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      06-12-2011, 08:13 PM   #7
BTM
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Quote:
Originally Posted by M3Bahn View Post
A

Bitcoin is a virtual currency, designed to allow people to buy and sell without centralized control by banks or governments,
A virtual currency with nuances even more convoluted than real currency, how is this any better? The central control still exists in this case, it is controlled by programmers/code/hardware. TBH, I feel more comfortable with a government backed currency over a "hacker" backed one. Valued higher than the USD, Euro, are misleading. Technically, everything is currency (I'm being very general using the term currency, but then so is referring to bitcoin as a currency), in that it has value, and they can be used as a medium to complete transactions. My cellphone is valued higher than the USD, it takes more than 1USD to buy one. Too bad I can't pay for groceries with cellphones. THen again, I can't pay for groceries with bitcoins either. I don't see this catching on.

Last edited by BTM; 06-12-2011 at 08:18 PM.