22 Jun '13, 12pm

At Coin Week: BITCOIN VS. GOVERNMENT-ISSUED FIAT... #AlDoyle #FeaturedNews #NumismaticTech #bitc…

At Coin Week: BITCOIN VS. GOVERNMENT-ISSUED FIAT... #AlDoyle #FeaturedNews #NumismaticTech #bitc…

What backs these monetary units? Algorhythms might appeal to geeks and techies, but it’s essentially the same hot air that “supports” national currencies. Virtual currency could be an answer to a question that was never asked or an excessively complex solution to a simple problem. Bitcoin has promised to cap creation at 21 million units, but what would prevent them from reneging on their word? Central bankers and politicians do so every day. A currency is only as good as the integrity of the people behind it, and no one knows the identity of the Bitcoin originators.

Full article: http://www.coinweek.com/featured-news/bitcoin-vs-governme...

Tweets

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