What The Hell Is A Bitcoin?
It has become more than a bit trendy, btw.
What it is?
Bitcoin is a type of digital global currency that is completely de-centralised (no bosses, banks or clearing houses). It’s a payment network where individuals can buy “coins” with their home currency and send them straight to another person or entity to buy anything from a toothbrush to a car. Companies can use it business-to-business too. It’s a few years old but is suddenly gaining major kudos as more and more people catch on to its usefulness see it as a cool, under-the-radar alternative to using big banks while still doing big-buck deals. It’s a technological revolution...
What’s to love?
- Buying and selling with bitcoin is cheap because it’s simple, peer-to-peer structure avoids the high handling charges that other payment systems levy.
- It’s also totally transparent: anyone can view its open-source software, and see when, why where and how their money is moving around.
- It’s an increasingly high value currency, with big banks and traders taking note! See the recent excitement from Goldman Sachs.
- No one controls Bitcoin: it’s owned and run by ordinary users, like you. Someone just invented the software and let it run….
- It’s really easy to set up and use, whether you’re an individual sending money to a relative abroad, a busy mum shopping online or a growing business wanting to attract new payments from Bitcoin users. Check out the cute video on their website for more info.
So what are the haters saying?
- There’s been little criticism of the world’s first decentralised digital currency, but some say the transactions take a little longer than they would like. The 2014 documentary The Rise and Rise of Bitcoin showed how less reputable traders like drug dealers can use the service, but on the other hand, that just goes to show how it really is a viable alternative to the cash economy.