Bitcoins become dangerous Internet currency
By T.J. Murray, 4/4/2013, TheCelebrityCafe.com
Bitcoins are a surging online currency. While most people have no idea what they are, those in the know have made some very real dollars.
The Washington Post http://www.washingtonpost.com/blogs/wonkblog/wp/2013/04/03/heres-a-simple-60-second-primer-on-bitcoin/ did a report on bitcoins, citing that the economy around bitcoins is done peer to peer, leaving banks out of the exchange. The Post also notes that bitcoins exist outside the scope of the law.
If you think this secrecy makes bitcoins great for buying drugs, Forbes says you are right. They also say that bitcoins don’t seem to have much economical application outside of gambling and illegal activity.
So why are there $1.6 billion worth of bitcoins, according to New York Magazine? http://nymag.com/daily/intelligencer/2013/04/i-bought-a-bitcoin.html It’s because bitcoins are an investment. In 2009, one bitcoin was worth five dollars. Today, one bitcoin is worth around $140.
It’s a dangerous investment though. Business Insider http://www.businessinsider.com/im-raising-my-bitcoin-price-target-to-400-2013-4 explains that the worth of bitcoins could drop to zero if the currency is deemed illegal or the system that supports the bitcoin economy is somehow hacked or exploited.
Speculation across the Internet is running wild. Most advise staying away from the volatile currency, but some see the potential for much greater gain. Regardless, this nation-less, technology-fueled currency seems to be one more great experiment along the path to the future.
Image from Twitpic.com.
http://thecelebritycafe.com/feature/2013/04/bitcoins-become-dangerous-internet-currency
Thanks!
Can it be hacked?
Probably.
Will it be hacked?
Probably.
Will that destroy the value of Bitcoins already out there?
Well, there are counterfeit $100 bills floating around, but most merchants are still very willing to accept a C-note if you want to buy something.
I just find it interesting and fascinating, have nothing invested except the time and effort to get it up and running.
It could be a fad. It could be the greatest thing since sliced bread, or since they put an ATM in every 7-11.
Time will tell!