Are Bitcoins the Currency of the Future?

by: Adam

If you’re in North America and you don’t live under a rock, chances are you’ve been hearing a lot of buzz over these things called “bitcoins” for the past year or so.

Now in the event you’re like me, and don’t pay attention to the news as much as you should…you’re probably asking yourself: “what the hell is a bitcoin and why do people keep rambling on about them?”

Well thanks to this great, new-age thing we call “the internet”, I was able to Google bitcoins and this is what Wikipedia gave me: “Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money. Conventionally, the capitalized word “Bitcoin” refers to the technology and network, whereas lowercase “bitcoin” refers to the currency itself.”

Great, that definitely answered my self-imposed question…not. Thank you Wikipedia for once again giving me a jargon-filled useless answer. Disappointed in my initial findings, I decided to do some more research and found lots of reports and videos relating to this “new” online currency.

Basically, bitcoins are an “imaginary” currency (imaginary in the sense that you can’t physically hold it in your hands) that you can use online to trade for various items and/or services.
For example: As a writer, someone could say to me “Hey I need you to write a blog about unicorns, I can pay you $500 or 2 bitcoins”. Now, I should take a moment to mention that bitcoins are currently worth about $5,000 each right now so, in this hypothetical case, I would take the bitcoins in exchange for my unicorn blog.

Check out this short video, it will help clear up some of the main questions about bitcoins:

Did you watch the video? If so, you can now go off and obsess about the idea of installing this software, so a tiny miner inside your computer can chip away at imaginary coal.

Ok…still not sure what the heck it is.  Here a full explanation of it.

To be honest, I’m still trying to wrap my mind around this whole thing but it has posed a few questions in my mind; are the days of cash and cheques coming to an end? Are bitcoins and plastic the future of our currency?

What do you think?

– Adam