Bitcoin: the digital coin

25 Feb

BitcoinAlthough thought of as currency coin, with all the nuances of a currency, changes in rates and prices, in practice, works as virtual chips and its value depends on the amount of people who are willing to trade them thru the internet. Mainly used in games, often, to buy some items in a game it must be paid in a national currency; you can also process transactions in Bitcoin through a procedure called “mining” where the computer solves a difficult math problem getting a solution of 64 bits.

This is different because it´s the first time in history that a “pure ” intellectual procedure is rewarded with cash without any real equivalent .

It is mining and not the banks that manage the Bitcoins, as the number of coins is limited and demand has increased the coin has been valued.

There have been thefts of Bitcoins, as occurred with the company MtGox (see in Wired magazine) and this caught the attention of regulators, who if were, in fact, can make the coin/currency “legal” and marketable in many social places.


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