Russia, another country that joins the fight against Bitcoin

Several countries warn of the possible use of virtual currencies for illegal activities, while many supporters consider the future economy
Russia, another country that joins the fight against Bitcoin
reuters
Bitcoin , a currency that does not please all

It's been a turbulent month for a virtual currency that is challenging the traditional financial system. In December were the Chinese authorities who declared war on bitcoin , and stopped a few days ago in the U.S.. UU . Bitcoin VP Foundation , Charlie Shrem on charges of money laundering through this currency.

Now Russia has joined the list of countries that warn of the risks of the virtual currency. Russian officials have said the ruble is the only legal currency , so any other currency will be considered illegal . Stand that will work with your Central Bank to avoid the use of this " pseudomoneda ' unstable that would be related to money laundering and the financing of terrorism.

Your appreciation opens more rampant debate on illegal use. A bitcoin equivalent at the beginning of this week at $ 645, an extremely high figure , considering that he was born in 2009 thanks to a mysterious character named Satoshi Nakamoto, worth less than a dollar and reach the U.S. currency seemed an impossible mission . It is speculated that the anonymous creator has about a million bitcoins .
The first crypto- currency

But what is Bitcoin ? It is one of the first experiments the concept of crypto- currency. The crypto- currency virtual money is very difficult to forge because it uses cryptography for security. The crypto- currencies are not issued by any central authority , which makes them immune from governmental interference. In fact , the design is to use computer encryption techniques to control the creation and transfer of money without having to depend on central authorities. Bitcoin is the most famous of these crypto- currencies and is also the name of the open source software that allows use of this currency.

Experts are not clear at the time whether the bitcoin , which suffers from high volatility , is the preamble of a bubble in internet or if , on the contrary , is a logical stream is called to settle in the coming years. "The bitcoin not really like almost any country, because they want to have some control of its currency, which produce exchanges of money to buy their products and seek to be competitive ," explains Vincent Varó this newspaper , financial advisor network Unience social finance . Given this lack of control , governments have rushed to declare their illegal use and to put entrepreneurs to tripping may not.

According to its proponents , bitcoin grows on internet, thanks to the internet and internet . "People are a little tired of the status quo and does not have the same reliability of the currencies of the past ," he adds . Although its use is not too widespread, there are examples of operations. For example, last December, a man residing in U.S. acquired a high end car ( Tesla S ) by 91.4 bitcoin , about $ 103,000. More recently , a Polish and an Austrian paid with this currency a trip to Vietnam and another to Lisbon. " There are people who are buying and selling in stores, but this is a reality in the future, will it be a reality and an international currency ? Do not know if it's the standard of virtual currencies, but there will be something. This experience will think otherwise in international transactions , " the expert questions .

Russia, another country that joins the fight against Bitcoin
"There is a bubble , is a technology progresses ," says Jorge Abascal , cofounder of Pagobit , Zaragoza processing company in Spain bitcoin payments due out in mid-March . "We are building a monetary system since zero. While the euro already have dataphones systems , online banking solutions in the Bitcoin community we are building and that takes time , "he insists .

Opponents criticize that its use is not a good investment . "It is a demand for people buying and selling to speculate ," recounted Xavier Sala i Martí , Professor of Economics at Columbia University . " If companies do not accept bitcoins as a payment method , if you do not pay wages in bitcoins and if the Government does not accept bitcoins as payment of taxes , demand for that currency will be zero and , therefore , also its intrinsic value ' criticized .

Another controversial point of the matter is that the currency has a limit ( 21 million units ) and is estimated to be exhausted around the year 2140, after the algorithm depends go changing.
Bitcoin , the two sides of the coin
j . tahiri
Bitcoin is a virtual currency that carries many questions , doubts moving to its value. The prohibition of currency in Russia has made its contribution to sink below the $ 650 unit , changed after more than 800 on Friday .
This huge volatility has prompted some economists have dubbed the new currency as a " tulip bubble ". " Bitcoin is most used as a speculative vehicle as currency " describes Javier Flores , an analyst at the European Association of Professional Investors .
Its use for purposes dodging Treasury control was evident since last March, when their value and use skyrocketed following the " playpen " in Cyprus.
But it is this component which has earned him some sympathy among economic trends . " The theoretical roots of bitcoin can be found in the Austrian School of Economics ," the ECB said . Innovation reminiscent of the past: its production, as was the case with the gold standard , is limited .