DailyDirt: Do You Trust Digital Currencies?

from the urls-we-dig-up dept

Global financial markets have shown that respectable currencies can be threatened by the actions of relatively small economies. The basis of modern money is trust, not the value of gold or of any particular physical goods. Perhaps digital currencies could provide some alternatives for small countries (who shall remain nameless, cough, Cyprus, cough, Luxembourg…), but there’s still a problem of trust to resolve. It’s not always easy to just switch to a new currency. Here are just a few forms of digital money that might be floating around.

If you’d like to read more awesome and interesting stuff, check out this unrelated (but not entirely random!) Techdirt post via StumbleUpon.

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Comments on “DailyDirt: Do You Trust Digital Currencies?”

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joe says:

I trust digital currencies like Bitcoin and Litecoin. I just don’t trust speculative markets and weakpoints of centralization like MtGox. For the foreseeable future the methodology behind Bitcoin creation and transactong is very robust, and that is what reporters should be discussing. In the interim, Bitcoin will see many booms and busts until an infrastructure to support it is in place, for normalized commerce we will see a lot of volatility.

As to amazon coins and other such things, those are little better than gift cards, but who knows what they might evolve into.

anonymouse says:

Re: Re:

I am also one who hopes Bitcoin works out but at the moment the fluctuation in value is very high. I would have lost a lot of money if i had invested in bitcoins over the last few months as their value dropped by around 50%. Hopefully these fluctuations will become less and less and will result in a very stable currency. Maybe even one where people can use it for the majority of their transactions and as you say stop places like paypal ripping people off.

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