Bitcoins (BTCUSD) A Boon To Vending Machine Businesses?
CYBERSPACE, INTERNET - The cryptocurrency Bitcoin (BTCUSD) has been hailed by many as the answer to currency, however, proponents of the digital-asset are up in virtual arms over the proposed plan to actually mint tangible bitcoins.
Brother, Can You Spare A Bitcoin?
A new organization called The First Cyberbank of Cyberspace recently announced that Bitcoins will be produced using a combination of tungsten and brass, and embossed with the logo above. Unlike traditional coins, the newly-minted Bitcoins will only have one denomination - 1 Bitcoin.
"We've reached out to major retailers and offered them a conversion system, since the value of the Bitcoin changes regularly," said Satoshi Nakamoto, inventor of the digital currency. "The conversion box will be fitted to existing registers so that Bitcoin users can shop in brick-and-mortar stores using the Bitcoin."
Bitcoin Server Mining Unaffected
Since 2009 Bitcoins (BTCUSD) have been exclusively created through the use of computers to process data. Nakamoto stated that this process won't be affected - Bitcoin miners will be able to send their digital gold off and receive coins in return through the mail.
However, some proponents of Bitcoin were skeptical of the new development.
"This is pure rubbish," said Jason Smith, one of the earliest Bitcoin adopters. "I know they're going to muck it up and all I'll be left with is a room full of worthless servers."
Pete Rizzo, blogger at Coindesk.com expressed apprehension at the plan. "Creating actual Bitcoins defeats the entire purpose of Bitcoins. I don't know what these idiots are thinking."
Bitcoin Blues: Heads I Win, Tails You Lose
Kerry Taylor, Director of Bitcoins for Life, an organization that seeks to spread Bitcoin usage, was more supportive of the endeavor.
"I don't see anything wrong with it," said Taylor. "I can see why Bitcoin miners are suspect, but if you think it through, this will only increase adoption of the cryptocurrency."
Economics Nobel-prize winner Paul Krugman, a long-time critic of Bitcoins, anticipated the currency going down in virtual flames.
"This is going nowhere," said Krugman. "Except to the lower intestine of the Internet. Those coins are going to be worth less than the lint between my toes."