Bitcoin has potential to become money of the future

bright-future-ahead01 Feb 2014 / Tennessean – Technology continues to amaze us and revolutionize the way we interact with the world.

For those slow to embrace change, technology also can be challenging. Challenges include gaining a basic understanding of new technology, its impact on our daily lives, the security threats it can pose, its functionality, and so on.

It seems the younger generation embraces this constant influx of technology with open arms, ready to dive into the newest gaming systems, phones, tablets and computers with almost a religious zeal. But many of the older and wiser among us hold onto a healthy amount of skepticism when we hear about technology that potentially could change our lives.

Imagine a virtual currency.

Have you heard about the Bitcoin concept? Believe it or not, technology has introduced a new type of digital currency that is gaining a lot of attention in headlines and capital markets. The buzz is not just here in the U.S.; Bitcoin has momentum around the world.

What are bitcoins?

Bitcoins are digital, online-only currency. They are a new form of payment and an alternative form of money. Bitcoin has no central bank that regulates and controls the currency like the Federal Reserve does the U.S. dollar. It is a decentralized peer-to-peer payment network powered only by its users. There are no central authorities or middlemen. It has been described as “cash” for the Internet. No banks, no borders, no imposed limits are involved with these transactions….. Read more

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