Digital 'bitcoin' currency surpasses 20 national currencies in value
More than $1 billion dollars worth of a digital currency known as "bitcoins" now circulate on the web – an amount that exceeds the value of the entire currency stock
of small countries like Liberia (which uses “Liberian dollars”), Bhutan (which uses the “Ngultrum”), and 18 other countries.
![](http://global.fncstatic.com/static/v/all/img/external-link.png)
So what is a “bitcoin,” and why would anyone use it?
Unlike traditional currency, bitcoins are not issued by a government or even a private company. Instead, the currency is run by computer code that distributes new bitcoins at a set rate to people who devote web servers to keep the code running. The bitcoins are then bought and sold for regular U.S. dollars online.
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Labels: Bitcoins, Economics, Regulation, Technology
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