Bitcoin as a Potential Alternative Currency to International Trade

By Jieying Ding

Bitcoin is in its nascent stage in Middle Eastern countries where most people are still trying to grasp the concept of Bitcoin, but some businessmen in the region have begun to accept Bitcoin as payment, reported by the Newsbtc. The importance and timing of the new trend is interesting because the U.S. dollar is being slowly nudged out as the standard currency for international trade. The Chinese yuan and the Russian ruble are two strong contenders. The U.S. dollar, in the eyes of Middle Eastern countries, represents aggression and destabilization to the region. Using bitcoin in petroleum trade sounds intriguing; yet the viability remains questionable.