Category — Finance
April 21, 2013 Comments Off
In March, I was at a conference in New Hampshire when a few Bitcoin businessmen sat me down to lunch. It seems like the last thing one wants, a long lunch at which one is hammered by unrelenting geek-speak about the glories of some crazy software thing.
It turned out very differently. A developer suggested that I download a smartphone application called Blockchain. I did this. He then took at an image of my QR code — that funny square design that looks like a 3-D bar code. It looks like this:
Within a few seconds, I was the proud owner of my first Bitcoin. I felt the rush. Ownership changes everything.
My wallet lived on my smartphone. Only three years ago, some wonderful applications had already developed around the currency unit. Although I’m a bit of a ‘techy’, I’m not a rocket scientist, and I’m quite certain that I would have been out of my league.
But this is how digital institutions develop to become ever more user-friendly. At the same event at which I became a Bitcoin owner, I also used a Bitcoin ATM. I put in the green stuff, held my digital wallet up to the scanner, and then felt the buzz on my smartphone. Physical became digital. Beautiful. [Read more →]
April 13, 2013 Comments Off
This article is contributed by Pinnacledigest.com. One of the TOP sites for up to date information on the Canadian and US Stock Markets. For more information subscribe to their free newsletter.
The story of Bitcoin, the world’s largest decentralized,peer-to-peer fiat currency, which today outranks many sovereign currencies in liquidity (and also overall market value), is indeed a fascinating one in both investment trends and distrust in government. The only reason thisdigital currency even exists is because of broad frustration in the global monetary system.
What was once a currency traded amongst your neighborhood anarchists online, Bitcoin is now blowing up in popularity. So called ‘Bitcoin Millionaires‘ are starting to pop up.
The early adopters of this currency, which started back around Halloween 2008 (near the climax of the subprime meltdown), have seen their holdings in Bitcoin skyrocket in value over the last few years.
image source: bitcointalk.org
In just the last few months, Bitcoin’s value has increased roughly 500%. It is completely unrelated and untied to any government or the unpredictable bearish market that has left many currencies and assets gasping for life. [Read more →]
April 12, 2013 Comments Off
Understanding Bitcoin requires that we understand the limits of our ability to imagine the future that the market can create for us. That is exactly what is happening with Bitcoin right now.
As I type, the price is exploding, the main exchanges are overloaded, and people around the world can’t convert from government currency into this digital gold fast enough.
Absolutely no one imagined such a thing five years ago. Why are we surprised? We should get used to surprises in this digital age. Thirty years ago, for example, if someone had said that electronic text — digits flying through the air and landing in personalized inboxes owned by us all that we check at will, any time of the day or night — would eventually displace first-class mail, you might have said this is impossible.
After all, not even The Jetsons cartoon imagined email. Elroy brought notes home from his teacher on pieces of paper. Still, email has largely displaced first-class mail, just as texting and social network private messages and even Voice over Internet Protocol are replacing the traditional telephone.
It turns out that the future is really hard to imagine, especially when entrepreneurs specialize in surprising us with innovations. The markets are always outsmarting even the most wild-eyed dreamers, and it is certainly smarter than the intellectual who keeps saying such and such cannot happen.
It’s the same today. What if I suggested that digital money could eventually come to replace government paper money? Heaven knows we need a replacement. [Read more →]
April 9, 2013 Comments Off
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March 22, 2013 Comments Off
Pursuit of Happiness reader Brian sent me a link to a UK Daily Mail story about the Cypriot government’s plan to impose a 9.9% savings tax on bank accounts.
I posted a link to the story on my Google+ page. If you don’t yet follow me on Google+ you can do so now by clicking here. It’s free to sign up for an account. And all you have to do is add me to your ‘circles’.
But now I can share them with you shortly after I read them by posting a link on my Google+ page. Think of it as your opportunity to look over my shoulder and see what passes across my screen each day.
And if you had looked over my shoulder yesterday you would have seen me devouring info on the latest raid by a national government on private savings. Of course, what’s happening in Cyprus is just a drop in the ocean compared to what’s happening here in Australia.
Perhaps it’s why the Aussie media is only giving the issue scant coverage… [Read more →]
March 21, 2013 Comments Off
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