Bitcoins are the newest form of currency, and they’re also the most misunderstood. What exactly is a bitcoin? It’s a digital currency that’s only been around for four years and that was developed by an anonymous hacker.
Bitcoins are the newest form of currency, and they’re also the most misunderstood. What exactly is a bitcoin? It’s a digital currency that’s only been around for four years and that was developed by an anonymous hacker.
Essentially, it’s a packet of data that’s created digitally and is mined (like gold, except in the digital world) over an Internet connection using computers designed to do it. Bitcoins can be turned into cash through online vendors like BitInstant or Coinbase. Also some vendors like Wordpress and Reddit will accept them as actual currency for payments.
But what’s staggering about this new currency is how quickly and suddenly its value has exploded.
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