The Pros & Cons of Bitcoins
May 18, 2012 by Anthony Migchels
Bitcoin, a privately controlled independent currency, is nothing short of revolutionary. Bitcoin, however, has a major drawback: it does not address the key issue of interest.
Bitcoin was developed by Satoshi Nakamoto and launched in January 2009.
There are currently more than 8 million Bitcoins in circulation and after predictable initial price swings after its launch, they have traded at a fairly stable rate of about $5 for more than six months now.
Bitcoin basically is a debt free unit: it comes into circulation through 'mining': the solving of complex algorithms by clients yields new Bitcoins.
However, no more than 21 million can be mined so there will never be more than that in circulation.
Bitcoin is important and actually nothing short of revolutionary. It is the first notable independent internet currency.
Another place where the same text appeared:http://www.thetruthseeker.co.uk/?p=49064