24 Jun '13, 8pm

Why Bitcoin is on the money via @Telegraph

BitCoins are "mined" by peers in the BitCoin network, who apply computing power to solve complex mathematical problems. This work also serves to authenticate and record every transaction made in or with BitCoin, avoiding the need for any central regulator or clearing house. Once mined, the BitCoins can be stored in a digital wallet on a laptop or smartphone, and then used to buy goods or services from anyone willing to accept digital currency, or traded for other currencies via exchanges such as Mt Gox. Alternative currencies are, of course, nothing new. Many Londoners carry an Oyster Card, which they load with traditional currency and then exchange for travel. A plethora of digital currencies now exist, some used by online gamers within communities like World of Warcraft ; others on mainstream e-commerce platforms such as Amazon. The total value of the virtual currency in...

Full article: http://www.telegraph.co.uk/finance/currency/10139651/Why-...

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