2012-08-16 cbc.ca CBC look at Silkroad and talk about Bitcoin

[dunand]

http://www.cbc.ca/news/canada/story/2012/08/16/online-drugs-silk-road.html

From the news article :
The currency used on the site is called Bitcoin — a digital currency that makes it nearly impossible for authorities to follow the money trail. One Bitcoin currently converts to just over $11 Cdn, but the rate changes on a daily basis.

Bitcoin's main draw to illicit websites such as Silk Road is that it is decentralized and uses a network of computers, or nodes, to make monitoring transactions online much more difficult.

[1714987579]

1714987579

[Piper67]

Cool, they fixed it. When I watched the bit on TV this morning they referred to Bitcoin as a "payment process system".

[evoorhees]

Cool, they fixed it. When I watched the bit on TV this morning they referred to Bitcoin as a "payment process system".

Bitcoin is two things:

1) "Bitcoin" is a payment processing/accounting system
2) "bitcoins" are the unit of currency used in that system

It's important to understand that it is both. To contrast, Paypal is only number 1. USD is only number 2. Bitcoin is both.

[RodeoX]

You can tell the media does not "get it". They think drugs are the coolest thing about bitcoin only because they can't get their heads around the truly visionary aspects of BTC.