30 Jan '13, 2am

Ask LH: How Does Bitcoin Work And Is It Safe?

Ask LH: How Does Bitcoin Work And Is It Safe?

Dear Lifehacker, I have seen Bitcoin as a payment option on some websites recently. Can you please explain exactly what it is? And is it safe to use? Thanks, Bitcoinfused Picture: zcopley Dear Bitcoinfused, It’s not entirely surprising that you’re confused by bitcoin, because there’s quite a bit to wrap your head around. Bitcoin is a mostly digital currency that, unlike the theory behind regular currencies, isn’t backed by any kind of standard value agreement; this used to be gold for many currencies but is far more complicated these days. Instead, it’s a currency that kicked off in 2008 after the work of a pseudonymous developer (or developers) called Satoshi Nakamoto; in honour of his or her work, the smallest current unit of bitcoin is a Satoshi; one hundred millionth of a bitcoin. Bitcoins are a computationally derived currency with a finite limit. The maths involved i...

Full article: http://www.lifehacker.com.au/2013/01/ask-lh-how-does-bitc...

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