Trésorier/Treasurer magazine - n°82 - July/Aug./Sept. 2013 - (Page 71)
It is good not to pass through “third party” like
PayPal of Visa. Nevertheless this reduces fees paid but
increased risk of hacking. Furthermore, anonymity
means that Bitcoins could be used for money laundering, to buy drugs or even fund terrorism groups.
For sure, the idea and the concept are great and useful. But it seems that the timing is not appropriate.
It remains a tough challenge for States which need
to get taxes paid and fight more than ever against
frauds. Bitcoins will face hard times. Great concepts,
e.g., the EUR itself, take sometimes years to succeed
and to overcome. They can even face real crisis and
periods of doubts. Let’s hope such a concept will
survive.
F. Masquelier
Chairman ATEL
N°82
it explains why detractors claim they are not viable
alternative to hard currencies.
—
Bitcoins, as its proponents would argue could revolutionise the whole global payments system. Others
claim that it would just be the next or last play thing
for eager speculators. Bitcoins have been created
in 2009 by Japanese, Satoshi Nakamoto. Not a bad
idea! A virtual currency as exchange at world level
on internet. It is a smart idea. A virtual barter rather
than a scriptural currency to deal and to buy on the
internet. This currency travels via encrypted messages. A maximum of 21 million of Bitcoin units may
exist. So far 11 million have been issued and circulated. A virtual currency created first for geeks and
then launched on market out of control of the central
banks. More recently, it becomes a speculative currency with an extremely strong volatility overnight.
A target for hackers, a worry for central banks, a
risky instrument for investors, Bitcoins are all in one.
It is a real challenge for public authorities. However,
we should not kill it now. The concept remains great
and smart. This high volatility has been criticized and
LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE
BITCOIN, VIRTUAL BUT VOLATILE
— juLy / Aug. / sept. 2013
NEWS
71
Table des matières de la publication Trésorier/Treasurer magazine - n°82 - July/Aug./Sept. 2013
Couverture
EDITORIAL
SOMMAIRE
FINANCIAL HIGHLIGHTS
INTERVIEW - Mr Jacques Lafitte, AVISA
FOCUS
FORUM OF ADVERTISERS
CORPORATE FINANCE
15 MINUTES WITH - Robert Franck - Directeur associé VISCONTI
NEWS
The Financial Risk Observatory
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