What’s So Great About Bitcoin?

There’s lot’s to like about Bitcoin, the Internet currency that’s been in the spotlight of late. It’s a completely digital, secure, anonymous and decentralized way to transfer currency for goods and services. Sure, you can’t buy groceries at the store with bitcoin – yet. But the number of transactions goes up daily, from 1000 to 50,000 per day over the past two years.

Bitcoin is currently experiencing a bubble. A single bitcoin that may have been worth a dollar or two a few years ago cashes in today for around $140. Lots of people getting interested real fast! You can buy and sell bitcoins, but you can also “mine” them, by having your computer solve mathematical puzzles buried in “blocks” of code. You solve the problem, you earn 25 bitcoin. A new block of code is generated every ten minutes. There’s an ultimate limit to bitcoin of 21 million by the year 2140. It’s a fascinating system.

Because bitcoin doesn’t use central banks, banks are starting to take notice too. Imagine a world without banks that are “too big to fail.”

Here’s an intro to bitcoin:

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