Silver Dollar Values Prices Soaring, Bitcoin Will Never Replace Gold And Silver - Gold Prices

Feb. 2, 2013 - PRLog -- When CNN wrote recently, “Bitcoin, an online ‘currency,’ seems to be gaining traction and legitimacy among those who need to transfer or launder their funds outside of the prying eyes of regulators,” they were elevating convenient prejudices over reality. For, even though the prying eyes of regulators are something many people would rather avoid, the destructive policies of central bankers lead individuals to alternatives that may attract those eyes likewise. CNN referred to Bitcoin as "sketchy" and in so doing used a method of identifying anything away from purview of official transactions as “black market,” “gray market” or else shady. The press outlet whittles Bitcoins’ user base right down to Iranians, hit men and drug dealers and others “who would rather be paid in an untraceable currency.” How High Will Silver Go? Learn More Kitco Silver >> http://www.silverdollar.cc

Flip that statement upside down, and what is it Bitcoin users prefer? A banking system in which each and every little thing they do is not scrutinized and reported.

Bitcoin is swiftly being a legitimate instrument on the fringe of the dominant financial world, as people the planet over turn to the system for its practicality and convenience-and, let’s face the facts, security. You’re not going to get a lot of that from the Western-based financial system, and that’s no lie.

Simultaneously, Bitcoin is “threatening major profit centers for the banks and payment operators like Visa and MasterCard.” CNN doesn't just imply criminals and rogue nation-states will use the Bitcoin network to launder money, but that that's essentially Bitcoins’ only purpose. The press outlet admits, “Passing money and making transactions beyond normal pay channels has serious repercussions for that financial industry.”

CNN understands the benefits - at least vaguely - of Bitcoin, for example that the network is free and could be used by anyone to send/receive payment 24/7, but hopes the average ignorant and simply led viewer will miss out on the usefulness in Bitcoin so as to have them within the dominant financial system paradigm.   Gold Coins, Silver Coins, Rare Coins  Learn More >> http://www.silverdollar.cc/GOLD-COINS/

Because the press outlet writes: But simply because the Bitcoin network is free to use doesn’t mean it’s the best method to move wealth. Indeed, it's by far the riskiest way to send money because it is only as good as its medium of exchange - Bitcoins. Unlike currency backed through the full faith and credit of sovereign nations, Bitcoins are supported by, well, nothing, leaving it available to wild swings on the international currencies market. Since Bitcoins are still a virtual currency, consumers take on massive exchange rate risk moving money back and forth from their Bitcoin accounts. In the two years it’s existed, the Bitcoin has been valued as high as $30 to as little as $2. A wild swing occurred last summer when security concerns cause individuals to dump their Bitcoin en masse. Casual observers wrote off Bitcoin and managed to move on, but it has slowly and steadily regained its value, last trading around $14 per Bitcoin.

Bitcoin is now at the $18 handle. It poses a menace to Visa, MasterCard, and PayPal. While holding value for long periods of time in Bitcoin carries risks, the transaction ease helps make the system a more attractive medium than any dominant economic climate option. It’s a way to pay for things in an incredibly convenient manner. Moreover, it doesn’t matter if you’re spending money on a fraction of a Bitcoin or millions of dollars worth of these. What’s the use of any fiat currency next? Other than, of course, national security.

One thing Bitcoin doesn't totally replace is gold and silver stored internationally. In our short lifetimes, there's scant chance for a technology - regardless of how positively revolutionary - to supersede objects that have been held as money for hundreds of years across civilizations. That is my estimation. Others disagree.

Like gold and silver, Bitcoins could be internationalized. But, Bitcoins cannot be held in the “analog world” like gold and silver coin can. That’s why they aren't a one-size-fits-all option for the committed rebel with regards to freeing his or her money. However, both Bitcoins and internationally stored gold and silver will go a long way towards safeguarding your hard-earned labor in something apart from fiat currencies. One of the best arguments in favor of internationally storing gold and silver may be the diversification of risk, and the capability to hold tangible assets that only are in position to appreciate in value as G20 nation-states lead the way in which in open currency devaluation. What better method to further diversify your internationally stored gold and silver having a digitally trade-able medium? No more awaiting bankers to initiate wire transfers. You're doing so yourself. Of course, with freedom comes responsibility.

Bitcoin can oil the wheels of the international lifestyle, no doubt, but by itself does not qualify one as a global citizen fully ready to globetrot amidst uncertainty and volatility. You will find many steps one can take in order to fully make the most of Bitcoin as a global citizen. Our recommendation would be to hold gold and silver as the safest form of safeguarding your wealth. How High Will Silver Go? Learn More Kitco Silver >> http://silverdollar.cc