be traded on online exchanges for conventional currencies, including the U.S. dollar, or used to purchase goods or services, usually online.

Bitcoin presents unique challenges. The digital-only currency is difficult to trace, it’s international, it isn’t regulated by any central authority and law enforcement has a tough time seizing or freezing those ill-gotten gains.

However, any investment in securities in the United states remains subject to the jurisdiction of the SEC regardless of whether the investment is made in U.s. dollars or a virtual currency. In particular, individuals selling investments are typically subject to federal or state licensing requirements. Check How to avoid Bitcoin Ponzi schemes the investor alert issued by the Securities and Exchange Commission.

Bitcoin users should be aware of the following:

The famous and very true phrase “If it sounds too good to be true, it probably is” avoid deals that sound too good to be true.

Companies accepting Bitcoin as their only payment method. They’re generally either unwilling to disclose account information or don’t have one.

Websites that demand unreasonably fast payment for example Bitcominers rushed people into panic paying within 3 hours to get such a cheap deal.

check the going rate for their product, if it’s way too cheap this should ring alarm bells and warrant further investigation prior to purchase. Start small! If they’re new and untested don’t send your life savings, start with the smallest option to reduce the capital at risk.

Most importantly research before you buy. There are see countless posts on the forums of people finding a thread about a known scam after they’ve purchased.

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How to avoid Bitcoin Ponzi schemes

That’s the gist of a new warning from the Securities and Exchange Commission.
The SEC’s Office of Investor Education and Advocacy is issued investor alert to warn individual investors about fraudulent investment schemes that may involve Bitcoin and other virtual currencies.

Common Red Flags of Fraud

  1. High investment returns with little or no risk – every investment carries some degree of risk, and investments yielding higher returns typically involve more risk. “Guaranteed” investment returns or promises of high returns for little risk should be viewed skeptically.

  2. Overly consistent returns. Investments tend to go up and down over time, especially those seeking high returns. Be suspect of an investment that generates consistent returns regardless of overall market conditions.

  3. Unregistered investments – to check if investments have been registered. visit the SEC site to search the company.  . For further information contact your state’s regulator.

  4.  Unlicensed sellers – Federal and state securities laws require certain investment professionals and their firms to be licensed or registered. Many Ponzi schemes involve unlicensed individuals or unregistered firms. Verify Individuals and Firms Here.

  5. Secretive and/or complex strategies and fee structures. Rule of thumb: avoid investments you don’t understand or for which you can’t get complete information.

  6. Issues with paperwork. Be skeptical of excuses regarding why you can’t review information about the investment in writing. Always read and carefully consider an investment’s prospectus or disclosure statement before investing. Be on the lookout for errors in account statements which may be a sign of fraudulent activity.

  7. Difficulty receiving payments. Be suspicious if you don’t receive a payment or have difficulty cashing out your investment. Ponzi scheme organizers some times encourage participants to “roll over” promised payments by offering higher investment returns.

  8.  It comes through someone with a shared affinity. Fraudsters often exploit the trust derived from being members of a group that shares an affinity, such as a national, ethnic or religious affiliation. sometimes, respected leaders or prominent members may be enlisted, knowingly or unknowingly, to spread the word about the “investment.”

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Apple policy update could allow bitcoin payments

By Esia Yosupov:

Apple has been known for being aggressive about removing apps from its store which enable bitcoin payments and considered crypto transactions illegal. The removals included Blockchain, a popular Bitcoin wallet app that had apparently been on the store for two years with 120,000 downloads.

However, with the new policy app update, there is a good possibility that Apple will allow transactions in bitcoin and other cryptocurrencies using iPhones and iPads.

The update was announced on Monday, where Apple publicized a range of new features and products at its Worldwide Developers Conference in San Francisco including OS X Yosemite and iOS 8.

The new App Store Review Guidelines stat that  “apps may facilitate transmission of approved virtual currencies provided that they do so in compliance with all state and federal laws for the territories in which the app functions.”

Apple didn’t provide any details about its new rule, and did not immediately respond to a request for more information.

“It looks like Apple saw the incoming Bitcoin tsunami and decided that they better be ready for it rather than get washed away,” Bitcoin investor Roger Ver wrote in an email.

For all those Bitcoin enthusiasts, if Apple realized they may stay behind by NOT adopting cryptocurrency that means we are heading in the right direction. 

Sources:

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About Bitgazetteer

Bitcoin, the digital cryptocurrency, has been growing in popularity over the past few years and a lot of major companies and organizations have been taking notice.During recent years, Bitcoin and other digital cryptocurrencies getting popular and becoming global widespread online payment method for most common products and services. More merchants are beginning to accept bitcoins in exchange for goods and services.

For millions of consumers and sellers worldwide, it’s increasingly one of the preferred ways to do business online.

The primary goal of this website is to provide comprehensive and informative lists of shopping sites, online merchants, physical stores, service providers and ATMs that take Bitcoing crypto-currency and use this getting popular payment method.

Our resource is ideal for people who have Bicoin crypto-currency in their account and wish to find online merchants that accept this widepread payment method.

Please use our homepage to get a full picture of the different store categories, pick one and receive the full list of vendors all over the world that will be happy to serve you and take your business. You can see their latest promotions, deals, coupon codes and discounts when you do business with Bitcoin crypto-currency. You can also find out Bitcoin crypto-currency ATMs near by you.

If you have the time, make sure you don’t miss our informative articles that can provide you with some great additional background on Bitcoin crypto-currency and its use. Please share your thoughts on blog and forum pages.

In case you’re familiar with a major Bitcoin accepting store, deals, promotional codes which is not listed on this site, please feel free to contact us and share the information through our Add Store Offer ATM link on the home page.

If you live outside the United States, please don’t forget to verify that the site wish to buy from actually offers international shipping to your country.

Some vendors provide worldwide shipping options, while others don’t and this vital information can usually be obtained on the store’s shipping policy page.

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