16 votes

Fox News: Digital 'bitcoin' currency surpasses 20 national currencies in value

By Maxim Lott | Published March 29, 2013 | FoxNews.com

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 stock of 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.

Read more: http://www.foxnews.com/tech/2013/03/29/digital-currency-bitc...

Trending on the Web

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

When The Electricity And Internet Go Down...

I will be able to find my gold stash in the dark.
Virtual money will be virtually gone. Actual money will actually be in my pocket.

Exercise Liberty.

America Rising.
The Constitution Stands.

"That the pen is mightier than the sword would be proven false; if I should take my sword and cut off the hand that holds the pen" - American Nomad

gold is backed by the fact i

gold is backed by the fact i can turn it into a spoon, a necklace, and connections to trasfer electricity, a bullet. Many things gold can be used for. Bitcoins.....well im not so sure if i can make them into anything if i had to

I can turn ice into

I can turn ice into a spoon, a necklace, a bullet and it conducts electricity. I'll sell you a 5-lb bag of ice for $1600/oz.

use your brain man obviously

use your brain man obviously ice would melt and become useless except its now water that you can drink so actually has some value still. Bitcoins they still are well....nothing. Its not gold that makes gold valuable, its the uses that come with it. We could have a wood backed currency and it would be ten times better than bitcoin. Hell even paper money is better than bitcoin, atleast with paper if it gets cold i can make a fire.

YOU use your brain

Physical money can be seized by force.

Isn't that why you still pay taxes to this corrupt government? Because if you don't, someone with a gun will come and take it from you anyway? Or put a lien on your home? Or garnish your wages? They can only seize that which they can take by force.

The authorities could come to my door right this second, turn my house upside down, and still not find any evidence that I own Bitcoin. I could flee the country without having to smuggle gold bars out in my rectum. I could just waltz right out, no wallet, no phone, no nothing... Then just find an internet cafe somewhere and reclaim my purchasing power.

While you dream for the day you can opt out of FRNs, I ALREADY AM.

I'm not saying you shouldn't own PMs (you should), but condemning something simply because you can't hold it in your hand is a rather foolishly short-sided conclusion.

I challenge YOU to "use your brain man, obviously" and think outside the box. Look at the enemy we're dealing with...

I would rather

own stock in the electric or phone company that bills all the bit coin owners who use e currency.

"We can see with our eyes, hear with our ears and feel with our touch, but we understand with our hearts."

Good Parallel Discussion About Bitcoin Going in MMT Space...

Post Keynesians a.k.a. MMT for Modern Monetary Theory (you know... the folks who cooked up the trillion dollar platinum coin idea) also have a lot to say about Bitcoin on Mike Norman's economic blog.... http://www.blogger.com/comment.g?blogID=2761684730989137546&...

Ed Rombach

I've been a bitcoin fan, but I sold everything last week

I may possibly buy back in when this bubble bursts....if it hasn't been made illegal then. I decided to sell when I visited bitcoincharts.com and looked at the 1 year graph. This exponential growth in price cannot last.

Bitcoin - Love It or Hate It - It Can Open Minds

Whether you agree with Bitcoin as a "winner" as a currency platform...

Bitcoin HAS OPENED AND WILL OPEN the minds of many people that were otherwise not yet interested in economics or currencies.

Analogy: Whether you agree with Ron Paul as a "winner" as a political candidate...

Ron Paul HAS OPENED AND WILL OPEN the minds of many people that were otherwise not yet interested in liberty and history.

I'd buy nGultrums and Liberian $ before bit-freakin-coins

I'd buy nGultrums and Liberian $ before bit-freakin-coins. Check the stability and fungibility charts. Both of those backward countries' central banks are rock solid and stable compared to Bitcoin. Both countries' economies operate mostly on Indian Rupees and US Dollars, granted, but so does the Bitcoin community. Whoever bought Bitcoins has done so to cash in on a speculative bubble a thousand times more volatile than the stock market or bond market.

Lemme at them nGultrums and Liberian Dollars!

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

another currency backed by

another currency backed by nothing.


What is gold backed by?

Call me when one can exchange

Call me when one can exchange one btc for a gold coin. or pay for milk or gas with it. or exchange my paycheck for it.

you all will cry to Rand to go after heads once it all crashes



What do I win?

gold: consumer and industrial

gold: consumer and industrial confidence, global need....etc..

bitcoin: uhhh.....ummm.....err....

What is gold backed by?

So you're saying that gold is backed by confidence.

And I'm saying that Bitcoin is also backed by the same thing.

Value is subjective.

backed by nothing

Yup, backed by nothing but users who want a limited, incorruptible, system of currency that cannot be touched by government, and voluntarily dedicate their personal resources to keep it that way.

It's funny what people regard as "nothing" today.

can't be?

can't be touched by government?

sounds like a challenge to me...

I use Blue Wave, but don't expect one of THEIR silly taglines.

Yup, what's your attack plan?

Yup, what's your attack plan?

BTC is just another scheme

BTC is just another scheme who's bubble will burst.

Bitcoin: What's wrong, what's right


Tweeting occasionally as himself @cudnoski on the twitter.