In a startling move, Barclay’s Bank today decided to start accepting sterling deposits for a new UK bitcoin exchange called Bit121. Bit121 just began trading on November 11th. According to CoinDesk magazine, Bit121 is a little sketchy on details like contact information, but that is par for the course for Bitcoin operations.
Today China announced that its central bank may no longer recognize bitcoin as currency. In the short run, this means that the Chinese, who have been buying up Bitcoin like crazy as of late, would have a more difficult time converting their Bitcoin to spendable currency. But this is actually good for Bitcoin. It was never intended to be a tradable commodity. It was designed to be an electronic currency and making it difficult to convert does two things: 1- It drives the value up and 2 – helps spawn an even larger online-only business community.
It’s here. The virtual currency that has teenagers drooling, hackers pixelating and governments shuddering. All across the digisphere, folks are perplexed, confused, excited and opinionated. If you listen, you’ll hear things such as…
“It’s going to boom!”
“Its going to crash!”
“It will never replace ‘real’ currency”
“It has already replaced ‘real’ currency.”
Just pick your favorite rant and run with it for 24 hours or so and you’ll probably be right. But what about the really long haul? What if you just slowly accumulated Bitcoin for the next 3-5 years?