Bitcoin, The Virtual Currency Explodes in Popularity. Techgeddon Risk Disguised as Inflation Buster

Bitcoin, The Virtual Currency Explodes in Popularity. Techgeddon Risk Disguised as Inflation Buster

 

First, what is bitcom? It is “money”. Yes, Bitcoin is a digital currency created in 2009 by Satoshi Nakamoto. The name refers both to the open source software he designed to make use of the currency and to the peer-to-peer network formed by running that software, according to wikipedia.

 

Bitcoin eschews central authorities and issuers, using a distributed database spread across nodes of a peer-to-peer network to track transactions. Bitcoin uses digital signatures and proof-of-work to provide basic security functions, such as ensuring that bitcoins can be spent only once per owner and only by the person who owns them.

 

It is simply  a peer-to-peer currency. Peer-to-peer means that no central authority issues new money or tracks transactions. These tasks are managed collectively by the network.

 

Bitcoins, often abbreviated as BTC, can be saved on a personal computer in the form of a wallet file or kept with a third party wallet service, and in either case bitcoins can be sent over the Internet to anyone with a Bitcoin address. The peer-to-peer topology and lack of central administration are features that make it infeasible for any authority (governmental or otherwise) to manipulate the quantity of bitcoins in circulation, thereby mitigating inflation.

 

These are some numbers from their operations which Tekedia pooled from many sources

– 87 petaflops is the processing speed of the bitcoin network

– $130m is value of bitcoin in circulation

– 11,000 is number of bitcoin transactions per day

 

But hold on, this company of idea can blow you away if anything goes wrong. You better stay away until some regulations come into place.

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