Researchers at the Technical University of Munich and MIT found the virtual currency is responsible for the same amount of carbon dioxide emissions as a large Western city.
Bitcoin has prompted many people to expect a revolution in the means by which we make and settle everyday payments. Our view is that Bitcoin and other "virtual currency schemes" (VCS) lack critical features of money, so their use is likely to remain very limited.
The value of a country's currency is basically dependent upon the country's integrity and having the assets necessary to pay its debt and back up its currency. This was a real problem for early Americans prior to, and for several years following, the Revolutionary War.
It turns out that there seems to be tiny little vulnerability in the bitcoin protocol. Aren't there supposed to be built-in safeguards with the exchange mechanisms?
Innovation In Financial Services-Oxymoron? Future Tech Lessons Learned From The Asian Financial Forum
Today, there is extra urgency behind the need for a shift toward innovation: many new financial services competitors that are small, nimble and on the cutting edge of technology entered the market right after the financial crisis, when established firms were busy licking their wounds. The old guard is going to need to stay on top of innovation just to keep up with the new guard.
On a planet rapidly coming online through mobile technologies, there's an urgent need to develop financial empowerment. Today, leaders from the emerging payment and virtual currency industry announced a Committee for the Establishment of the Digital Asset Transfer Authority.
It's pretty safe to say Bitcoin is still in the early adopter phase of its life. The good news is that there's still plenty of room to grow.
The idea of a peer-to-peer virtual currency floated across vast swathes of international populations irrespective of borders could well be the next stage in the evolution of money -- its brave new world.
In 2009, my friend Mike was getting into bitcoin and I remember him explaining the whole concept to me: A virtual currency managed by a peer-to-peer network open to anyone with a computer and uncontrolled by any bank or government.
HuffPost Tech spoke with Gavin Andresen, the chief scientist behind bitcoin, the world's first online, decentralized currency.