Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. I have just watched various news articles on Bitcoin suggesting that because it has been used by criminals as a means of transaction that it is doomed and should not be trusted. There is no logic to this narrative as previously criminals used banknotes to do trades and we were never discouraged from using central bank issued paper because it was also being used by said criminals. I think it is worth considering that this potentially represents a serious alternative to usurious central bank currency and this maybe the motivation behind the current scaremongering.. as certainly every article seems to be representing opinion not facts as news.
Posted on: Fri, 04 Oct 2013 05:18:59 +0000