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25 May
What is Bitcoin? [Infographic]

Written by Sean McColgan on May 25, 2011

Bitcoin, a new digital currency, is gaining a lot of traction right now due to a recent upsurge of public interest. The reason for this interest: Bitcoin, a digital peer-to-peer open source system that isn’t connected to a bank, company or government, fundamentally allows users to create money out of thin air. Through a web or software based Bitcoin client, users can send and recieve virtal currency, as well as generating their own Bitcoins through ‘mining’. Sounds interesting right? Here’s the lowdown in infographic format:

What is Bitcoin? (Click to Enlarge)

What is Bitcoin?

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Resources: How to start Bitcoin Mining?

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2 Comments

  1. 2
    Jyostana
    May 6th, 2012

    I’m not an economist, but I blveiee the standard answer is to print more Bitcoin so that people have enough Bitcoin that they feel comfortable spending some. And by keeping inflation at a somewhat predictable low, but positive, rate people have the incentive to spend Bitcoin *now* rather than waiting.Even with Fed we get manias and panics sometimes (less frequently than before The Fed) I see taking the Fed out of the equation as exacerbating that mania/panic, not helping it.Bitcoin might be a great way to pass money between people over the Internet .if it had a fixed (or even stable) value. If you receive money in Bitcoin from a person over the Internet, you should probably cash out right away and that seems like a pain. Looking at charts, Bitcoins are at one-third (!) of their value from 60 days ago. Yikes.

  2. 1
    VirWoX
    May 26th, 2011

    The graphic has an error: Under “How much is a bitcoin worth?” SL is not “Sierra Leone” but “Second Life”. VirWoX trades Second Life Linden Dollars for Bitcoins.

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