06 Apr '13, 3am

Dollar, euro fall sharply against bitcoin

Two years ago, one bitcoin was worth less than $1. Two months ago, the price for one unit surged above $20 on a proliferation of cyber-exchanges from Tokyo to Moscow. A sudden burst of new interest sent its value soaring to a record $147 on Wednesday. . . Some call it the purest form of capitalism: a version totally unfettered by monetary policy and politically driven economics. (Read the full story here .) Brad Plumer explains how bitcoins are acquired and traded: Bitcoins are a virtual currency in which new coins are created by a slow, complex computer process known as “mining.” Once a person acquires a Bitcoin, he or she can trade it online to anyone who will accept it as payment for goods or services. . . The currency isn’t regulated by any central bank. The most recent fluctuation in the currency’s value began during the financial crisis in Cyprus , when depositors be...

Full article: http://www.washingtonpost.com/business/economy/dollar-eur...

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