If you haven't heard of Bitcoin, it's time to buckle in
and read this blog because it might very well be the way of the
future and another mode in which to conduct business.
Bitcoin is a digital currency stemming from an online based
software payment system where transactions are performed without
the need of a central bank. Bitcoin has been around since about
2009. But don't be surprised if you have only just heard the
term as it was only recently that it really kicked off.
I won't delve too much into the way in which Bitcoin works
because it is quite a complex system. Essentially anyone can buy or
sell Bitcoins, but the creation of Bitcoins is from users competing
to "mine" Bitcoins by solving complex math puzzles. If
you are able to solve these puzzles you are rewarded with Bitcoins.
Bitcoins are then stored in a digital wallet working as a virtual
bank account.
