Letter: Bitcoin warning
Re “Bitcoin catching on in N.H.” (front page, Jan. 13):
The Monitor’s brief but lucid article on bitcoins raised a question in my mind.
Bitcoins were invented in 2011. Since then, they have shot up in “value” from 0.003 cents to $848 each. My calculations show that at their inception it would have taken 333 bitcoins to make 1 cent, and 33,300 would have made a dollar. Since they are now going at $848 apiece, the “value” of a bitcoin is more than 28 million times greater than it was in 2011.
This currency has no physical existence and is not backed by any government. No one knows who invented it, but it seems reasonable to assume that the inventor has the power to break the encryption on any bitcoin.
My advice: Let the buyer beware.