Recently there is a lot of speak about a new virtual currency known as the Bitcoin that is growing very quickly, its gaining plenty of media attention and it is value has increased dramatically. - Bitcoins
The current financial turmoil in Europe and round the world in addition has made people purchase alternatives to fiat currency including the Bitcoin. For many people it really is strange that someone will take seriously a currency that is not supported by a Government or central institution, but that's the particular good thing about this coin.
Bitcoin developers spoke towards the Guardian's James Ball at their home in central London and these were some of their comments:
Bitcoin is really a virtual currency the same as dollars, pounds, euros but at the same time there exists a form of currency that isn't control by central institutions, its completely decentralized. I'm able to send money to whoever I would like, whenever I'd like, wherever I would like in the world and no it's possible to stop me.
The Bitcoin is definitely a interesting concept that is gaining acceptance by many companies on the internet like PayPal, WordPress, Reddit, Microtronix and others. In reality Automated teller machines happen to be on the way to be used.
Some of the critics of Bitcoins say that they are facilitating buying drugs on the net, the developers say that the virtual currency is simply a tool and you can use it permanently or bad.
Fiat currency gets the disadvantage that central institutions can print as much as they desire, therefore it is always losing purchasing power. Exactly the same principle applies if you have profit the bank. Instead what you should do is place your funds on a good point that keeps its value or increase it.
Currently the Bitcoin seems a good option because its increasing its value, however can alter down the road. Another alternative would be to invest your money on something productive just like a business or land that increases in value or invest in gold.
Although the virtual currency is a good approach to diversify your portfolio and not depend on paper money or bank deposits, you should locate a method to store value that is secure against financial hedge as well as the best option is Gold, because it is the ultimate money. Gold is a store of value for years and years and definately will continually be, because its valuable, its limited in quantity, it is easy exchangeable and its a local store of value. - Bitcoins
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