Bitcoin: the Digital Currency

#Future

Fri, Jun 24th, 2011 12:00 by capnasty NEWS

Bitcoin is the first decentralized digital currency you can send through the Internet. Started in 2009 by Satoshi Nakamoto, Bitcoins can already be used to pay for some products and services -- and even traded for analog money.

As GigaOM explains in their analysis of the Bitcoin phenomena:

That's the difficult part, of course. Why would anyone use a virtual currency that has no "real" value, and is based on a system run by a group of shadowy hackers? Some programmers have started to accept payment in Bitcoins, but that's not really a great indicator of a robust monetary platform -- in a sense, it's just like people exchanging goods or services in a barter system, something that is a big part of what economists call the "underground" or shadow economy. Supporters (including the Electronic Frontier Foundation) promote the idea that Bitcoins are free from government interference and can't be frozen or devalued by anyone.

Currently, one Bitcoin is worth about $7.30 CAD.

  1439

 

You may also be interested in:

"Many of the jobs and industries we are now familiar with will be gone tomorrow."
Self-Driving Cars That Go Find Parking by Themselves
Baby Boomers Have Destroyed the Economy
"Replace Uber’s more than 1 million human drivers with robot drivers - as quickly as possible."
Nokia's HumanForm: a Teardrop-Shaped Touch-Activated Flexible Phone