BITCOIN THE SENATE HEARING RESULTS

Updated: 11/19/2013 15:00
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The Bitcoin ecurrency is considered to be experimental and is a source of big risk for the majority of customers

The Bitcoin e-currency is considered to be "experimental" and is a source of "big risk" for the majority of customers as it's been announced on the hearings n the Senate on Monday by the legal counsel of Bitcoin. The thing is that regulators have been puzzled by the technology, whose popularity growing has raised so many questions, whether the virtual funds should be actually regulated and if they should by what means.

Both the officiary from the U.S. Department of Justice and US Treasury acknowledge Bitcoin as legal and financially viable virtual currency. After such statement the popularity of Bitcoin has increased again. By Monday the price per unit was $650, while in 2009 when Bitcoin appeared online for the first time the price was less than $1 per unit. The main problem of Bitcoin is its instability. As for the rest, it can be used for the same purposes as any other e-currency: transferring between customers, paying for goods and services or exchanged in authorized exchangers.

The Bitcoin followers claim this e-currency is able to change the economy of industrial countries completely, where access to banks or financial services is complicated. It is enough to have access to PC or mobile in order to manage your funds on your account.

While acknowledging the legal origin of Bitcoin, official authorities are still sure the virtual transactions must be be regulated and all the suspicious ones must be tracked, just like they do with normal finances.


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