Bitcoin has taken a bit of a beating in the mainstream media over the course of the past six months or so, but it still very well may be the future of currency. With all the buzz, few know much about Bitcoin or the potentially massive impact this crypto-currency holds. For starters, it’s a decentralized, global, peer-to-peer, digital, online currency. “Decentralized” here means that everyone owns or controls Bitcoin; “peer-to-peer” means that no third parties are necessary for direct transfers; and “digital” means that there is no physical “coinage.”
You could download a Bitcoin wallet right on your PC or mobile device. You’ll then get an address to exchange BTC. Every Bitcoin has a matching private key in the form of 27-34 alphanumeric characters, beginning with the number 1 or 3. It’s very easy to accept, exchange and mine Bitcoins. Anyone with a connected computer can be a Miner.
Over the past year, the value of a single Bitcoin has ranged from $68 and $1,151. People like Bitcoins because no country controls them, and there are no interferences from banks or companies, meaning less or no fees. However, as you can imagine, there are potentially massive security risks involved with the currency.
To be sure, Bitcoin is at the level where the Internet was in 1994 or 1995. So, do you Bitcoin? Please share in the comments, and be sure to check out the full infographic to learn more.