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10 months ago
Free Digital Money That Works - The Bitcoin
Sounds crazy, right!
Well it’s actaully true and when you think about it, all money is, is a medium we use to simplify our exchange for goods and services; a promise which represents a value. Anyway lets not go there, because what I really want to talk about is the use of what is known as cryptocurrency - The Bitcoin.
Cryptocurrency is basically electronic currency, popularly known as Bitcoins. You can currently, as I write, claim free bitcoins from a website I will give you the details of later.
The Bitcoin is the idea of Satoshi Nakamoto and although still in beta phase, using the open source platform. The idea is steadily growing...
Peer-to-peer transactions are being conducted right now. Online merchants and individuals are using Bitcoins to buy and sell goods, where accepted and the trend is growing. You can even trade your US dollars (USD) for Bitcoins (BTC) at exchanges such as Mt Gox (see below for link).
To Begin With You’ll Need A Bitcoin Receiving Address, which you can get by signing up for an account at https://www.mybitcoin.com. Mt Gox is and exchange: : https://mtgox.com.
Once your account has been opened, use the bitcoin address you receive, for; depositing your currency, sending currency and accessing your address book of bitcoin contacts. The Bitcoin program can also be downloaded from www.bitcoin.org. Free bitcoins can be obtained from this invite: http://www.bitbillions.com/?refid=1CrcptfTLkEsg3NbBRaYatWYGWJ2NLBJuU
So, what do you think of this idea ?
Do you think it will become a popular means of trading ? Well it is a way of ridding of the middleman, but what problem will it introduce? Money laundering perhaps ? And how safe is it ?
What fears or concerns do you have, if any, regarding a cashless-ish society ?
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