What The Hell Is Bitcoin?

A Cryptocurrency

The first thing that comes to mind when one hears the word “bitcoins” is ‘small stuff.’ But in all honesty, this isn’t. Most ignorant folks out there consider bitcoins irrelevant – BTC (Bitcoin) engineers, miners, brokers, etc. don’t! Take it or leave it; wherever a bitcoin is buried, our miners will find it. In essence, bitcoins are relevant.  

Bitcoin is the currency that has changed the way we think about our money. It is independent of any national bank; it doesn’t fluctuate with economic crises, and it can be used to pay for various goods and services. Due to bias and prejudice, there aren’t too many merchants who accept Bitcoin for the time being. This means there’s room for making nice profits, as you can establish yourself as a Bitcoin broker, engineer, architect or miner.  Lots of websites now exist where you can exchange your coins for dollars or other currency of your choice. ATMs are now available where you can buy and sell Bitcoin. Although the number of ATMs available are limited, more and more merchants and websites now enable payments in this currency for their customers.  

Bitcoin is a distributed currency that is untraceable and that allows for anonymous transactions. It is something that has been very popular in the ‘underworld’, but that has uses for more mundane transactions too. Bitcoin has its own little economy, and there are brokers that will handle the exchange between bitcoins and real world money, as well as service providers who offer everything from pizza to website hosting for bitcoins. In some parts of Europe, bitcoins are widely accepted, and even the government acknowledges them. There are some who suspect that the goal of the governments who are doing this is to legislate the currency, removing a lot of the existing freedom and making them taxable. Whether or not this is true remains to be seen. However, it is a valid concern. This in a nutshell summarizes what bitcoin really is. Don't get confused! Bitcoin is real!