SiliconValley

Bitcoin Gets Big Bets from Tech Industry

(Yahoo! Finance/AAP) People in Silicon Valley like to say it’s not about the money; it’s about changing the world. But with Bitcoin, it’s about changing the money to change the world.

Dot-com pioneers and fresh-faced 20-somethings alike are founding companies to help transact the virtual currency. A nationwide network has formed for angel investors keen to back such startups. And the Winklevoss twins – made famous by The Social Network film – plan a Bitcoin investment fund.

But what is “virtual currency,” anyway? And are those chasing Bitcoin headed for a gold rush, or fool’s gold? Nick Holland, a Javelin Strategy analyst in Boston, is among those who believe math-based currencies like Bitcoin, which enable transactions from one user to another without official oversight or high fees, could upset the centuries-old tradition of paper money – much as user-generated Wikipedia all but replaced the venerable Encyclopaedia Britannica.