Friday, June 21, 2013

Mining For Internet Gold: Bitcoin

The new completely virtual currency first came about in 2009 when the idea was described by some one with the pseudonymous name of  Satoshi Nakomoto. Bitcoin is like an online commodity that can be used as a currency, the difference with this currency is that it is not backed up by anything of real value (gold, energy) but is simply like an online token that has value that is ascribed to and of itself.

The Bitcoin is created more or less out of ‘thin-air’, that is it is not linked to anything that has use or value. It is created by an open-source, peer-to-peer method where by, your computer combines with others to apply ‘computing power’ to the ‘mining’ of Bitcoins. The Bitcoins are created in a way, which insures there will never be more than 21 million in existence at any one time, locking down their finite quality and meaning they should never be devalued. Continue reading...

If you click on the following link, scroll down until you see the same image below, you will be able to read several other articles on Bitcoin. It is bundled as a collage. Click on each image and you will be directed to the original link (bottom right). Lots of information on this controversial topic.