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Cryptocurrencies: the Future of Money?

Cryptocurrencies: the Future of Money?

With the recent shutting down of Bitcoin exchanges by the Chinese government there has been a rise in discussion of and speculation about cryptocurrencies in general. Are cryptocurrencies a form of money? The detractors say, “no.” And there are a number of cryptocurrency detractors.
Filed in: Bitcoin
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Is Bitcoin Ready for the Mainstream?

Is Bitcoin Ready for the Mainstream?

Bitcoin, which I’ve already discussed in previous posts, is a virtual currency that is issued by neither government nor bank. It’s strictly a peer-to-peer method of payment. Bitcoin is still controversial: Hedge funds are creating funds devoted to it and law enforcement agencies claim it’s the currency of choice for illicit transactions.
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Brother Can You Spare a Bitcoin?

Brother Can You Spare a Bitcoin?

I’m fascinated by the idea of Bitcoin. As I explained in a previous post, it’s a new concept of currency – one that involves neither governments nor financial institutions and has no physical form. It is strictly person-to-person and you can earn, spend it and – mostly it seems – speculate on it, but can’t hold it in your hand. For most of us, unless we are mathematicians willing to do the complex equations necessary to “mine” Bitcoin from the ether, if we want Bitcoin we will have to buy it the old-fashioned way with dollars, pounds or Euros. Like currency of all sorts, it is used in transactions that range from contributions to international relief funds to suspected illicit activities.
Filed in: Bitcoin
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The Bitcoin Revolution

The Bitcoin Revolution

In 2009, a developer (or a group of developers – nobody really knows for certain) working under the pseudonym Satoshi Nakamoto created Bitcoin, an open source cryptographic protocol for making peer-to-peer payments through cyberspace (in other words, created virtual money). Sounds like electronic banking, but what is completely revolutionary is that the creation of Bitcoin exists beyond the purview of governments — who have controlled currency since governments were invented — and financial institutions. Bitcoin is in the hands of its creators and users and that is radical.
Filed in: Bitcoin, Innovation
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