Bitcoins Aren’t New, But They Sure Are Interesting10/04/2013
Despite the fact that they’ve seemed to come out of nowhere, bitcoins are an idea that have been around for a bit. I remember hearing about them some time ago, but only recently have I seen them gain any real popularity. Now that they’re trading at over $200 a coin, it’s not hard to see why.
The latest issue of Ubuntu User (Issue 15), if you can get your hands on it, does a great job of explaining what bitcoins are and why they’re suddenly all the rage. If you’re looking for something a little quicker, there’s a 3 minute video that can give you a crash course [here]. Think of the possibilities of an anonymous (mostly) digital currency with no borders, and you’re on the right track. The methods of creating, securing and building an economy around bitcoins are fascinating.
If you already know what bitcoins are and how they work, and thought of mining for them yourself (I certainly have) then check out TechCrunch’s article How To Mine Bitcoins.
However, be careful if you want to go all gun-ho on this newish digital currency. Some economists have pointed out that this may in fact be a bubble. It definitely looks and acts like one, but whether it will deflate slowly or pop remains to be seen.
It may do neither, and we will see a new standardized currency arise for the digital age. Any way it turns out, it’s an interesting thing to watch.