Chamath Palihapitiya, former facebook executive speaks about Bitcoin. Bitcoin, which is based on mathematic algorithms, was created in 2009 in the aftermath of the global financial crisis by a developer — or developers — using the fictitious name Satoshi Nakamoto, as an alternative to currencies controlled by governments or central banks.
Users obtain bitcoins by trading them through an online exchange, buying them from other users, or "mining" — which essentially means using sophisticated computer software to free up new coins by solving complicated mathematical problems.
Apps also let users transfer bitcoins peer-to-peer by moving them from one virtual wallet to another in an essentially untraceable, encrypted transaction. Currently more than 11 million bitcoins are in circulation.
Most transactions are conducted peer-to-peer to sell goods such as software or food. But the anonymity of the currency also makes it attractive for illicit uses like drug trafficking or money laundering. Most infamously, it's used on Silk Road, an online black market hidden deep on the Internet.
Users argue bitcoin offers a number of advantages for merchants. Payment sites such as BitPay, which processed over $5.2 million in bitcoin transactions in March, provide on-the-spot conversion into dollars that can go directly to a bank account. #good crypto to invest #bitcoin dkb
Facebook executive speaks about Bitcoin [IOE5Rdkw4yu]
Chamath Palihapitiya, former facebook executive speaks about Bitcoin. Bitcoin, which is based on mathematic algorithms, was created in 2009 in the aftermath of the global financial crisis by a developer — or developers — using the fictitious name Satoshi Nakamoto, as an alternative to currencies controlled by governments or central banks.
Users obtain bitcoins by trading them through an online exchange, buying them from other users, or "mining" — which essentially means using sophisticated computer software to free up new coins by solving complicated mathematical problems.
Apps also let users transfer bitcoins peer-to-peer by moving them from one virtual wallet to another in an essentially untraceable, encrypted transaction. Currently more than 11 million bitcoins are in circulation.
Most transactions are conducted peer-to-peer to sell goods such as software or food. But the anonymity of the currency also makes it attractive for illicit uses like drug trafficking or money laundering. Most infamously, it's used on Silk Road, an online black market hidden deep on the Internet.
Users argue bitcoin offers a number of advantages for merchants. Payment sites such as BitPay, which processed over $5.2 million in bitcoin transactions in March, provide on-the-spot conversion into dollars that can go directly to a bank account. #good crypto to invest #bitcoin dkb