Bitcoin is a cryptographic currency and a peer-to-peer payment system invented by Satoshi Nakamoto, which announces the invention in 2008 and publishes the open-source software in 2009.
The use of Bitcoin has several advantages.
Freedom of payment: With Bitcoin it is possible to be able to send and receive money anywhere in the world, at any time regardless of holidays, almost instantaneous: transactions are very fast A few seconds to a few hours without limitation, independent of monetary authorities' monetary policy policies (EDF, ECB).
After some years of the creation of Bitcoin, there are countries that have banned the use of this virtual currency.
- On 29 July 2013, Thailand became the first country to prohibit the use of Bitcoin on its territory after a decision by the Central Bank.
- On December 5, 2013, the Chinese central bank forbids local banks any transaction in Bitcoin, resulting in the start of a crash on the value of virtual currency. BTC China, the world's leading trading platform in Bitcoin, bans users of new Yuan deposits on their account "following new government regulations". On January 8, 2014, Chinese group Ali Baba banned payment in Bitcoin (following the new Chinese regulations).
- On January 15, 2014, the French Senate holds a hearing on issues related to the development of Bitcoin-type virtual currencies.
- On 6 February 2014, Russia declares the currency illegal on its territory, arguing that the only official currency in Russia is the ruble and that no other currency can legally be used in the country.
- On February 26, 2014, US Senator Joe Manchin called for a ban on Bitcoin in the United States, because of its uncontrolled volatility and the risk of its being used for illegal purposes, including money laundering. For the time being, the United States considers that virtual currencies such as Bitcoin have no legal value, but as assets they are liable to tax.
Unlike physical currencies such as the euro or the dollar, the Bitcoin is not governed by any central bank or government and therefore can not be subject to the temptation of "printing money", argue its supporters. But critics point to its extreme volatility, denouncing the creation of a speculative bubble.
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