WND - Phil Elmore - Virtual World Cashing In On Currency 'Bitcoin' Is 'Legal Gray Area' But Attracting Up To $500k…

“Most ‘digital currencies’ are not really digital currencies at all,” explains Erik Vorhees, director of marketing and communication for Bitinstant (a Bitcoin transfer service). “[This is] because they are pegged to standard currencies. Credits in your PayPal account are really just USD-backed – they are not a unique currency themselves. Other ‘digital currencies,’ such as Facebook Credits, can be created out of nothing and without limit, so they are not serious money. Ironically, the U.S. dollar is more like Facebook Credits that Bitcoin, because both USD and Facebook Credits can be created out of thin air, whereas Bitcoin cannot be.”

Full article: http://lucas2012infos.wordpress.com/2012/10/10/wnd-phil-e...

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