Bitcoin hits record $1,242 as it nears value of ounce of gold
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As the government considers regulating Bitcoin, speculation has sent the digital currency's value skyward. That has meant profit for Libertarians and Free Staters in New Hampshire who started using Bitcoin in opposition to currency regulation. Would the government's acceptance of Bitcoin undermine its value to early adopters? Bitcoin, which is basically digital cash, has been getting a lot of hype lately as governments such as Germany, China, now the United States begin to recognize its validity.
That recognition has led to financial speculation; and bitcoin's value has soared, hitting a thousand dollars for the first time this week. New Hampshire Public Radio's Emily Corwin recently visited a group of early bitcoin backers, who seem to have hit the jackpot. So the more I heard about the booming value of bitcoin, the more I thought of the Libertarians and Anarchists who have made New Hampshire their home.
People in this liberty community were early adopters of bitcoin, and I nov 29 2013 bitcoin news, these guys must be making bank.
So I asked a friend to set up a meeting for me. And when I arrived, a small of group of Anarchist and Libertarian-type folks were gathered around a table, looking at something. Right, it's about four-by-four inches. And it has a circuit board and a heat sink and a fan sitting on top of it. And it plugs into computer via USB. When he plugs this nov 29 2013 bitcoin news into his computer, Aguiar says, he joins a network of computers that collectively mint new bitcoins.
When some of these folks started using bitcoins, they were worth just a couple dollars each. Recently, bitcoin are going for as much as a thousand dollars apiece. As Pedro Aguiar says, it feels like winning the lottery. People in this community tend to be pretty cagey about sharing personal financial details. So it was nov 29 2013 bitcoin news to get anyone to tell me exactly how many bitcoins they own. He says today, he has more than 10 times his annual salary in bitcoins.
Of course, the return on investment is not what got this crowd into bitcoin. Mike Segal is a libertarian-leaning software engineer. I wanted to support the effort because of what it represents. Whether or not bitcoin itself would take off and make me money, that wasn't so much my nov 29 2013 bitcoin news. My concern was to support a growing crypto-currency economy. The idea here is to create a currency that circumvents both the government and taxes; and avoids banks and transaction fees.
As Anarchist Curt Howland puts it And here we arrive at the big paradox. It is recognition from federal governments both here and abroad that is driving the value of bitcoin ever higher, accelerating its use and encouraging speculation.
Making it more successful. Howland says he worries federal recognition could inevitably lead to federal regulation. And as far as he's concerned, that would jeopardize the currency's biggest advantage. Mike Segal, the software engineer, says the problem is deeper than just disliking the feds. He says, let's say the government starts tracking bitcoins, and finds out some were exchanged for sex or drugs. And then they try to blacklist certain bitcoins, for example, based on what they were used for.
Then that destroys nov 29 2013 bitcoin news fundability that makes bitcoin less useful. And so, as Segal and others in this liberty-loving community score a fortune they didn't necessarily nov 29 2013 bitcoin news looking for, they also worry that bitcoin's success could cost it its integrity. Visit our website terms of use and permissions pages at www. NPR transcripts are created on a rush deadline by Verb8tm, Inc.
This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. Actually, this week marked the second time bitcoin's value has hit that mark. Accessibility links Skip to main content Keyboard shortcuts for nov 29 2013 bitcoin news player. Early Champions Of Bitcoin Reap Unexpected Windfall As the government considers regulating Bitcoin, speculation has sent the digital currency's value skyward.
Facebook Twitter Flipboard Email. November 29, 4: Heard on Morning Edition. I want to be part of what maintains bitcoin.
I mean it's exhilarating. Bitcoin started as, hey, stick your finger in the eye of the man. See, these folks detest centralized government. That would be great. That is what I'd like to make of the federal government. This is NPR News.
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