Global Bankers Fear Bitcoin | USCyberLabs

#security Global Bankers Fear Bitcoin

The third aspect to examine is the interaction between the virtual currencies and the real economy. Second Life and Bitcoin users are spread around the globe and therefore their impact should also be interpreted globally. However, if a virtual currency scheme was to be focused on one specific country, it could indeed have an impact on the money supply of this country. This is what happened in China with the Chinese virtual currency scheme Q-coin, introduced by the company Tencent, one of the leading telecom operators in the country. QQ is an instant messaging service rovided by this company that also allows virtual payments to be made with Q-coins. This currency can be purchased by credit card or by using the remaining balance on a prepaid telephone card. The exchange rate is fixed against the renminbi. Originally, this currency was implemented only for the purchase of goo...

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