Since the European banking crisis unfolding, Crypto currencies such as Bitcoin, Lietcoin, Peercoin and others have become a refuge for people fleeing from the euro and striving to protect their assets and savings from confiscation.
If you lived in Cyprus and had your savings in euros, you have been fleeced by your friendly government and seen your life savings go to bureaucrats and their banker friends. Other countries throughout the PIIGS region of Europe will follow soon, in all likelihood seconded by the savings of citizens in the “richer” countries as well.
Little reason to continue trusting conventional banks or politicians. Crypto currencies such as Bitcoin and others — while having their inherent systemic risks as well — appear to be safe in comparison. The outlook on paper currencies is, indeed, as bleak as giving Bitcoin and all other Crypto coins an additional boos for this reason alone. This is further enhanced by growing use of Crypto coins in legitimate commerce, including more and more quite conventional products and services, throughout the world.
Many analysts believe that Bitcoin, which facilitates unmediated fund transfers between individuals, poses a potential threat to conventional banking. Bitcoin and other Crypto coins are certainly exposing the weakness of the US dollar as the world’s incumbent reserve currency, as well as all other similarly stricken paper currencies.
“Faster and easier than One-Click Buying on Amazon.com”, but actually for unlimited amounts of money.
Watch the following explanatory video for details about how — and why — Crypto currencies function: