What is Bitcoin?

To be perfectly honest, I'm not 100% sure. I've watched videos, read forums, and spent several hours doing some research on these little miracles. Now I do know somethings about this topic, but I'm still going to do some research in order to have a better understanding.

Bit coin is a peer-to-peer digital currency that cuts out the middle man. There is no banks, no taxes, and no goverment to back it up. It's ALL user based. Bitcoins can also be a physical currency. They do make coins for them, and inside said coin is a mathematical code, that is worth one bitcoin. (I hope I got that right). But that's what a bitcoin is. Its a series of complex math, stated by a who creates programmer bitcoin miner software.

How does one get these so called bitcoins? There are many different types of software that one can use in order to get these coins. Such as bitcoin tapper. Or one can download a miner, which collects bitcoins at a steady pace depending on your network. There is also a place to store your new currency, and that's by using a wallet. No not a physical wallet, but a digital one. These accounts can be accessed from different websites, desktops, and even android phones.

Like any currency, bitcoin does have its...dark side. Back when the silk road had some of its, unwanted, services users would use bitcoins to hide there transactions. After all the goverment couldn't keep track of this type of currency. Its unregulated by banks, and they don't like it when they can't spy on your purchases of uno cards. So these coins would be used to hide the purchases of drugs, weapons, and other types of services. Yet again, one can say the same thing for the US dollar. It too has a shady history.

More and more businesses are starting to use these micro transactions. One can buy video games, utilities, food, and so much more. There are even a few Cafe's that have been starting to use bitcoins as legitimate payment for services!

Lets talk about how it could possibly help the homeless. For starters think of this, in order to get a job what do you need? Social number, date of birth, an arm, left leg, address, and so much more. Because hey how can they make a check out to you when you don't have a(n) bank account? All in all, its one giant hassle for the homeless folk. How can they get a job when they don't have a home, a license, or account? They can't, unless you get insanely lucky by being born with a beautiful voice. But that's a different story, for another time.

Now if the homeless were given access to computers and knew some simple bitcoin software then they could feed themselves. I'm referencing an article on wired called "Homeless, Unemployed, and Surviving on Bitcoins". The article is about these homeless folk in Florida who used Bitcoin to feed themselves. It talks about different, and simple, software that they used to achieve their coins. So imagine if we could teach these folks without homes about these programs? They could go without food, and its a lot less embarrassing.

With access to the internet,  now how can you do this you may ask? There is a program called Gyft, it can turn bitcoins into gift certificates. This is the program that the gentlemen in the article used, and that's probably not even the tip of the iceberg.

Sadly there is a downside to bitcoins... with the price of bitcoins going up at a steady pace, most people now days want to hold onto them. Waiting till they get so high before selling each for a healthy profit. Which is good, but also bad. For instance,  Mr. Angle used his to feed his friends and himself; yet, if he saved them till present day he would've made a whooping six thousand dollars. Something that he even stated is that he's "I'd rather starve". So hording bitcoins has become a thing, that and with the recent crash due to the Chinese banks. Some maybe getting out earlier than others.

The government despises bitcoins. It can't be traced, it can't be banked, and it can't be taxed. It gives too much power to the people, and that's what they fear. Heck it has the potential to stop gangsters and drug dealers! Although some countries have already found a round about for that. This new currency is amazing, its encouraged me to try it. This truly gives power back to the people. Now Like I said in the first paragraph, i don't know much about this; however, I want to know more. So if you you'd like put a comment below explaining more.