Virtual Currency Power: Spoiled Image of Bitcoin

10 years, 1 month ago - February 27, 2014

MtGox. This exchange bitcoin MtGox Tokyo platform was downright locks up yesterday, Tuesday, Feb. 25. And those holding this virtual currency could not even recover their virtual money for two weeks. MTGox evokes a computer bug, except that, in fact, the price of bitcoin fell 15% as the turmoil has undermined other platforms.

What came to throw a wave of uncertainty about the craze for that currency. In Mauritius there are many have embarked on the bitcoin experience. They would potentially number 500, if one relies on the number of downloads of any software associated with the virtual currency.

The potential of bitcoin

Andrew Stephenson, accountant of British origin established in Mauritius is one of those users. According to him, bitcoin is a huge potential as currency exchange and can also be a long-term investment. "Today, make transactions bitcoins not more risky than making transfers in foreign currencies " said Andrew Stephenson. Ultimately, he believes that the bitcoin and an alternative currency, litecoin could become interesting for investors seeking to diversify its portfolio, as well as foreign exchange.

Evidence that bitcoin is more than a passing fad, it shows that the volume of transactions bitcoin now exceeds that of Western Union. In his eyes, the FSC benefit from early intervention to regulate the bitcoin Mauritius, since it already has a good reputation as a regulator at the international level. Moreover, he mentions one of the largest foreign exchange platforms, hotfotrex.com operates in Mauritius under the supervision of the FSC.

The pioneer

Make a bitcoin currency formal, regulated by one or more States: this is the mission that is given Nilam Doctor. This Indian technician was recently established in Mauritius in order to establish an exchange platform based here. He thinks that attached to a specific country platform can increase the credibility of bitcoin and dispel concerns about the anonymity of this payment method. Tests are already underway for the variant of bitcoin he intends to create, to be called greencoin. Among other projects, he also works on a platform for e-commerce based on the bitcoin protocol on behalf of a large e-commerce company.

"Contrary to what has been said, the bitcoin is very difficult to use for money laundering, as transactions are completely transparent. In addition, most reputable trading platforms have already established practices 'Know Your Customer' to require information to identify their customers. This discourages further use bitcoin for criminal activities. "

What is Bitcoin?

"Bitcoin" refers to both a unit of virtual currency and platform for exchanging the currency. The bitcoin was created between 2009 and 2010 by a developer or group of developers calling Satoshi Nakamoto. The particularity of this virtual currency is that it works in a completely decentralized network. This means that the verification of transactions is provided by online users, via a process known as "mining".

The easiest way for a beginner to start using bitcoins is to create a portfolio (wallet). This wallet will allow it to create a first bitcoin address and store that will buy bitcoins on exchange platforms online. The wallet allows you to create addresses that can be used to receive payments in bitcoins. Conversely, to send bitcoins just have the Bitcoin address of the recipient, as we exchange emails.

Text by lexpress.mu

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