Bitcoin News

Jon Matonis (@JonMatonis) describes how Bitcoin can come to the rescue for Somalis in Minnesota who have been barred from making the small regular transfers to their family members in Africa.  Excerpts:

“Instead of trying to comply [with regulations], [banks] are electing to opt out so as not to encounter heavy federal fines. It sure would be nice if the world had a decentralized peer-to-peer digital currency that could be transferred to mobile devices in a secure fashion.”
“If it hasn’t happened already, a savvy merchant in Somalia will start accepting bitcoin for Somali shillings. Or a traditional currency exchange dealer could get in on the action too — the spreads are certainly there.”
“As a distributed network, bitcoin possesses the capability to route around interference and disruption. In fact, this was a key design consideration as resiliency has grown to become an imperative for privacy-enhancing electronic cash.”

- http://onforb.es/J7heXd

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