What the heck is a Bitcoin

a bit coin

a virtual bit-coin

It seems in the darkest depths of the internet some people are off using a new form of geek money.  In my little white collar world of UX Design and Microsoft Technologies I guess its not a surprise that I missed this until recently.  When interviewing a friend of mine (Bryce Lynch, a member of http://www.zerostate.net )  from DC that is not drinking as much kool-aide as I do, he was willing to set me straight.  The audio of the recording wasn’t exactly clean enough to make a podcast but I thought I would elucidate you all on this cool internet hacker subculture monetary system that is slowly gaining ground and increasingly so should be taken seriously.

So the real question is ‘What the heck is a bit coin?”

Its a decentralized virtual currency that is ‘created’ and controlled via a distributed network system that can’t really be regulated but is reasonably secure.  It was fascinating to me that this not only exists but there are business’s accepting it as currency.  It can additionally be ‘mined’ by providing CPU power to the bitcoin network.  Next time you want to start a virtual business consider bitcoin especially if your target demographic is pretty geeky.  Or not but this way you won’t get taxed by the government and it seem that there is even an exchange rate with more familiar currencies like US dollars.

to learn more check out: https://en.wikipedia.org/wiki/Bitcoin

A Google Map of vendors that accept Bitcoins: https://en.bitcoin.it/wiki/Real_world_shops

Check out Bryce at: http://drwho.virtadpt.net/

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