Cyprus Internet Directory Jobs In Cyprus
  Cyprus Internet Directory Search       
Google Search
  
Cyprus Internet Directory Search
  
Cyprus Comming Events    Cyprus 
Events 
   
Cyprus News Articles    Cyprus News 
and Articles
   
Cyprus Guide    e Guide
to Cyprus
  
Quick Links


By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
Read More

SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
Read More

By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
Read More

  
Cyprus Internet Directory [ World’s first bitcoin ATM in Cyprus? ]

World’s first bitcoin ATM in Cyprus?

Author: 
Poly Pantelides

AN ENTREPRENEUR has announced he is keen to introduce in Cyprus the world’s first ATM for virtual currency, bitcoin, which is not regulated by a central bank but has instead been growing via its online peer-to-peer community. 

Jeff Berwick, founder of StockHouse.com and CEO of TDV Media said on his blog on dollarvigilante.com that he plans to set up the world’s first Bitcoin ATM in Cyprus to enable people to deposit flat currency into it and get bitcoins in their account, as well as put bitcoins in their account and get flat currency back. 

Bitcoin, which was designed and implemented by a mysterious programmer known by the pseudonym of “Satoshi Nakatomo,” is based on a peer-to-peer network similar to the BitTorrent protocol for sharing files over the internet, the European Central Bank (ECB)has said in an October 2012 report on virtual currency schemes. 

It can be used as currency for a number of transactions, from internet services and online services to buying clothes, electronic goods, while a small number of restaurants, hotels and retail stores across the world do accept bitcoins. 

With restrictions likely in place when the banks do reopen, Berwick said he “began pondering what tangible solutions there (were) to bank holidays and bank runs.” 

“If these people had simply bought bitcoins with their savings, not only would they currently have 100 per cent access to their funds, but also they would have enjoyed a parabolic move to the upside over past months,” Berwick said.

The currency is not pegged, with supply and demand determining the exchange rate. People need to download a free and open-source software to start using bitcoins that can be purchased using a currency, and are then stored in a digital wallet on users’ computers or via online services. Transactions are not restricted by a Central Bank, are faster, and cheaper or free. Although users are drawn to the currency for transaction privacy and anonymity, the system has been criticised for being vulnerable to cyberattacks or for being attractive looking as alternative currencies to fund illegal activities. 

The ECB said in its report that it considered bitcoin “as a high-risk system for its users from a financial perspective” citing a number of issues that “raise serious concerns regarding the legal status and security of the system, as well as the finality and irrevocability of the transactions, in a system which is not subject to any public oversight”. 

On the other hand, Berwick said that individuals have suffered “through the confiscation and devaluation of their savings through techniques like taxes, levies and inflation” by the ECB, the International Monetary Fund, and the German Federal Government. 

“I am convinced bitcoin will be the currency of the future… and all the attacks on it by governments and central banks shows they know it,” Berwick said.

Email bitcoinatm@bitcoinatm.com and visit https://en.bitcoin.it/wiki/Trade for a list of online and real world businesses accepting the currency. 



(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



Article Options

Email to a friend Email To A Friend     Print Article Print Article     Add Article To Favorites Add Article To Favorites




  

Other Related Articles


Cyprus News Article Submission

If you have an article and you wish to submit it to our database please send us an email. In your email subject quote "Article Submission" and attach the article to the email. To email us Click Here

Cyprus Holiday Villas-Investment Properties

A wide range of holiday villas, investment properties, building plots and apartments in Cyprus for sale by owner. Save money on your holiday villa in Cyprus and enjoy the holiday feeling for ever.