24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Bitcoin Demand Spawns New Alternative Currency

The virtual currency Bitcoin is all over the news these days—in part for its volatility. If you can use it, or even understand why it has any value, you’re in a small minority. There are all sorts of aspects to the “math-based” virtual money that make it impractical for most people to use in everyday transactions, but its proponents are fanatical believers in its potential.

Now some of Bitcoin’s earliest evangelists and supporters have created what they say is a Bitcoin for the rest of us—another digital currency, called Ripple, that, unlike Bitcoin, transfers easily into and out of other currencies from around the world.

Today, OpenCoin, the company managing Ripple, is announcing new funding from some venerable Silicon Valley names like Andreessen Horowitz, Lightspeed Venture Partners, and Founders Fund. It’s also unveiling some ambitious goals. “You don’t have to be a wacky libertarian to understand that trust in political currencies is eroding,” says Chris Larsen, OpenCoin’s chief executive. “Our objective is to build a new global currency.”

Source: Bloomberg Businessweek. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  • Torontonian||

    Thanks, but I'll stick to gold as a store of value, and dollars as a medium of exchange.

  • Drave Robber||

    They could at least choose a name that's not already taken.

  • Gorilla tactics||

    bitcoin=myspace
    ripple=facebook?

    I really dunno, but already we are seeing awesome mccompetition.

  • Gorilla tactics||

    "wacky libertarian"...really? dipshit?

advertisement