Milton Friedman – Economist who received the 1976 Nobel Memorial Prize in Economic Sciences

“I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.”

Why is Bitcoin so volatile?

Bitcoin prices have fluctuated wildly, rising as high as $1,100 and falling back down to around $76 within a very short space of time before rebounding again. Because of the lack of liquidity in the market and no central authority to influence supply and demand, the currency is vulnerable to speculation and manipulation.

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“Bitcoin ought to be outlawed.”


Those were the ominous words of economist Joseph Stiglitz in an interview with Bloomberg last week.

He’s not the first to say it and he certainly won’t be the last.

In its short lifetime Bitcoin managed to survive against all all odds. It kept grinding through the collapse of Mt Gox. It outlasted critics and doubters who declared it dead again and again and again. It outwitted an exchange and ICO ban from China. It hasn’t suffered a major security breach, even as it moves billions of dollars around the world in the blink of an eye, something almost no major company or government’s website can claim.

When you think about just how many major corporations suffered hacks, from Equifax to Sony to Apple to JP Morgan (who’s CEO laughably called Bitcoin a fraud when he can’t even protect his own systems), as well as supposedly secure government websites, from the NSA to the Department of Defense to the Army, Bitcoin’s incredible security is almost unbelievably mind-boggling.

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Bitcoin is going wild — here’s what the cryptocurrency is all about

In countries that accept it, you can buy groceries and clothes just as you would with the local currency. Only bitcoin is entirely digital; no one is carrying actual bitcoins around in their pocket.

BitcoinBitcoin is divorced from governments and central banks. It’s organized through a network known as a blockchain, which is basically an online ledger that keeps a secure record of each transaction all in one place. Every time anyone buys or sells bitcoin, the swap gets logged. Several hundred of these back-and-forths make up a block.

No one controls these blocks, because blockchains are decentralized across every computer that has a bitcoin wallet, which you only get if you buy bitcoins.

Why bother using it?

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“Bitcoin will do to banks what email did to the postal industry”

– Rick Falkvinge, Founder of the Swedish pirate party