Your figures don't appear to be correct, though I may have misread your post.
No, I've never used bit coins though I can see their use. As time goes by they will become more usable on the Net, particularly on the Deep Net, where they can purchase anything from the illegal to the everyday. I don't have any use for them at present though I understand their validity. It's hard to go past PayPal for most things.
There's certainly a Ponzi element to it. Until they're backed by a substantial economy (as are the world's regular currencies) there's always the possibility that the balloon would burst an cause them either to lose value or become worthless.
Yes, any stable currency needs to be backed by the full faith and credit of a government with taxing authority. Of course, even that doesn't always work, as there have been cases of hyperinflation, sometimes with dire consequences.
Your figures don't appear to be correct, though I may have misread your post.
No, I've never used bit coins though I can see their use. As time goes by they will become more usable on the Net, particularly on the Deep Net, where they can purchase anything from the illegal to the everyday. I don't have any use for them at present though I understand their validity. It's hard to go past PayPal for most things.
Which one is incorrect?
As I said, I may have misread your post, but there's no way 1 bitcoin is equal to more than a thousand us dollars but only 5c in 2010??
On Aug 23, 2010, it was 0.06.
As per today's value, 1 bitcoin = 1132.79 US Dollar.
You can check it from the historical exchange value chart.
So 1 bitcoin has increased in value from 6 cents to more than 1100 dollars? How can this be?
Personally, I would prefer to wait for more safety and clearer information, as there seem to be lots of open - or unsolved questions:
http://www.bbc.com/news/technology-35343561
I have never had any dealing with bitcoin. It sounds suspiciously like a Ponzi scheme.
There's certainly a Ponzi element to it. Until they're backed by a substantial economy (as are the world's regular currencies) there's always the possibility that the balloon would burst an cause them either to lose value or become worthless.
Yes, any stable currency needs to be backed by the full faith and credit of a government with taxing authority. Of course, even that doesn't always work, as there have been cases of hyperinflation, sometimes with dire consequences.
I should have bought at least 1 BTC.