Advertise with us!

Author Topic: Fleeing the Euro for Bitcoins  (Read 919 times)

0 Members and 1 Guest are viewing this topic.

Offline bitcoinforum.comTopic starter

  • Administrator
  • Legendary Member
  • *******
  • Joined: Nov 2011
  • Location:
  • Posts: 1458
  • Country: bz
  • Thanked: 14 times
  • Karma: +26/-0
  • Gender: Male
  • The Bitcoin genie is already out of the bottle.
    • View Profile
Fleeing the Euro for Bitcoins
« on: March 20, 2013, 06:47:37 PM »
Fleeing the Euro for Bitcoins

Worried your government is going to take your savings? There's an app for that.

Actually, there's an entire currency: Bitcoin, an online-only currency based on a decentralized network. It's unregulated, hard to track and increasingly common. Since Sunday, downloads of three Bitcoin-related apps have surged on Spanish charts, Bloomberg Businessweek reports.

The interest in Bitcoin coincided with news that the Cyprus government planned to tax savings accounts as part of the country's bailout program. The value of the online currency increased more than 20 percent in the past two days to $64, according to the latest price information.

The downside is it's a currency that has experienced price fluctuations, occasional hacking and account thefts, and is a favorite for black-market transactions, including almost 2 million a month in illegal online drug purchases at the Silk Road marketplace. That some Europeans are investing savings in Bitcoin isn't exactly a sign of confidence in European banking.

According to a European Central Bank report published in October, increased demand for Bitcoin "could have a negative impact on the reputation of central banks," especially if the public perceives Bitcoin's rise is due to "a central bank not doing its job properly."

Bitcoin removes financial institutions completely from transactions, allowing users to conduct two-party exchanges over the Internet without a middleman. People can exchange local currencies into Bitcoins on online exchange sites and store them in e-wallets. Payment-processing services such as BitPay allow merchants to accept the currency as payments. The virtual money can buy a range of goods and services, including video strippers, gun parts, pizza and WordPress upgrades.
Without regulation or integration into existing banking structures, Bitcoin doesn't yet appeal to investors looking to park large amounts of money. But as the currency grows more mainstream, with banking confidence eroding, Bitcoin is something to watch.
(Kirsten Salyer is social media editor for Bloomberg View. Follow her on Twitter.)
"No man has received from nature the right to give orders to others. Freedom is a gift from heaven, and every
individual of the same species has the right to enjoy it as soon as he is in enjoyment of his reason."
(Denis Diderot)

Offline iBits

  • Sr. Member
  • ***
  • Joined: Sep 2012
  • Username: graghav2010
  • Posts: 327
  • Country: 00
  • Thanked: 1 times
  • Karma: +7/-3
  • Gender: Male
    • View Profile
    • Bitcoin World
Re: Fleeing the Euro for Bitcoins
« Reply #1 on: March 20, 2013, 07:04:02 PM »
A big THANKS to european bank to make bitcoin successful than ever. 2 more This type of tax will make bitcoin day to day currency. Bitcoins & The Future Of Online Currency

Started by

Replies: 0
Views: 2579
Last post April 17, 2012, 11:57:05 PM
by NSFW: Reddit Women Are Getting Naked for Bitcoins

Started by

Replies: 0
Views: 3314
Last post April 30, 2012, 01:28:31 AM
It happened again: We lost 18,547.66867623 Bitcoins

Started by

Replies: 1
Views: 1763
Last post May 12, 2012, 09:08:45 PM
by Euro fears boost virtual currency Bitcoin

Started by

Replies: 0
Views: 1588
Last post June 09, 2012, 01:00:03 AM
by Are Bitcoins Becoming Europe's New Safe Haven Currency?

Started by

Replies: 0
Views: 1269
Last post June 21, 2012, 11:28:56 AM

Advertise with us (we do not endorse any site advertised)