News / Science & Technology

Bitcoin Surges on Zynga Announcement

FILE - Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah.
FILE - Mike Caldwell, a 35-year-old software engineer, holds a 25 Bitcoin token at his shop in Sandy, Utah.
TEXT SIZE - +
VOA News
The value of the battered virtual currency, Bitcoin, surged again in trading to over $1,000 as popular gaming company Zynga Inc. announced it would test allowing users to pay for the games using it.

In a post on Reddit, the company said it would be working with BitPay to offer “payment options for players to make in-game purchases using Bitcoin.”

Zynga is among the first widely known companies to accept Bitcoin, which has yet to become a viable form of payment with major retailers such as Amazon.com.

In late December, multiple bitcoin exchanges in India shut down operations after the country’s central bank warned about the currency.

Earlier that month, the value of the currency plummeted to below $500 when China announced it would no longer allow the deposit of yuan for the cyber currency. Much of the value of the currency had been pumped in China due to the feeling that the virtual money could be a way for Chinese to move their money offshore.

The Bank of France has also warned about the risks of the unregulated virtual money.

Bitcoin is not backed by any central bank or government. The value depends on public confidence in the currency.

You May Like

Abuja Blast Impacts Lives, Livelihoods

Officials say they are looking at ways to help bombing victims and boosting security More

Cambodia Technology Adviser Criticizes Cybercrime Draft Law

Phu Leewood says current criminal code can be used to prosecute offenders and that there is no need for a separate law More

Photogallery A Year Later, Boston Remembers Deadly Marathon Bombings

City pauses to honor victims and salute emergency workers who came to their assistance in frantic moments after blasts More

This forum has been closed.
Comment Sorting
Comments
     
by: Rashid Ahmed from: Mumbai
January 07, 2014 2:05 AM
I think the value depends more on the availability of the currency vs. the demand for it (as against people's confidence in it). Bitcoins have a limited availability and an upper threshold for coins issued. The Bitcoins are churned out through a process of mining (solving intricate and difficult math problems by people who dedicate computer time to this). Meaning that a bitcoin has a viable value based on multiple variables (including the time, energy and computing cost). Essentially, this puts Bitcoins into the 'classical' economic monetary model (which most of the world's banks do not support - because the banks can not issue new currency to 'regulate' and control Bitcoins). Look at it like the value associated with 'limited issue' comics, cars, jewelry, or even food (like the Cronut: a croissant-doughnut pastry attributed to chef Dominique Ansel who makes only 300 a day).

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Google Buys Drone Companyi
|| 0:00:00
...
 
🔇
X
George Putic
April 15, 2014
In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
Video

Video Ray Bonneville Sings the Blues and More on New CD

Singer/songwriter Ray Bonneville has released a new CD called “Easy Gone” with music that reflects his musical and personal journey from French-speaking Canada to his current home in Austin,Texas. The eclectic artist’s fan base extends from Texas to various parts of North America and Europe. VOA’s Greg Flakus reports from Austin.
Video

Video Millions Labor in Pakistan's Informal Economy

The World Bank says that in Pakistan, roughly 70 percent work in the so-called informal sector, a part of the economy that is unregulated and untaxed. VOA's Sharon Behn reports from Islamabad on how the informal sector impact's the Pakistani economy.
Video

Video Passover Celebrates Liberation from Bondage

Jewish people around the world are celebrating Passover, a commemoration of their liberation from slavery in Egypt more than 3,300 years ago. According to scripture, God helped the Jews, led by Moses, escape bondage in Egypt and cross the Red Sea into the desert. Zlatica Hoke reports that the story of the Jewish Exodus resonates with other people trying to escape slave-like conditions.
Video

Video Police Pursue Hate Crime Charges Against Kansas Shooting Suspect

Prosecutors are sifting through the evidence in the wake of Sunday’s shootings in a suburb of Kansas City, Missouri that left three people dead. A suspect in the shootings taken into custody is a white supremacist. As VOA’s Kane Farabaugh reports, he was well-known to law enforcement agencies and human rights groups alike.
Video

Video In Eastern Ukraine, Pro-unity Activists Emerge from Shadows

Amid the pro-Russian uprisings in eastern Ukraine, there is a large body of activists who support Ukrainian unity and reject Russian intervention. Their activities have remained largely underground, but they are preparing to take on their pro-Moscow opponents, as Henry Ridgwell reports from the eastern city of Donetsk.
Video

Video Basket Maker’s Skills Have World Reach

A prestigious craft show in the U.S. capital offers one-of-a-kind creations by more than 120 artists working in a variety of media. As VOA’s Julie Taboh reports from Washington, one artist lucky enough to be selected says sharing her skills with women overseas is just as significant.
Video

Video UN Report Urges Speedier Action to Avoid Climate Disaster

A new United Nations report says the world must switch from fossil fuels to cleaner energy sources to control the effects of climate change. The Intergovernmental Panel on Climate Change released the report (Sunday) following a meeting of scientists and government representatives in Berlin. The comprehensive review follows two recent IPCC reports that detail the certainty of climate change, its impacts and in this most recent report what to do about it. VOA’s Rosanne Skirble has the details.
AppleAndroid