02 Dec '12, 7pm

Bitcoin Adoption Right on Schedule

Bitcoin Adoption Right on Schedule Published December 2, 2012 Uncategorized Leave a Comment BloombergBusinessWeek reports that some Iranians are turning to Bitcoin in the face of economic uncertainty, because US dollars are difficult to obtain: 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. Compare to what I wrote in early 2011 : The anonymity, decentralized nature, and extreme versatility of Bitcoin make it an ideal form of cash for coping with the extreme uncertainty inherent to such uns...

Full article: http://cs702.wordpress.com/2012/12/02/bitcoin-adoption-ri...

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Bitcoin Adoption Right on Schedule

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