What are Bitcoins?

Posted by: Maxine Brimmer (3 years, 1 month ago)

Lately, Bitcoins have been popping up all over the news just like they’re springing up all over the internet. As you might have gathered, Bitcoin is a digital currency which can be traded online in a peer to peer exchange, or which might be used to pay for goods and service online. Although Bitcoin isn’t in wide circulation now, some financial experts claim that Bitcoin will play a large part of the global economy in the future.

Since bitcoins are decentralized, the worth of the currency in theory remains the same around the world, and some see this as the first step towards a global currency, though others find it difficult to trust in the on-going market value of a digital currency. Owing to the fact that bitcoin would largely be used digitally (though physical bitcoins have been produced), they can be transferred without the use of banks, meaning that fees would be significantly reduced and accounts could not be frozen. Digital currency would also mean that you could carry all your money with you around the world without having to keep it in your wallet or even your credit cards.

However, as enticing as the minds behind this innovation make it sound, many are quick to point out the problem with having a decentralized, digital currency. At present, it is of course governments who are in control of their respective country’s national currency; however bitcoin as a currency is not controlled by any government. This leads many to believe that this digital trend will face strong government opposition should it become powerful enough to be seen as a threat to national economies. There are also those who fear that a digital currency would be easy to counterfeit, though developers insist that bitcoin is too intricately encrypted to be profitable to counterfeiters.

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