Is the Bitcoin the answer for expat currency fluctuations

Published:  19 May at 6 PM
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Tagged: Currency, USA, Euro
Controversial since its introduction as a unique virtual trading currency, the Bitcoin is being seen by many expats as an answer to currency fluctuations, even although online security is causing concern.

Wherever in the world you’re based, it’s likely that the Bitcoin will be accepted by a business close by in the very near future. New Bitcoin-friendly websites and apps are the latest fad, along with rumours of the development of cash machines and point-of-sale payment apps.

Businesses accepting the controversial payment method are growing across the world, and now include 400 US restaurants, a British university and around 7,500 British pubs. In the USA, fast-food favourite Burger King now accepts Bitcoin payments, along with a variety of online retailers including Amazon.

Once a geeky fad, the digital currency’s infrastructure is growing by the day and attracting interest in almost all European countries as well as in America. The coin’s major attraction is that no banks, commodities or any other unpopular financial institutions have any connection with it, limiting interference from outside factors to zero.

The coin’s value fluctuates with its market demand, and is worth its day’s exchange value all over the world, regardless of where it is spent. There’s no need to change currencies on business trips or holidays, as its value stays the same regardless of strengths or weaknesses in non-virtual currencies.

Bitcoins can be purchased from an exchange, or gained by solving complicated mathematic problems on the Bitcoin website. Its value averages around £350 in spite of a recent spike to £650 and a low point of £12.

The company’s software allows new Bitcoin ‘miners’ to get together in small groups to protect their systems and the currency’s security. At the present time, over four billion coins are in circulation, and stocks are limited, if that’s the word, to 21 billion by the computer system itself.
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