Monday, 8 April 2013

Bitcoin, Silver and Gold, Cyprus, Evading capital controls

My Cypriot contact says officials intrusively stop people at Cyprus airports from taking more than €1,000 cash out of the financially stricken Mediterranean country, writes Paul Coleman.
"We don't know if we'll have jobs next week," she says. "And bank ATMs only allow us to take out €300 a day."
  But capital and cash controls can be evaded by simply carrying a small memory stick containing as much Bitcoin digital currency as people can afford.
  Travellers can dodge controls by simply memorising their numerical Bitcoin addresses in their 'mind wallets'.

Silver skim
But RT financial pundit Max Keiser advises Bitcoin buyers prudently skim and park ten per cent of their Bitcoin profits in silver.
 "Silver is the natural hedge of Bitcoin," says Keiser. "Going forward, Bitcoin and silver will be vying as the global currency to replace fiat currencies such as the Dollar and Euro."
Gold, too, will continue to rise.
  Don't forget to invest in those memory sticks.

Paul Coleman, London Intelligence, April 2013

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