This is an article about Bitcoin written by Christina Warren, a Senior Tech Analyst at Mashable. So, you might be asking yourself what in the world is bitcoin? The author explains that bitcoin is a form of digital currency or crypty-currency. It is completely decentralized, and independent of any banking authority. It is regulated by software. It is incredibly secure and users are anonymous. Without banks, bitcoin currency runs on a decentralized network. It has no borders, no country and no government. There is no center for hackers to attack. Bit coins can be used anywhere in the world on the internet. Another advantage is that there is no way to create a counterfeit bitcoin. Even though every user in this network is anonymous, every bitcoin creates a digital footprint of where it has been. It relies on a technology called cryptography for its security. In the article, Christina Warren describes how bitcoins are generated. Unlike paper currency, bitcoins are created through a process called mining. I found this video to explain this process. It is called The Internet Knows Bitcoin. The process is a lot like gold mining.
People are able to buy and sell bitcoin through bitcoin exchanges. The bitcoins then are stored in an ewallet through which you can purchase virtually anything. Every transaction is verified and recorded in a ledger. Additionally, the software is completely open source, and the code is open to the public for anyone to review.
Many businesses are starting to accept bitcoin as a form of currency, meaning that the people are gaining trust in technology and where its going. One thing for sure is that, people are losing trust in the value of the dollar. The question now is, can bitcoin become the future currency? We’ll see.
There is also a free internet course that is designed to make you into bitcoin expert. It discusses everything about the topic. Here is the link.
Link to the Article – Bitcoin: How the Internet Created its own Currency