Economics/Class Relations

Bitcoin Breaks the $100 mark

The virtual currency, Bitcoin, has broken the $100 per bitcoin mark today. Bitcoin is a decentralized virtual currency. It has no centralized server or issuer, but instead relies on a peer to peer network of servers to verify transactions and mine new coins by solving increasingly difficult hash functions. Bitcoin has attained notoriety as the currency of choice for the Silkroad, an online market place for illegal drugs which authorities have been unable to shut down despite at least one law maker calling for it to be shut down. Though the currency does not allow for inherently anonymous transactions, users can take measures to maintain some level of anonymity while using bitcoins. The monetary base of Bitcoin stood at over US $1 billion in March of 2013.

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