What in the world is a bitcoin? Is the question I find myself asking. Well as a business owner I try to keep myself up to date on the latest trends in the world of business. I decided to do my research on the infamous bitcoin and found some very important information that could help you decide if this could be a great fit for business.
So..What is it?
So, you want and need to know what a Bitcoin is…. well here you go…. Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Yep! that’s correct its digital money, now why would I need digital money when I have real physical money that can be used on or off line. I just don’t get it…
How it Works?
Transaction? yes… A transaction is a transfer of value between Bitcoinwallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. I know all of this sounds very cool…but I still do not see a reason to give up the all mighty dollar.
Learn more about Bitcoin…
Ok… We already know that the Bitcoin is a digital currency but did you know that bitcoins are not backed by any country’s central bank or government which means that there are no regulation and rules can be changed at any given time… Well…Thats not good….. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment. … The P2P network monitors and verifies the transfer of Bitcoins between users.
This is some very important information and if anything this is just the begaining of what the future will bring, which is one cryptocurrency for the whole world. As for now I think I am going to stick with the good old fashion dollar$$.