Bitcoin

Posted: 29 June 2011 by mohamednazmi in GeekTok, MoneyTok
Tags: ,

Bitcoin is a relatively new digital currency that’s set to replace the way we do trading online. Bitcoin does not have a central authority to issue money, and instead relies “mining” and trade on P2P technology (think BitTorrent) for transactions.

This video will explain Bitcoin better:

 

Bitcoin is still in its infancy, and as such is not quite ready for primetime yet. Some people have doubts on its staying power, but there are already places which accept Bitcoin as payment for goods and services, and the currency can be exchanged to other real-world currencies through online exchanges.

References and further reading:

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Comments
  1. reanxyz says:

    Google was planning online-transaction and mobile payment but sued by paypal.
    http://www.bloomberg.com/news/2011-05-26/paypal-sues-google-over-trade-secret-theft-claims.html

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