online currency

The Rise and Fall of Bitcoin

Jay Rooney

Bitcoin’s origins are murky. Some speculate it was created in response to the 2008 recession, promising anonymity and escape from regulation, monetary policy and central banking authorities. These promises made it particularly alluring to Silicon Valley libertarians - as well as drug dealers, Ponzi schemers, and other unscrupulous types. The virtual currency is stored on individual users’ computers and devices or on online repositories, in “digital wallets,” and like cash, can be transferred directly to other users.

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