Wednesday, April 29, 2015

Bitcoin transactions are hard to regulate, ...

which is why they are so popular in Argentina:
...A German customer had paid the musician in Bitcoin for some freelance compositions, and the musician needed to turn them into dollars. Castiglione joked about the corruption of Argentine politics as he peeled off five $100 bills, which he was trading for a little more than 1.5 Bitcoins, and gave them to his client. The musician did not hand over anything in return; before showing up, he had transferred the Bitcoins — in essence, digital tokens that exist only as entries in a digital ledger — from his Bitcoin address to Castiglione’s.  
 Had the German client instead sent euros to a bank in Argentina, the musician would have been required to fill out a form to receive payment and, as a result of the country’s currency controls, sacrificed roughly 30 percent of his earnings to change his euros into pesos. 
Bitcoin makes it easier to move money the other way too. The day before, the owner of a small manufacturing company bought $20,000 worth of Bitcoin from Castiglione in order to get his money to the United States, where he needed to pay a vendor, a transaction far easier and less expensive than moving funds through Argentine banks.

3 comments:

  1. Frankly speaking Bitcoin is a huge risk, as we are well aware how badly it went down, so I don’t think one can trust this. I am lucky that I don’t use it at all since I prefer to work with other stuff like EUROS, I am currently working with OctaFX broker where they allow us to trade on everything yet I prefer currency trading where the charges are extremely low with just 0.2 pips, so that’s very handy to have!

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  2. If you're searching for the best Bitcoin exchange service, then you should go with YoBit.

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  3. If you're looking for the highest paying Bitcoin ad network, take a look at MellowAds.

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