78 percent of Bitcoin currency stashed under digital mattress, study finds

More than three-quarters of the digital coins in the Bitcoin digital currency scheme aren’t circulating because they remain dormant in user accounts that have never participated in outgoing transactions, a recently published study has found.

The figure translates to more than 7.019 million BTCs, the term used to denote a single coin under the digital currency, which uses strong cryptography and peer-to-peer networking to enable anonymous payments among parties who don’t necessarily know or trust each other. Based on exchange rates listed on Mt.Gox—the most widely used Bitcoin exchange—the coins have a value of more than $82.87 million. On May 13, the date the researchers analyzed their data, there were slightly more than 9 million BTCs in existence.

» via ars technica


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    Buy something already! These drugs and hit-men aren’t going to sell themselves!
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