Apr 1, 2014

How bitcoin is transitioning from nerdy quirk to big business

When businesspeople start taking the cryptocurrency seriously, it's time to pay attention. Crikey intern Ania Dutka meets the people who are staking their future on a shadowy digital currency.

bitcoin atm

Bitcoin? Tech-geek pseudo-pennies, right? Illicit Silk Road trading. And remember that Mt Gox fiasco, where hundreds of millions of dollars’ worth of bitcoins simply vanished into the cyber cosmos?

But digital cryptocurrency is undergoing a radical facelift. It’s going mainstream. Judging by the recent Australian Global Bitcoin conference, there’s serious money to be made. The in-real-life sessions in Melbourne were less a venue for anonymous cyberpunks with libertarian agendas and more an invitation by born-again bitcoin multimillionaire evangelists to cash in.

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3 thoughts on “How bitcoin is transitioning from nerdy quirk to big business

  1. Observation

    Can anyone tell me who actually makes a bitcoin? Do they regulate the amount of bitcoins to be produced and sold. Or do we look at them as a sort of share in a trading company?

  2. Myriam Robin

    Observation: Every bitcoin is a solution to an equation – there’s only a fixed number of solutions, but people are still finding more (known as ‘mining’ Bitcoins). Eventually, all the Bitcoins will be ‘mined’, and they’ll merely be traded. That’s what’s new about Bitcoins – in theory, no one person or entity controls the currency at all. It’s quite clever really – the world’s first decentralised currency.

  3. JamesH

    You can’t actually buy Teslas with bitcoins:

    I would advise your intern to check this kind of hype before writing it.

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