1s & 0s Making $1s & $100s
The digital currency Bitcoin was publically introduced in 2009, and where it was once relatively easy to mine for coins, it now requires sophisticated, costly machines to mine for them. The value of a Bitcoin has shifted from 8 cents in 2010 to as high as $1,250 for a time in 2013. While some people value Bitcoin for its perceived extra privacy (in reality, transactions are still traceable), the actual benefit of Bitcoin to the supply chain is that it is such a fast, peer-to-peer payment service. The transaction is captured in Bitcoin’s blockchain, and then the money is transferred. Done!
Banks add lengthy processing time and clearing costs when dealing with international currency. Bitcoin circumvents this. In order to learn why businesses should trust this new digital currency, Brown asked Brewster Kahle, founder of the Internet Archive, for his opinion. In part, he said, that Bitcoin is “antifragile” because “it gets stronger the more the world shakes.” In a very heavy hacking environment, Bitcoin persists and becomes more robust for each attack. In other words, it seems to be a pretty resilient currency.
You can read Brown’s full article here: http://www.ebnonline.com/author.asp?section_id=1487&doc_id=274470