15 Nov '13, 8pm

Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts

Bitcoin Companies and Entrepreneurs Can't Get Bank Accounts

Bitcoin – invented in 2009 by a mysterious programmer – is a replacement for state-backed currency, “mined” from the Internet via complex computing. It’s been booming this fall; one Bitcoin is currently worth over $400, its value doubling over the last month. It has limited real world uses now but offers, as investor Peter Thiel says the “world-changing ” promise of online transactions without fees, third parties or identity; it’s the online equivalent of paying someone in cash, and it works universally. Long popular with those using it to buy and sell illicit goods online, it’s now found new fans: the venture capital community, taking the place in their hearts left empty by social networking companies that have IPO’ed. Second Market, which sold Facebook shares before the company went public, now has an investment fund for the $4-billion Bitcoin market. The Winklevoss twin...

Full article: http://www.forbes.com/sites/kashmirhill/2013/11/15/bitcoi...

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