Your credit card may soon be worthless.
Here's why...
A cutting-edge technology may force the plastic in your wallet to go the way of the typewriter... the VCR... and the 8-track tape player. Find out how in a new FREE video from The Motley Fool.
I didn't watch the video, because they wanted my e-mail address, and I didn't want all of their junk mail.
Bitcoin is a peer-to-peer payment system and digital currency introduced as open source software in 2009 by pseudonymous developer Satoshi Nakamoto. It is a cryptocurrency, so-called because it uses cryptography to control the creation and transfer of money.[5] Users send payments by broadcasting digitally signed messages to the network. Participants known as miners verify and timestamp transactions into a shared public database called the block chain, for which they are rewarded with transaction fees and newly minted bitcoins.[6] Conventionally "Bitcoin" capitalized refers to the technology and network whereas "bitcoins" lowercase refers to the currency itself.[7] Bitcoins can be obtained by mining or in exchange for products, services, or other currencies.[8]
Bitcoin has been a subject of scrutiny due to ties with illicit activity. In 2013 the FBI shut down the Silk Road online black market and seized 144,000 bitcoins worth US$28.5 million at the time.[9] The United States, however, is currently considered to be Bitcoin friendly compared to other governments.[10] In China, new rules restricted bitcoin exchange for local currency,[11] and the European Banking Authority has warned that Bitcoin lacks consumer protections.[12] Bitcoins can be stolen and chargebacks are impossible.[13]
Commercial use of Bitcoin, illicit or otherwise, is currently small compared to its use by speculators, which has fueled price volatility.[14] Bitcoin as a form of payment for products and services has seen growth, however, and merchants have an incentive to accept the currency because transaction fees are lower than the 2–3% typically imposed by credit card processors.[15]
Algae, it is basically money not controled by any government.
That means there is appeal to those who arent real happy with their government, those who dont trust the Fed and its international counterparts, as well as people involved in blackmarket and/or illegal activity.
Most users are purely legal actors, however its use for illegal activity is growing at a very fast pace.
No one really knows how the supply works and it is essentually a fiat currency.
HOW exactly it works I dont have a clue. except that you can buy them then use them to buy goods and services and as has been pointed out, you can earn them too.
__________________ If I do something stupid blame the Lortab!
Algae, it is basically money not controled by any government.
That means there is appeal to those who arent real happy with their government, those who dont trust the Fed and its international counterparts, as well as people involved in blackmarket and/or illegal activity.
Most users are purely legal actors, however its use for illegal activity is growing at a very fast pace.
No one really knows how the supply works and it is essentually a fiat currency.
HOW exactly it works I dont have a clue. except that you can buy them then use them to buy goods and services and as has been pointed out, you can earn them too.
Thanks, Ferd. So that answers some of my questions.....because I was wondering how the supply worked. I heard that a lot of charities are using them for donations. I can see how it would appeal to libertarians but wonder if it is not just a precursor to digital money everywhere. I also heard they know nothing about the founder.
__________________
Those who say it cannot be done should not interrupt the people doing it. ~Chinese Proverb
When I was young and clever, I wanted to change the world. Now that I am older and wiser, I strive to change myself. ~
Linear Mode
