Bitcoin Currency Now More Valuable Than 20 Traditional National Currencies

The first time I heard of "Bitcoin", I admit that I found the premise to be a little far-fetched... something that simply wouldn't work. But time and time again, examples creep up that give some credence to the currency, and even today, online vendors have been adding Bitcoin to their lists of accepted payment methods. Most recently, Kim Dotcom's Mega site recently began accepting the currency.

Now, we receive word that Bitcoin has become more valuable than 20 other currencies in the world, such as Liberia's and Bhutan's. Today, about $1 billion worth of Bitcoin floats around the Internet, and because some countries are facing severe financial crisis, it has opened the eyes of some at risk to the possibilities around Bitcoin. I still don't think we're at a point where I'd want to risk my life-savings on Bitcoin, but the possibilities are there.

Recently, the US-based agency Financial Crimes Enforcement Network issued its first guidelines for digital currency, and while many had feared that it would put a stop to Bitcoin, it didn't. Instead, it actually helped bolster Bitcoin as a realistic currency. Its main sticking-point is that when people convert Bitcoin into "real" currency, it must adhere to the same guidelines as other currency-exchangers. It seems that, generally speaking, paying for something online direct with your Bitcoins doesn't fall into any particular guideline.

While I once believed it to be a fad, I recently heard about someone who used their Bitcoin to purchase a brand-new smartphone, and now, we see it's worth more than some other currencies around the globe. Maybe this Bitcoin thing does have a future after all.

Tags:  Bank, bitcoin, Currency
Via:  Fox News
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