The next phase in the Bitcoin revolution will be a standardization of exchanges where coins are traded. Bitcoin is currently on the days of the Wild West Evolution prospect. The world has agreed that Bitcoin provides a measure of value stored in the same way as gold and silver for centuries. Like gold and silver, Bitcoin is only worth what other people are willing to paid for it. This caused cheating since trading began. Crooked and ore scales that are filled with all are part of the norm as miners and expulsion seeks to extinguish their bottom line. This causes government supervision and centralized exchange creation.
Bitcoin’s dream has visited its own community and remains beyond the physical supervision of every global government. The utopian dream was destroyed a month ago when Mt. GOX, so far the biggest bitcoin exchange, was closed due to security violations and theft of around $ 300 million worth of Bitcoin. Customers who have Bitcoin on deposits with Mt. Gox still doesn’t know how much they will come back. Problems in Mt. Gox lay the cyber security argument. Strangely, Bitcoin as a currency shows extraordinary resistance. This resilience can only be an encouragement needed to legitimize the currency and leaning towards government involvement that might really help store more value to soar to the mainstream potential.
Mt. The GOX incident may prove to be a grace for the currency. The Tera Group, from the Jersey Summit of New Jersey, has proposed a bilateral agreement to the commodity futures trading commission (CFTC) to start Bitcoin trading through swap execution facilities or, centralized exchanges. Most commercial currency trades are carried out through a swap agreement which is why we follow commercial traders in our own trade. The swap agreement is basically an insurance policy that provides a guaranteed value at a certain time point to protect from currency fluctuations. That was what commodity exchanges were established. Swap market is a super road from the financial industry. They process massive volumes while collecting small victims on each transaction. Therefore, the cost of a small individual swap but the processed volume of swaps makes it a large source of income for all major banks.
CFTC has not commented on the Tera Group proposal. We commented in November that Bitcoin had surpassed the novelty status and that the swimming pool became too large to be ignored by the global bank. Bitcoin resistance in dealing with Mt. Cartacle Gox is proof of the strength of the global grassroots movement. Bitcoin should fall throughout the world because Bitcoin owners tried to exchange it with a hard currency. The market response turned out to be very orderly. While prices fall on the board, the market seems to understand that it is a matter of individual companies and hence limited to the ability of MT customers. Gox to spend their money. As a result, the price of Bitcoin has stabilized around $ 585. It is far from the highest December $ 1,200 but very close to the average price for the past six months.
The last part of the coincidence of the structural transformation of Bitcoin as anarchist, an alternative value store outside the financial industry institutionalized to be integrated into the same financial system is its ability to be taxed by the government of bricks and mortars developed. Internal income services finally decided enough and wanted to be cut. The IRS has declared Bitcoin as a property rather than the currency and therefore subject to property laws rather than currency laws. This allows the IRS to get their part while legitimizing the need for central exchanges to ensure value. It also eliminates the argument with A.S.