[Ed. Note: A 50% rise since yesterday?? Is BitCoin now officially the mother of all bubbles, or the start of a whole new monetary paradigm? With silver tied down near $20, it’s salt in the wound regardless.]
by Mark O’Byrne, Gold Core:
Bitcoin was developed in 2009 and is a decentralized digital currency that enables low cost payments without the need for central authorities and issuers. Bitcoin is a peer-to-peer (P2P) currency system created in open source C++ programming code. Bitcoins can be accessed from anywhere in the world with an internet connection. Once a user has Bitcoins, they are stored in a digital wallet. Bitcoins can then be sent to anyone else who has a Bitcoin address.
U.S. law enforcement and regulatory agents expressed optimism and acknowledged risks for digital currencies. U.S. officials outlined the potential benefits and liabilities of bitcoin.
Federal Reserve Chairman Ben Bernanke said in a letter in absentia to the Senate panel that virtual currencies “may hold long-term promise, particularly if the innovations promote a faster, more secure, and more efficient payment system.”
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