Have You Heard About Bitcoins? What are they? Who created them? Why
are they important? Will they replace paper money? Is it like Gold?
Bitcoins are in the news regularly these days. These reports range
from talking about how Bitcoins will replace paper money in many
countries to how Bitcoins are being used as a way to pay for drugs,
gambling and prostitution. So, what's the deal with Bitcoins?
Bitcoin is, at its core, virtual currency. It is a digital
representation of money that can be used to purchase goods and
services in the same way cash can be used to purchase those same
goods and services. However, Bitcoin differs considerably from
these other currencies in that it is not backed by any bank or
nation and has no formal organizational structure behind it.
Bitcoin is managed entirely by a Peer to Peer (P2P) network of
individuals that manages balances and transactions on its own.
Bitcoins are "mined" from computer networks through the process of
solving a complex mathematical problem. The total amount of
available Bitcoins will ultimately be a finite number, which may
create a huge demand, and value for them in the future. Bitcoins
are traded on exchanges across the world, which can convert them
into the accepted currencies in these countries. Bitcoins are being
used to pay for many products and services across the globe today,
some legal and some illegal. Bitcoins are NOT science fiction. They
are real and you can learn about them by reading this book
General
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