Bitcoin Currency Now More Valuable Than 20 Traditional National Currencies

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News Posted: Fri, Mar 29 2013 4:17 PM

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.

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Dave_HH replied on Fri, Mar 29 2013 7:05 PM

That's just plain wild if you ask me. Ought to be interesting to see how things pan out with Bitcoin in the long run.

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realneil replied on Fri, Mar 29 2013 7:57 PM

Yeah, and Kim Dotcom too!

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rapid1 replied on Sat, Mar 30 2013 3:31 PM

Well; really what is US currency now based on? It is based on the word of the US Treasury and nothing real world as it was when it was based on GOLD. So if Bitcoin can back it then it is just as real basically. The exchange rates etc have to pan out and be calculable then there ya go it is a standard method of currency in today's world. I have been wondering where it was going to go with goods in many cases becoming digital media of various kinds anyway this really makes perfect sense for a lot of things.

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OSunday replied on Sat, Mar 30 2013 8:21 PM

Wow that's seriously impressive. As soon as I get my desktop up and running and I'm definitely gonna put it to use doing a little Bitcoin Mining for a little extra, even if very small amount of currency haha

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Good luck with that OSunday. Bitcoin mining is basicly a race, which means you need some fairly impressive hardware to win and get the prize (or tie and get a share of it). As many AMD video cards as you can cram in is the way to go. Yes AMD, not Nvidia. The software runs way faster on AMD hardware.

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RWilliams replied on Sun, Mar 31 2013 11:29 PM

This sort of thing makes me curious, because the fact is, all of these GPUs and CPUs working to "mine" are running at full-load, potentially 100% of the day. That's a LOT of power-draw, and in effect, $$$ added to your bill each month. Do the gains even themselves out, or do Bitcoin miners come ahead?

It just seems like a potential issue to pay $40 more for your power bill each month if your return on Bitcoins is like $10 - $20.

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