1 bitcoin worth more than dollar

I read the wiki on BitCoin and I still don't understand how the BitCoin forex market is made. Usually currencies are based on national GDP and that sort of thing, but I haven't the faintest as to what controls the strength of this currency. Can someone enlighten me?

Re: 1 bitcoin worth more than dollar

#4

Post by daeken » Thu, Feb 10, 2011, 4:20 AM UTC

Topic correction: s/then/than/

Re: 1 bitcoin worth more than dollar

#5

Post by solipsist » Thu, Feb 10, 2011, 4:21 AM UTC

Anyone want to offer some insight into what a bitcoin is?

(Sorry for my ignorance. I tried looking it up, can't seem to understand what it really is.)

Re: 1 bitcoin worth more than dollar

#6

Post by hippich » Thu, Feb 10, 2011, 4:25 AM UTC

daeken wrote: post #4

Topic correction: s/then/than/

thank you. i still learn english =)

Re: 1 bitcoin worth more than dollar

#7

Post by hippich » Thu, Feb 10, 2011, 4:26 AM UTC

iheartmemcache wrote: post #3

I read the wiki on BitCoin and I still don't understand how the BitCoin forex market is made. Usually currencies are based on national GDP and that sort of thing, but I haven't the faintest as to what controls the strength of this currency. Can someone enlighten me?

price of bitcoins depends on amount of bitcoins in circulation and number of people using it.

Re: 1 bitcoin worth more than dollar

#8

Post by sgornick » Thu, Feb 10, 2011, 4:26 AM UTC

iheartmemcache wrote: post #3

I read the wiki on BitCoin and I still don't understand how the BitCoin forex market is made. Usually currencies are based on national GDP and that sort of thing, but I haven't the faintest as to what controls the strength of this currency. Can someone enlighten me?

have you read the blog on Technical Analysis for bitcoin? You might find some good info there: http://mtgox.com/blog

Re: 1 bitcoin worth more than dollar

#9

Post by hippich » Thu, Feb 10, 2011, 4:27 AM UTC

solipsist wrote: post #5

Anyone want to offer some insight into what a bitcoin is? (Sorry for my ignorance. I tried looking it up, can't seem to understand what it really is.)

online currency which is not controlled by one issuing center but is being "generated" by all members of p2p network. this currency has limit on number of coins in circulation.

Re: 1 bitcoin worth more than dollar

#10

Post by sgornick » Thu, Feb 10, 2011, 4:28 AM UTC

solipsist wrote: post #5

Anyone want to offer some insight into what a bitcoin is? (Sorry for my ignorance. I tried looking it up, can't seem to understand what it really is.)

Security Now on TWIT tv covered Bitcoin today. Steve Gibson does a pretty decent job describing it. http://twit.tv/sn287 Bitcoin coverage is from 0:41:25 to the end of the podcast.