31 May '12, 12am

Bitcoin: The Cryptoanarchists’ Answer to Cash via @Cryptomeorg

As more and more miners compete to process transactions, mining requires more computing power. Brock Tice, who mines bitcoins in St. Paul, Minn., has a whole room stuffed full of enough mining computers to heat his office in the winter. But Tice first became interested in the network for a different reason. He thought it would be a better way to accept money from customers online. 
 In 2009, he began selling little blue canary-shaped night-lights from his home in New Mexico. He quickly lost patience with all the standard payment options. “I had been thinking for a while that something like Bitcoin was needed,” he says. “I run a couple of small businesses, and taking or making payments is just such a huge pain.” Every time a customer pays with PayPal, for instance, Tice hands over 2.9 percent of what he charges plus a small fee. For international sales, he pays even more. T...

Full article: http://spectrum.ieee.org/computing/software/bitcoin-the-c...

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