26 Jun '16, 1pm

As Thomas Cook Suspends FX in UK, Bitcoin Best Choice For Individuals

The rapid depreciation of the British Pound has resulted in Forex companies like Thomas Cook imposing restrictions on the sale of foreign currencies. Bitcoin offers a better way out for ordinary residents. Impact of rapid depreciation For the common man, there is little he can do if his currency is subject to sudden depreciation. With the pound hitting a historical low, the British can only watch passively as their sterling-denominated assets lose value. The price of imported goods (like oil) and goods benchmarked to international markets (like gold) will increase in GBP terms. If they want to avoid incurring losses, they will have to sell their pounds for either gold or foreign currencies like the Euro or the US dollar. Foreign exchange impact A spokesperson for Thomas Cook, Britain's biggest travel operator, said “We have temporarily suspended our travel money website fo...

Full article: http://cointelegraph.com/news/as-thomas-cook-suspends-fx-...

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