Bitcoin, the savior? Bitcoin the 20th Century Monetary Economic System Slayer? Who and what is Bitcoin and how can this digital weird thing bring the world into a new paradigm?
First, you need to know that Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Is BitCoin the future of our 21st century global economic system?
First, what is Bitcoin? Watch this explanation video from BitCoin.org
Then, listen to what futurist Jeffrey Tucker has to say about the value of Bitcoin and it’s future prospects in our new world coming….
LONDON OPENS UP BITCOIN EXCHANGE
A new London-based Bitcoin exchange got off to a bumpy start today, this Tuesday Oct. 29, 2013, as hopeful investors found themselves locked out of the platform.
Coinfloor, which claims to be the most powerful Bitcoin trading platform in the world, will begin allowing investors in the U.K and Europe to buy and sell Bitcoin starting week. But it won’t be open to U.S. investors.
The firm promises to provide a high-frequency trading platform that uses secure, state-of-the-art technology. But that wasn’t evident Tuesday, when prospective investors were unable register through the Coinfloor website due to “overwhelming demand.”
Coinfloor joins the ranks of other European exchanges, such as Bitstamp and Bitcoin Deutschland, that help facilitate trading in the virtual currency.
The business isn’t regulated by the U.K.’s Financial Conduct Authority, which says the Bitcoin market hasn’t yet become large enough to require regulation.
The new exchange is backed by venture capital firm Passion Capital. Neither Coinfloor nor Passion Capital were available for comment.
Bitcoin was created by an anonymous hacker in 2009. The virtual currency has experienced wild price fluctuations this year as investors embraced — then abandoned — the currency.
Several factors have fueled the most recent flight to Bitcoin.
The financial drama in Cyprus sparked fears of bank runs around the world and made investors think a virtual currency might be safer. Growing concerns over what central bank intervention could mean for the safety of traditional currencies also steered investors to Bitcoin.
Slow or fast start, the future is knocking on the door and it will dramatically change the world. So what do you think? Will BitCoin end the nation state? Will it defeat the bias and shortcomings of the Rothschild Federal Reserve? Post your comments and stay tuned.