The increasingly popular currency was worth about $200 on the exchange at the beginning of November. November 27, 2013 9:54 AM PST The amount at which consumers can trade a single bitcoin for dollars is on the rise. Mt. Gox, a popular exchange for Bitcoin traders, has watched the conversion rate on its service explode over the last several weeks. On Wednesday, Bitcoin trading landed at $1,070, down from its high of $1,073. Related stories Retailers set to offer Bitcoin Black Friday deals Turnabout is fair play: Bitcoins mined with Adafruit's miner used to buy Adafruit products Bitcoin mining dispute ends with $1M settlement Man forgets he once bought $25 of Bitcoins -- now worth $848K Canada to get world's first Bitcoin ATM next week Bitcoin currency trading has become a popular enterprise. Consumers head to exchanges like Mt. Gox and others and give up a certain amount of their local currency for a single Bitcoin. Because Bitcoin is decentralized, exchange conversion rates can often be different, depending on the option. Mt. Gox, for example, tends to be a bit higher than other exchanges. Still, Mt. Gox's latest trading underscores the rapidly increasing popularity of Bitcoin. At the beginning of November, the currency conversion for US dollars was hovering at around $200. In just the last four weeks, it's up to more than $1,000 with no sign of slowing down. Trading Bitcoins has become sport for many of tech's biggest names. The Winklevoss twins have been the foremost supporters of Bitcoin and are believed to have invested a collective $11 million in Bitcoins. That was long before Bitcoin hit its recent highs. (Via Washington Post)
The increasingly popular currency was worth about $200 on the exchange at the beginning of November.
The amount at which consumers can trade a single bitcoin for dollars is on the rise.
Mt. Gox, a popular exchange for Bitcoin traders, has watched the conversion rate on its service explode over the last several weeks. On Wednesday, Bitcoin trading landed at $1,070, down from its high of $1,073.
Related stories
- Retailers set to offer Bitcoin Black Friday deals
- Turnabout is fair play: Bitcoins mined with Adafruit's miner used to buy Adafruit products
- Bitcoin mining dispute ends with $1M settlement
- Man forgets he once bought $25 of Bitcoins -- now worth $848K
- Canada to get world's first Bitcoin ATM next week
Bitcoin currency trading has become a popular enterprise. Consumers head to exchanges like Mt. Gox and others and give up a certain amount of their local currency for a single Bitcoin. Because Bitcoin is decentralized, exchange conversion rates can often be different, depending on the option. Mt. Gox, for example, tends to be a bit higher than other exchanges.
Still, Mt. Gox's latest trading underscores the rapidly increasing popularity of Bitcoin. At the beginning of November, the currency conversion for US dollars was hovering at around $200. In just the last four weeks, it's up to more than $1,000 with no sign of slowing down.
Trading Bitcoins has become sport for many of tech's biggest names. The Winklevoss twins have been the foremost supporters of Bitcoin and are believed to have invested a collective $11 million in Bitcoins. That was long before Bitcoin hit its recent highs.
(Via Washington Post)
