[sc:cm]

An article in the Singapore Business Times (Singapore’s Business paper)

Doesn’t seem to be paywalled:

Of course, fiat currencies remain the mainstay of money laundering, and Al-Qaeda is unlikely to transact in bitcoin for now.

alternative currency that can circumvent unwieldy banks without interference from a party-pooping central authority. Money can be transferred across the world in seconds, for a micro-fraction of the transaction fees that banks and payment processors charge.

What on earth would compel a bank to provide a service to an industry that threatens its revenue from telegraphic transfers and foreign exchange spreads?

(Joyce Hooi)

http://news.asiaone.com/news/digital1/bitcoin-faces-real-world-problems

What such events underscore is just how closely the bitcoin ecosystem is tied to that of the financial establishment. Sometimes, that tenuous connection snaps.

Last year, several Canadian bitcoin outfits found their bank accounts either frozen or shut down, and no reason was given.

It probably did not help that bitcoin is touted as an alternative currency that can circumvent unwieldy banks without interference from a party-pooping central authority. Money can be transferred across the world in seconds, for a micro-fraction of the transaction fees that banks and payment processors charge.

What on earth would compel a bank to provide a service to an industry that threatens its revenue from telegraphic transfers and foreign exchange spreads?

But, as the community reaches for legitimacy, it is in the untenable position of seeking cooperation from these unwieldy banks and party-pooping central authorities. This is the equivalent of a solar energy firm relying on the goodwill of an oil company.

[sc:prepost]