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Wednesday, May 22nd, 2013 |
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Europeans Dumping Euro For Internet-Only Currency
Ben Duronio
Where are they putting their money? Some are turning to Bitcoin, reports the Financial Post.
Bitcoin is a an internet-only currency released in 2009, created in order to avoid fees for transferring money to different currencies and credit card companies. Because Bitcoin isn’t under the control of central banks or governments, there is a perception that it’s not susceptible to political pressures. This is why so many are flocking to bitcoin and leaving the European banks. More from the Financial Post:
It’s interesting that people are willing to put their money on Bitcoin, where security breaches by hackers have already occurred, rather than in century old banks or government treasuries. This says a lot about how the people feel about the European banks. Delivered by The Daily Sheeple Contributed by Ben Duronio of Business Insider. Please share: Spread the word to sheeple far and wide
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“It’s interesting that people are willing to put their money on Bitcoin, where security breaches by hackers have already occurred, rather than in century old banks or government treasuries. This says a lot about how the people feel about the European banks.”
Indeed it does. But it also tells us a thing or two about the perception of Europeans who are putting money into Bitcoins instead of gold and silver. Although I really like the idea of Bitcoins as a medium of exchange, it seems an idea that is not yet ready for prime-time. The last thing that most of us need is to have some bonehead with a computer hack our accounts and steal our futures. In spite of its other benefits, Bitcoin has been and still seems susceptible to this kind of theft. If Bitcoin can be made secure, then it’s day will be at hand. Until then, it is just another interesting but unworkable idea.
Do you know if china prints copies of their currency like they do with fiat of the usa? Even a debit card will never solve the problem of thieves. Yet they do not want to use gold and silver as exchange. This would be impossible to copy as it has value to begin with.