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Dollar-Less Iranians Discover Virtual Currency

Under sanctions imposed by the U.S. and its allies, dollars are hard to come by in Iran. The rial fell from 20,160 against the greenback on the street market in August to 36,500 rials to the dollar in October. It’s settled, for now, around 27,000. The central bank’s fixed official rate is 12,260. Yet there’s one currency in Iran that has kept its value and can be used to purchase goods from abroad: bitcoins, the online-only currency.

Created in 2009 by a mysterious programmer named Satoshi Nakamoto, bitcoins behave a lot like any currency. Their value is determined by demand, and they can be used to buy stuff. Bitcoin transactions are encrypted and handled by a decentralized global network of tens of thousands of personal computers. Merchants around the world accept the currency, from a bakery in San Francisco to a dentist in Finland. Individuals who own bitcoins and wish to exchange them for physical currencies like euros or dollars can use exchange sites such as localbitcoins.com, a Finland-based site founded by Jeremias Kangas. “I believe that bitcoin is, or will be in the future, a very effective tool for individuals who want to avoid sanctions, currency restrictions, and high inflation in countries such as Iran,” Kangas wrote in an e-mail.

DOWNLOAD BITCOIN CLIENT: http://bitcoin.org/

http://www.businessweek.com/articles/2012-11-29/dollar-less-...



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i am going to look into bitcoins one last time.. only because

it's from a japanese programmer and i tend to trust their culture.. the rate of deceit is less than here. but this will be the last because my time is precious, even if we go by hourly monetary calculation. last time i looked, it was said bitcoins are paid out to people who host some kind of coin issuing central, and any kind of artificial, subjective increase in currency supply is a red flag. no supply increase isn't necessarily good either, because market may demand risk and want it, so this all sounds impossible to pull off as long as there's even one bit of artificial factor. but i will look into it one last time.

Is this helping the Iranian Government or the people?

I think this story is interesting, and shows the ultimate potential of Bitcoin to help THE PEOPLE of a SUPER OPPRESSIVE government.

I don't believe gold/silver has the ability to help iranian people NOW!

I do not agree at all with the Government there, but I feel so bad for the people who have no choice but the live there, and to be robbed of their wealth and freedoms daily.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]