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Author Topic: 2013-03-20 [Spanish] Infobae: Bitcoin: una moneda en crecimiento  (Read 746 times)
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March 20, 2013, 03:54:23 PM
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Article in Argentinian newspaper:

http://opinion.infobae.com/leandro-fleischer/2013/03/19/bitcoin-una-moneda-en-crecimiento/

Translation to English via Google:

Quote
Bitcoin: one currency growing
Leandro Fleischer ~ March 19, 2013

This new currency is unknown to many, however more and more people around the world are interested in it, either for use as a medium of exchange for goods and services, to save her, or by mere curiosity.

Because it could still be considered a novelty, h ave who doubt their viability and not short detractors. This article will try to explain briefly what it is and how this new form of currency, while answer some of the most common concerns aroused.

What exactly is Bitcoin? According to one of the site's creators www.elbitcoin.org "is a decentralized electronic currency, conceived in 2009 who has become known as Satoshi Nakamoto (although his true identity is unknown). The name also applies to Bitcoin free software designed by Nakamoto for managing the currency, and the P2P (peer to peer, or network of "peers" under the same protocol) that supports it. Unlike most of the coins, the operation does not depend Bitcoin a central facility, but a distributed database. "

Transactions with this coin are extremely simple and fast, so f acilita and cheapens any purchase, sale or donation, which was made ​​instantly and without intermediaries. For example, a person can send $ 10,000 to another, regardless of the distance between them, at a cost of less than one cent transaction, another could sell a work of authorship in the network without delay and without using sites like Pay Pal or credit cards.

As it explains one of the members of this team of bloggers, "functions as a decentralized ledger in which the balances are not tied to users but to the public addresses they control.'s Record all movements of bitcoins remains stored in the block chain, a distributed database that keeps track of all transactions on each of the multiple nodes within the network. These nodes are not running computer software that Bitcoin worldwide, interconnected through the Internet. "

There are different ways to get bitcoins: in exchange for legal tender, gold or silver, offering goods and services, finding people who are willing to sell, betting, receiving fractions of sites that bitcoin given away in exchange for simple tasks; or through what is known as mining, which term refers to the extraction of precious metals.

But what becomes of mining in the case of bitcoins? According to the blogger, "is the process of verifying the legitimacy of the transactions. This requires a lot of computing power, which is rewarded with bitcoins assigned to the miners. Generate bitcoins will become more expensive and there will never be more than 21 million units (although each of these is infinitely divisible). Bitcoin, p herefore, is a shield against inflation. "

Many people worry that Bitcoin does not have a "backup". However, when asked about it, the blogger says that "the support of Bitcoin monetary qualities are neither more nor less. What is, perhaps, the gold backing? ... Its monetary qualities! Those using Bitcoin not have to rely on the promises of a government, but in the immutable laws of mathematics. "

Another logic there is concern that the hacking How can a person be sure that your bitcoins will not be stolen by hackers? With what the blogger said: "According to experts, a transfer between Bitcoin address is several times safer a transfer between bank accounts (excluding the risk involved the forcible intrusion of others in the banking system). Bitcoin code is open to consideration of all stakeholders, and cryptographic architecture supports future upgrades to address potential attack vectors (if needed decades in advance.) Information that allows you to control your bitcoins not in the Network is in your power, and you can have it set in stone, if you wish, or stored only in your brain. "

Because Bitcoin is not dependent on a central power, one wonders whether countries would finance or other currencies like Bitcoin perhaps will exist in the future. To the blogger: "whether the use of Bitcoin continues to expand virally, they will have no choice but to accept. Fighting it is futile, given its decentralized nature. "

Despite all that one can write about Bitcoin, there will always be doubts and fears that this coin may even lose their value may finish one end disappearing, and with it the investment of many individuals. However, the blogger says that "it is more risky to acquire fiat money. The sudden death of the state currency is not an infrequent event throughout history - in fact, it is the norm. "

In a time when sending information via the Internet is virtually instantaneous and free, there's no reason you can not do the same with the money.'s "Bitcoiners" think Bitcoin is to money that what email is to mail . Why bother with an obsolete system, if all you need is Internet access and, after a simple click, in a few seconds we will complete any transaction? What sense does it deal with all the costs, risks and bureaucratic steps that accompany traditional methods, now we have to Bitcoin?
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March 20, 2013, 03:55:35 PM
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I love that last paragraph...

Quote
In a time when sending information via the Internet is virtually instantaneous and free, there's no reason you can not do the same with the money.'s "Bitcoiners" think Bitcoin is to money that what email is to mail . Why bother with an obsolete system, if all you need is Internet access and, after a simple click, in a few seconds we will complete any transaction? What sense does it deal with all the costs, risks and bureaucratic steps that accompany traditional methods, now we have to Bitcoin?
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March 20, 2013, 04:40:16 PM
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Excellent, this is just the kind of press we need. Argentine has a long history of having to use untrustworthy currencies and banks and for them it's not just an interesting, new technology (which could possibly make you rich along the way), but more of a method to actually be in control of your savings. And it definitely beats stuffing dollars under the mattress.

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March 20, 2013, 04:48:54 PM
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Excellent, this is just the kind of press we need. Argentine has a long history of having to use untrustworthy currencies and banks and for them it's not just an interesting, new technology (which could possibly make you rich along the way), but more of a method to actually be in control of your savings. And it definitely beats stuffing dollars under the mattress.

Plus, getting dollars in Argentina right now is, at best, a grey-area proposition (as always happens with a black market). Bitcoins are not. There's nothing illegal about selling Bitcoins for pesos or the other way around.

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March 20, 2013, 05:00:22 PM
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Excellent, this is just the kind of press we need. Argentine has a long history of having to use untrustworthy currencies and banks and for them it's not just an interesting, new technology (which could possibly make you rich along the way), but more of a method to actually be in control of your savings. And it definitely beats stuffing dollars under the mattress.

Plus, getting dollars in Argentina right now is, at best, a grey-area proposition (as always happens with a black market). Bitcoins are not. There's nothing illegal about selling Bitcoins for pesos or the other way around.

The best part is that Argentinians are far more willing to put massive amounts of fiat into Bitcoin, because for them, it's much safer and more reliable than their own currency.

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March 20, 2013, 05:20:10 PM
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Excellent, this is just the kind of press we need. Argentine has a long history of having to use untrustworthy currencies and banks and for them it's not just an interesting, new technology (which could possibly make you rich along the way), but more of a method to actually be in control of your savings. And it definitely beats stuffing dollars under the mattress.

Plus, getting dollars in Argentina right now is, at best, a grey-area proposition (as always happens with a black market). Bitcoins are not. There's nothing illegal about selling Bitcoins for pesos or the other way around.

The best part is that Argentinians are far more willing to put massive amounts of fiat into Bitcoin, because for them, it's much safer and more reliable than their own currency.

The downside, of course, is that because there can be no Bitcoin market in Argentina, all transactions are done in person, and unfortunately you pay an extremely high premium. According to localbitcoins.com some people are charging US$ 70 per BTC.

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March 20, 2013, 05:23:03 PM
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The downside, of course, is that because there can be no Bitcoin market in Argentina, all transactions are done in person, and unfortunately you pay an extremely high premium. According to localbitcoins.com some people are charging US$ 70 per BTC.
So basically in order to buy bitcoins in person you have to pay next week's prices?
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March 20, 2013, 05:33:36 PM
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The downside, of course, is that because there can be no Bitcoin market in Argentina, all transactions are done in person, and unfortunately you pay an extremely high premium. According to localbitcoins.com some people are charging US$ 70 per BTC.
So basically in order to buy bitcoins in person you have to pay next week's prices?

Pretty much, and if you want to sell, you pay not exactly last week's prices, but yesterday's.

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March 20, 2013, 05:35:54 PM
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Not so bad for someone who can float a week's worth of expenses by buying ahead of time.
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