Bitcoin has gotten a lot of press, and not all of it good. So is it What is mining bitcoin for dummies money, an alternative currency, a parallel financial system, a new way of life? The answer is yes, it’s all of those things and more.
Start by finding out the basics of what it is, where it came from, what it does. You can buy bitcoins just like you can buy ice cream and concert tickets. But you can’t really keep them under your mattress or in your piggy bank — or your regular bank account, for that matter. Is it a way to conduct business outside the mainstream financial infrastructure? Is it a new way of life that could transform multiple aspects of society in the future?
Origins: Bitcoin was created by developer Satoshi Nakamoto in 2008. Purpose: Bitcoin provides a viable decentralized alternative to the current mainstream financial infrastructure. Method: Bitcoin enables spending with full transparency through a publicly available ledger known as the blockchain. Security: A bitcoin transaction involves both a public key, which is generally known to everyone, and a private key known only to the bitcoin user. No coins can be spent without knowing the private key. Unfortunately, doing so is not quite as easy as sticking a card into an ATM.