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April 07, 2013
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Why Are We Hearing So Much About Bitcoin Recently?
The Internet currency, Bitcoin, has seen an uptick recently as more people look to the virtual currency as a way to get rich or avoid the problems of fiat currency.
Bitcoin was created in 2009 by "Satoshi Nakamoto" — almost certainly a false name — in order to be anonymous currency, easy to use, self-regulating, and free from any central authority.
People are starting to realize they can now put their money in the cloud and access it anywhere, from any computer. As a result, the value of bitcoins is rsing.
Two months ago, one bitcoin hovered in the $10 to $15 range, and a $30 peak was considered ludicrously high. What about now?
The surging valuation suggests that people are starting to see ways to use it to create and protect value.
Bitpay, a company that facilitates bitcoin transactions, logged over $5 million worth of transactions in March alone, as people traded bitcoins for tangible items, mostly high-end electronics and precious metals.
Expect to hear a lot more about this in the media.
Posted at 02:13 PM in Business, Current Affairs, Market Commentary, Trading, Trading Tools | Permalink
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