What is BitCoin?

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Offline thedoc

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What is BitCoin?
« on: 12/03/2014 15:30:01 »
Luc Ducazu asked the Naked Scientists:
Lately BitCoin has been all over the news. What is it? Why is it there? What is this BiCoin mining business? If I would own BitCoin, what could I do with it?

In short, I guess there is enough to tell about BitCoin to dedicate a show on the subject.

I'm (obviously) a fan of the show.

Kind regards
-- Luc (Belgium)

What do you think?
« Last Edit: 12/03/2014 15:30:01 by _system »


Offline eternity

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Re: What is BitCoin?
« Reply #1 on: 21/03/2014 04:06:25 »
A bitcoin is basically an electronic currency (like an mp3 is a song). They can be used to buy and sell some, not all things online.

As it isnt a physical object, it cant be removed or deposited the way real money can. They can only be moved from 'wallet' to 'wallet'.

Its value isnt related to any specific currency, rather supply and demand.

Mining bitcoins does what it says; you mine ones that are left lying around/missing or whatever by using an 'automated mathmatical process' that matches the security code of the coin.

hope that helps

(P.s - its a little bit more complicated than that but this is a good starting point to understand them.)