A rally in Bitcoin

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Published : October 20th, 2010
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Category : Market Analysis

 

 

 

 

Bitcoin has had about a 64% rally recently which is not surprising given that more and more people are learning about its existence and circulation as a new P2P anonymous digital currency. The massive viral effect of a P2P digital currency have now kicked in and it seems as though a new merchant or a new exchanger emerges daily. As of October 19th, 2010, total Bitcoin in existence equalled 4,315,250 with 86,305 Bitcoin blocks generated (source: Bitcoin Exchange).





One such exchanger,
Mt. Gox, does an excellent job of tracking and charting the USD:BTC exchange rate on a daily basis:





Trading volume at Mt. Gox set new records during early October 2010 and you can still follow some of the action and comments
here.

Issuing statistics and some of the leading exchangers can be followed at
Bitcoin Watch. The exchanger Bitcoin 4 Cash bills itself as "the premier Bitcoin dealer that respects anonymity" and the BitCoin/MetalCoin Exchange will trade Bitcoin for gold and silver coins. BitcoinFX provides two-way exchange for Bitcoin into Liberty Reserve. In Alabama, Bitcoin2cash will provide Bitcoin for cash sent in the regular mail and vice versa, which is financial privacy in its rawest form (the bid/ask spreads are wide at 25/200, but I respect these guys!). And finally, another interesting exchanger to follow is the Finland-based Bitcoin Exchange, which has an excellent statistics section. Needless to say, Bitcoin deserves serious consideration as we move into The Monetary Future.

For further reading:
"A Short Introduction to Bitcoin - A Peer to Peer Cryptocurrency", Bluish Coder, October 10, 2010
"Bitcoin Electronic Currency: The Future of Money", Elliott A. Prechter, Elliott Wave International, September 2010
"What are Bitcoins?", Quezi, July 22, 2010
"Is It Time For Digital-Only Dollars?", Phil Maymin, Hartford Advocate, July 8, 2010
"BitCoin and the 'Wild West'", Niklas Blanchard, Modeled Behavior, June 30, 2010

 

Jon Matonis

The Monetary Future

 

Jon Matonis is an Austrian School economist  focused on expanding the circulation of nonpolitical digital currencies.  He argues that what is about to happen in the world of money is nothing less than the birth of a new Knowledge Age industry: the development, issuance, and management of private currencies.

 

  

 

 

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Jon Matonis is an Austrian School economist focused on expanding the circulation of nonpolitical digital currencies. He argues that what is about to happen in the world of money is nothing less than the birth of a new Knowledge Age industry: the development, issuance, and management of private currencies.
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