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Re: paypal dropped mtgox
by
gumtree
on 16/10/2010, 10:40:20 UTC
That's the good news, Bitcoin as a product IS supported for payment through CurrencyFair, in any of the mentioned currencies!  If you do not want to buy them through MtGox, then you could add the Bitcoin seller's local banking details to your beneficiaries directly - if he wants to give you his local banking details.  If security is a concern - individuals can always set up a receive-only local banking account that is always kept at zero balance by transferring your received funds to a different account as they are received, in order to avoid fraudulent withdrawal.

As an internet commodity, like those Bitcoins being exchanged (bought/sold) on MtGox for USD fiat currency, Bitcoin is a product.

Unfortunately/fortunately, Bitcoins might not be considered, by any legal entity, as a currency as it is not backed up by a promise to deliver anything by any authority/jurisdiction/issuing body - but only has electronic cryptographic certificated intrinsic value.  

Maybe Wirtland could issue OpenTransaction blinded tokens (token = promise to deliver x) as a currency, and promise to deliver Bitcoin cryptographic certificates in exchange.  Unfortunately this will not be a national currency, as Wirtland as a micronation has no physical location/jurisdiction/sovereignty recognized by any other nations yet, and is thus not yet recognized as a sovereign nation?!?