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Some more infor on Bitcoin today AFR18 Mar 2014Financial...

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    Some more infor on Bitcoin today AFR

    18 Mar 2014

    Financial exchange The cryptocurrency fails to fulfil the three main functions of money
    Avoid being short-changed on Bitcoin
    Bitcoin, to its most ardent fans, is more
    than a useful way to pay for drugs.
    It is also a technological marvel that
    could disrupt much of the consumer
    finance industry. But is it money?
    The Bitcoin economy keeps growing,
    despite the periodic disappearance
    of large quantities of currency in hacker
    heists. The total value of bitcoins in
    circulation has risen to $US7.9 billion
    ($8.7 billion), from just $US490 million
    a year ago, while daily transaction
    volume is up almost 60 per cent. If
    Bitcoin aspires to match dollars and
    euros for money-ness, it will need to be
    more than just a MasterCard for nerds.
    Economists reckon money is anything
    that serves three main functions.
    It must be a "medium of exchange",
    which can reliably be swapped for
    goods and services. It should be a stable
    store of value, enabling users to tuck
    some away and come back later to find
    its purchasing power more or less
    intact. And it should function as a unit
    of account: a statistical yardstick
    against which value in an economy is
    measured. The US dollar meets all three
    conditions. Bitcoin has some way to go.
    Bitcoin does best as a medium of
    exchange, thanks to its clever technical
    design.
    .............. not the full article.

    Total value in circulation US$7b!!
    Volume of transaction goes up 60% each day!!



 
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