With the cost per Bitcoin currently hovering at around $46.63 (USD) the currency is reaching unknown territory.
10,863,700 Bitcoins x $46.63 = $506,574,331
What’s driving this increase in the value of Bitcoin? Similar in some ways to paper fiat currencies Bitcoin offers little in the way of intrinsic value. The value of the currency seems to rely mostly in the ability to use it as a means of exchange; something that Bitcoin is getting better at by the day.
Bitcoin has experienced a recent surge of acceptance by large sites such asMega, Reddit, and most recently NameCheap. What’s more is that a whole slew of online merchants have sprung up recently that accept Bitcoin. Sites like BitcoinStore and BitcoinIn are looking to become the Newegg and Amazon of the Bitcoin world. And as far as those sites that don’t accept Bitcoin go, there are a number of creative solutions popping up. BitSpend, AmazonBitcoins, and PizzaForCoins all allow you to pay for your purchases via Bitcoin at retailers that don’t yet accept it. Much of the growth has been built off of services such as Coinbase and Walletbit which make it easier for merchants to accept Bitcoin and translate it to Fiat.