As the dollar continues to lose its value and people continuously tire of carrying around the currency in its paper or coin form, inventors have been busily looking for a better solution. Enter the latest idea — Bitcoin.
Bitcoin is the world’s first distributed and anonymous digital currency. Born as an open-source project in 2009 by Satoshi Nakamoto, Bitcoin moves money virtually, meaning you can leave your cash and credit cards behind.
Here’s how it works: People complete transactions by utilizing a Bitcoin wallet stored on their computer or hosted on a third-party website (similar to PayPal). The wallet keeps track of your available Bitcoin balance, transaction history, as well as the Bitcoin addresses you may use to send and receive Bitcoins with other users. You may purchase Bitcoins online using cash in your online bank account, so that no currency is ever touched. Then you may use the purchased Bitcoins to buy goods and services online or in person.
Meze Grill near Columbus Circle in New York City proudly boasts a sign in their window that reads “BITCOIN ACCEPTED HERE,” while other businesses in and around NY are beginning to follow suit. But before you go out and buy a bushel of Bitcoins, be forewarned that not everyone believes Bitcoin is the future of currency. Other companies such as DigiCoin have tried and failed at the digital currency game, and the concept of PayPal seems to be the most successful at eliminating the need to carry cash. Still, some think even if Bitcoin itself doesn’t succeed, a similar concept is the future of currency.
Thank you very much for sharing this useful information. I was doing a project and for that I was looking for related information. Some of the points are very useful. Do share some more material if you have.