10 Aug '12, 1am

British Traders Have Discovered BitCoin

British Traders Have Discovered BitCoin

Financial traders have a new toy: Bitcoin, a digital currency variously dismissed as a Ponzi scheme or lauded as the greatest invention since the Internet. Unlike conventional fiat money and other digital currencies, Bitcoin runs through a peer-to-peer network, independent of central control. Bitcoins are currently worth $4.88 each on online currency exchanges, where they can be bought and sold for about 15 world currencies. Users - an odd assortment of uber-geeks, anarchists, libertarians, scammers and forex traders - sent about $4.3 million worth to each other in the last 24 hours. Banking and payment expert Simon Lelieveldt believes they are living on borrowed time. "There is always a power base underlying a currency," he said, speaking at the Digital Money Forum in London in March. "Bitcoin is not going to fly because there is no central bank or power base. It's doomed...

Full article: http://bitcoinguy.blogspot.com.au/2012/08/british-traders...

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