Page 7 - Bit Coins News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Limit on the total number automatically? >> the total number of bit coin that will ever exist is 21 million. it will get there around the year 2040. that makes it inflationary currency. there's no central bank that can make more of them. >> how do i know some clever kid won't make a million bit coins? >> because of krip to go fee is the answer. until the i vengs of bit coins if i want to send you $100 we would have to use something like visa or master card or pay ball. they would make money from my account and add it to yours. everything would reconcile to zero. we transact with nobody between...

Commodity? >> you hit on something that is absolutely fundamental. people who use bit coins see a lot of value in it as a way to exchange it for real world goods and services. people use it to buy drugs. you can buy cars with bit coins. >> are people trying to hide and do this by keeping transactions secret? >> i wouldn't say that all transactions conducted are designed to be secret. a lot of people use them for different reasons. reason may be that they want to avoid the fees that are with the banks or other financial institutions. some are supposed to be conducted as a way to avoid scrutiny....

And pornography. for those you need a bit coin ap. at least three politicians including a state representative accepted bit coins as donations in 2012. why is it any different from any other payment network? for one, it is its own currency. it can be butt or sold and it is a currency in and of itself. another unique quality, transaction roars are kept on a centralized computer. they are managed collectively by the computer network because there is no centralized third party like a bank or credit card company there is no fee or transaction limits. without a third party, there is no mediator. so...

Seen by the public until the year 2103. a short time ago i had an exclusive interview with british billionaire richard branson. he has a huge an nunouncement at his commercial space venture. >> we have a station company virgin galactic. we will soon be sending people into space. recently we found there's a lot of people out there who would like to use bit coins as a way of paying for their space tickets. and bitcoins is a new form of currency that has emerged over the last 12 months. i would recommend don't put too much of your net worth into it. i mean, i've invested a very, very, very smal...

Especially if they didn't bailout bear stearns. that got the ball rolling where other firms started taking bigger risks, the big ones with be thinking they would be bailed out too. >> and too big to bail. they even borrow money for cheaply because people assume they are too big to fail. >> there is no end to the process unless people cut the powers to the federal reserve. >> would you abolish the feds? some people say that. >> i would abolish the kind of institution it is today. we have paper dollars. that can be done by a computer regulating supply of the acco according to a sim rule. >> like...