31 Jul '13, 10pm

@NYtimes report on #Bitcoin's expansion into restaurants, gift card purchases, & online trade. @gyft

A type of digital cash, bitcoins were invented in 2009 and can be sent directly to anyone, anywhere in the world. You don’t have to go through a financial institution, which means no fees and no one tracking your spending habits. With a current market capitalization of $1 billion , bitcoins are beginning to be more widely accepted. You can use them to pay for a pizza or make speculative bets that could end up financing your child’s college education. But bitcoins, and other digital currencies, have also come under scrutiny. Liberty Reserve, an online payment system, was shuttered in the spring by New York authorities, who said the company used its digital currency, known as LRs, to launder up to $6 billion. And law enforcement officials have voiced concerns that bitcoins could also abet illegal transactions. Bart Chilton , a commissioner on the Commodity Futures Trading Co...

Full article: http://www.nytimes.com/2013/08/01/technology/personaltech...

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