---
[ ARCHIVE ](https://www.citywatchla.com/archive)
# Is It Time To Trade In Our Dollars for Bitcoins?
December 30 2013
Written by Lisa Cerda.
[](https://www.addtoany.com/share)
***CERDAFIED***-Americans are looking for an alternative to American currency and they found it in Bitcoin. This virtual currency has gained real traction in the market place. It is the answer to the pending economic collapse expected in America by forthright economists.
Bitcoin was valued at less than $100 per coin at the beginning of the year and is currently valued at around $1000 per coin. Bitcoin has a current valuation of $1.5 billion, proving its legitimacy. Some consider it highly speculative and thus far it is unregulated.
Kentucky Police Chief Tony Vaughn, requested that he receive his salary in Bitcoin. The Vicco City Commissioners delayed the approval in order to investigate the logistical and legal aspects of the request. Commissioner Claude Branson reported that the approval cleared the way for what may be the first request of this kind in the nation.
While Bitcoins risks and gains are being debated, investors have raked in the profits. It gets high marks because they are not manipulated by monetary polices, quantitative easing or interest rate policies. There is a limited quantity, 21 million available until 2041. They are released at preset intervals to create study growth. Other countries are interested in type of invest due to their troubled economy.
Bitcoins can be transferred from person to person online in seconds using your phone or computer.
They are not connected to banks, or transaction fees, so you save money. Bitcoins are hard to counterfeit; they use a private key and use military-level cryptography. Each coin has its own unique history which make sit hard to duplicate.
The drawbacks are, you can forget your password, erase your Bitcoin wallet online, lose them to malware, viruses and attacks. Human error is the biggest risk. The volatility of the rates can fluctuate between the local and bigger exchanges. Fraud could easily occur, including money laundering buying illegal goods. Despite the warnings, Bitcoins are catching on.
[Bitcoin Rich List](http://bitcoinrichlist.com/top100) is a website that tracks the top addresses in the world of Bitcoin. There are 246,377 Bitcoin addresses, with at least one Bitcoin in each of them. Many people have Bitcoins in more than one address, in order to protect them from hacking, and last year that number was 159,916.
The assumption that the largest Bitcoin addresses are held by miners who invested early on is wrong.
In fact, the top 10 bitcoin addresses do not fit that profile. Actually the FBI is the holder of the [world’s biggest Bitcoin wallet.](https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH) It was seized after the FBI shut down an online drug marketplace called Silk Road. The owner is an American man named Ross Ulbricht. The 144,000 Bitcoins belonged to Dread Pirate Roberts and are valued at $100 million The FBI also seized another 30,000 Bitcoins valued at $20 million at [another address](https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX) connected to Silk Road funds.
There may be as many as 12 million Bitcoins in circulation, and the largest known holder is an early miner named Satoshi Nakamoto, who is [estimated](http://bitslog.wordpress.com/2013/04/17/the-well-deserved-fortune-of-satoshi-nakamoto/) to have mined 1 million Bitcoins. Cameron and Tyler Winklevoss own 1 percent of all Bitcoins.
Jeff Garzik, the developer of Bitcoin, confirmed that he is working with government and keeps updating the Bitcoin protocol, during an interview on “What’s trending?” with Shira Lazar. In a post apocalyptic type economic crisis, Bitcoin would better serve the world unregulated by the government. But jump starting this alternative currency before the collapse almost insures that our Rothschild controlled government will not allow our economic survival. How else can they achieve their goals of total domination and economic control?
Additional Stories: [Surgeon Wants to be Paid in Bitcoin](https://www.youtube.com/watch?v=9Tuc16oYjGY)
***(Lisa Cerda is a contributor to CityWatch, a community activist, VP of Community Rights Foundation of LA.)***
***-cw***
**CityWatch**
**Vol 11 Issue 1-5**
**Pub: Dec 31, 2013**
[  ](https://www.citywatchla.com/component/banners/click/107 "LA DWP | Save $4K, Green | Priority Ad")
[  ](https://www.citywatchla.com/component/banners/click/98 "Donna Tryfman - HS1-1")
[  ](https://www.citywatchla.com/component/banners/click/82 "LA DWP #2 (Power Savers)")
[  ](https://www.citywatchla.com/component/banners/click/111 "David DeJute Campaign")
[  ](https://www.citywatchla.com/component/banners/click/97 "Home - LA DWP #2 (Pay Water Bill Help)")
[  ](https://www.citywatchla.com/component/banners/click/112 "Anna Reitano Vertical R. Col")
## Get The News In Your Email Inbox Mondays & Thursdays
First Name
---
## Featured CityWatch Stories
[  ](https://www.citywatchla.com/los-angeles/33349-l-a-county-faces-a-government-shake-up)
### [L.A. County Faces a Government Shake-Up](https://www.citywatchla.com/los-angeles/33349-l-a-county-faces-a-government-shake-up)
WESTSIDE - Currently larger than 40 states in terms of population with roughly 10 million residents, Los Angeles County…
[  ](https://www.citywatchla.com/voices/33346-before-we-ask-god-to-judge-us-the-jewish-people-must-judge-ourselves)
### [Before We Ask God to Judge Us, the Jewish People Must Judge Ourselves](https://www.citywatchla.com/voices/33346-before-we-ask-god-to-judge-us-the-jewish-people-must-judge-ourselves)
Yom Kippur demands more than personal repentance. At a defining moment for Jews everywhere, it asks whether we have tru…
[  ](https://www.citywatchla.com/voices/33372-the-greater-israel-delusion-may-undo-israel)
### [The Greater Israel Delusion May Undo Israel](https://www.citywatchla.com/voices/33372-the-greater-israel-delusion-may-undo-israel)
ANNEXATION - The vision of “Greater Israel” draws on maximalist readings of biblical verses, especially Genesis 15:18–2…
[  ](https://www.citywatchla.com/world-watch/33366-israels-political-map-is-being-redrawn)
### [Israel’s Political Map Is Being Redrawn](https://www.citywatchla.com/world-watch/33366-israels-political-map-is-being-redrawn)
NETANYAHUISM - The next Israeli election may be about something larger than Benjamin Netanyahu. For the first time in a…
[  ](https://www.citywatchla.com/los-angeles/33347-la-stop-the-war-on-cars-they-arent-going-away)
### [LA, Stop the War on Cars. They Aren’t Going Away](https://www.citywatchla.com/los-angeles/33347-la-stop-the-war-on-cars-they-arent-going-away)
LA TRANSPO - For anyone traversing the San Fernando Valley, one thing is becoming increasingly clear: Los Angeles is sp…
---
## [ ARCHIVE ](https://www.citywatchla.com/archive)
[  ](https://www.citywatchla.com/archive/15339-early-intervention-and-jobs-are-key-to-stemming-chronic-homelessness-in-los-angeles)### [Early Intervention and Jobs are Key to Stemming Chronic Homelessness in Los Angeles](https://www.citywatchla.com/archive/15339-early-intervention-and-jobs-are-key-to-stemming-chronic-homelessness-in-los-angeles)
### [Tucker Carlson and Gay Rightwinger Blame California Wildfires On Hiring LGBTQ People](https://www.citywatchla.com/archive/18755-tucker-carlson-and-gay-rightwinger-blame-california-wildfires-on-hiring-lgbtq-people)
### [Anti-LGBTQ Veep Just Can’t Stop Talking about Mayor Pete](https://www.citywatchla.com/archive/17690-anti-lgbtq-veep-just-can-t-stop-talking-about-mayor-pete)
[  ](https://www.citywatchla.com/archive/15316-news-pulse-corrupt-system-reason-for-not-voting-in-2018-majority-wants-more-than-two-parties)### [NEWS PULSE: ‘Corrupt System’ Reason for Not Voting in 2018 … Majority Wants More Than Two Parties](https://www.citywatchla.com/archive/15316-news-pulse-corrupt-system-reason-for-not-voting-in-2018-majority-wants-more-than-two-parties)
[  ](https://www.citywatchla.com/archive/10245-dead-dog-set-on-fire-sparks-fears-for-strays-in-los-angeles)### [Dead Dog Set on Fire … Sparks Fears for Strays in Los Angeles](https://www.citywatchla.com/archive/10245-dead-dog-set-on-fire-sparks-fears-for-strays-in-los-angeles)