What Is Bitcoin?

Is Bitcoin a good idea? Or, is it a scam?

I haven’t made my mind yet on this type of currency.

Not according to Jason Calacanis. He describes it as “Bitcoin is a P2P currency that could topple governments, destabilize economies and create uncontrollable global bazaars for contraband.” In other words, Bitcoin is a powerful political statement made by the technotarians (technological libertarians). Read more ….

MIT’s Technology Review reports that Bitcoin is booming and makes the peer-to-peer currency secure and anonymous : What Bitcoin Is, and Why It Matters

There is a paper on SSRN that address some of the issues:
Bitcoin: An Innovative Alternative Digital Currency

Bitcoin is a purely online currency with no intrinsic value; its worth is based solely on the willingness of holders and merchants to accept it in trade. In that respect, it’s not so different from fiat currencies like the dollar or Euro, but whereas governments back such money, Bitcoins lack central control. Read more: The online currency has minted off-line millionaires. But for how long?

What do you think?

About benvitalis

math grad - Interest: Number theory
This entry was posted in Economics, Social Experiment and tagged , , . Bookmark the permalink.

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