- January 4, 2018
- Posted by: CIP Journal
- Category: Immigration
Bitcoin is a decentralized peer to peer payment currency backed by block chain technology. The price of bitcoin jumped high in 2017 peaking around $19,000 per coin
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence. The first Bitcoin specification and proof of concept was published in 2009 by Satoshi Nakamoto. Satoshi left the project in late 2010 without revealing much about himself.
- Nobody owns the Bitcoin network and Bitcoin is controlled by all Bitcoin users around the world.
- Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows a user to send and receive bitcoins with them.
- The popularity of Bitcoin has soared in recent years and crypto currency backed payments is the future for investment migration industry.
- Bitcoin offers payment freedom, and set your own fees.
- The price of a bitcoin is determined by supply and demand. When demand for bitcoins increases, the price increases, and when demand falls, the price falls.
- Bitcoin is unique in that only 21 million bitcoins will ever be created.
There are already some agents and real estate developers in the CIP industry accept bitcoins as payment fee, but Governments still do not accept payments through bitcoin.
Bitcoin payments solve lot of issues arising with payment systems
- Solve correspondent bank problems
- Block chain based technology authenticate transactions
- Boost to real estate property market
- Eliminates third parties
- Due diligence verification through block chain based transactions
The Pacific country of Vanuatu, caught headlines in 2017 becoming the first country to accept Bitcoin, later the Government denied accepting Bitcoin for its citizenship program. Currently none of the countries offer Citizenship by investment program accept Bitcoins (St Kitts, Antigua, St Lucia, Dominica, St Lucia, Malta, Cyprus).
St Kitts and Nevis CIU announced in 2014 The Citizenship by Investment Unit would like to assure the general public that we do not recognize Bitcoins as legal investment currency for financial transactions within our Citizenship by Investment Programme,” officials said in a statement titled ‘Warning!’ on the program’s website. “We further emphasize that we do not accept Bitcoins, have never accepted Bitcoins, and will not accept Bitcoins.”
The Government of Antigua and Barbuda is drafting laws “for the implementation of Bitcoin,” according to a local publication.
IMF chief tells central bankers to not ignore Bitcoin, reported in St Lucia times. She said virtual currencies “might just give existing currencies and monetary policy a run for their money.”
In 2014, Dominica to Be the First Bitcoin Nation reported. The Bit drop project plan to distribute 70,000 bitcoin to residents of Dominica was canceled, according to Coindesk.
Immigration by investment agent NTL Trust will process applications through SelfKey, a blockchain based Digital Identity platform, according to Investment migration insider
St Lucia PM said in an interview, that St Lucia is looking at Bitcoin and how to make it work.
LovingMalta reported Malta is going cypto-currency crazy and bitcoin revolution is sweeping Malta. Prime Minister Joseph Muscat revealed he intends to see Malta become a pioneer in embracing Bitcoin, and companies have wasted no time in jumping on board. Malta’s Prime Minister also said “Europe Should Become the Bitcoin Continent”