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Digital currency Bitcoin gets Europe banking approval
To bad US banned it i think...
What does this mean for the future of bitcoins?
Comments
wow banking approval in EU , that's surprising !
While I support alternate means of pay, I am getting worried that bitcoin is getting so fast ahead, I would love to see alternatives to bitcoin going up too.
With only one basket to put the eggs of future harder to stalk financial transactions, it might be that bitcoin becomes The Alternative and any error made because of greed and naivity will seriously tarnish the trust.
Lets hope it will turn out well, but from now on I will look into other means, see what is the best placed as an alternative to bitcoin.
Disgusting.
Banks have strict rules under which they must operate, one of the reles sounds something like "know your customers". So i guess this would be the end of bitcoin, for what it could be used for now.
Sigh.
This changes absolutely nothing for those that have no desire to use a bank.
Not really, the way it works is that the part in Eur is protected and must follow banking rules.
The part in bitcoin is not regulated and the company will act just like a broker dealing in a commodity, will have the accounts in a protected bank which can accept bitcoins as a collateral of sorts, this will of course mean that they will know the customer, what the customer does with their bitcoins is not important for the bank, the way your bank is not concerned what you do with your grains you purchased using your own funds, they will not track it to see if you make illegal alcohol or grow LSD, for instance.
That is police business as it should be, this system is used to keep banks from doing the police work.
Simliar systems are used to keep ISPs from doing police work.
WHAT THE HELL !!!!! banking approval in europe
Wow this is awesome.
It gets approval so EU can regulate it into the ground.
BitCoins were nice while they lasted...
@Maounique don't know how it works in your part of the EU, but here banks must report all transactions larger than some amount. Also they must report some "suspicious" transactions (anti money loundering stuff).
And some bozos even proposed that the tax authorities must have access to the banking / transaction details without the need of a court order. Luckily this was not accepted, for now.
If every time someone proclaimed the death of Bitcoin, Bitcoin had actually died... it would be so dead that even the concept didn't remain in our memories.
It will not die. Just being treated as a bank means it would be much more monitored by governments, etc. Which for some people is probably a good thing, but for others... not so good.
Member
If every time someone proclaimed the death of Bitcoin, Bitcoin had actually died... it would be so dead that even the concept didn't remain in our memories.
How much bitcoins so far ?? In box with the signatures.
We will get better exchanges and rates thus.
More here, https://bitcointalk.org/index.php?topic=129461.0
tl;dr : https://bitcoin-central.net/ is the exchange being spoken about.
Okay I need some help understanding here. Went to MT Gox and the list in us dollar as
Last price:$13.61529
is this per thousand bit coins?
So does that mean we can power up a rack to save Greece?
lol...quick @George_Fusioned - volunteer miners
P.S @jarland - you forget to prepend with terrawrists again - you're slipping!
That's per single bitcoin, spiked to $30 odd at one point, should've been on the wagon then.
Darn foreigners with their car bombs and their driving on the wrong side of the road!
^^^ Precisely why we drive on the wrong side of the road ;-)
LOL we had Lineage farmers for years now, we'll make them Bitcoin miners now
No, that is per single bitcoin.
Additionally, http://mtgoxlive.com/ lists a live graph of the Mt. Gox exchange rate, and http://bitcoincharts.com/markets/ lists the exchange rates on all exchanges.
So you can split a bit coin up so what does that become? is it just .25 bit coin then?
and you use the market to cash out?
Yes. Bitcoins are divisible up to 8 decimals in its current form. The smallest unit, a "satoshi", would be 0.00000001 then, if I'm counting the zeroes correctly.
It's not "cashing out". It's exchanging.
so I exchange bitcoins for cash?
Yes here too, banks must report MONEY transactions.
What I do with what i bought with the money (say gold) is not bank's business, nor government's business.
What you and others seem not to understand, is that the aproval is for monetary not bitcoin transactions.
EU has no authority over bitcoin transactions and will never have since the bitcoins are not issued by EU.
I hope it is more clear now.
So really this doesn't sound that bad, but it is hard to trust in a currency like this. Kind of a risk. We might start accepting it, now that I have a little more information. Specially if it might mean more customers. Only problem is I don't want it to turn into and egold situation where it is crap.
Yes.