Bitcoins were created some time ago to act as a true digital currency. Many at the time were quick to dismiss it as nothing more than a two-bit pipe dream.
Today? Well, as they say, "Follow the money."
Fox News (I know, I know, bear with me)
Needless to say, shit's cash. Also, "Must be the money."
Now, Bitcoin still faces its fair share of criticism. Being a digital currency, security is a huge issue. Beyond that, many claim that the anonymity it provides users facilitates black markets. The discussion is pretty civil, though - I haven't seen anyone use terms like "Shitcoin" yet (and I better not, because I call dibs on that!).
Still, it's interesting to see that a greater acceptance of digital currency is starting to emerge. It's often a staple of science fiction - perhaps it's not so far fetched after all. Of course, that does mean we'll no longer be able to make it rain. Huh.
Weep for the future, ladies and gentlemen.
Today? Well, as they say, "Follow the money."
More than $1 billion dollars worth of a digital currency known as "bitcoins" now circulate on the web – an amount that exceeds the value of the entire currency stockof small countries like Liberia (which uses “Liberian dollars”), Bhutan (which uses the “Ngultrum”), and 18 other countries.
So what is a “bitcoin,” and why would anyone use it?
Unlike traditional currency, bitcoins are not issued by a government or even a private company. Instead, the currency is run by computer code that distributes new bitcoins at a set rate to people who devote web servers to keep the code running. The bitcoins are then bought and sold for regular U.S. dollars online.
Bitcoin is in high demand right now -- each bitcoin currently sells for more than $90 U.S. dollars -- which bitcoin insiders say is because of world events that have shaken confidence in government-issued currencies.
Needless to say, shit's cash. Also, "Must be the money."
Now, Bitcoin still faces its fair share of criticism. Being a digital currency, security is a huge issue. Beyond that, many claim that the anonymity it provides users facilitates black markets. The discussion is pretty civil, though - I haven't seen anyone use terms like "Shitcoin" yet (and I better not, because I call dibs on that!).
Still, it's interesting to see that a greater acceptance of digital currency is starting to emerge. It's often a staple of science fiction - perhaps it's not so far fetched after all. Of course, that does mean we'll no longer be able to make it rain. Huh.
Weep for the future, ladies and gentlemen.