30 Nov '12, 1pm

Hopeful future for stateless currency: Dollar-Less Iranians Discover Virtual Currency #bitcoin

(Corrects the spelling of Farzad Hashemi's name) 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 i...

Full article: http://www.businessweek.com/articles/2012-11-29/dollar-le...

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Dollar-Less Iranians Discover Virtual Currency By Max Raskin November 29, 2012 7:42 PM EST Under sanctions imposed by the ...

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businessweek.com 30 Nov '12, 1am

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...

This post abt #bitcoin+#iran reminds me of: "Th...

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Dollar-Less Iranians Discover Bitcoin Virtual Currency

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7 December 2012 Last updated at 17:07 GMT Share this page Delicious Digg Facebook reddit StumbleUpon Twitter Email Print V...

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