03 Jan 2014 / Panama Post – Bitcoin is no longer insignificant.
Initially derided by most as a gimmick, the current market value of all bitcoins in circulation is an estimated US$10 billion.[1]
On Friday, November 29, 2013, the value of a single bitcoin peaked at $1137. To put this in perspective, one bitcoin could have been purchased a year ago for roughly $13.
Critics argue that the price indicates a bubble, while enthusiasts would suggest that bitcoins are still undervalued even at current rates. Whichever the case, the price subsequently dropped from November’s all-time high, but is currently hovering around $730.
This substantial increase in market valuation stems from interest from both speculators and third parties making use of bitcoin as an innovative, decentralized, and technically secure (thus far) medium of exchange.
Released to the world in 2009 as the mysterious creation of a (presumably) pseudonymous developer, ”Satoshi Nakamoto,” bitcoin initially gained traction from enthusiasts because it managed to successfully resolve a few fundamental issues surrounding cryptocurrencies (digital currencies), including “double-spending”[2] and decentralization. In addition, unlike traditional currencies, bitcoin is deflationary by nature, since theoretically only 21 million bitcoins will ever be created….. Read more
http://blog.panampost.com/joel-fensch/2014/01/02/bitcoin-set-to-boom-in-latin-america/
