Tuesday, June 7, 2011

On Bitcoin

I learned today about an interesting concept of cyberspace currency called Bitcoin that is not issued by any country and not recognized by any bank that is used for trade over the Internet.
Coins are created by people who use massive computing resources to do sophisticated mathematical computing that guarantees the security of the system. There are already various trading sites that accept Bitcoin, and its value is rising. There are many interesting details about the way it works, but the interesting phenomenon is that an alternative economic system is created, bypassing the regular financial systems, regulators, governments and financial institutes. As a person who dislike any establisment, I like this idea; I think that it is very interesting idea, and will keep following it.


John said...

I actually found this post in my search for some place I can actually buy something with bitcoins. I haven't been successful. As far as I can tell, there is virtually nothing you can purchase with bitcoins.

These "trading sites" you're talking about...they are just places to buy and sell bitcoins, no? Do you have any links to actual merchants who accept bitcoins for real-world goods and services?

Opher Etzion said...

Hi John. I have read a newspaper article about it - and liked the concept; haven't tried to investigate deeper yet.



Anonymous said...

John, check this for a better start https://en.bitcoin.it/wiki/Trade