Bitcoin to dollar value

While most everyone agrees that cash is king, it doesn’t mean that it is the only way to buy and sell. Today, in the midst of a troubled global economy, a new trend has emerged: the rise of digital currencies, each offering an alternative way to buy and sell without using cash.

As the most popular digital currency, Bitcoin was introduced in 2008 in an academic paper that emailed to the Cryptography and Cryptography Policy Mailing List by a mysterious hacker that goes by the pseudonym Satoshi Nakamoto. It’s estimated that Bitcoin economy is worth more than $1 billion USD. Over the last four years, Bitcoin has captured the headlines with its mysterious “bad boy” reputation, record swings in value and vulnerability to hacker attacks. People are attracted to Bitcoin because you can anonymously buy and sell over the internet and all transactions are untraceable. Other benefits include transferring Bitcoins without incurring fees and not worrying about currency devaluation since there is no central bank that can create more Bitcoins. The supply of Bitcoins is fixed, with only 21 million in circulation. But just because the supply is fixed doesn’t mean that Bitcoin is immune from massive swings in value.

Since 2002, BizX has offered its members a completely different way to use its digital currency, BizX dollars, to buy and sell goods and services. In contrast to Bitcoin, BizX has real offices in Seattle and San Francisco, staffed with real people, and is committed itself to helping members increase sales, attract new customers, increase profits and sell excess inventory.

Another major differentiator is the process to create a Bitcoin is purely computational and its value isn’t backed by a government or organization. It’s worth something partly due to the fact that people are willing to trade it for goods and services. As such, it’s extremely vulnerable and considered risky.