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.

Read More at CNN

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 Blockchain.info 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.

Read more here: http://www.montrealgazette.com/business/story.html?id=9229553

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.