Bitcoins are a digital currency created in 2001 by Satoshi Nakamoto. It is based on open source software and P2P networks with no central authority or issuers. The coins are saved on your computer in a wallet file or in a third party wallet. They can be exchanged between anyone with a Bitcoins address. The database of transactions is spread across a peer to peer network. They also use digital signatures to ensure they are only spent once and by the person who owns them.
Because of the abuses in our current system, Icomarkets has developed a momentum. That momentum is turning into a manifest destiny. That destiny is that it will take its place alongside national currencies as the real world reserve currency.
This means that you can begin trading with a low capital outlay to dominate a large currency position. You can trade for a standard $100,000 currency lot by with just $1000.
One, is history. Fiat currencies never last. The U.S. Dollar is a fiat currency, no longer backed by anything other than an ever faltering “full faith and credit” of the U.S. Government. Since the Federal Reserve Act of 1913 the dollar has lost 92% of its purchasing power.
This is a good question. Mark Dines a few years ago couldn’t sell a $1200 one ounce Canadian Gold Maple Leaf coin for $50, then $25, and finally could not give it away to people passing by on the street.
A run on Argentine bank deposits occurred in 2001. The natives were understandably restless with the continued failure of their government’s economic policies. People wanted to flee the Argentine peso for the refuge of the USD. As you might expect, the government froze bank accounts for up to a year and limited customer withdrawals. Recently we had something similar occur in Cyprus when rumors began swirling about deposit confiscation in order to deal with the poor financial state of banks in that country. In similar fashion, the government of that country took measures to limit withdrawals and the rumors became fact. Depositors did lose money though the term used was the more euphemistic “tax”.
Ulbricht went to great lengths to conceal where his illegal business was based and he went to great lengths to keep the FBI from finding out his identity, but in the end it was his “carelessness” that got him caught.
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