Thanks to Forbidden TV for word of Bitcoin…Bitcoin takes some getting your head around (read the FAQs – bit complex!) and I’m not there yet.
The first video below is a good high-level view. And whilst researching I found this video of someone saying ‘Do not buy Bitcoins’ (second video below) and he does lay it out quite clearly – says you can’t create money from nothing and other rational arguments.
Plus it seems Bitcoin has had hacking issues with the price of bitcoins being able to be deliberately lowered by selling lower (adding a third video on this below, includes a bit about Ron Paul also), and someone it seems had 25,000 stolen by them being transferred to another online address.
So not sure on this one, but thought I’d post anyway, as the concept is a good one – no banks, no intermediary, no central authority. However as for the latter it seems they do have that in that they fix the Bitcoin value centrally…Anyway, your comments welcome.
~~ Start ~~
Bitcoin is a virtual money system. It’s the world’s first fully decentralized, peer-to-peer (p2p) virtual currency.
Bitcoin allows users to make anonymous and untraceable cash transactions anywhere in the world without any sort of real-world intermediary – eg banks.
So, unlike PayPal and other online services, it can’t be squeezed in the same way by governments or other control agents.
Just how revolutionary is Bitcoin?
~~ End ~~
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