What is this thing called Bitcoin?


Some of us know the numbers.

If you’d invested $1,000 in Bitcoins in summer 2011, you would be sitting on around $500,000 today.

That’s because we didn’t invest $1,000 in summer 2011.

Nevertheless, some of us did invest $1,000 in summer 2013 and by December, that investment is worth $10,000.

What is this benign conundrum Bitcoin?

Some claim it is the next generation currency that will dominate global trade for the next generation.

Some claim it is the displacement for national currencies.

Others claim it replaces Visa, MasterCard, PayPal and even the banking system.

I claim it is the Wikicoin for the Wikileaks Generation.
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Revisiting Bitcoin – initial experience and questions


I first read about Bitcoin a number of years ago, and was intrigued. I scanned Satoshi Nakamoto’s initial whitepaper that kicked it all off, and looked into the burgeoning scene emerging around Bitcoin mining – generating the proof-of-work required to discover a particular hash value to generate a new valid coin by expending CPU power and electricity. Back then there wasn’t much you could do with a Bitcoin other than transfer to a small but growing number of other willing individuals. But I thought it was interesting enough to have potential, and obviously plenty of other people did too.
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Virtual Currency


Currency is broadly defined as anything that can be used as a medium of exchange to buy or sell goods and services. This need not necessarily be a physical object. In the barter system, which was a precursor to the system of money, goods and services were simply “traded” without any specific medium of Exchange.

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