The Bitcoin value reaches an all-time high of more
than $800. Yet the public wants to know
how to use the currency and how secure is the technology? Bitcoin is an
online financial network that people use to send payments from one person to
another. In no way can this
technology be compared to credit cards or US currency. The currency is decentralized which means
that no one owns or controls the Bitcoin network. It has a peer-to-peer structure, with
hundreds of computers all over the Internet working together to process Bitcoin
transactions. Bitcoin is not
regulated by the government. So who in
their right mind would conduct commercial transactions with the use of Bitcoin?
Bitcoin transactions became
mainstream in 2011, and seem to becoming more and more popular. There are almost 12 million bitcoins in existence,
so the Bitcoin "money supply" is now worth around $7 billion. This technology is highly innovative and attracting
to interest of many computer geeks and hobbyist alike. Why not be in a position where you can
produce as much currency as you like especially when there are merchants/consumers
that are willing to trade in it? There
are reports of 10,000 merchants accepting Bitcoins in 2013. Bitcoin has been associated with some illicit
activity as well. Suspected to be used
in illegal gambling and drug trafficking.
Bitcoin Security
There are very few off-line Bitcoin transactions occurring
across the country. Do you really know
who you are making the transactions with, and will legal agreements stand up in
court? Bitcoins are stored in wallets
online or on a person’s local computer.
The files contain encryption keys, or
secret codes that allow you to transfer bitcoins to other people.
Bitcoin technology is a prime target for
hackers. Maybe the best option would be
to print out the currency by the use of a paper wallet and store the currency
in a safety deposit box. The best
practice would be to store the currency on a computer that is never continuously
connected to the Internet.
Read more about Bitcoin Technology
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