Posts Tagged ‘equal wealth’

‘The one thing that proponents of this idea are really pushing,’ explains Jan Piotrowski from the Economist magazine, ‘is that Bitcoins are a wonderful way to transfer money across borders at very, very little cost. Normally when you transfer money between banks, the banks charge through the roof. Now with exchanges such as this one [Bitcoin Central], where the accounts will be guaranteed by the French equivalent of America’s Federal Deposit Insurance Corporation – so guaranteed by the state – you can convert your Euros to Bitcoins at a very cheap rate. You can then transfer your Bitcoins, or pay for a service in Bitcoins, in any country you wish because the system is globally distributed and there are no borders within the virtual peer-to-peer network that governs it.’

Living With The Future

While many of the world’s currencies are struggling to emerge from the devastating economic crash of recent years there is one that continues to rise and increase in value. The strange thing is that it isn’t issued by any bank, controlled by any government, or even freely available in physical form. Yet in February 2013 the total worth of the fledgling global currency was valued at over £180 million, and it just keeps growing.

Bitcoin is an online, decentralised, crypto-currency, that is monitored and administered by the massive peer-to-peer network that uses it. The currency has online exchanges that trade in the commodity, one of which – Bitcoin Central – recently partnered with a French bank to become a registered Payment Services Provider (PSP) under EU law, meaning it can now offer debit cards, account insurance, and many other normal banking facilities to Bitcoin customers. The currency has also seen…

View original post 936 more words