02 Jul '13, 3pm

What Comes After Bitcoin?

What Comes After Bitcoin?

Bitcoin , a digital currency launched by the pseudonymous programmer Satoshi Nakamoto in 2009, hit a peak trading value of $266 per coin in April 2013, the biggest point in a bubble that would burst soon after. The cryptocurrency, which is anonymous, untrackable, and can be used to buy illicit goods online, caught the attention of the U.S. government—and not in a good way. In May, the U.S. Department of Homeland Security froze the Wells Fargo account of Mt. Gox , the largest exchange that trades Bitcoin for other currencies, arguing that the company broke anti-money laundering laws. On June 20, the exchange suspended withdrawals from its accounts in USD, leaving users with piles of less-than-liquid Bitcoin (still worth around $95 each ). But even as it drew political and legal controversy, Bitcoin highlighted the possibilities of a mainstream digital currency. “The current...

Full article: http://www.psmag.com/business-economics/what-comes-after-...

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