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

Notes

  1. photon-milk reblogged this from emergentfutures and added:
    Buy something already! These drugs and hit-men aren’t going to sell themselves!
  2. hogjonny reblogged this from emergentfutures
  3. bulletbakas reblogged this from diabsoule and added:
    MUH STABLE LIBERTARIAN CURRENCY
  4. kevinpojezny reblogged this from emergentfutures and added:
    Interesting
  5. sirhowell reblogged this from emergentfutures
  6. waldenin reblogged this from emergentfutures and added:
    just goes to show that the feeling of security is a two-edged sword (& won’t trump a broader economic environment that,...
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