Bitcoin-Central Gains Bank Status Making Its Virtual Cash Valuable

Posted on Dec 27 2012 - 10:33pm by Sidrah Zaheer

Bitcoin-Central is an internet currency exchange that specializes in virtual cash. Now, after a deal with the French financial firms, Aqoba and Credit Mutuel, Bitcoin-Central can operate as a bank. It essential means that whatever cash that has been created by Bitcoin-Central in the virtual world, is getting a protection by the real world. Now, Bitcoins can be exchanged with real world currencies. Bitcoins has gained much fame since it was first created in 2009.

It serves as an alternative system of payments for online transactions on web stores and retailers. Depending whether a web store accepts Bitcoins or not, one can pay. One Bitcoin is said to be worth £8 or $13. Based on the European laws, Bitcoin-Central has now become a Payment Services Provider (PSP) with an International Bank ID number.

This means that now Bitcoin-Central is similar in rank as other payment networks like PayPal and WorldPay. With the PSP status that Bitcoin-Central has now got, it can issue debit cards and carry real-time transfers to and from other banks. Experts believe that legitimacy of Bitcoin is a major step forward into a virtual banking system integrated with the real world banking system.

Banking system has been around for centuries now and with the development of modern technology, methods of banking have also been upgraded. The kind of an official banking status that Bitcoin-Central has achieved will increase its acceptance wider and more companies will come to accept it as a legitimate monetary transaction.

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