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A Bit About Bitcoin | #PoolRead

Posted by Addi Rogers on Jun 10, 2014 4:02:17 AM

What in the world is Bitcoin?

It should come as no surprise to us that, with the exponential growth of technology in the last 20 years, someone created a digital form of currency.

I’m talking about Bitcoin – and if you haven’t heard of it, or if you have heard of it but still have no clue what it is, you’re not alone.

I mean, Microsoft Word still considers it a misspelled word if that says anything. So, today’s #poolread: A bit about Bitcoin.

What is Bitcoin?

Google says Bitcoin is “a digital currency in which transactions can be performed without the need for a central bank.” There is no middleman; there is no country-to-country conversion; it is a completely digital way of paying for items on the Internet.

Who controls it?

No one. Bitcoin is controlled by all of its users. There are, of course, people improving the software. However, users get to choose what software they use, so as long as everyone’s software is compatible and complies with the rules, it works for everyone and has no Mark Zuckerberg.

How does Bitcoin work?

Basically, Bitcoin provides a personal Bitcoin wallet in which people can send and receive bitcoins. It’s actually easier to pay for items online with bitcoins than it is with a debit or credit card. You use your Bitcoin wallet software to send your payment to the recipient’s address and voilà, you’ve purchased your product.

Where do I get bitcoins?

You can buy bitcoins at a Bitcoin exchange, exchange bitcoins with someone near you, or earn bitcoins through mining (which is honestly too complex for me to understand and credibly explain but you can read about it here).

What can I buy with bitcoins?

Although your options aren’t limitless with Bitcoin, you have a pretty extensive range of items you can purchase with Bitcoin including anything on Overstock or Shopify.com. Watches, air conditioners, jewelry, even items from pet stores are among the many things bitcoins can get you, which is nice for all you Bitcoin rich people out there…

What can we expect in the future?

Bitcoin is becoming more and more popular. It wouldn’t surprise me to see Bitcoin used as a normal form of currency in the next 10 years. It’s complex, yes. But so was the thought of having a phone that could talk to you. So, I guess I’ll get back to you then.

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