Flip that statement upside down, and what is it Bitcoin users prefer? A banking system in which each and every little thing they do is not scrutinized and reported.
Bitcoin is swiftly being a legitimate instrument on the fringe of the dominant financial world, as people the planet over turn to the system for its practicality and convenience-
Simultaneously, Bitcoin is “threatening major profit centers for the banks and payment operators like Visa and MasterCard.”
CNN understands the benefits - at least vaguely - of Bitcoin, for example that the network is free and could be used by anyone to send/receive payment 24/7, but hopes the average ignorant and simply led viewer will miss out on the usefulness in Bitcoin so as to have them within the dominant financial system paradigm. Gold Coins, Silver Coins, Rare Coins Learn More >> http://www.silverdollar.cc/
Because the press outlet writes: But simply because the Bitcoin network is free to use doesn’t mean it’s the best method to move wealth. Indeed, it's by far the riskiest way to send money because it is only as good as its medium of exchange - Bitcoins. Unlike currency backed through the full faith and credit of sovereign nations, Bitcoins are supported by, well, nothing, leaving it available to wild swings on the international currencies market. Since Bitcoins are still a virtual currency, consumers take on massive exchange rate risk moving money back and forth from their Bitcoin accounts. In the two years it’s existed, the Bitcoin has been valued as high as $30 to as little as $2. A wild swing occurred last summer when security concerns cause individuals to dump their Bitcoin en masse. Casual observers wrote off Bitcoin and managed to move on, but it has slowly and steadily regained its value, last trading around $14 per Bitcoin.
Bitcoin is now at the $18 handle. It poses a menace to Visa, MasterCard, and PayPal. While holding value for long periods of time in Bitcoin carries risks, the transaction ease helps make the system a more attractive medium than any dominant economic climate option. It’s a way to pay for things in an incredibly convenient manner. Moreover, it doesn’t matter if you’re spending money on a fraction of a Bitcoin or millions of dollars worth of these. What’s the use of any fiat currency next? Other than, of course, national security.
One thing Bitcoin doesn't totally replace is gold and silver stored internationally. In our short lifetimes, there's scant chance for a technology - regardless of how positively revolutionary - to supersede objects that have been held as money for hundreds of years across civilizations. That is my estimation. Others disagree.
Like gold and silver, Bitcoins could be internationalized. But, Bitcoins cannot be held in the “analog world” like gold and silver coin can. That’s why they aren't a one-size-fits-
Bitcoin can oil the wheels of the international lifestyle, no doubt, but by itself does not qualify one as a global citizen fully ready to globetrot amidst uncertainty and volatility. You will find many steps one can take in order to fully make the most of Bitcoin as a global citizen. Our recommendation would be to hold gold and silver as the safest form of safeguarding your wealth. How High Will Silver Go? Learn More Kitco Silver >> http://silverdollar.cc