Bitcoin

Bitcoin is digital cash. There’s even a Bitcoin ticker on CNBC’s website. Bitcoin began in 2009 and it’s not managed by anyone and has no central bank. Banks are completely out of the picture because individuals pay each other directly and although transactions are private as with all things “online” they are most likely not anonymous. 25 Bitcoins are introduced every 10 minutes by people all over the world and the limit of 21 million Bitcoins will be reached by 2140. But bear in mind I don’t know why there is a limit or how it can be enforced. This month one Bitcoin was trading for $112. A new Bitcoin ATM is expected to go into production this fall to make it easier to turn dollars into Bitcoins and more retailers are accepting them for payment. But mostly Bitcoins now are used for online gambling. Bitcoins are based on open-source encryption technology and can be created by anyone…..with the computer power required to solve the specified algorithms that secure the network. Bitcoins are for geeks…but I want some!