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The rise of the digital currency industry can be attributed to citizens and consumers’ lack of faith and trust in the United States dollar, the euro and other well-known securities. Besides not being backed by anything, central banks have been printing exorbitant sums of money since the financial crisis, thus devaluing the purchasing power of a currency. 
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Scoop.it!
Bitcoin getting a boost from euro crisis The announcement that Cyprus would impose a tax on bank accounts as part of the country’s bailout plan has raised strong concerns among a lot of Europeans who are now looking to place their savings elsewhere.
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Beware nerds bearing algorithms. Virtual (or digital) currencies are all the rage, with Bitcoin leading the pack. Nobody seems to know who invented Bitcoin (or why) but it’s creator certainly knew a thing or two about cryptography, central banking and gold mining. Most of the publicity surrounding this new currency has focused on its use in the drugs trade: a key feature of Bitcoin is near total anonymity of its users which immediately makes it attractive to anyone keen to stay in the shadows. Completely unverifiable data is available which purports to show that digital currencies are overtaking more traditional forms of payment in the financing of cross border transactions.
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Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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