bitcoinvancouver

The GoTo Site for all things Bitcoin in Beautiful Vancouver British Columbia Canada

7 Shocking Things You Can Buy with Bitcoins

7 Shocking Things You Can Buy with Bitcoins

OCT 10, 2013 07:00 AM ET // BY JESSE EMSPAK
 
PREVIOUS / NEXT
 
Virtual Currency

A virtual currency, bitcoins do not rely on a central bank or financial institution. They’re based on an open-source protocol and “mined” on computer servers. When the total number of bitcoins reaches 21 million, no more coins will be mined. Currently, there are about 11.7 million bitcoins in circulation, valued at about $138 each — an amount that fluctuates.

That’s a lot of virtual dough. And unlike credit cards or even Paypal transactions, bitcoins are not tied to a particular person, which makes them ideal for buying products or services that might be embarrassing or illegal.

In fact, black marketeers used bitcoins on the underground website Silk Road, which, until it was shut down by the FBI on Oct. 1, made up most of bitcoin transactions. According to the FBI, the number of bitcoins used on Silk Road between February 2011 and July 2013 came to 9.5 million, or $1.3 billion. Those sales generated some $79.8 million in commissions for the site. On the same day the site was shut down, the FBI also arrested its owner and proprietor, Ross William Ulbricht.

 
Advertisements

Questions, Comments, complaints or observations? Your input is important to us.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Information

This entry was posted on October 10, 2013 by .

Follow me on Twitter

bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

Blog Stats

  • 9,824 hits

Follow me on Twitter

%d bloggers like this: