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    #1

    purchase them for dollars, euros and other currencies

    Hello,

    "The currency can be used by anyone (unlike credit cards), anywhere. Transaction costs are also likely to be lower than those for traditional payment systems, though they are not zero. Some are reflected in the hardware and energy used to police the system. Some creep in whenever those who have no wish to mine Bitcoins themselves purchase them for dollars, euros and other currencies at specialised websites such as Mt Gox."

    Above is a quote from the economist magazine and I am just wonder, "purchase them for dollars, euros and other currencies" means that we pay "dollars, euros and other currencies" for this special currency or it means that we could sell them for "dollars, euros and other currencies"?

    Could anyone help me understand the paragraph?

    On another note, "Some creep in whenever those who have no wish to mine Bitcoins themselves purchase them for dollars, euros and other currencies at specialised websites such as Mt Gox." I am particularly confused about the above sentence. If possible could you please help me understand it better. Thank you.

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    #2

    Re: purchase them for dollars, euros and other currencies

    Above is a quote from "The Economist" magazine and I am just wondering, "purchase them for dollars, euros and other currencies" means that we pay "dollars, euros and other currencies" for this special currency or it means that we could sell them for "dollars, euros and other currencies"?
    Yes. They could be bought or sold for other currencies. In theory. If you can find someone who wants some made-up internet money, that is.

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    #3

    Re: purchase them for dollars, euros and other currencies

    Thank you very much for your help.

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    #4

    Re: purchase them for dollars, euros and other currencies

    With your second question, transaction costs are what creeps in when people purchase Bitcoins instead of 'mining' them.

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