Has world gone mad! The digital money Bitcoin average market price as at today (18.2.2014) as per Mtgox.com is USD298.00. It has gone high up to USD370.
What is Bitcoin?
This is a new currency created in 2009 by Satoshi Nakamoto. Let’s watch the video above to understand more about Bitcoin. Basically, Bitcoin can also be described as digital currency , virtual currency, electronic money, or cryptocurrency.
Why Bitcoin?
This is because Bitcoin can be used to buy merchandise online and offline. And because Bitcoin is not tied to any country or subject to any regulation, and international money transfer will cheap and easy. With Bitcoin, there will be no credit card fees or other fees and this will make it very popular to small businesses. Even though, the currency is currently unstable, some people are buying for an investment purposes.
How to get Bitcoin?
There are several ways to acquire Bitcoin. One, people can buy Bitcoin from marketplaces called ”Bitcoin Exchanges” like Mt Gox. Similar to other currency exchanges, Bitcoin can be bought against other currencies.
Two, people can also dig Bitcoin from their computer at home. This is called “Bitcoin Mining” and what you need is a Bitcoin mining hardware called ASIC.
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