Learning About Bitcoin and Digital Currency

“There is nothing more constant than change”—Heraclitus

Learning About Bitcoin and Digital Currency

Bitcoin - digital currenciesThis saying has been proven true over time especially in the online world. Everything changes with the blink of an eye. Now bitcoin and Digital Currency are viewed as an alternative to money and it may soon replace it. Bitcoin is the most famous Digital Currency being the first one ever created.
Capricoin - digital currency - BitcoinPeople adapt to changes, the changes make their lives easier. Money comes into many forms now and they adapted to it and accepted it. Money became digital a long time ago in fact. As long as they can use it in their daily lives, they have no problem. Some are using cheques and cards with their transactions. They even do their transactions online. They can execute buying and selling, paying and receiving without the presence of the money but a medium with a value into it. This is the essence of digital currency.

Bitcoin and Digital Currency will never have a problem then in their attempt to replace the money in any transactions. Like other medium that has value on it, it is also used in exchange of anything with the use of peer to peer networking. People started using bitcoin since 2009 when it was created and developed by Satoshi Nakamoto and it was quite a success.

The idea started in 1998 when Wei Dai suggested it on cypherpunks mailing list. The philosophy around it is that money is just an object that we have accepted as a payment.

The Real Impact of Virtual Money (Bitcoin and Digital currency)

Bitcoin - digital currencyDigital Currency is considered virtual money since you are using it to do your transaction online. Here are the impacts of virtual money, Bitcoin or any established Digital Currency in today’s world.

Impacts of Bitcoin and digital currency

1. You are in control. With digital currency, you are no longer relying on the authorities in transferring your money. You can do it on your own with your own records and monitoring.
2. Your transactions are private because there is no third party involve in digital currencies.
3. The value of Digital Currency is growing because it is designed to produce coins in a certain limit.
4. You can save money because you don’t need to go through banks to process your transactions and get heavily charged.


Digital Currency has come into many forms since the success of bitcoin and they are collectively called altcoins. Altcoins are Capricoin, Litecoin, Mastercoin, Namecoin, Peercoin, and others.

Bitcoin - Capricoin - Digital currencyCouncils in the UK and Arstechnica publications have their own digital currency as well. However, not all digital currencies survived. In fact, many have died because no one is using it so it is still quite a challenge up to now. The success of these coins depends on the amount of cash they are running in their network.  Also, a new digital currency should bring new innovative technological solution on the market to make a difference.

Lesson in Bitcoin Scarcity and other Digital Currency

Bitcoin is an open-source, meaning that anyone can create Digital Currency with the same concept. However, the creation is limited and you can’t just get it. Either you earn it through mining or you buy it online from Digital Currency exchanges.

In order to mine for a bitcoin, one should have ASIC machine. This will help miners to compute the encryption of the bitcoin which is called “hash” before the coin is being awarded. The fastest machine you have the more bitcoin you get.

Bitcoin - digitalcurrencySome bitcoin flaws that have been noticed since it has been used as a digital currency is that it works well in transaction as a proof-of-work but it doesn’t work well as a currency. In order for this to work as a currency, many stores should accept it.

Bitcoin value will go up once it reached its limit and the demand becomes high. As of now, bitcoin is not stable for businesses to use as a currency. Because of this, bitcoin payment processor solution is to convert every transaction with a hard currency immediately.

Many companies are willing to use and accept bitcoin and other digital currencies in their transaction. However, they demand security from it and regulation. They are afraid to lose a fortune out of it. Bill Downe, Bank of Montreal chief executive says that he is open to deal with bitcoin if this digital currency becomes clearly regulated. Learn more about how a digital currency is secured (what is cryptocurrency?)

Bitcoin - digitalcurrency - Capricoin - VizionaryMany industries might still be a little skeptical in using bitcoin and digital currency in their transactions but they are open with the idea. Time comes that money will vanish and bitcoin or other kind of digital currency will become our official currency.

Visit to discover the new Bitcoin 2.0 which will become mainstream Digital Currency and used by the masses soon.

 

 

 

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6 comments

  1. […] financial crisis is another factor that bitcoin price amongst other digital currency will get higher. It happened in the past and it will soon happen again this year. It just happens […]

  2. Elliott says:

    thanks for sharing this content. Simple to understand!

  3. Loraine Pietrzykowski says:

    learned a lot about this topic…. did not have a clue a few weeks ago.
    Your article makes it simple to understand.
    thanks for sharing this content!

    • admin says:

      I am glad you did Loraine.
      Reading your comment makes me realize that I am reaching my goal
      to simplify things and help people get the picture of what this is
      all about and why people should care about it!

  4. Thomas Pagliari says:

    terrificly descriptive blog, thank you, +10 for content

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