The Bitcoin revolution globally has been one of the most impactful means through which people have transformed their financial status; people keep becoming rich off Bitcoin and crypto in general. A report claims that there are currently a little over 18,000 crypto Millionaires (in United States Dollars) globally, and still counting. It means that close to 20,000 have raked in more than 1 million dollars from being involved in the Bitcoin and cryptocurrency trading world.
Bitcoin is one of the most famous cryptocurrencies in the world and Malaysia, established in 2009. On January 2, 2014, Negara Bank, the national bank of Malaysia, give out a report. According to a report, Bitcoin is not legal in Malaysia. The central bank does not regulate the activities of Bitcoin. Therefore, the public is instructed to be cautious of the dangers related to the usage of such digital currency.
On December 14, 2017, under the request for reporting obligations on the Digital Currency Exchange Business, for public consolation, the Bank presented the future policy for the Anti-Terrorism Financing, Anti-Money Laundering, and Proceeds of Unlawful Activities Act 200 1 (AMLA).
According to the associated press released, the strategy sets out the legal requirements, obligations, and standards that digital currency exchanges, which will be described under the AMLA’s first schedule, will have to perform as reporting agencies. This contains clear obligations planned to deliver to the public for relevant information, to better understand and assess risks related to digital currencies. Improved transparency will also help to prevent the use of digital currencies for criminal or illegal activities. As a reporting agency, a digital currency exchanger must provide details to the bank.
Failure to announce its details as a reporting agency or agree with the reporting obligations may expose the digital currency exchangers to the non-compliance actions and enforcement as given under the AMLA and the possible use of financial services in Malaysia.
The press release also confirmed that digital currencies are not regarded as legal tender in Malaysia. The Bank does not regulate the digital currency business; the appeal of reporting obligations on the digital currency exchange business does not imply any form of permission or authorization by the Bank. The announcement goes on to again encourage the public to “carefully assess the risk related to trading in digital currencies.”
The policy would need digital currency exchanges (as a business that digital trade currency for money, trade money for digital currency, or trade one digital currency for another), to obey with rules associated to “the proof of identity and confirmation of clients and helpful owners, on-going observing of clients’ transaction, authorize screening, doubtful transactions reporting and record-keeping”; transparency commitments; and “necessities for the accommodation of data and statistics to the Bank” to manage terrorism financing and money laundering risks. Public remarks on the draft strategy were expected by January 14, 2018; no date was found for the completion.
Bitcoin is one of the oldest cryptocurrency and digital payment system in the global. The loophole was discovered in 2009 and it’s more than 10 year old. It has created much interest among the people. In the last couple of years, Bitcoin’s value has increased sharply in Malaysia for investors, this Bitcoin boom is surprising. However, its price is stable in Malaysia. As a trader, regular change in the cost of the cryptocurrency can be irritating. Fortunately, there is a solution.
We should note that some of these persons have raked in far more than 1 million dollars, with some having already made millions in their tens – if not hundreds. Bitcoin may be a step toward a new monetary exchange; however, there are few companies that accept it as a viable form of currency. Currently, a few online stores globally allow cryptocurrency exchanges. Additionally, bitcoin owners can use their funds for some travel companies and to fund your trading account – Forex and CFDs.. Unfortunately, many companies do not recognize bitcoin as a legitimate exchange. Another factor that significantly helps your trading in Bitcoin is the concept of leverage.
Only genuine and top industry brokers are looking for Bitcoin. These brokers are entirely trustworthy and have much positive feedback from traders who have used it. Most of them expanded their services with automated bitcoin trading bots. They claim that with using their technically advanced automated trading bots, you can trade easily, faster and more profitable than ever before. They claim to guarantee that all your financial and personal data is protected and secure. Automated trading bots are configured to turn a complex economic market data into trading algorithms and trading signals that you grant the best trading results.
The Bitcoin Loophole system is also known as Bitcoin Secret Loophole. This innovative cryptocurrency trading software allows you to make informed decisions and produce actual results in only 24 hours. Bitcoin Loophole claims to be a Bitcoin/cryptocurrencies automated trading software Malaysia, that promises to generate as much as $13,000 for traders per day so that you can become a Bitcoin millionaire. We didn’t pay for Bitcoin Loophole but we did some thorough search online and made some observations. Outlined below are some of those observations:
One of the significant aspects regarding the Bitcoin loophole is its auto-trading mode, which permits you to make money quickly. If you are new, the Autopilot feature will be useful as it will allow you to trade without any commitments. You have to detect some settings manually; after that, the system will regulate the investment for you. You can access this manual option from the system. If you are an experienced and skilled trader who desires to test your skills, this software permits you to make your analyzes and forecast using the indicators and it promises that you can become the next Bitcoin millionaire. But is this really the case?
Bitcoin Loophole is extremely precise and permits you to trade productively. Bitcoin Secret Loophole owners and creators established a system that functions on complex algorithms and run high-speed computers. Bitcoin loophole is a software that permits you to invest free of cost in Bitcoin. You can get a Bitcoin loophole without any charges. To do this, you need to fill out an online registration form and wait for the authorization letter to be sent to you in your inbox. That’s all you require to get a free business license. Likewise, you will get a free training asset from brokers who have combined with the Bitcoin loophole.
Top specialists in the trading industry have checked the course, and they claim that there are no suspicious or scams connections with Bitcoin Loophole. With the above and more, you might better stay away from Bitcoin Loophole.
Bitcoin Revolution is a mobile app that claims to specialise in automated trading. Just like you find with Bitcoin Loophole reviewed above, you need to commit some funds with Bitcoin Revolution after which it should start trading and making passive income on your behalf. But not so fast. There are a number of things we’ve noted about Bitcoin Revolution, based on some checks conducted online. They are summarised below:
It seems it is a common playbook among these kinds of schemes to pay for content on credible platforms.
In this case, a review of Bitcoin Revolution was published on MarketWatch on June 30, 2020, with the headline: “Bitcoin Revolution Review [Tested] – Scam App or Legit? Proof of Results”. Just below the headline, you see the disclaimer, “The MarketWatch News Department was not involved in the creation of this content.”
And of course, when you read the article, you don’t find any “proof of results.” That’s however not all: you remember the article paid for by Bitcoin Loophole to get published on Associated Press (AP)? Well, we have something of that exact sort here. A paid article on AP about Bitcoin Revolution with the title, “Bitcoin Revolution Review — Is it a Profitable Investment?” was published on May 21, 2020 – just a day before that of Bitcoin Loophole was published.
Bitcoin Revolution requires you to put up a minimum amount of $250, the same amount as Bitcoin Loophole. They urge you that you can also put up more if you so desire. Similarly, they promise that you will make at least $1,000 daily, with returns as high as 300% of initial capital daily and that you will become the next Bitcoin millionaire. This translates to become a whopping 9,000% on a monthly basis – and this is recurring.
Bitcoin Revolution adorns its website pages with videos of finance, business and investment celebrities talking about and endorsing bitcoin and cryptocurrencies. The celebrities include former Microsoft CEO, Bill Gates, Virgin Group chairman Richard Branson and Eric Schmidt of Alphabet (Google). These investors were however not endorsing Bitcoin Revolution in itself. We see this as a marketing ploy to lure unsuspecting investors into associating these billionaires with Bitcoin Revolution so that it can look legit.
With the above system, Bitcoin Revolution claims that you can become a bitcoin millionaire in 61 days, exactly the same promises made by Bitcoin Loophole as seen above.
We do not name Bitcoin Revolution an outright scam, but there are just too many evident warning signs that they are not entirely legit.
Some notable online brokers that accept Malaysians include IQ Option Malaysia, Olymp Trade Malaysia, amongst others.