Friday, January 17, 2014

What is Bitcoin?

After another stimulating episode of Coast to Coast (listen here) I was compelled to do some research into Bitcoin.  I have heard of it before but held minimal knowledge of its function.  My spidey senses are telling me that the time to get involved is now.  

What is Bitcoin?
Bitcoin is a peer-to-peer payment system and digital currency introduced in 2009. Users send payments by broadcasting digitally signed messages to a network. Participants, known as miners, verify and timestamp transactions into a shared public database called the block chain, for which they are rewarded with transaction fees and newly minted bitcoins. 
Sending and transacting money online in a traditional fashion is an expensive process.  Percent fees, transaction fees, double dipping on fees, you get my point.  Many warnings involve the hesitation of large money moving corporations losing out on fees.  Bitcoin has minimal to no transaction fees.  Money is exchanged directly between individuals and business.
There is no Federal Reserve controlling Bitcoin, it is a digital unit used to purchase real world goods and services.  Instead of one or two people deciding to print more money, diluting the value, it is based on a complex mathematical code.
Us like minded folk strive for complete and utter independence from all that is big box and corporate.  Bitcoin isn't a new thing but it may be new to you.  Now that momentum is picking up I encourage you to educate yourself and see if Bitcoin is right for you.  Imagine complete and independent currency, governed by majority, it's definitely something worth looking into. 
This blog is intended to tweak your interest and have you do some research on your own time to see if Bitcoin is a fit for you. I will personally begin, what they call, mining and will keep you posted with my experiences.  GOOD LUCK! 
Get started with Bitcoin

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