Like a lot of people these days, I have a PayPal account I use fairly often. The other night, my boyfriend and I wanted pizza. The problem was, that, while our PayPal balance was high, our checking account balance was not. PayPal funds take three to five days to withdraw and transfer to your bank account. We wanted pizza tonight, not a week from now!
Even the phenomenon of bitcoin is making people aware of some of the issues. Note, too, how the government of Germany has now begun the assault on BitCoin to be soon followed by other governments including the United States.
Governments are going to introduce regulations to regulate virtual currencies, and Tradehill is already compliant with the regulations and will be proactive. We have more lawyers than engineers right now, so we’ll be on top of that. As long as people are proactive, the government will see we’re working within their realm. A lot of people thought Paypal was going to get shut down, and it definitely didn’t happen. I think you will see companies trying to get around the blockchain regulations that will get shut down. Governments will make it more difficult to comply.
In 2008 the exchange rate was 3 Argentine Pesos to 1 U.S. Dollar (USD). While the USD was not universally accepted, convertibility into Pesos was no problem. What I immediately noticed was how cheap certain things were like beef and public transportation. I felt like I could get a substantial meal with wine in a restaurant for a very reasonable price, and this was in a big city. Prior to their economic problems, the exchange rate was 1:1.
NOTE: For security reasons,due to the fact that hacking is a big crime,don’t hack money into the Liberty Reserve account you use to withdraw your funds. https://bitcoin-qr-code.net/