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And how would you like to pay, sir – cash, credit card, or Bitcoin?

13/07/2013 14:45

Fans (and nerds) see online currency Bitcoin as the way of the future, but serious investors will take some convincing.
The government of Iceland does not have the necessary skills to manage its own currency. It should ditch the Icelandic krona and adopt Bitcoin, a nascent virtual currency that so far looks like the preserve of speculators, internet geeks, money launderers and illicit online gamblers.
That was the incendiary view being championed by an angel investor called Sveinn Valfells last week, as investors, computer programmers and users of the online currency gathered at Canary Wharf to attend the Bitcoin London conference. Despite the unorthodoxy of Valfells' points, he was actually making his argument from a position of some kind of strength in that he is a) Icelandic, and b) comes from a family with a history of running unofficial currencies.
"My grandfather co-founded a construction company in 1947 called Steypustodin – "the ready-mix factory" – and my father and his cousins were running the company in the 1970s and 1980s, a time of double-digit, and then triple-digit, inflation," he said. "In Iceland, people liked to build their own houses at the time, but they couldn't put the money they were saving to build their homes into the bank, because it disappeared. Somebody had the idea to buy certificates in building materials in advance, and those certificates were denominated in cubic metres of concrete.
"It became very popular on payday, and our company would issue the certificates. One day the company got a call from the inland revenue asking if we had issued these vouchers. We confirmed it, but asked why they wanted to know. The official said somebody was trying to use the vouchers to pay his taxes."
That the Icelandic revenue eventually accepted the vouchers shows, Valfells argued, that there are moments in history when people are keen to try out innovative alternative currencies.

Source: https://www.guardian.co.uk/technology/2013/jul/07/how-would-you-like-to-pay-bitcoin