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News of the Competition (07/14/2014)
  • WASHINGTON (7/14/14)--As Bitcoin grapples with the volatility of its digital currency, a tech-startup in Santa Monica, Calif., may have found a way to sidestep the problem and offer a more stable online "dollar" ( The Wall Street Journal July 8). Realcoin soon will announce its own online money, called realcoins, which the outfit will back with a reserve of real dollars on a one-to-one basis. This mechanism, creators say, will hold down the volatility that Bitcoin has struggled with as it has grown internationally. While the currency would be different from Bitcoin, it would rely on the same innovative blockchain-algorithm that validates digital coins by keeping track of a virtually unalterable sequence of time-stamped transactions used by Bitcoin. "Unfortunately, there has been confusion for people between the currency called Bitcoin and the technology called bitcoin, when they are distinctly different things," Realcoin CEO Reeve Collins told The Wall Street Journal . "(In effect) we are digitizing the dollar and giving that digital dollar access to the bitcoin blockchain"...


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