If you are the Geeky type, then I am sure you would have followed the latest happening in the world of Bitcoin in the last two weeks. If you are wondering what Bitcoin is, take some time to read about this new de-centralized anonymous Digital currency.
This is from Wikipedia:
Bitcoin (BTC) is an online commodity that is based on an open-source, peer-to-peer encryption protocol first described in 2009 by a pseudonymous developer (or developers) Satoshi Nakamoto. Bitcoin creation and transfer is accomplished on an Internet-based network and is not managed by any central authority. The creation of new bitcoins is automated and may be accomplished by servers, called bitcoin miners that confirm bitcoin creation by adding codes to a decentralized log, which is updated and archived periodically.[2] Each bitcoin is subdivided into 100 million smaller units called satoshis, defined by eight decimal places.
Bitcoins can be transferred through a computer or smartphone without an intermediate financial institution.[8] Interested parties can authenticate the ownership of bitcoin balances by using dedicated servers (the bitcoin miners) to authenticate the bitcoin transaction log using a public-key encryption scheme. Each 10-minute portion or “block” of the transaction log also allows for a predetermined number of new bitcoins to be awarded to miners based on computational data added to the log and confirmed by other miners. The creation of a new bitcoin is thus a special case of a transaction in which the new bitcoin deemed issued in exchange for solving a computationally intensive encryption problem.[2] The number of newly created bitcoins per period depends on how long the network has been running. Currently, 25 new bitcoins are generated with every 10-minute block. This will be halved to 12.5 BTC during the year 2017 and halved continuously every 4 years after until a hard limit of 21 million bitcoins is reached during the year 2140.[1][7]
Bitcoin is accepted in trade by various merchants and individuals in many parts of the world.[9][10][11] Although bitcoin was initially promoted as a virtual currency, many commentators currently reject that claim due to bitcoin’s volatile market value, relatively inflexible supply, and minimal use in trade.
Just wanted to know the views of Rodinhooders about Bitcoins and whether you are using it?
IF yes, for saving or speculative…
Note: By the way, this is my first post here…looking forward to learn a lot more… 🙂
