Ron Paul: Bitcoin could 'destroy the dollar'

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today’s money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it’s far from achieving any of them — its value is unstable and it’s rarely used — some have high hopes.

“There will be alternatives to the dollar, and this might be one of them,” said former U.S. congressman Ron Paul. If people start using bitcoins en masse, “it’ll go down in history as the destroyer of the dollar,” Paul added.

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Bitcoins do have buying power

MONTREAL — While major North American retailers don’t accept payment in bitcoin yet, a network of mostly independently-owned brick-and-mortar businesses do.

A $5-foot-long Subway sandwich purchased mid-week in Allentown, PA would cost you 0.0051 BTC, while a martini at New York City’s EVR bar would cost 0.0153 BTC. The most expensive pizza available at Folino’s Wood Fired Pizza in Shelburne, VT would set you back 0.0204 BTC.

Bitcoin is big in New Hampshire, where thousands of libertarians have flocked in the past decade under the Free State Project — and George Mandrik of is one of them. Mandrik is also the owner of a baklava business which, of course, accepts bitcoins. “Bitcoin has really caught on with this community, and many in New Hampshire pay for goods and services using bitcoin,” he says.

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LeWeb London 2013: The Pros & Cons of Bitcoin

Moderated by Martin Bryant, Managing Editor, The Next Web
Anthony Gallippi, Co-Founder & CEO, BitPay
Shakil Khan, Head of Special Projects, Spotify
Roger Ver, Founder & CEO,

The definition is: Bitcoin is an experimental, decentralized ditigal currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network. The result? Lots of controversy and questions! This panel of experts gets to the bottom of it all.

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Jeffrey Tucker: How Bitcoin Will End the Nation State | What is bitcoin, and why is it suddenly the hottest thing in global currency markets?

As the European banking and currency crisis unfolds, the emerging digital currency has rapidly become a refuge for people fleeing from the euro and seeking to protect their savings and assets from confiscation.

In Cyprus, where thousands of businessmen have seen nearly all of their operating capital siphoned from their accounts, Bitcoin ATMs have suddenly appeared. Investors and businessmen in Spain and other countries that may soon fall prey to the “Cyprus Model” are likewise fleeing to the bitcoin.

Some analysts believe that Bitcoin, which allows for unmediated fund transfers between individuals, poses a potentially lethal threat to conventional banking. It is certainly exposing the weakness of the world’s incumbent reserve currency, the US dollar.

As of April 2, it took 115 U.S. dollars to purchase a single Bitcoin. Is this a speculative bubble? After all, Bitcoin is a virtual currency without precedent in human history.

Does Bitcoin offer promise, or peril? We’ll examine this issue with economic analyst Jeffrey Tucker. Mr. Tucker is the head of Lassiez-Faire Books. He is the author of “It’s a Jetson’s World: Private Miracles and Public Crimes” and “A Beautiful Anarchy: How to Create Your Own Civilization in the Digital Age.”

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Beware of Mt Gox

This piece is less about some new factoid regarding Bitcoin, about the fact that Bitcoin is now over $500 or once again how Bitcoin is a great example of capitalism at work.

No, this piece is actually just a brief mention of my experience with Bitcoin services.  I was first introduced to Bitcoin by Roger Ver, aka “Bitcoin Jesus”.  He is an investor in and owner of  Let me just say that in the time that I have been dealing with Bitcoin, I have been extremely happy with my Blockchain wallet.  I have also been very impressed with what can be found for sale at

In fact, my overall journey into Bitcoin was great until about 6 weeks ago when I attempted to “cash out” some Bitcoin through the trading giant Mt. Gox.  Big mistake.  After setting up my account and selling some Bitcoin, I found the process to withdraw my US dollars was actually lengthier than I had expected.  The statement on Mt. Gox’s website states that “some withdraws can take up to 2 weeks.”  That was ok, I wasn’t in a huge hurry.

Bitcoin Sets New Record High

Bitcoin is currently riding a massive surge. Moments ago the online currency peaked at a high of 1,044, which set a new all time record value. You can monitor the market here.

Many investors are cashing in their coins to the tune of massive profits. Meanwhile, others are feeling priced out of the market. Some fear that the Bitcoin bubble is due to burst. However, this is an assumed risk with such a high risk currency.