Bitcoin News

In a post on the Bitcoin Money blog, (@BitcoinMoney), the risk of trading bitcoins and potentially ending up with counterfeit banknotes is described.  Excerpts:

“There has been a rise in the number of counterfeiting incidents around the U.S., with counterfeit bills showing up at multiple Walmarts near South Bend and at about every store in Harlan, Kentucky.”
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“Consumers can even become victims, as was reported about a person in Des Moines who was given counterfeit paper money in his change.”
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“There is a growing number of individuals offering to trade bitcoins for cash in a face-to-face transaction. This has been made easier thanks to services like Local Bitcoins, […].”
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“The counterfeits are worthless and issuers such as the Federal Reserve or the Bank of England do not reimburse for counterfeits regardless of the circumstances.”
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“The U.S. Secret Service provides a guide (issued in 2008) that provides information as to how to detect counterfeit U.S. Federal Reserve Notes (FRNs).”
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“Even with the risk of ending up with a counterfeit, the use of cash is not going away anytime soon. […] Ninety percent of the world’s transactions by volume are still conducted in cash.”

- http://www.bitcoinmoney.com/post/36244271879
- http://bitcointalk.org/index.php?topic=127218.0 (Further discussion on the subject)

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