BitCoin
BitCoin
Lauren Purdy
As books begin to be replaced by Kindles and post offices begin to close, it comes as no surprise when even things as traditional as currency begin to make the digital shift. While the dollar is still alive and well in both paper and plastic form, there is a new and federally recognized currency for the online marketplace called BitCoin. BitCoin is exchanged for goods and services just like regular money, except there is no government backing, very loose regulations, and very unstable stock values.
From the user perspective, BitCoin is just like online cash. The BitCoins are kept in a virtual wallet (MultiBit for Windows, Mac or Linux and Bitcoin Wallet for Android) and you can use them to purchase pretty much anything. With the number of BitCoin accepting businesses ever expanding, you could be buying groceries with BitCoin in the near future.
Keep in mind that BitCoin is not a flawless system. With no government to act as middleman, BitCoin is used person to person. The network itself was created in the depths of cyberspace largely by a man named Sakoshi Nakamoto, who left the project in 2010 leaving BitCoin running on its own with the help of a few tech developers. The BitCoin network is sustained by its users, the continuous buying and selling of BitCoin is what makes it more or less valuable. This economic uncertainty is what makes BitCoin a somewhat fragile ecosystem. The lacks of regulations make it possible to exploit users and trade illicitly using BitCoin, and the accessibility of the code makes it possible for copycat currencies to arise around it.
BitCoin value is bound to settle down as demand stabilizes, but for most consumers it remains an interesting though impractical means of maneuvering through the digital marketplace.













