CERDAFIED-Americans are looking for an alternative to American currency and they found it in Bitcoin. This virtual currency has gained real traction in the market place. It is the answer to the pending economic collapse expected in America by forthright economists.
Bitcoin was valued at less than $100 per coin at the beginning of the year and is currently valued at around $1000 per coin. Bitcoin has a current valuation of $1.5 billion, proving its legitimacy. Some consider it highly speculative and thus far it is unregulated.
Kentucky Police Chief Tony Vaughn, requested that he receive his salary in Bitcoin. The Vicco City Commissioners delayed the approval in order to investigate the logistical and legal aspects of the request. Commissioner Claude Branson reported that the approval cleared the way for what may be the first request of this kind in the nation.
While Bitcoins risks and gains are being debated, investors have raked in the profits. It gets high marks because they are not manipulated by monetary polices, quantitative easing or interest rate policies. There is a limited quantity, 21 million available until 2041. They are released at preset intervals to create study growth. Other countries are interested in type of invest due to their troubled economy.
Bitcoins can be transferred from person to person online in seconds using your phone or computer.
They are not connected to banks, or transaction fees, so you save money. Bitcoins are hard to counterfeit; they use a private key and use military-level cryptography. Each coin has its own unique history which make sit hard to duplicate.
The drawbacks are, you can forget your password, erase your Bitcoin wallet online, lose them to malware, viruses and attacks. Human error is the biggest risk. The volatility of the rates can fluctuate between the local and bigger exchanges. Fraud could easily occur, including money laundering buying illegal goods. Despite the warnings, Bitcoins are catching on.
Bitcoin Rich List is a website that tracks the top addresses in the world of Bitcoin. There are 246,377 Bitcoin addresses, with at least one Bitcoin in each of them. Many people have Bitcoins in more than one address, in order to protect them from hacking, and last year that number was 159,916.
The assumption that the largest Bitcoin addresses are held by miners who invested early on is wrong.
In fact, the top 10 bitcoin addresses do not fit that profile. Actually the FBI is the holder of the world’s biggest Bitcoin wallet. It was seized after the FBI shut down an online drug marketplace called Silk Road. The owner is an American man named Ross Ulbricht. The 144,000 Bitcoins belonged to Dread Pirate Roberts and are valued at $100 million The FBI also seized another 30,000 Bitcoins valued at $20 million at another address connected to Silk Road funds.
There may be as many as 12 million Bitcoins in circulation, and the largest known holder is an early miner named Satoshi Nakamoto, who is estimated to have mined 1 million Bitcoins. Cameron and Tyler Winklevoss own 1 percent of all Bitcoins.
Jeff Garzik, the developer of Bitcoin, confirmed that he is working with government and keeps updating the Bitcoin protocol, during an interview on “What’s trending?” with Shira Lazar. In a post apocalyptic type economic crisis, Bitcoin would better serve the world unregulated by the government. But jump starting this alternative currency before the collapse almost insures that our Rothschild controlled government will not allow our economic survival. How else can they achieve their goals of total domination and economic control?
Additional Stories: Surgeon Wants to be Paid in Bitcoin
(Lisa Cerda is a contributor to CityWatch, a community activist, VP of Community Rights Foundation of LA.)
-cw
CityWatch
Vol 11 Issue 1-5
Pub: Dec 31, 2013
