A quick consultation with WikiPedia may help:
Bitcoin is a peer-to-peer payment system and digital currency ... It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money.
This has been in the news a bit lately and I feel it is a good time to address it in my blog. I found an excellent 5 minute explanation of what Bitcoin is that is well worth reading unless you are already up to speed.
Explain Bitcoin Like I'm a Five Year Old
Businessweek.com has an article on the acceleration of this space:
bitcoin-mining-chips-gear-computing-groups-competition-heats-up
Here is a snippet from that:
Joel Flickinger’s two-bedroom home in the hills above Oakland, Calif., hums with custom-built computing gear. Just inside the front door, in a room anyone else might use as a den, he’s placed a desk next to a fireplace that supports a massive monitor, with cables snaking right and left toward two computers, each about the size of a case of beer. Flickinger has spent more than $20,000 on these rigs and on a slower model that runs from the basement. They operate continuously, cranking out enough heat to warm the house and racking up $400 a month in electric bills. There isn’t much by way of décor, other than handwritten inspirational Post-it notes:
“I make money easily,” one reads.
“Money flows to me.”
“I am a money magnet.”
Flickinger, 37, a software engineer and IT consultant by trade, doesn’t leave the house much these days. He’s a full-time Bitcoin miner.
Think this isn't real? How about buying goods at an eCommerce website using Bitcoin as your payment mechanism and seeing the goods delivered to your door. Sounds like real money to me.
Both Overstock.com and Newegg.com have been planning to do this and Overstock has launched already:
Overstock.com
Newegg.com
This is big news in my opinion.
Happy reading,
J.W. Gant
No comments:
Post a Comment