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Sovazky Lee
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Sovazky Lee   My Press Releases

SHARE YOUR IDEAS ABOUT BITCOIN

Published on 1/20/2014
For additional information  Click Here

Everywhere I go, I see Bitcoin popping up more and more. Many web services accept payments in the form of Bitcoin,
and some even sell their homes for the stuff. I know it's a digital currency, but where does it come from and how
is its value determined? More importantly, should I bother earning it and using it for any reason?

I've searched Online about Bitcoin and here's the results.

Bitcoin is the world's best performing currency, and it is revolutionizing the world of finance and trade.

Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.
Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to
give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or
even manicures.

Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap
because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because
there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.

Several marketplaces called “bitcoin exchanges” allow people to buy or sell bitcoins using different currencies.
Mt. Gox is the largest bitcoin exchange.

People compete to “mine” bitcoins using computers to solve complex math puzzles. This is how bitcoins are created.
Currently, a winner is rewarded with 25 bitcoins roughly every 10 minutes.

Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is
a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money.
Unlike bank accounts, bitcoin wallets are not insured by the FDIC.

Though each bitcoin transaction is recorded in a public log, names of buyers and sellers are never revealed –
only their wallet IDs. While that keeps bitcoin users’ transactions private, it also lets them buy or sell
anything without easily tracing it back to them. That’s why it has become the currency of choice for people
online buying drugs or other illicit activities.
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