29 Jul '13, 4am

In Bitcoin we trust: The Berlin district where virtual currency is as easy as cash

When Bitcoins first appeared they had very little value. It would have taken a thousand of them to buy a pizza. Today that same thousand Bitcoins is worth about 91 thousand dollars. Of course that valuation could change substantially by tomorrow. The problem is that there is nothing behind Bitcoins of any intrinsic value. They are only worth what people are willing to give you for them. They are right now more like a completely unregulated commodity than a currency. Since there is no requirement for any business to accept Bitcoin it can hardly be called a currency. Being a currency usually implies some type of universal acceptance of the medium as payment for goods and services. Bitcoins are a long way from universal acceptance.

Full article: http://worldnews.nbcnews.com/_news/2013/07/27/19656666-in...

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