First U.S. Bitcoin Exchange Opens Today

Coinbase, backed by $106 million in funding, opens its exchange today.
3:31 | 01/26/15

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Transcript for First U.S. Bitcoin Exchange Opens Today
Okay. It is Monday January 26 marks near her open and a big number this morning 106 million the amount but. It has raised. From backers like New York Stock Exchange and venture capital firms. All as it is opening the first US license bitcoin exchange according base for the exchange offers greater security to treat bitcoin and the ability to monitor real time pricing. One and Dan Butler in New York here with more on that Ito stepped back from Yahoo! finance on this. Preview to this snowy Monday and weak mr. MacKey good morning to you. Good morning so listens of big courts had a hard times lately what's finale with the recently just it legitimacy from this back. Well that's the idea of this corn base is is New York Stock Exchange and respectable venture capital firms by which I mean of course American firms. Are actually throwing a lot of money at this to try to give the current season credibility one of the big bugaboo is what this. Crypto currency has been just the insane price moves us with twelve hotter box. They used across to get one bitcoin less than a year ago then went down as low as one safety a couple weeks ago and our pushing 300. You can't really have my currency with with any respectability that moves that fast it simply too hard. For vendors if you or I over a lemonade stand would you take bitcoin if you your dollar is gonna be worth. Anything anywhere from from 200 box through 12100 dollars within minutes of your taking up so you need stability client base the idea would be that this gives our real -- marketplace for which to trade it. Okay so is that the insurer is at the assurance another spurt for use that are gonna use bitcoin attempted to feel competent fact that there's going to be evaluated. You know it's a start. Egg because it gives people who would take it gives vendors who would take bitcoin as an alternative form of payment. A place to exchange app for dollars right away someplace that's not in Japan or some other form domicile place. The paradox of course a big point is that the appeal is spot controlled by central bankers and all these regulators. And folks that bitcoin aficionados don't particularly trust. Tip may get a real currency you have to make it legitimate which means going into the same kind of umbrella of authority. That you tried to get away from in the first place I would sort of begs the question why at that point if he needed to change it by Q what dollars well I mean it then I guess just kind of wrap it up and it or is this kind of crypto currency can it be backed by anything coming gold the dollar anything that's really gonna get people kind of accomplice to gotten used on a regular basis. Not a thing and you get really philosophical really fast because you mention gold demand is the gold standard if you will. For legitimate currencies but then again it's a clump of metal that doesn't really have many industrial uses all currency is based on the fate. That other people will accept said currency in exchange for goods or services. Dick coins just as respectable as anything else on that basis. This is as step towards legitimacy but again you get closer to it solving a problem we don't really have we already have kind of a fake currency. That only relies on on the faith and good hopes of of those who would exchange it's called the dollar and right now all take five there was an exchange for auger eight point. How are your bitcoin estimated at George Michael song gotta have faith mr. Baghdad Monday morning he say about theirs are the snow is coming march. Of course you can keep up with lettuce electorate here and abcnews.com even much in the big number I'm Dan that's their New York.

This transcript has been automatically generated and may not be 100% accurate.

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