29 Mar '13, 1am

Bitcoin Is Now a Billion Dollar Industry

Bitcoin Is Now a Billion Dollar Industry

A tremendous thing happened in the weird world of bitcoin on Thursday. For the first time in the currency's history, the total value of all bitcoins in circulation topped $1 billion. That's right: A billion bucks, right out of thin air. That's oversimplifying things a bit, but we'll get back to that. (By the way, if you still don't understand how bitcoin works, read this .) For now, let you jaw drop — watch the drool — and start wishing you'd bought a bunch of the cybercurrency way back when the exchange rate was less than $5, because on Thursday it zoomed past $95 per bitcoin. Just to rub that in: if you'd invested $500 in bitcoin about a year ago, which is probably less than one month's rent for you city dwellers, you'd have nearly $10,000 worth of stuff today. That's about a year's worth of rent. Stings doesn't it? In a way, this is just a microcosm of our financial sys...

Full article: http://www.theatlanticwire.com/business/2013/03/bitcoin-n...

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