23 Jul '13, 10am

Why the Only Real Way to Buy Bitcoins Is on the Streets - Wired #bitcoin

Bitcoin is that mechanism. And four years later, it does what Nakamoto envisioned. The peer-to-peer network that keeps track of the “Blockchain,” a running ledger of Bitcoin transactions, is massive. There are over 11.4 million Bitcoins in circulation. They’re worth about $90 each, putting the value of the Bitcoin economy at more than $1 billion. But there’s a catch. How do people first acquire Bitcoins? How do they sell them for U.S. dollars? “There’s a lot of anxiety and angst around the actual buying of Bitcoins,” says Light. To use the Mt. Gox exchange, for example, you have to submit photo ID and proof of residency before you can create an account. Processing new accounts can take weeks. Once your account is online, it still takes days to move money in and out of the account. Last month, Mt. Gox temporarily suspended money transfers to U.S. bank accounts. “Those waits...

Full article: http://www.wired.com/wiredenterprise/2013/07/buttonwood/

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