Close
Send Us A Tip

Do you have a tip for us? Just like any other popular news site, we accept tips from our readers. It is a quick way to help us find what people are talking about around the globe, what is about to go viral and, of course, what you think should be featured on Bit Rebels.
Please understand that we get hundreds of tips each day, and we can't feature everything. We are dedicatedly looking through all the tips submitted and pick the things we feel will appeal to our audience.

Name * Email *
Website * Related URL *
Subject *
Comment *
Verify That You Are Human... *
+ 5 = 12
Bit Rebels Logo
bitcoin-digital-currency-101-infographic
Advertisement
CHECK OUT MORE OF OUR ARTICLES

Bitcoin: Rise Of Digital Currency & How It Affects You [Infographic]

3 Years Ago By Diana Adams

About a month ago, I wrote an article that explored the possibilities of a global digital currency. It could be a decentralized digital currency system that operates on an open-source software maintained by a community of developers. Since most global exchanges exist now without trading paper money, it really makes sense to move from a paper money system to a digital currency system. It would be yet another way advances in technology could make our lives more streamlined.

Bitcoin, a system like what I’ve described which was created in 2009, has been surrounded by controversy over the past few years. Now known by some as the “digital currency that could,” it seems Bitcoin is once again gaining momentum.

The way Bitcoin works is easy. It allows anyone to send anyone any amount of money, anytime, anywhere over the Internet. People get confused by the name “Bitcoin” because in reality, there are no actual coins involved in this system. Instead, a public ledger keeps track of everything. All you have to do to use this type of global digital currency is install the software and then purchase “coins.” Of course I’m oversimplifying it, but it’s a brilliant system. According to Scientific American, “A person who owns Bitcoins really just owns a cryptographic key used to access a specific account.”

More and more merchants have started to accept Bitcoin as a form of digital currency for payments. WordPress and reddit are just two examples. I thought this infographic called Bitcoin 101: The Digital Currency Revolution by Online Accounting Degrees provides an informative introduction to Bitcoin for anyone interested in learning more about it. Like this infographic says, Bitcoin “is an active and thriving market that could revolutionize the economy, not just of the world, but of your own financial well being. It’s definitely worth further investigation and investment.”

Bitcoin: The Rise Of Digital Currency & How It Affects You

(Click Infographic To Enlarge)

bitcoin-digital-currency-101-infographic

Via: [Bitcoin 101: The Digital Currency Revolution] Header Image Credit: [Business Insider]

From Around The Web

6 Comments

Bob Warren

March 21st, 2013

rock on

[Reply]

Liz

March 21st, 2013

I’m still skeptical of these alternative currencies but it will be interesting to watch and see how widely adopted it is.

[Reply]

Lonnie Webb

March 21st, 2013

I have been following this for a few months. Kind of surprised me, but not really. Money’s got to go somewhere safer than world economies (traditional)

[Reply]

Mithu Hassan

March 21st, 2013

Sounds like great !! it will be interesting to watch in future !!

[Reply]

Detlev Artelt

March 21st, 2013

wow, cool stuff

[Reply]

Tracy

March 22nd, 2013

Well it carn’t be any worse than the total mess thats happening in the Euro-Zone but i am not completely sold on this.

[Reply]

Leave A Comment

SUBMIT

css.php