Everyone talks about it, and it’s becoming more mainstream. Bitcoin is both an enigma and a mystery to many, yet they are afraid to admit it.
Bitcoin can be a very confusing and interesting topic that a lot of people have trouble understanding. According to Wikipedia [1]: Bitcoin is a software-based online payment system described by Satoshi Nakamoto in 2008 and introduced as open-source software in 2009.
Payments are recorded in a public ledger using its own unit of account, which is also called bitcoin. Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency.
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Media reports often refer to bitcoin as a cryptocurrency or digital currency. The status of bitcoin as a currency is disputed.Bitcoin is the first fully implemented decentralized cryptocurrency; most other cryptocurrencies are similar and derived from it. It is also the largest cryptocurrency in terms of total market value.
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That’s all nice… but what does it all mean… in layman’s terms? Watch the video below and in less than three minutes, understand Bitcoin!
[vimeo url=”http://vimeo.com/63502573″ width=”600″ height=”400″ responsive=”yes” autoplay=”no”]
SOURCE
[1] http://en.wikipedia.org/wiki/Bitcoin
