Traders Losing $1 Million Build EU Case for Bitcoin Rules

Trading Bitcoins could bleed you dry, the European Union’s top banking regulator said as it weighs whether

to regulate virtual currencies.
Thefts from digital wallets have exceeded $1 million in some cases and traders aren’t protected against losses if their virtual exchange collapses, the European Banking Authority said today in a report warning consumers about the risks of cybermoney.
Virtual currencies such as Bitcoin have come under increased scrutiny from

Real estate developer willing to trade his $7.85 million Las Vegas mansion for Bitcoin

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“The advantage is that we’re expanding our market and adding some notoriety,” said Sommer, who said he wants a smaller home now that his seven children are grown and have moved out.
Real estate expert Craig Tann, of Prudential American Group’s Estates of Las Vegas, said the 25,000-square-foot home is the first Las Vegas-area home to be marketed around Bitcoin, which is worth $877 as of Monday morning, up from $10 in January.

Trade in Bitcoins gains currency among youth in Mumbai

MUMBAI: Move over Dalal Street, Generation Y is more

(The current weekly average…)

MUMBAI: Move over Dalal Street, Generation Y is more interested in Bitcoin trading. A quick glance at a Bitcoin portal like localbit.com, which brings together local buyers and sellers, shows that Mumbai is very active on the scene.
"Mining of Bitcoins continues to be predominant in tech cities like Bangalore or Hyderabad, but Mumbai is fast catching up," says a city-based Bitcoin trader. He admits to making cash profits of several thousand during the last few months on sale of Bitcoins. A large portion of the trade

Bitcoin: The new instrument to make trading

The virtual currency is fashionable in recent months but ... what exactly ? One of the possibilities , like any currency , give utility to generate income.We do not know very well and who regulates it and how it was born . The Bitcoin started generating noise and force back in 2009 when a group of people with the pseudonym Satoshi Nakamoto held their idea. And I was quickly gaining respect. Increasingly accepted this virtual currency platforms as payment or as a method of making transaction.
What is it exactly? Contrary to what happens with other currencies such as the dollar, euro , yen and Swiss franc, it is not a currency to use. Mainly because there is a state behind regulating circulation. Ie there is no authority to carry out control tasks. Intermediaries are the only user , internet, and merchant. The bitcoin virtual currency is used as payment , P2P (peer to peer) , through the Internet, but in its empirical form as such acts as a " commoditie " as could be gold , wheat or salt . (See : Bitcoin and the crisis of tulips)

In this sense , the virtual currency is priced , as is the case with silver, will vary depending on the day . For example , to change the dollar is around $ 870 per bitcoin and the euro around 630 euros per bitcoin . Therefore, the change in value compared to other currencies is quite similar to living coins with any raw material.
So the question is ... how does a bitcoin buy and where? To acquire this virtual currency is user friendly . There are many platforms to register, and then create an electronic wallet . From that moment , a unique identifier is assigned with absolute privacy and can operate that virtual money without any problem.
What to do with bitcoins ?
A report published by Goldman Sachs explains the amount of profits that it can bring to this virtual currency in recent months has been an escalation in price , since many investors have used as a safe haven or simply as a method of trading. Experts from the financial institution listed in the last twelve months this virtual currency has risen 3,100 % , without going any further , against the dollar .
Mt Gox (based in Japan ) is the market leader in terms of volume of trade, but other exchanges have set up operations with the currency with the most sophisticated strategies such as short selling and margin trading .
Indeed , being a currency that acts as a " commodité " a way of using bitcoin is to use the exchange rate with other currencies to make an electronic payment , or simply wait and then selling their evolution , as with any value. Thus, the evolution of the virtual currency has been quite bullish in recent months . Trading volume has soared so huge . Homelessness to find . The style bubble to many experts. (See : The bitcoin is fired before Black Friday )


According BitPay as experts collected Goldman Sachs, there are about 12,000 million bitcoins in circulation, representing a total capitalization of around 5,000 million.
In addition, the conventional use of bitcoin is payable in certain e-commerce companies that support this currency as a payment method. In other words, allow a transaction from the virtual wallet to trade for certain product.

There are also a number of mobile applications that allow Bitcoin transactions directly on mobile phones or at the point of sale. However, acceptance is very limited. So far.

Moreover, the European Monetary Authority has warned of the dangers of the Bitcoin, because it believes may fall at the same rate or more than gained.