The Revolution Of A Bitcoin
Created by Satoshi Nakamoto in 2009 a Bitcoin is the new revolution of online currency. Two questions have always stuck around when it comes to talking about internet currency. And those were “what will back the currency?” and “who will control the system?”
Coincidentally Bitcoin is the first of its kind to answer those issues and become more than just an internet sensation. Bitcoin is backed not by gold or silver but by code, and is monitored by a peer-to-peer economy with internet protocol. It’s essentially a string of data encoded to represent currency. It is “mined” regularly and distributed among participating miners. These Bitcoins are exchanged, bought, and sold like commodities in a mercantile system that spans the entire globe.
The Bitcoin is also free of all government interference; instead it is tracked by a peer-to-peer network. It’s basically the digital capital, where the huge computer investment, rather than gold or silver, is what gives Bitcoin its unique value. A Bitcoin miner spends on average 3,104 dollars on their computer so they can keep mining and monitoring currency.
Furthermore, Bitcoins are unusually safe and secure. Each coin has thirty three or more characters, making it virtually impossible to copy. Each code is also extremely expensive and difficult to track. Also, the peer to peer network carefully examines each code so that no Bitcoin is reproduced or double spent.
The current number of Bitcoin on the internet sits at 10,874,075 and is expected to top out at 21 million by the year 2140. Surprisingly, one Bitcoin in U.S. dollars is worth about thirty one dollars and fifteen cents as of February 2013. Conveniently, a person’s Bitcoin is easily accessible. By using online websites like Blockchain or Coinbase; or even using desktop and mobile apps such as Armory or Bitcoin Spinner.
However, Bitcoin is still largely restricted on a consumer level to internet and Bitcoin related merchants. Luckily, more and more “real world” merchants are beginning to accept the use of this revolutionary currency. Right now BTC is used for everything from online investing and gaming to online gambling or tech services. Some popular current sites that allow the use of Bitcoin is WordPress.com, c-Panel Host Domain Registration, and the well-known reddit.com.
Some interesting statistics say there are already over fifty four active markets where BTC are traded. Over 74,000 coins are traded every hour, equaling about 2.3 million; these trades occur overall about 64,000 times a day. Another interesting statistic reports that ninety five percent of Bitcoin users and miners are male.
Finally, another unique quality of Bitcoin is that there are many sites available that will help newbies start mining their own coin. The newbies must realize though that it’s not a game their playing. They’re helping revolutionize and build the economy of not just the internet, but of their own well-being and pocket.