05 Jan '13, 2am

Bitcoin Priced in Gold

Bitcoin Priced in Gold

Bitcoin is a new digital currency that is open source, distributed, and has no central issuing authority. It is not backed by anything physical, like gold, yet it has been designed so that only a fixed number of bitcoins can ever be created. Bitcoins and bitcoin transactions are protected from counterfeiting and double spending by strong cryptography. Because there is no issuing authority, there are no fees for transactions, although fees may be charged for changing into other currencies, escrow services, etc. Like gold, bitcoin is a form of free market money: money chosen by the people who use it because it suits their needs, rather than being money because some government decrees that its subjects shall use it, and backs up that order with force if necessary (legal tender laws). Being a very young money, bitcoin does not have a very stable value. As you can see on the lo...

Full article: http://pricedingold.com/bitcoin/

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