Friday, June 21, 2013

The Bitcoin Bomb May Blow Up Banks - Global Economic Crisis

Bitcoin Bomb May Blow Up Banks - Global Economic Crisis
Imagine having money that's free from government control, safe from haircuts and decentralized. There is such a thing - and it's called 'bitcoin'. The cyber-currency's value has increased ten-fold this year - surging past $200 a unit this week. Its use is seen as a sign of growing skepticism about the exisiting global financial system. Bitcoin is a database called the "Blockchain" that is shared among users via P2P in place a central authority like a bank. When making a purchase you receive a payment address an amount. Put that information into your wallet and click "send." A miner then records the transaction and adds it to the Blockchain database so everyone can see the transaction.