The price of Bitcoin Hit $266 before plummeting to more than 60% of its former value.
The value of a single Bitcoin has consistently been racing upwards since it broke past the $100 mark. Over the past four weeks it has quadrupled in value, reaching as high as $266 (U.S.) before plummeting to as low as $105.
All this talk and public attention but what can you do with Bitcoin?
If you’re a rich like the Reddit user like Bitcoinbillionaire, you can start giving away bitcoins to random users on a social networking site. You still can’t buy much with them however many online stores and vendors of digital goods accept them. A company called Bitpay allow merchants to accept payment in Bitcoin and receive the current market value in USD.
One of the key features of bitcoins is that the supply can never exceed a certain number (21 million to be exact). Unlike other currency it can’t be printed and faked, coupled with the fact that there is a limited supply. It is like virtual gold with a limited quantity and increasing demand. In years to come will this be the currency fo the future?
Until you can buy a beer or pay for your meals at the restaurant then it’s still going to be considered monopoly money that can only be used to buy illegal goods on the darkweb.
{ 0 comments }
