Dollar-Less Iranians Discover Bitcoin Virtual Currency

Wikipedia: Internationally, Bitcoins can be exchanged and managed through various websites and software along with physical banknotes and coins.
 
 

Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet 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.

Created in 2009 by a mysterious programmer named Satoshi Nakamoto, bitcoins behave a lot like any currency. Their value is determined by demand, and they can be used to buy stuff. Bitcoin transactions are encrypted and handled by a decentralized global network of tens of thousands of personal computers. Merchants around the world accept the currency, from a bakery in San Francisco to a dentist in Finland. Individuals who own bitcoins and wish to exchange them for physical currencies like euros or dollars can use exchange sites such as localbitcoins.com, a Finland-based site founded by Jeremias Kangas. “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,” Kangas wrote in an e-mail.

The advantage for Iranians is that bitcoins can be swapped for dollars that can then be kept outside the country. Another plus: Regulators can’t easily track the transactions, since bitcoins aren’t issued from a central server. Bitcoin users can conduct business on virtual private networks, which hide customers’ identities.

Read full article

Comment by truth on March 31, 2013 at 7:04pm

Dollar-Less Iranians Discover Bitcoin Virtual Currency

Comment by Not mainstreamer on December 24, 2013 at 10:09am

Sure the banksters are scared by bitcoin.

Proof

http://arstechnica.com/business/2013/12/crazy-currency-the-more-i-r...

Comment

You need to be a member of 12160 to add comments!

Join 12160

Ferguson Mega-Link Blast - Nov 17-04

WATCH LIVE: Ferguson Continues to Protest

Please remember this website is supported by your donations...

12160 NEWS new management/admin info



You filthy, abnormal animal’: graphic contents of anonymous letter sent by FBI to Martin Luther King http://ow.ly/2QKXaR  

2nd Grader’s Homework Teaches ‘Rights Are Special Privileges The Government Gives You’ http://ow.ly/2QKXaQ 

Texe Marrs - Project Lucid - Published on Jun 30, 2013 Too much to list. http://ow.ly/2QKXaC 

I Don't Have A Problem With The KKK Fliers Posted In Ferguson MO by Deep Space http://12160.info/video

VIDEO: Citizens Approach Cop They Saw Littering, Cop Says, “Yeah? What are You Gonna Do About It?”: http://12160.info/video

US senator’s son charged with killing 21 dogs - US senator’s son charged with killing 21 dogs Published time: Nove... ow.ly/2QJVZJ 

WATER Crisis -HOAX - Primary Water - What you didn't know about the manufactured drought. ow.ly/2QJVZO 

Keiser Report: Whistleblower Alayne Fleischmann (JP Morgan 'worst nightmare') talks to Max (E679) ow.ly/2QJVZQ 

Propaganda and Manipulation: How mass media engineers and distorts our perceptions ow.ly/2QJVZP

Did VIP abusers murder a boy? Scotland Yard's new probe into paedophile ring at luxury flats used by ministers ow.ly/2QJVZI 

Meet Ferguson Police Officer Darren Wilson - a total asshole NEWLY POSTED VIDEO 12160.info/page

Report an Issue

Forum

Do You Have An AMAZON/CIA Account?

Started by Christopher in Current News/Events. Last reply by Less Prone 8 hours ago. 1 Reply

can i share this and get you guyses opinion?

Started by michael sean in General Mayhem. Last reply by michael sean yesterday. 1 Reply

© 2014   Created by truth.

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2014 - all rights reserved. unless otherwise noted
var _gaq = _gaq || []; _gaq.push(['_setAccount', 'UA-48719234-1']); _gaq.push(['_trackPageview']); (function() { var ga = document.createElement('script'); ga.type = 'text/javascript'; ga.async = true; ga.src = ('https:' == document.location.protocol ? 'https://ssl' : 'http://www') + '.google-analytics.com/ga.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(ga, s); })();