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Old 22nd September 2013, 08:51 AM   #1 (permalink)
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Bitcoin users beware: MAS

http://business.asiaone.com/news/bit...ers-beware-mas

SINGAPORE - The Monetary Authority of Singapore (MAS) is cautioning consumers against bitcoin trading even as a few merchants in Singapore have started accepting the digital currency as payment for physical goods.

Invented in 2009, bitcoin is the world's most well-known digital currency. It is not issued or managed by a single company or monetary authority.

Bitcoins can be bought through online exchanges that convert real money into the virtual currency. Due to its anonymous nature, bitcoin trading was declared illegal in Thailand in July over money laundering concerns.

On Singapore's sole bitcoin exchange FYB-SG, more than $440,000 worth of bitcoins have been transacted since it started operating in January this year. One bitcoin was sold for about $167.83 on Thursday.

An MAS spokesman told The Straits Times that consumers should be wary of such trading.

"If bitcoin ceases to operate, there may not be an identifiable party responsible for refunding their monies or for them to seek recourse," the spokesman said.

Like other virtual currencies, such as game credits and airline miles, MAS does not regulate bitcoin trading.

MAS' warning comes even as a handful of merchants here, such as cafes, have started to accept bitcoins for goods like beer and coffee.

Merchants said they profit from not paying any transaction fee and from a potential rise in the exchange rate.

Mr Chad Samson, 30, owner of Cad Cafe at Haji Lane, said: "It does not make sense for a small business like mine to pay the high credit card transaction fees."

But Mr Prashant Somosundram, 33, owner of cafe Artistry at Jalan Pinang, acknowledged the element of risk. "As my transaction volumes are still small, I'm willing to write off my investments," he said.

Artistry had about 30 bitcoin transactions worth a total of $300 since mid-July, when it started taking in bitcoins. Its value has risen by about one-third, which works out to a profit of $100.

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Old 23rd September 2013, 10:28 PM   #2 (permalink)
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Re: Bitcoin users beware: MAS

It is really not worth the risk to use bitcoin!

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Old 24th September 2013, 08:27 AM   #3 (permalink)
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Re: Bitcoin users beware: MAS

Yeah. The best is use real cash
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Old 25th September 2013, 10:33 AM   #4 (permalink)
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Re: Bitcoin users beware: MAS

anybody used bitcoin before? that easy to get and use?

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Old 25th September 2013, 11:06 AM   #5 (permalink)
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Re: Bitcoin users beware: MAS

think its still not popular in Singapore. but even in the States, i don't see many using it too.....

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Old 25th September 2013, 01:20 PM   #6 (permalink)
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Re: Bitcoin users beware: MAS

People don't realize that bitcoin is no different than any other currency. Every unit of money, whether a dollar or euro has a value that is always fluctuating, just like the bitcoin. Bitcoin is a little unstable because its decentralized, but the fact that it's so new is creating huge opportunity for many investors. I say embrace it, don't run from it.

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Old 25th September 2013, 07:15 PM   #7 (permalink)
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Re: Bitcoin users beware: MAS

i think bitcoin as a digital currency is rather unsafe, in fact there is there have may instant where it has be maliciously exploited. MAS point is rather justifiable, there is no one to seek for responsible in liability

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Old 9th August 2018, 06:20 PM   #8 (permalink)
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Re: Bitcoin users beware: MAS

Bitcoin is an electronic payment system in which virtual "money" is circulating. This coin is becoming popular in our time and is very well appreciated, it has already become bitcoin friendly usable banks https://cryptalker.com/bitcoin-friendly-us/

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Old 17th September 2018, 06:03 PM   #9 (permalink)
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Re: Bitcoin users beware: MAS

Bitcoins can be exchanged quite easily ( https://cryptalker.com/sell-bitcoin/ ). To do this, it is enough to have a bitcoin-purse with bitcoins on the account and another purse, to which the transfer will be made. Through exchangers which are now bulk, for example, A1change, you can transfer your bitcoins to $, and throw them on a bank card. After that, find an ATM and cash out the money. You can pay for many goods without leaving home.

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