Using Crypto-currency is nothing new in the online world of Gaming or Trading, but using it as a means of staying anonymous is. JP Morgan are looking into registering their interest in a “patent in the US” for the use of virtual cash as a future venture. Given that anonymous trading (http://www.etoro.com/A43452_TClick.aspx) and banking is not what US Treasury departments want or allow, is this a step in the right direction by JP??
Yes, NO, wait… Not all anonymous transactions have a dark reason behind them and not all anonymous transaction are beneficial to online traders (http://www.etoro.com/A43452_TClick.aspx), so why invest in a crypto-currency that is and will be regulated beyond belief by the Treasury departments. Surely that’s effectively rendering it’s anonymity moot?? The answer as to why is simple, to cut into a larger slice of the Bitcoin pie!!
The recent re-vitalisation of the Bitcoin has inspired companies to start thinking outside of the box and at the moment the use of crypto-currency removes current trading inhibitions that have been placed on them by the trading (http://mysocialtrader.com/trading-platforms/) and gaming regulatory bodies set up to stop international transactions. The tripling in value of the Bitcoins (http://www.etoro.com/A43452_TClick.aspx) has been a real eye opener to trading companies, banks and gaming companies alike, and not just as a means of outstepping banking restrictions, but as an investment opportunity too. Trading in Bitcoins has never been so good (if you have them that is).
The legitimacy of the current crypto-currency of choice (Bitcoin) is still being discussed in most treasury departments across the globe, with some openly banning their use as China have. But, the fact remains that Bitcoins and or other virtual currencies are a legitimate financial option that is starting to become the norm in online transactions.
It’s not all plain sailing though as there are some risks attached to any crypto-currency, such as regulation risks and technology risks.
I think that it is safe to say that JP Morgan, Paypal, Google and Apple all want a slice of the action, but replacing the tried and tested king of online transactions as a payment method is going to take some beating and credit cards just aren’t ready to roll over yet.
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