BITCOIN – THE NEW ENTIRELY DIGITAL CURRENCY

by Mary H. Social Network Marketer

The new currency on the block is call Bitcoin. It's being used on the Internet, no cost to transfer. The Bitcoin is not decentralized by the Government which means it is person to person, no charge backs. The dollar currency is controlled by the Government as you know.

Bitcoin is being used in 50 countries. It is limited in quantity only 21 million only. The number never changes. They are transferable, liquid and can be easily transferred digitally when given a pass code.

Bitcoin is new, a different kind of currency being used online. Cash being exchanged for Bitcoin-the new currency today.

Bitcoin verifies transactions with the same state-of-the-art encryption that is used in military and government applications. Bitcoin is open-source. Nobody owns it; the most popular client is maintained by a community of open-source developers. With the high cost of processors charges, Bitcoin Is the cheapest way
to move money around.

An increasing number of physical stores, restaurants and other venues accept Bitcoin as well. Check Bitcoin Travel and Bitcoin Navigator to see if there are any in your area. Turn your Bitcoins into gift cards from Amazon, Barnes & Noble, iTunes and many more at SpendBitcoins.com. Or get gift codes for services like XBoxLive, PSN or iTunes instantly online at Bitcoincodes.com.

Buy music, ebooks, wallpapers and other downloadable content at Coindl!

Per David Schwartz: The way Bitcoin works is that instead of having one central authority who secures and controls the money supply (like most governments do for their national currencies), this work is spread out all across the network. Most of the heavy lifting for Bitcoin is done by "miners".

Miners collect the transactions on the network (like "Alice pays Karim 10 bitcoins" and "Liam pays Sofia 8.3 bitcoins") into large bundles called blocks. These blocks are strung together into one continuous, authoritative record called the block chain, which doesn't permit any conflicting transactions. This is necessary because without it people would be able to sign the same bitcoins over to two different recipients, like writing cheques for more money than you have in your account. The block chain lets you know for sure exactly which transactions count and can be trusted (so no bad cheques!).