Virtual cash exchange becomes bank (BITCOIN This is BIG news), page 1

I just searched the headline but didn't see it... How could this get through the net? Did things just get serious for bitcoin?

Here is one little snippet from the article...

Under European laws, the deal means Bitcoin-Central becomes a Payment Services Provider (PSP) that has an International Bank ID number. This puts it on an equal footing with other payment networks such as PayPal and WorldPay. As a PSP it will be able to issue debit cards, carry out real-time transfers to other banks and accept transfers into its own coffers.

Here is the article... www.bbc.co.uk...

I was just checking in on how things were going for bitcoin and this popped up which is an unbelievable step forward and now I know why bitcoins have serged again! They are now on equal footing with paypal legally? SAY WHAT???? They can issue debit cards and such!!!! Oh my god people I'm so excited!!! This is the best news from 2012!!!

This needs to be spread far and wide, say what you will about bitcoin but it has so much potential to free us from the banks! And there is still time to be early adopters because this thing is gonna go NUTS! Wordpress also started taking bitcoin last year, suddenly bitcoin isn't so silly anymore!

reply to post by tothetenthpower

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No I disagree, because they can not create bitcoins, because there will be a finite amount and all the rest of it. Also it is an exchange that has fought its way to legitimacy! Not some evil bank taking over... This is a really good thing in my book, it opens the doors to so many other possibilities, it can still be anonymous if you like, just send your bitcoins direct! But hey even then nothing was ever truly anonymous. They could still trace you if they really wanted to...

One of the main gripes about bitcoin is that you couldn't do anything with them! This is all about to change...

reply to post by mee30

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If you don't hold it, you don't own it. If it isn't local, you don't control it.

www.lumiere.net...

reply to post by mee30

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That's not true, you could trade the bitcoin for ANY other currency on the open bitcoin market. If you thought you could not, then you weren't looking in the right places.

I've been mining bitcoin for about a year now. Done pretty well for myself, even if the market crashed. It was up to 30$ at one point.

What I'm stating is that now BitCoin is in the system and they can come after Bitcoin because it's agreed to play by their rules and not their own.

It defeats the purpose of crowd sourced currency when you ask the powers that be to tell you it's ok.

~Tenth

reply to post by FraternitasSaturni

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Wow I really don't understand what you guys are saying? LOL... So you would rather have seen them stay in obscurity and for no-one to actually take them seriously? Can I ask do either of you guys use bitcoin? Do you own any?

I do understand the skepticism to a degree but can't you be happy for bitcoin central for pulling off the unthinkable?

reply to post by tothetenthpower

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Eventualy all currency will no longer exist, but before that happens currency will become electronic.

Its just a logical natural progression of technology. The government needs to create a smooth transition into an abundant future.

Originally posted by mee30
reply to post by FraternitasSaturni

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I do understand the skepticism to a degree but can't you be happy for bitcoin central for pulling off the unthinkable?

How can you expect us to take you seriously, when you mind considers this "unthinkable" and the working of bitcoin central??

reply to post by frazzle

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I don't want to control it or own it... I know what money is for and I think it is a very good system... I see it like this...

I want a new PC for example, now it takes quite a bit of effort to make a PC right? There are lots of people involved too... Now fortunately for me lots of lovely people are willing to help me out and build me a PC! Isn't that fantastic? What a beautiful world we live in... Now, I would love to help these people out in return but I can't rightly go and visit them all now can I? So I give them all some tokens so they can get the favour from someone else! MONEY... It's just an exchange of energy...

Has it been abused? Sure! Governments got involved and it became a monopoly! They will throw you in jail if you create your own money! And because of this the system has become corrupted...

Now that being said I am not against any kind of system people want to set up... Local things are awesome and I wish more power to you...

Originally posted by mee30
reply to post by FraternitasSaturni

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Wow I really don't understand what you guys are saying? LOL... So you would rather have seen them stay in obscurity and for no-one to actually take them seriously? Can I ask do either of you guys use bitcoin? Do you own any?

I do understand the skepticism to a degree but can't you be happy for bitcoin central for pulling off the unthinkable?

I own bitcoins... and I have indeed used them.. I bought a heftier video card specifically for bitcoin mining ( which is harder now since "resources" are being "depleted" ) ... I still think this is a bad idea.. I believe anonymity is at risk when this happens..

reply to post by tothetenthpower

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That's not true, you could trade the bitcoin for ANY other currency on the open bitcoin market. If you thought you could not, then you weren't looking in the right places.

Sorry what are you talking about? I have been with britcoin from near the beginning and then stayed with them as they changed to intersango, made myself a little bit in the process but more for fun than anything else... I don't know where this came from??

I've been mining bitcoin for about a year now. Done pretty well for myself, even if the market crashed. It was up to 30$ at one point.

Yeah dude I know... Are you replying to the right person here? LOL

What I'm stating is that now BitCoin is in the system and they can come after Bitcoin because it's agreed to play by their rules and not their own.

Nah do not fret mate, see you have a choice! just like with money! You can put it in the bank OR you can keep it under your bed... With bitcoin you can keep it with an exchange OR keep it on a usb or even a piece of paper if you wish... All this means is that NOW bitcoin can start to approach businesses with a legitimate backing, this means the value of bitcoin will explode and your mining will provide you even more!

Dude seriously start celebrating and hording your bitcoins! This is the real deal mate...

See yes, bitcoin central has agreed to play by the rules but bitcoin hasn't! Just like a bank agrees to play by the rules (even though we know this is a joke) but money doesn't! Doesn't stop you spending it where you like, does it?

It defeats the purpose of crowd sourced currency when you ask the powers that be to tell you it's ok.

Yes i agree with this, sure... But sell that to a company you want to use your currency! Come on man! Nothing is forcing you to use bitcoin central... But you get herd immunity even if you don't use them... See?

reply to post by unityemissions

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You have lost me dude... Bitcoin central is a company...

A currency exchange that specialises in virtual cash has won the right to operate as a bank. Bitcoin-Central got the go-ahead thanks to a deal with French financial firms Aqoba and Credit Mutuel.

Think you may be a little confused here...

A bitcoin exchange has won the right to be a bank and you think it's no big deal?

reply to post by miniatus

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I own bitcoins... and I have indeed used them.. I bought a heftier video card specifically for bitcoin mining ( which is harder now since "resources" are being "depleted" ) ... I still think this is a bad idea.. I believe anonymity is at risk when this happens..

Seriously you guys haven't thought this through, it is just a knee jerk reaction to the word bank... It's understandable...

But look does the existence of banks stop you from spending money as you please? I mean you can buy all sorts of stuff anonymously right? Well why would that stop with bitcoin? I can wire some to you from my pc to yours? How will that ever change? Come on man think about this!

This will give bitcoin a massive weight of legitimacy BUT YOU can still have your anonymity if you choose! It is win win! Please show me how it is not?

reply to post by mee30

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Really?

mtgox.com...

There are plenty of others that also allow you to do this. This of course excludes any private trades between you and another bitcoin user.

~Tenth

reply to post by mee30

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Has it been abused? Sure! Governments got involved and it became a monopoly! They will throw you in jail if you create your own money!

No jail time if its done correctly.

Ithaca HOURS is a good example of what people can do.

HOURS were created by our community's need and pioneer spirit. During the 1991 recession I designed prototype HOURS and began asking people to sign up to accept them. The first 30 people agreed. Had these folks said "that's a dumb idea" or "you could get in trouble," or had they just laughed, then maybe there'd be no HOUR money.

National publicity, which had begun in 1993, peaked in 1996, with stories in the New York Times, Wall Street Journal, Good Morning America, and many others. There have been over 650 stories written and broadcast about HOURS.

www.realitysandwich.com...

IOW, it worked because they didn't try to bite off more than they could chew.

Originally posted by tothetenthpower
reply to post by mee30

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Really?

mtgox.com...

There are plenty of others that also allow you to do this. This of course excludes any private trades between you and another bitcoin user.

~Tenth

Dude are you really showing me mt gox? Do you think that site is new to me? Also please explain yourself a little more for me so that I can follow you... Allow you to so what????

The news here is that bitcoin-central is now seen as a bank under european law! Is mt-gox seen as a bank under law? Are the participants protected under law? Remember the mt-gox hacking? That sparked the collapse? Can mt gox issue debit cards?

Basically bitcoin central can now approach companies as a legitimate bank! Protected under law...

What do you think that will do?

reply to post by frazzle

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Yes there are similar systems here called time bank and they are all fine and dandy but no good for the wider world! Great locally though and I support them a hundred percent...

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