Businessweek writer Max Raskin shares how there are a number of ways that Bitcoin is a value transfer system unlike any other. Excerpts:
"There’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency."
“’I believe that bitcoin is, or will be in the future, a very effective tool for individuals who want to avoid sanctions, currency restrictions, and high inflation in countries such as Iran,’ [Jeremias Kangas of LocalBitcoins.com] wrote in an e-mail.”
"Regulators can’t easily track the transactions, since bitcoins aren’t issued from a central server."
"At online store coinDL.com, shoppers can use bitcoins to buy Beyond Matter, the latest album from Iranian artist Mohammad Rafigh. Anyone in the U.S. downloading songs, which fetch .039 bitcoins or 45¢ each, risks violating U.S. sanctions."
"Rafigh has translated some bitcoin software into Farsi for his friends. ‘I love Iran, and if bitcoin is good for me, it can be good for more Iranians like me.’”
"Iranians working or living abroad can send bitcoins to their families, who can use one of the online currency matchmaking services to find someone willing to exchange bitcoins for euros, rials, or dollars."
"The uncertainty [of Iran’s rial] has led some Iranian software developers to ask clients to pay them in bitcoins. ‘Anyone with a computer is able to own, send, and receive them.’"
- http://bitcointalk.org/index.php?topic=128473.0 (Further discussion of the article)
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