Connect with us


BitCoins are all the rage right now, but what are they?

If you’ve been keeping abreast of the latest financial news you’ve probably heard about the BitCoin revolution already.  To put it succinctly, BitCoin is a cryptocurrency which allows users to exchange assets peer-to-peer without the need for any centralized authority or government to approve or condone its use.  In other words, part of the appeal of the emerging digital currency is its ability to seemingly go around those older institutions which many feel might not have their best interests at heart.

Signing up to use BitCoins is also extremely easy.  Users need only download the program and install it, afterwards they can begin adding value to their virtual “wallets” and even pay for legitimate products and services using the new currency.  Of course the question on a lot of people’s minds is probably “why do I need BitCoins?”  As many digital currency experts have tried to point out, if you don’t know why BitCoins might be valuable, then you don’t really understand some of the basic elements of business, finance and banking.


To make a long story short, the world’s central banks (seemingly in collusion with governmental agencies) have levying paper fiat currencies onto their respective populations while giving them no additional options.  This of course wouldn’t be a problem, if it weren’t for the fact that they’re also printing enormous sums of money every single day (quantitative easing) with no signs of slowing down the presses any time soon.

This is of course bad for the average person, or saver (assuming that they’re storing value in these same paper currencies and not something like gold or silver) because as each new shipment of money is added to the base the value of each individual unit (i.e. – dollar / pound / etc.) diminishes.  In other words, as you’re working every day to save the value of your earnings, they decrease exponentially.

It could be argued that emerging currencies like BitCoin have been developed to thwart the ability of these institutions to suck value from depositors (and everyone, really).  Moreover, because the value of each BitCoin is dependent on supply and demand, as more people join in and bring more value to the currency, the overall value of each BitCoin also increases!  For instance, you could theoretically make a profit by just trading the highs and lows of BitCoin.  Some people also like the fact that BitCoins aren’t easily traceable or even accessible (without a passcode), meaning that it’s much harder for thieves or overzealous institutions to get their hands on them.

Naturally, there are plenty of groups lining up to attack BitCoin, mostly because they see it as a threat to their hierarchical system, perhaps.  This isn’t to say of course that there aren’t bona-fide criminals using BitCoins, but we should keep in mind that plenty of nefarious activities have historically been funded using conventional currencies.  For instance, according to this piece by National Geographic News, “nearly nine out of ten bills circulating in the U.S. and its northern neighbor are tainted with cocaine”.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply


Articles6 months ago

How to Ensure Your App Stability?

Photo Source Whether you are creating an application for the general public, or for your employees, one of the most...

Articles1 year ago

Why Your Atlanta based Business Needs a Cutting-edge Mobile App?

The emergence of smartphones has literally changed the way people conduct business in Atlanta. Today business is no longer confined...

Gadgets1 year ago

Top Tech Gadgets for Garden Lovers

The future of gardening is drawing closer and closer, as innovative ideas and inventions are changing the way we approach...

Smartphones2 years ago

Monitoring Smartphone Activities via Hoverwatch

Concerned about who your child is talking to on their cell phone? Well now you no longer have to be...

Articles2 years ago

Everything You Need To Know About The Future Of Apple Inc.

Ten years ago this year, Apple wowed the world with the first smartphone, the iPhone. The leap in technology that...

Articles2 years ago

How Your Smartphone Can Save Your Daily Commute

The commute to work is never fun. Hopping on a train is not the best way to start the day,...

Articles2 years ago

5 Essential Tips to Keep Your Smartphone Safe

Many people around the world rely on their smartphones for a variety of things. Whether it’s checking your bank balance,...

Articles2 years ago

When Did You First Realize You Couldn’t Live Without Your Smartphone?

It’s an interesting question, isn’t it? Chances are you probably can’t point to a single event. Rather, the more you...

Smartphones2 years ago

Appy Days: Get Your Smartphone Rockin’ All Week With These Classic Downloads

The invention of the smartphone has revolutionized the world as we know it. Whether your iPhone or Android doesn’t matter,...

Articles3 years ago

Simple Things That Could Be Damaging Your Smartphone

Smartphones have become something that many of us will not leave home without. They keep us in constant contact with...