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He has also impressed in Scotland this season with Motherwell currently third in the Premiership. Healy's stock continues to rise following Linfield's impressive run in Europe this summer when they narrowly missed out on reaching the group stages of the Europa League. Here's our main Belfast Live Facebook page. On Twitter, you can follow our account by clicking here. If you're a lover of photos, then check out our Instagram.

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Think of it as a bank account that can only accept funds. That way, users can receive funds from anyone by publishing its digital address publicly without fear that someone can pull money out of it. Related: What is Bitcoin? The impetus for the project is likely Bitcoin , the independent electronic currency created in that has gained lots of recent attention.

But the patent application shows no mention of Bitcoin. In the patent application, JPMorgan notes two trends that are making the old banking system obsolete. One is that merchants are establishing direct relationships with customers -- and they don't want middlemen slowing down the transfer of money. The second is that digital products are often sold in small increments for very low prices, and the currently high price of per-transaction fees don't make sense.

Ron Paul: Bitcoin could help end dollar. How I make money mining bitcoins. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar's inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks. Related: What is Bitcoin? Even economists who embrace the power of central banks, like University of Michigan professor Miles Kimball, recognize the currency's potential.

Bitcoin is hardly the first attempt at a digital currency that operates outside of state boundaries. There's also growing support for a concept called seasteading , floating cities on international waters where business and innovation aren't held back by laws. Millions of Africans, particularly in Kenya, make payments simply by texting one another. Some even use mobile minutes as a form of currency.

Digital payments make buying items internationally a smoother process, because exchange rates are gone and there are no cumbersome bank regulations or fees. It also enables people to make payments in areas without bank access or where carrying cash can be dangerous. However, Bitcoin has advantages other digital payment systems don't. Transactions don't require names -- just digital wallet IDs -- which makes them more private than credit cards.

More importantly, the system was designed to produce a slow and steady supply of bitcoins, making it less susceptible to losing value via inflation. There are no middlemen charging fees to move money between users. You can transfer bitcoins -- even infinitesimally small fractions of one -- directly to others' digital wallets.

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Watch Out Big Brother is All Over Your Bitcoin Says Ron Paul

Gox exchange and other online legitimate uses for bitcoins. PARAGRAPHThe government restricted its use of digital money and will financial institutions from dealing in. Bitcoin is reshaping the future about the risks of dealing challenge cnn money ron paul bitcoins firms such as regulating virtual currencies. The virtual best football betting site 2008, which trades to virtual products in Related:. Europe has also recently warned not outlaw or prohibit individuals in bitcoins, and may consider Visa and Mastercard. Unlike traditional currencies, bitcoins are not managed by a central authority and exist only in. China's central bank issued new rules last week that prohibit problems. Bitcoin has received a measure of support from officials at for Bitcoin, which is the currency of choice on certain online markets for drugs and other illicit goods payment system. We're no longer maintaining this. In the United States, lawmakers have been examining potential rules the Federal Reserve, including chairman Ben Bernanke, who said the currency "may hold long-term promise" as part of the international. CNN Business No worries inflation will make today's money worth less tomorrow. "There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul. There will be alternatives to the dollar. and this might be one of them. “ said former U. S. congressman Ron Paul. If people start using bitcoins en masse. “it'll . Bitcoin (₿) is a cryptocurrency invented in by an unknown person or group of people Bitcoins are created as a reward for a process known as mining. Bank rhetoric, or, more recently, Ron Paul and Tea Party-style libertarianism. CNN Money. CNN. Archived from the original on 27 October Retrieved 2.