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Posts Tagged ‘bitcoins; litecoins; internet currency; digital gold’

Editorial: BitCoins & LiteCoins; Mining the Future?

  We have a slightly off-topic story to share with you guys today, but it is a subject that is garnering great interest around the world especially in the technology and financial sectors. That subject is the new internet digital currency called bitcoins and/or litecoins. Interest in this subject has been growing at a rapid pace and it has even been showing up in the main-stream media very often lately. News organizations from Yahoo! and Bloomberg to CNNMoney and the Wall Street Journal have been increasing their coverage of the strange virtual money phenomenon. If you haven’t heard of bitcoins or litecoins, don’t feel too bad, it’s still a fledgling trend despite having been around since 2009, you can still learn how to buy bitcoin. Furthermore, it has mostly been the purview of very computer/tech savvy folks. Let me attempt a brief and crude summation to help you understand the concept. A developer using the pseudonym Satoshi Nakamoto created bitcoins in 2009. The true identity of this developer has still never been conclusively found. The idea he/she started was a digital virtual currency that exists because of its relative value due to its rarity and the faith that backers are willing to put into it. This virtual currency has no central banking nor any controlling central authority. It instead relies on peer-to-peer network sharing. No one knows who actually started it, nor why, but it appears it was an idea to create a truly democratized monetar...

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