User: Password:
|
|
Subscribe / Log in / New account

Bitcoin: Virtual money created by CPU cycles

Bitcoin: Virtual money created by CPU cycles

Posted Nov 11, 2010 14:18 UTC (Thu) by jackb (guest, #41909)
Parent article: Bitcoin: Virtual money created by CPU cycles

Unless you can consume the currency yourself (maybe you are using grains of rice as currency) the value of each unit of currency basically defined by the total value of the goods and services that can be purchased by the currency divided by the number of currency units in circulation.

Bitcoin value depends on the value of what people are willing to sell you for them.


(Log in to post comments)

Bitcoin: Virtual money created by CPU cycles

Posted Nov 13, 2010 0:41 UTC (Sat) by jgarzik (subscriber, #8364) [Link]

Yes. And that is true for all markets and currencies, not just bitcoin.

As of this writing, 1 bitcoin is approximately USD $0.25.


Copyright © 2017, Eklektix, Inc.
Comments and public postings are copyrighted by their creators.
Linux is a registered trademark of Linus Torvalds