It’s always interesting to witness when something new comes along in this world. I’m not talking about something small. I’m talking about an introduction of a systematic change. Something that attempts to challenge every thing that we have come to know and love. Something that we initially view as harmful, or hostile to the life we have become so incredibly comfortable with. In this case, the new thing I am talking about is bitcoin. The purpose or driving force behind the electronic currency is an idea. The idea that we, the consumer, can take control and put power back into our hands. The Idea that there must be a more efficient way of doing things. Ever since the release of the electric currency people have been jumping at the chance to take this medium as propel it forward in their own unique and exciting way. Understandably so, I mean how often do you get the chance to be at the front of a brand new and exciting technology. It’s a once in a lifetime opportunity. At the same time, there’s a whole other group of people who see something like bitcoin as a threat, and they immediately feel the need to make an attempt to tax it or put some sort of regulation on it. For no good reason at all either. It’s just their natural tendency. Governments and large groups of people who have been in charge for a while feel like they should get a slice of the pie because they feel they are important and deserve respect. Here’s a few stories about all this and more. Displaying the ongoing ups and downs of the bitcoin adventure.
Russia Continues Crack Down on Bitcoin
As far as Russians are concerned, the Ruble is the one and only currency to be used in the Motherland. On top of that, The Central Bank is the only entity allowed to dispense currency in Russia, regardless of whether this money comes in paper or electronic form. Any substitute currency will be classified as illegal in Russia. So bitcoin definitely falls into that category. Russia is a firm believer in the traditional paper and coins as far as transactions go. There’s a great many countries trying to get rid of paper cash and embrace the idea of electronic currency, Russia seems to be taking a far more cautious approach. Understandably so, Like said before, many people will be apprehensive at first, simply because it challenges what they are comfortable with. For Russia, it’s their traditional banking system. Meanwhile in other part of the world, such as Europe, officials declared the digital currency a monetary “replacement.” The EU also acknowledged the potential of the electronic currency saying how the concept should not be ignored. Very Progressive of them. It’s going to be interesting to see how certain countries respond to bitcoin. I feel like countries like Russia and China are going to be a little more apprehensive when it comes to bitcoin.
German Magazine Tries Paying Employees with Bitcoin
German tech company t3n, is an outlet that publishes technology news in both print and online media. They have just revealed that they have been conducting an experiment since the Fall of 2015, which sees its employees receive €20 worth of bitcoin, with every time payday rolls around. The bitcoin payroll trial is due to a partnership between t3n and PEY, a Hannover, based bitcoin company. In a blog post by the tech publication, it revealed that adopting bitcoin as a form of salary payment will help its employees better understand the innovation. An excerpt read:”One motivation to implement the new form of salary payment [with Bitcoin], of course, is our editorial interest related to new technologies and their adoption by users. With completely new possibilities, services and startups [that are formed] with Bitcoin,” t3n also said that it’s intention is to understand and follow the development of the electronic currency beyond an “observer’s role” by getting involved with bitcoin themselves. t3n claims that it is the first employer in all of Germany to start offering payroll, even partially, with bitcoin. The PEY bitcoin payroll service currently exists in the German market alone. Definitely something to be applauded. This is a great example of how different countries will respond differently. You have Russia who is completely opposed to the idea, and then you have Germany. A Country that is not only embracing bitcoin, but attempting to integrate it into their society. They see the potential, and they aren’t just throwing it away. Then again, Germany has always been a fairly progressive country when it comes to most things. That’s what we need in this world today. More progressiveness with everything. There’s so many countries out there that still practice things that are from the stone ages.
These were just two out of many stories in the world of bitcoin. All of which were writing a 24 hour period. There’s so much activity going on in this new and exciting industry. Both good and band. One day there’s a story of how a large group of people who scammed through a fake bitcoin company, and the next day there’s news of more progressive groups utilizing the currency in a new way. More and more people are going nuts because they are beginning to realize the significance of bitcoin. Make sure you keep checking back with the Consumer Finance Review Board. We will be doing more regular updates on the world of bitcoin. Why, you might ask? Simply because it matters, and it will probably affect us all in some way. So why not get ahead of the game, and learn a thing or two. Check our resources page for a list of trusted companies, which have received 4 stars or better. Check Our Reviews page for more insight into trusted companies. Check our site for other Financial Planning reviews. its great place to become more knowledgeable about the world of finance, and will shed some light on some of the scams out there.