In a post on the Bitcoin Money blog, (@BitcoinMoney), the risk of trading bitcoins and potentially ending up with counterfeit banknotes is described. Excerpts:
"There has been a rise in the number of counterfeiting incidents around the U.S., with counterfeit bills showing up at multiple Walmarts near South Bend and at about every store in Harlan, Kentucky."
"Consumers can even become victims, as was reported about a person in Des Moines who was given counterfeit paper money in his change."
"There is a growing number of individuals offering to trade bitcoins for cash in a face-to-face transaction. This has been made easier thanks to services like Local Bitcoins, […]."
"The counterfeits are worthless and issuers such as the Federal Reserve or the Bank of England do not reimburse for counterfeits regardless of the circumstances."
"The U.S. Secret Service provides a guide (issued in 2008) that provides information as to how to detect counterfeit U.S. Federal Reserve Notes (FRNs)."
"Even with the risk of ending up with a counterfeit, the use of cash is not going away anytime soon. […] Ninety percent of the world’s transactions by volume are still conducted in cash."
- http://bitcointalk.org/index.php?topic=127218.0 (Further discussion on the subject)
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