Bitcoin gets official backing

[monstrs]

http://www.fudzilla.com/home/item/29778-bitcoin-gets-official-backing

This means, that more will choose to use BTC, good news.

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[crazyates]

Huh, interesting. It's going to be an interesting road the next 5-10 years as Bitcoin catches on as a usable currency. It's good to see some progress! I can't wait until the day I can make mortgage payments with BTC.

Reminds me of this XKCD comic. "It may be a jewel of open source, but Bitcoin is just a currency. You buy stuff with it. What the hell is wrong with us?"

[Blazr]

Bitcoin has won the right to operate as a bank

This made me lol. It was an exchange that won the right to operate as a bank. Its a pretty misleading article.

[greyhawk]

Bitcoin has won the right to operate as a bank

This made me lol. It was an exchange that won the right to operate as a bank. Its a pretty misleading article.

Only it hasn't. They're operating as a payment processor. Wait, that's still not right. They're working WITH a payment processor that's associated with a bank, so that EUR deposits are now insured (BTC deposits are still not). This is a step towards.... towards..... uhm, anyone help me out here?

[Endgame]

I'm amazed at some of the articles people have written on this topic. Partnering with a PSP is very different to operating a bank.

[monstrs]

So any real proof seeing something, that these news help BTC to get more popular?

[Gatorhex]

"it means that bitcoins has protection on balances held at the exchange."

IF THE ABOVE WERE TRUE...

It would be a big deal for anyone who has a large amount of coins because
of the €100,000 protection European bank accounts get.

BUT THE REAL TRUTH IS HERE...

https://bitcoin-central.net/s/aqoba-partnership

It sounds like the equivalent of getting a credit/debit card processing account.

[monstrs]

So the article was misleading i guess

[SgtSpike]

Backing?  Uh, no.  Backing would mean someone guaranteeing to buy all Bitcoins in existence at a certain price.  Someone might back Bitcoin with $21 million held in escrow guaranteed to buy any and all Bitcoins for $1 each, for example.

Not only that, the article is wrong about Bitcoins being protected from a company bankruptcy.  Only Euro balances are protected.

Bad fudzilla writer is bad.