Bitcoin Forum

Are Bitcoins Becoming Europe's New Safe Haven Currency?

By Ross Kenneth Urken
Posted 1:23PM 06/18/12

 Joerg Platzer, a German who owns the Room 77 restaurant in Berlin's hip Kreuzberg section, has lost his appetite for euros. Instead, he has put a large fraction of his money into Bitcoin, an online currency.

"What the euro crisis and possible breakdown does is make people think about alternative [currencies] that can be used to maintain business and that cannot be manipulated by any central organization whatsoever," he told DailyFinance.

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Euro hit 9% of the Bitcoin market thanks to an uptick in buyers from Greece, Italy, Spain and the Netherlands, according to Charlie Shrem, CEO of BitInstant, a New York company that allows clients to move money between Bitcoin and other currencies. Shrem's firm attributes the recent rise in euros exchanged for bitcoins to the worsening crisis in Europe and people seeking financial asylum in digital form.

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"I have Greek friends who fear that Greece will drop out of the euro, and all of their money will be converted to the drachma," Shrem said. "And then even a cup of coffee would get pretty expensive for them, because inflation will skyrocket like what we saw in Zimbabwe."

http://www.dailyfinance.com/2012/06/18/bitcoins-euro-europe-safe-haven-currency/

"It's as safe as the cryptography," Matoris said. "And the cryptography has been peer-reviewed, and it currently enjoys the mathematical trust of the cryptography community."

"These individuals moving their value from euros to Bitcoin are trusting the cryptographic algorithms," Matonis said. "If they store the private keys themselves, then they do not even have to trust a third-party entity."

The Future of Bitcoin

Though Martonis believes that traditional banking is "in decline" and that Bitcoin possesses important advantages for Europeans at the moment, the digital currency hasn't necessarily proven itself as a fully universal platform.

Luke-Jr is missing on the comment section lol

Electronic money is In agenda of the New World Order (control an domination by the rich few), your entire savings could be wiped out with one EMP or one clik of the dictators mouse. Gee with "kill" lists, legalized killing of old people, clik to kill humans via clk of mouse (drones) flying over USA, and every skunk in the world in power positions in govt, what will be next.
DID YOU KNOW THAT SOME SAY THE JEWISH W = 6, THUS WWW COULD BE LOOKED AT AS 666. Don't ever accept the Mark of the beast (computer chip in your body, hand, or forehead)

Yes, creative indeed.

Luke would show to those religious freaks that it's possible to believe in Bitcoin and Jesus at the same time.
Just wait till they see the prayers embeded on the blockchain. They'll start to love Bitcoin in no time ;)

Luke-Jr is a disturbing anomaly :P

Wait till they start embedding the koran in the blockchain....

Hail mary! But the current pope is a fraud. lol

TAKE THAT BACK! He may be a psychotic pedophile, but he's still German, so you gotta love him!

http://the-militant-atheist.org/images/evil-pope4.jpg