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Third use - transfer money easily across borders, for example a migrant worker sending money to family. No red tape, no forex hassles, no worry about future val
by richardw 14y ago
Third use - transfer money easily across borders, for example a migrant worker sending money to family. No red tape, no forex hassles, no worry about future value (unless the value tanks while you're transferring, of course.)
- dragonwriter 14y ago> Third use - transfer money easily across borders, for example a migrant worker sending money to family. No red tape, no forex hassles, no worry about future value (unless the value tanks while you're transferring, of course.) The "no red tape, no forex hassles" are largely because of immaturity in the regulation of "virtual currencies" that exist largely because most states haven't gotten around to addressing them because of scale issues compared to traditional soveriegn currencies. This is already starting change.
- richardw 14y agoThe regulations will surely come. However, the ability to hold a private wallet outside of a bank and transfer money to a point anywhere in the world, makes regulations harder to police. Some wallets might be declared and known, others might exist anywhere in the world and be held by anybody. For a law-abiding citizen who trusts their government (the people you don't need to police), all will be (probably) declared. I expect different behaviour from a Russian holding money in a Cypriot bank or someone who pays taxes to a corrupt regime. Still, if someone is looking to preserve wealth, it would seem smarter to wait and see if and where the price stabilises. Or if governments slam the door shut on the currency.