31 May '12, 6am

Bitcoin: The Cryptoanarchists’ Answer to Cash How #Bitcoin brought privacy to electronic transactions by Morgen E. Peck

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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