29 Mar '13, 6pm

Breaking down Bitcoin, the newest $1 billion currency

Actually, Cypriots would disagree with you today. Lots of people can't move their toxic euros anymore. People are jumping into bitcoins because you can move incredibly large amounts of money anywhere in the world in generally under 30 minutes (the time it takes to get x confirmations from the network). Imagine moving 30,000 euros out of Cyprus today. Imagine moving even 100 oz of golf out of it. They won't let you, and as a bonus they'll probably take a huge percentage off of it because, you know, that legitimate government that controls the euro now needs money like it never did. The fact that you can voluntarily mine bitcoins to confirm the integrity of the network completely replaces that need for an authority to regulate and back the currency. Another huge dimension to bitcoin is that, by nature, it is deflationary. So contrary to the fiat currencies, they don't loose ...

Full article: http://www.huffingtonpost.com/2013/03/29/what-is-bitcoin_...

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