18 Oct '13, 6am

Is Bitcoin the future of money?

Is Bitcoin the future of money?

Bitcoin prospectors don’t use traditional mining equipment, of course. Gaming graphics cards are often the tool of choice. As I began writing this article, a Bitcoin was worth $107.47. The following morning, as I finalised the piece, it was worth $111.18. Currency speculators love volatility — it’s where fortunes are made. But for every fortune that’s accumulated, another can be lost. And virtual volatility is riskier than even conventional currencies. There are just over 11.3 million Bitcoins in circulation today; at the end of 2140 there will be 21 million and after that no more will be issued. You can’t jangle Bitcoins in your pocket (only metaphorically in your digital wallet) and if you want some then you’ll need to become a Bitcoin miner — paying for the digital currency with CPU cycles and electricity, which are fed into the Bitcoin network. What is Bitcoin? Bitcoin...

Full article: http://www.techlife.net/lifestyle/news/2013/10/is-bitcoin...

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