17 Oct '12, 1pm

78 percent of Bitcoin currency stashed under digital mattress, study finds: More than three-quarters of the digi...

78 percent of Bitcoin currency stashed under digital mattress, study finds: More than three-quarters of the digi...

More than three-quarters of the digital coins in the Bitcoin digital currency scheme aren't circulating because they remain dormant in user accounts that have never participated in outgoing transactions, a recently published study has found. The figure translates to more than 7.019 million BTCs, the term used to denote a single coin under the digital currency, which uses strong cryptography and peer-to-peer networking to enable anonymous payments among parties who don't necessarily know or trust each other. Based on exchange rates listed on Mt.Gox—the most widely used Bitcoin exchange—the coins have a value of more than $82.87 million. On May 13, the date the researchers analyzed their data, there were slightly more than 9 million BTCs in existence. Mathematician Dorit Ron and Adi Shamir (the "S" in the widely used RSA cryptography scheme) arrived at that finding by downlo...

Full article: http://news.hitb.org/content/78-percent-bitcoin-currency-...

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78 percent of Bitcoin currency stashed under digital mattress, study finds

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