Last month I wrote a post about what Bitcoin is and how it works and why it is important. I explained how the coins are mined and how nowadays mining Bitcoin is not something that I would recommend. I also mentioned that I planned on buying Bitcoin and in this post I explain the challenges and what I learnt in the process.
What are Bitcoins?
Bitcoins are a new currency making a huge impact. BitCoins are an electronic currency that has no bank and allows anonymous ,low cost transactions.
I was listening to two beers with steve where he interviewed Brian Newgen (a bit coins expert) from Dublin Ireland. What makes Bitcoins different to other currencies is
- They are are a finite amount in circulation and rules that limit thier distribution (so no systemic inflation),
- There are no central banks therefore very low transaction costs
- All transactions are 100% anonymous