Bitcoin Is A Currency. When Will It Become Money? - Opinion
A lot has been said and written about how Bitcoin in 2014, is similar to the Internet of 1994. Internet, when it started, was usable only by the few early adopters. They used ridiculously priced computers to access the Internet, inspite of not being entirely clear of what it was going to become. Bitcoin is in a similar infancy at present. There are two ways in which this article can proceed from here... one about the technology of blockchain and the other about financial future of Bitcoin. We could talk about how the Web 2.0 evolved from the static Internet of those days. Elaborating how....
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Sheng Songcheng of the People's Bank of China's PBOC financial survey and statistics division has had an opinion piece published this week on the topic of virtual currency titled "Virtual currency is essentially not money" (translated). "It is hard for the likes of Bitcoin to become a currency," Sheng writes in the piece. "Bitcoin is merely a Utopia for technology supremacists and absolute liberalists." It's a verbal blow, but the opinion has had little effect on anything bitcoin-related at the moment. The damage has already been done in China as of when the PBOC banned third-party payment....
Jamie Dimon, the CEO of one of the biggest financial institutions of the world, JPMorgan, has once again let the world know about his stance on bitcoin and cryptocurrencies. Dimon stated that whoever borrowed money to purchase bitcoin was, in his opinion, a “fool.” However, his personal opinion has not clashed with the fact that JPMorgan is now offering access to six cryptocurrency funds for its customers and even created its own digital ledger token for payments, called JPM Coin.
Jamie Dimon Blasts Cryptocurrencies
JPMorgan’s CEO Jamie Dimon blasted crypto....
Ever wonder what one of the world's richest men thinks about bitcoin? Well, you've already heard from business magnate Warren Buffett of Berkshire Hathaway (hint: if you haven't, he's previously said it's not a currency and telling investors to stay away). Bill Gates, with a net worth over $80 billion USD according to Forbes, has spoken up again on the topic of digital currency. And while he didn't get into terrible amount of detail on his opinion, he says that bitcoin is "exciting" because of the fact that it can show how cheap sending money can be. Here's what he told Bloomberg's Erik....
Michell Espinoza had a good Monday. On that day last week, the South Florida bitcoin exchanger saw money transmission and money laundering charges against him dismissed. Espinoza was arrested in 2014 for selling bitcoins to an undercover law enforcement agent, and he has again been thrust into the spotlight due to the potential impact of the case. The court's eight-page opinion, discussing the application of Florida money transmission and money laundering statutes to sales of bitcoin, was the first of its kind, and it suggested that certain notions of how the law views transactions made in....
The virtual currency Bitcoin is probably best familiar to people who are shopping for narcotic drugs in on-line stores just already nonfunctional Silk Road. A new Federal Election Commission ruling might expand the list of what is possible to purchase with bitcoins with a juridical realm: buying politicians. This week the FEC decided to approve a legal opinion to permit federal political campaigns to take contributions in bitcoins. The politicians shall use bitcoins in the same manner they use donations of stock. This value of this kind of "gift" will be converted to usual currency....